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Auditor Report of Hasti Finance Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of M/s HASTI FINANCE LIMITED ("the Company") which comprise the 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 significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements :

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flow 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 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 financial statements based on our audit.

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

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

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of the financial statements that give 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 in place an adequate internal financial controls system over financial reporting 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 Directors, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.

Opinion :

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid 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 of the state of affairs of the Company as at 31st March, 2015 and its Profit and its Cash Flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements :

1. As required by the Companies ( Auditors Report) Order, 2015 ( the "Order") issued by the Central Government in terms of Section 143 (11) of the Act, we give in the annexure a statement on the matters specified in paragraph 3 & 4 of the Order.

2. As required by Section 143 (3) of the Act, we report that :

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

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

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

(d) In our opinion, the aforesaid 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 as on 31st March, 2015 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2015 from being appointed as a director in terms of Section 164 (2) of the Act.

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

i. The Company does not have any pending litigations which would impact its financial position. ii. The Company did not have any long-term contracts including derivative contracts for which there were any material for eseeable losses. iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company Referred to in paragraph 1of the Independent Auditors Report of even date to the members of HASTI FINANCE LIMITED on the financial statements for the year ended 31st March, 2015.

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

details and situation of fixed assets.

b) The fixed assets have been physically verified by the management according to the regular programme of periodic verification in a phased manner which in our opinion is reasonable having regard to the size of the company and nature of fixed assets. The discrepancies noticed on such physical verification were not material and provided for in the books of accounts of the company.

c) During the year, the company has not disposed off any substantial part of fixed assets.

2) The company is not carrying any stock of finished goods, Stores, parts & Raw material

3) a) The company has granted loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 189 of the Companies Act, 2013, during the year.

No. of Parties Amount involved Balance as on 31.3.2015 ( Rs. In Lacs) (Rs. In Lacs)

Two 220.24 220.24

b) There is no amount overdue for more than rupees one lakh.

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 for the purchase of inventory and fixed assets and for the sale of goods and services. Further, on the basis of our examination of the books and records of the Company, and according to the information and explanations given to us, we have neither come across, nor have been informed of, any continuing failur e to correct major weaknesses in the aforesaid internal control system.

5) The company has not accepted any deposits from the public within the meaning of Sections 73, 74, 75 and 76 of the Act and the rules framed there under to the extent notified.

6) The Central Government of India has not specified the maintenance of cost records under sub- section (1) of Section 148 of the Act for any of the products of the Company.

(a) According to the information and explanation given to us, except for Self Assessment Tax for A.Y. 2012-13 of Rs. 53,75,902/- and TDS payable Rs. 58,176/- there are no undisputed amounts payable in respect of Income Tax, Sales Tax, Wealth Tax, Custom Duty, Service Tax, Investor Education and Protection Fund, Excise Duty, Cess and any other statutory dues as at 31st March 2015 for a period of more than six months from the date of becoming payable

(b) There are no amount required to be transferred by the Company to the Investor Education and Protection Fund in accordance with the provision of the Companies Act, 1956 and the rules made there under.

8) The company has no accumulated losses at the end of the financial year and it has incurred cash losses in the financial year ended on that date and has not incurred cash losses in the immediately preceding financial year.

9) As the Company does not have any borrowing from any financial institution or bank nor has it issued any debentures as at the Balance Sheet date, the provision of Clause 3

(ix) of the Order are not applicable to the company.

10) In our opinion, and according to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions during the year. Accordingly, the provisions of Clause 3

(x) of the Order are not applicable to the company.

11) The company has not raised any term loans. Accordingly, the provisions of Clause 3

(xi) of the Order are not applicable to the Company.

12) During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of material fraud on or by the Company, notice or reported during the year, nor have we been informed of any such case by the Management.

For Sandeep Rathi & Associates

Chartered Accountants

Firm Registration No.113728 W



Sd/-

Sandeep Rathi

Proprietor

Membership No. 047377

Place: Mumbai

Date: 30.05.2015


Mar 31, 2014

1. We have audited the accompanying financial statements of Hasti Finance Ltd. which comprise the Balance Sheet as at 31st March 2014 and the Profit and Loss statement and Cash Flow statement for the year ended on that date and summary of significant accounting policies and other explanatory information. 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.

Management''s Responsibility for the Financial Statements :

2. Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position and financial performance of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act,1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility :

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

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion :

4. 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 and,

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

c) in the case of the Cash Flow statement, of Cash Flows for the year ended on that date Emphasis of Matter:

5. Without qualifying, we draw attention to Note No.26 regarding the financial statements of the company.

"Out of the amount receivable a few accounts are in moratorium period, as per Agreement with the borrowers, amount of interest accrued from these accounts are recognized as income for current financial year though not received."

Report on Other Legal and Regulatory Requirements :

6. 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 Companies Act, 1956, we enclose in the Annexure a statement on the matters, specified in paragraphs 4 and 5 of the said Order.

7. As required by the section 227(3) of the Companies Act,1956, 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 account as required by law have been kept by the Company so far as appears from our examination of those books;

iii. The Balance Sheet and the Profit and Loss statement 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 Statement and Cash Flow statement comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Act; and

v. On the basis of written representations received from the directors as on 31st March 2014 and taken on record by the Board of Directors, non of the directors is disqualified as on 31st 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 TO THE INDEPENDENT AUDITORS'' REPORT RE: HASTI FINANCE LIMITED

Referred to in paragraph 1 of our report of even date

1 a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

b) The fixed assets have been physically verified by the management according to the regular programme of periodic verification in a phased manner which in our opinion is reasonable having regard to the size of the company and nature of fixed assets. No material discrepancies were noticed on such verification.

c) During the year, the company has not disposed off any Fixed Assets, hence the sub clause (c ) of the clause 1 of the order is not applicable.

2 The company is not carrying any stock of finished goods, Stores, parts & Raw material.

3 a) The company has granted loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 301 of the Act.

No. of Parties Amount involved Balance as on 31.3.2014 ( Rs. In Lacs) (Rs. In Lacs)

Two 199.93 199.93

b) There is no amount overdue for more than rupees one lakh.

c) The company has not taken any loans, secured or unsecured from companies, firms or other parties covered in the register maintained under section 301 of the Act.

4 In our opinion, there were generally adequate internal control procedure commensurate with the size of the company and nature of its business for its income from operation. The management has initiated a programme to improve and rectify the internal control weaknesses noticed during the course of our audit.

5

a) In our opinion and according to the information and explanations given to us, we are of opinion that the transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered.

b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained Under Section 301 of the Companies Act, 1956 and exceeding the value of Rupees five lakhs in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market price at the relevant time.

6 The Company has not accepted any deposits within the meaning of the Section 58A, 58AA or any other relevant provisions of the Act.

7 In our opinion, it is desirable that the Company has an internal audit system commensurate with the size and nature of its Business.

8 The Central Government has not prescribed maintenance of cost records under section 209(1)(d) of the Companies Act, 1956 for the activities of the company.

9 According to the information and explanation given to us, except for Self Assessment Tax for A.Y. 2012-13 of Rs. 53,75,902/-, TDS payable Rs. 75,030/- & Profession Tax of Rs. 28,335/- there are no undisputed amounts payable in respect of Income Tax, Sales Tax, Wealth Tax, Custom Duty, Service Tax, Investor Education and Protection Fund, Excise Duty, Cess and any other statutory dues as at 31st March 2014 for a period of more than six months from the date of becoming payable,

10 The Company has no accumulated losses at the end of the financial year and it has not incurred cash losses in the current and immediately preceding financial year.

11 During the year there were no any dues repayable to banks.

12 The Company has not granted any loans and advances 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, the provisions of clause 4(viii) of the companies (Auditors Report) order, 2003 are not applicable to the company.

14 The Company has maintained proper records of transaction and contracts in respect of Investments in securities and timely entries have been made therein. All Investments at the close of the year have been held in name of the company.

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

16 During the year there were no term loans availed by the company.

17 In our opinion and according to the information and explanation given to us, the company has not raised any funds on a short-term basis, which have been used for long-term investment during the year.

18 During the year, 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 There are no debentures issued and outstanding during the year and hence the provisions of clause 4(xix) of the Companies (Auditors Report) Order, 2003 are not applicable to the company.

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

21 Based upon the audit procedures performed and according to the information and explanations given to us, we report that no fraud on or by the Company has been noticed for reported during the year.

For Sandeep Rathi & Associates Chartered Accountants

Sd/- Sandeep Rathi Proprietor

Mumbai, 01st July, 2014


Mar 31, 2011

We have audited the attached balance sheet of Hasti Finance Limited as at 31st March 2011, Profit and Loss account annexed thereto and also the Cash Flow Statement for the year ended on that date. 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 disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

We report that:

1. As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we have annexed a statement on the matters specified in the paragraph 4 & 5 of the said order.

2. Further to our comments in the annexure referred to in paragraph 1 above, we report that:

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

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 Accounts;

iv) In our opinion, the Balance Sheet and Profit and Loss Account are in compliance 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 Directors as on 31st March 2011, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March 2011 from being appointed as a director of the Company in terms of section 274 (1) (g) of the Act.

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

a) in the case of Balance Sheet, of the state of affairs of the Company as at 31st March 2011;

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

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

Annexure to the Auditors' Report

Re: Hasti Finance Limited

Referred to in paragraph 1 of our report of even date

1 a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. b) The fixed assets have been physically verified by the management according to the regular programme of periodic verification in a phased manner which in our opinion is reasonable having regard to the size of the company and nature of fixed assets. According to the information and explanation given to us, no material discrepancies were noticed on such physical verification.

c) During the year, the company has not disposed off any Fixed Assets, hence the sub clause (c ) of the clause 1 of the order is not applicable.

2 The company is not carrying any stock of finished goods, Stores, parts & Raw material.

3 a) The company has granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 301 of the Act.

No. of Parties Amount involved Balance as on (Rs. In Lacs) 31.3.2011 (Rs. In Lacs)

Two 543.86 327.68

b) There is no amount overdue for more than rupees one lakh.

c) The company has not taken any loans, secured or unsecured from companies, firms or other parties covered in the register maintained under section 301 of the Act.

4 In our opinion, there were generally adequate internal control procedure commensurate with the size of the company and nature of its business for its income from operation. The management has initiated a programme to improve and rectify the internal control weaknesses noticed during the course of our audit.

5 a) In our opinion and according to the information and explanations given to us, we are of opinion that the transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered.

b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained Under Section 301 of the Companies Act, 1956 and exceeding the value of Rupees five lakhs in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market price at the relevant time.

6 The Company has not accepted any deposits within the meaning of the Section 58A, 58AA or any other relevant provisions of the Act.

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

8 The Central Government has not prescribed maintenance of cost records under section 209(1)(d) of the Companies Act, 1956 for the activities of the company.

9 According to the information and explanation given to us, there are no undisputed amounts payable in respect of Income Tax, Sales Tax, Wealth Tax, Custom Duty, Service Tax, Investor Education and Protection Fund, Excise Duty, Cess and any other statutory dues as at 31st March 2011.

10 The Company has no accumulated losses at the end of the financial year and it has not incurred cash losses in the current and immediately preceding financial year.

11 During the year there were no any dues repayable to banks.

12 The Company has not granted any loans and advances 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, the provisions of clause 4(viii) of the companies (Auditors Report) order, 2003 are not applicable to the company.

14 The Company has maintained proper records of transaction and contracts in respect of Investments in securities and timely entries have been made therein. All Investments at the close of the year have been held in name of the company.

15 According to the information and explanation given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions

16 During the year there were no term loans availed by the company.

17 In our opinion and according to the information and explanation given to us, the company has not raised any funds on a short-term basis, which have been used for long-term investment during the year.

18 During the year, Company has made preferential allotment of shares to parties covered in the register maintained under Section 301 of the Companies Act, 1956, and the price at which the share have been issued is not prejudicial to the interest of the company.

19 There are no debentures issued and outstanding during the year and hence the provisions of clause 4(xix) of the Companies (Auditors Report) Order, 2003 are not applicable to the company.

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

21 Based upon the audit procedures performed and according to the information and explanations given to us, we report that no fraud on or by the Company has been noticed for reported during the year.

For Sandeep Rathi & Associates

Chartered Accountants

Sd/-

Sandeep Rathi

Proprietor

Firm Registration No.113728 W

Membership No. 047377

Place: Mumbai

Date : 30th June 2011.


Mar 31, 2010

We have audited the attached balance sheet of Hasti Finance Limited as at 31st March 2010, Profit and Loss account annexed thereto and also the Cash Flow Statement 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 require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

We report that:

1. As required by the Companies (Auditors Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we have annexed a statement on the matters specified in the paragraph 4 & 5 of the said order.

2. Further to our comments in the annexure referred to in paragraph 1 above, we report that:

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

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 Accounts;

iv) In our opinion, the Balance Sheet and Profit and Loss Account are in compliance 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 Directors as on 31st March 2010, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March 2010 from being appointed as a director of the Company in terms of section 274 (1) (g) of the Act.

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

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

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

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

Annexure to the Auditors Report Re: Hasti Finance Limited

Referred to in paragraph 1 of our report of even date

1 a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. b) The fixed assets have been physically verified by the management according to are regular programme of periodic verification in a phased manner which in our opinion is reasonable having regard to the size of the company and nature of fixed assets. The discrepancies noticed on such physical verification were not material and provided for in the books of accounts of the company. c) During the year, the company has disposed off Fixed Assets which were movable and therefore do not effect going concern status.

2 The company is not carrying any stock of finished goods, Stores, parts & Raw material.

3 a) The company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 301 of the Act.

b) There is no amount overdue for more than rupees one lakh.

c) The company has not taken any loans, secured or unsecured from companies, firms or other parties covered in the register maintained under section 301 of the Act.

4 In our opinion, there were generally adequate internal control procedure commensurate with the size of the company and nature of its business for its income from operation. The management has initiated a programme to improve and rectify the internal control weaknesses noticed during the course of our audit.

5 There are no transactions that need to be entered into the register maintained under Section 301 of the Act.

6 The Company has not accepted any deposits within the meaning of the Section 58A, 58AA or any other relevant provisions of the Act.

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

8 The Central Government has not prescribed maintenance of cost records under section

209(l)(d) of the Companies Act, 1956 for the activities of the company.

9 According to the information and explanation given to us, there are no undisputed amounts payable in respect of Income Tax, Sales Tax, Wealth Tax, Custom Duty, Service Tax, Investor Education and Protection Fund, Excise Duty, Cess and any other statutory dues as at 31st March 2010.

10 The Company has no accumulated losses at the end of the financial year and it has not incurred cash losses in the current and immediately preceding financial year.

11 During the year there were no any dues repayable to banks.

12 The Company has not granted any loans and advances 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, the provisions of clause 4(viii) of the companies (Auditors Report) order, 2003 are not applicable to the company.

14 The Company has maintained proper records of transaction and contracts in respect of Investments in securities and timely entries have been made therein. All Investments at the close of the year have been held in name of the company.

15 According to the information and explanation given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions

16 During the year there were no term loans availed by the company.

17 In our opinion and according to the information and explanation given to us, the company has not raised any funds on a short-term basis, which have been used for long-term investment during the year.

18 During the year, 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 There are no debentures issued and outstanding during the year and hence the provisions of clause 4(xix) of the Companies (Auditors Report) Order, 2003 are not applicable to the company.

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

21 Based upon the audit procedures performed and according to the information and explanations given to us, we report that no fraud on or by the Company has been noticed or reported during the year.

For Sandeep Rathi & Associates Chartered Accountants Sd/- Sandeep Rathi

Proprietor

Firm Registration No. 113728 W

Membership No. 047377

Place: Mumbai

Date : 28th August,2010.

 
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