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Auditor Report of Industrial & Prudential Investment Company Ltd.

Mar 31, 2015

We have audited the accompanying standalone financial statements of THE INDUSTRIAL & PRUDENTIAL INVESTMENT COMPANY 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 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 ("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.

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. 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 standalone financial statements.

OPINION

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March, 2015, and its statement of Profit and its cash flows for the year ended on that date.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the Companies (Auditor's Report) Order, 2015 ("the Order") issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order.

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 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 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 as on 31st March 2015.

ii. the Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

iii. there are no amounts which are required to be transferred, to the Investor Education and Protection Fund by the Company.

(Annexure referred to in paragraph 1 to 'Report on Other Legal and Regulatory Requirements' Section of our report of even date).

(Matters referred to in clause (ii) and (vi) of the Order are not applicable)

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

(b) As explained to us, physical verification of fixed assets was conducted by the management during the year. No material discrepancies were noticed on such physical verification.

ii. The Company has not granted any loans, secured or unsecured, during the year to companies, firms or other parties covered in the register maintained under section 189 of the Companies Act. Accordingly, sub- clause (a) and (b) are not applicable.

iii. 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 fixed assets. During the course of our audit, we have not observed any major weaknesses in internal control system.

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

v. (a) According to the records of the Company, the Company is generally regular in depositing undisputed statutory dues including Income-tax, Service Tax, cess and any other statutory dues applicable to it. Based on our audit procedures and according to the information and explanations given to us, there are no arrears of undisputed statutory dues which remained outstanding as at 31st March 2015 for a period of more than six months from the date they became payable.

(b) According to the records made available to us and the information and explanations given by the management, there are no dues of income tax or Service Tax or cess, which have not been deposited on account of any dispute.

(c) There are no amounts which are required to be transferred, to the Investor Education and Protection Fund by the Company in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules made there under.

vi. The Company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in the financial year and in the financial year preceding the financial year.

vii. The Company has not taken any loans from any banks or financial institutions and has not issued any debentures.

viii. On the basis of the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

ix. The Company has not availed any term loans.

x. According to the information and explanation given to us, no fraud on or by the Company, has been noticed or reported during the year in the course of our audit.

For V.S. SOMANI & CO. Chartered Accountants Firm Registration No.: 117589W

VIDYADHAR SOMANI Place : Mumbai Proprietor Date : May 28, 2015 Membership No.: 102664


Mar 31, 2013

We have audited the accompanying financial statements of THE INDUSTRIAL & PRUDENTIAL INVESTMENT COMPANY 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 then ended, and a summary of significant accounting policies and other explanatory information.

MANAGEMENT''S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

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

AUDITOR''S RESPONSIBILITY

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of 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 misstatements 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 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 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 31s1 March 2013;

ii. in the case of 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 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"),as amended, issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order to the extent applicable.

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 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 dealt with by this report comply with the Accounting Standards prescribed by the Companies (Accounting Standards) Rules,2006 as sub-section (3C) of section 211 of the Companies Act, 1956;

e. On the basis of written representations received from the directors, as on 31st March 2013, and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March 2013 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956;

The Annexure referred to in our report to the members of THE INDUSTRIAL & PRUDENTIAL INVESTMENT COMPANY LIMITED (''the Company'') for the year ended March 31, 2013. We report that:

The Clause No.4 (ii), 4(viii), 4(x), 4(xvi) of the Order is not applicable to the Company

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

(b) The fixed assets of the Company have been physically verified by the management during the year. No material discrepancies were noticed on such verification as compared with the book records.

(c ) The Company has not disposed off substantial part of fixed asset during the year.

ii. The Company has neither granted nor taken any loans, secured or unsecured, to/from companies, firms and other parties listed in the register maintained under section 301 of the Companies Act, 1956. Accordingly sub-clause (b),(c),(d), (f) and (g) of clause 4(iii) of the Order are not applicable.

iii. In our opinion, there are adequate internal control systems commensurate with the size of the Company and the nature of its business for the purchase of fixed assets. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal control system.

iv. There are no particulars of contracts or arrangements referred to in Section 301 of the Companies Act, 1956 that need to be entered into the register maintained in pursuance of section 301. Accordingly, sub- clause (b) is not applicable.

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

vi. The Company have an internal audit system commensurate with the size and nature of its business.

vii. (a) According to the records of the Company, the Company is generally regular in depositing with appropriate authorities undisputed applicable statutory dues including Provident Fund, Investor Education and Protection Fund, Income-tax, Wealth Tax, cess and any other statutory dues applicable to it. Based on our audit procedures and according to the information and explanations given to us, there are no arrears of undisputed statutory dues which remained outstanding as at 31st March, 2013 for a period of more than six months from the date they became payable.

(b) According to the records made available to us and the information and explanations given by the management, there are no dues of income tax, wealth tax , cess that have not been deposited on account of any dispute.

viii. The Company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in the financial year and in the financial year immediately preceeding such financial year.

ix. The Company has no dues payable to banks, financial institutions, or debenture holders. Accordingly, provision of clause 4(xi) is not applicable to the Company.

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

xi. The Company is not a chit/nidhi/mutual benefit fund/society.

xii. Based on our examination of the records and evaluation of the related internal controls, we are of the opinion that in respect of current investments, wherein the Company is dealing in shares, securities and other investments, proper records have been maintained of those transactions and contracts and entries therein have generally been made on timely basis. The Company has held the investments in its own name except as permissible under section 49 of the Act.

xiii. The Company has not given any guarantee for loans taken by others from banks or financial institutions.

xiv. During the year the Company has not raised any funds on short term basis.

xv. The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act.

xvi. During the year the Company has not issued any debentures.

xvii. The Company has not raised any money by public issue during the year.

xviii. 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. S. SOMANI & CO.

Chartered Accountants

Firm Registration No.: 117589W

CA. V. S. SOMANI

Proprietor

Mumbai, May 24, 2013. Membership No.: 102664


Mar 31, 2012

1. We have audited the attached Balance Sheet of THE INDUSTRIAL & PRUDENTIAL INVESTMENT COMPANY LIMITED, as at 31st March 2012, Profit and Loss Statement and also the 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.

2. We conducted our audit in accordance with the 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.

3. 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, and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order to the extent applicable.

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

(a) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the 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 appears from our examination of those books;

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

(d) In our opinion, the Balance Sheet, Profit and Loss Statement and Cash Flow Statement dealt with by this report comply with the Accounting Standards prescribed by the Companies (Accounting Standards) Rules,2006 as sub-section (3C) of section 211 of the Companies Act, 1956;

(e) On the basis of 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 is disqualified as on 31st March 2012 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956;

(f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the 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:

(i) in the case of the Balance Sheet, of the State of affairs of the Company as at 31st March 2012;

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

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

Clause No. 4 (ii), 4(viii), 4(x), 4(xvi) of the Order is not applicable to the Company

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

(b) The fixed assets of the Company have been physically verified by the management during the year. No material discrepancies were noticed on such verification as compared with the book records.

(c) The Company has not disposed off substantial part of fixed asset during the year.

ii. The Company has neither granted nor taken any loans, secured or unsecured, to/from companies, firms and other parties listed in the register maintained under section 301 of the Companies Act, 1956. Accordingly sub-clause (b),(c),(d), (f) and (g) of clause 4(iii) of the Order are not applicable.

iii. In our opinion, there are adequate internal control systems commensurate with the size of the Company and the nature of its business for the purchase of fixed assets. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal control system.

iv. There are no particulars of contracts or arrangements referred to in Section 301 of the Companies Act, 1956 that need to be entered into the register maintained in pursuance of section 301. Accordingly, sub- clause (b) is not applicable.

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

vi. The Company does not have an internal audit system. Considering the nature and scale of operations of the Company and in the context of the close supervision exercised by the Board of Directors, we are informed that an internal audit system is not considered necessary at present.

vii. (a) According to the records of the Company, the Company is generally regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees' State Insurance, Income-tax, Sales - tax, Wealth-tax, Service tax, custom duty, excise, cess and any other statutory dues applicable to it. Based on our audit procedures and according to the information and explanations given to us, there are no arrears of undisputed statutory dues which remained outstanding as at 31st March, 2012 for a period of more than six months from the date they became payable.

(b) According to the records made available to us and the information and explanations given by the management, there are no dues of sales tax/income tax/custom duty/wealth tax/service tax/excise duty/cess that have not been deposited on account of any dispute.

viii. The Company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in the financial year and in the financial year immediately preceeding such financial year.

ix. The Company has no dues payable to banks, financial institutions, or debenture holders. Accordingly, provision of clause 4(xi) is not applicable to the Company.

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

xi. The Company is not a chit/ nidhi/mutual benefit fund/society.

xii. Based on our examination of the records and evaluation of the related internal controls, we are of the opinion that in respect of current investments, wherein the Company is dealing in shares, securities and other investments, proper records have been maintained of those transactions and contracts and entries therein have generally been made on timely basis. The Company has held the investments in its own name except as permissible under section 49 of the Act.

xiii. The Company has not given any guarantee for loans taken by others from banks or financial institutions.

xiv. During the year the Company has not raised any funds on short term basis.

xv. The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act.

xvi. During the year the Company has not issued any debentures.

xvii. The Company has not raised any money by public issue during the year.

xviii. 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. S. SOMANI & CO.

Chartered Accountants

Firm Registration No.: 117589W

CA. V. S. SOMANI

Proprietor

Mumbai, May 18, 2012 Membership No.: 102664


Mar 31, 2011

1. We have audited the attached Balance Sheet of THE INDUSTRIAL & PRUDENTIAL INVESTMENT COMPANY LIMITED, as at 31st March 2011, Profit and Loss Account and also the 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.

2. We conducted our audit in accordance with the 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.

3. 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, and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order to the extent applicable.

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

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

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

(iii) The Balance Sheet, 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 with by this report comply with the Accounting Standards prescribed by the Companies (Accounting Standards) Rules, 2006 as per sub-section (3C) of section 211 of the companies Act, 1956; (v) On the basis of written representations received from the directors, as on 31st March 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 in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956; (vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the 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 at 31st March 2011;

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

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

Clause No. 4 (ii), 4(viii), 4(x), 4(xvi) of the Order is not applicable to the Company.

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

b) The fixed assets of the Company have been physically verified by the management during the year. No material discrepancies were noticed on such verification as compared with the book records.

c) The Company has not disposed off substantial part of fixed asset during the year.

ii. The Company has neither granted nor taken any loans, secured or unsecured, to/from companies, firms and other parties listed in the register maintained under section 301 of the Companies Act, 1956. Accordingly sub- clause (b),(c),(d), (f) and (g) of clause 4(iii) of the Order is not applicable.

iii. In our opinion, there are adequate internal control systems commensurate with the size of the Company and the nature of its business for the purchase of fixed assets. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal control system.

iv. There are no particulars of contracts or arrangements referred to in Section 301 of the Companies Act, 1956 that need to be entered into the register maintained in pursuance of section 301. Accordingly, sub-clause (b) of clause 4(v) of the Order is not applicable.

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

vi. The Company does not have an internal audit system. Considering the nature and scale of operations of the Company and in the context of the close supervision exercised by the Board of Directors, we are informed that an internal audit system is not considered necessary at present.

vii. (a)According to the records of the company, the company is generally regular in depositing with appropriate authorities undisputed applicable statutory dues including Provident Fund, Investor Education and Protection Fund, Employees' State Insurance, Income-tax, Sales-tax, Wealth-tax, Service tax, custom duty, excise, cess and any other statutory dues applicable to it. Based on our audit procedures and according to the information and explanations given to us, there are no arrears of undisputed statutory dues which remained outstanding as at 31st March, 2011 for a period of more than six months from the date they became payable.

(b) According to the records made available to us and the information and explanations given by the management, there are no dues of sales tax / income tax /custom duty / wealth tax / service tax / excise duty / cess that have not been deposited on account of any dispute.

viii. The Company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in the financial year and in the financial year immediately preceding such financial year.

ix. The company has no dues payable to banks, financial institutions, or debenture holders. Accordingly, provisions of clause 4(xi) of the Order is not applicable to the company.

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

xi. The Company is not a chit / nidhi / mutual benefit fund/society.

xii. Based on our examination of the records and evaluation of the related internal controls, we are of the opinion that in respect of current investments, wherein the Company is dealing in shares, securities and other investments, proper records have been maintained of those transactions and contracts and entries therein have generally been made on timely basis. The Company has held the investments in its own name except as permissible under section 49 of the Act.

xiii. The Company has not given any guarantee for loans taken by others from banks or financial institutions.

xiv. During the year the Company has not raised any funds on short term basis.

xv. The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act.

xvi. During the year the Company has not issued any debentures.

xvii. The Company has not raised any money by public issue during the year.

xviii. 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 N. M. RAIJI & CO.,

Chartered Accountants

Firm Registration No. 108296W CA. Y. N. THAKKAR

Place : Mumbai Partner

Date : 23rd May, 2011 Membership No: 33329


Mar 31, 2010

1. We have audited the attached Balance Sheet of THE INDUSTRIAL & PRUDENTIAL INVESTMENT COMPANY LIMITED, as at 31 st March 2010, Profit and Loss Account and also the 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.

2. We conducted our audit in accordance with the 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.

3. 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, and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order to the extent applicable.

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

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

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

(iii) The Balance Sheet, 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 with by this report comply with the Accounting Standards prescribed by the Companies (Accounting Standards) Rules, 2006 as per sub-section (3C) of section 211 of the companies Act, 1956;

(v) On the basis of written representations received from the directors, as on 31st March 2010 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March 2010 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956;

(vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the 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 at 31 st March 2010;

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

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

Annexure referred to in paragraph 3 of our report of even date

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

b) The fixed assets of the Company have been physically verified by the management during the year. No material discrepancies were noticed on such verification as compared with the book records.

c) The Company has not disposed off substantial part of fixed asset during the year.

ii. The Company has neither granted nor taken any loans, secured or unsecured, to/from companies, firms and other parties listed in the register maintained under section 301 of the Companies Act, 1956. Accordingly sub- clause (b),(c),(d), (f) and (g) are not applicable.

iii. In our opinion, there are adequate internal control systems commensurate with the size of the Company and the nature of its business for the purchase of fixed assets if any. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal control system.

iv. There are no particulars of contracts or arrangements referred to in Section 301 of the Companies Act, 1956 that need to be entered into the register maintained in pursuance of section 301. Accordingly, sub-clause (b) is not applicable.

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

vi. The Company does not have an internal audit system. Considering the nature and scale of operations of the Company and in the context of the close supervision exercised by the Board of Directors, we are informed that an internal audit system is not considered necessary at present.

vii. (a) According to the records of the company, the company is generally regular in depositing with appropriate authorities undisputed applicable statutory dues. Based on our audit procedures and according to the information and explanations given to us, there are no arrears of undisputed statutory dues which remained outstanding as at 31st March 2010 for a period of more than six months from the date they became payable.

(b) According to the records made available to us and the information and explanations given by the management, there are no dues of sales tax / income tax /custom duty / wealth tax / service tax / excise duty / cess that havenot been deposited on account of any dispute.

viii. The Company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in the financial year and in the financial year immediately preceding such financial year.

ix. The company has no dues payable to banks, financial institutions, or debenture holders. Accordingly, provisions of clause 4(xi) is not applicable to the company.

x. Based on our examination 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.

xi. The Company is not a chit/ nidhi / mutual benefit fund/society.

xii. Based on our examination of the records and evaluation of the related internal controls, we are of the opinion that in respect of current investments, proper records have been maintained of the transactions and contracts of its dealing in shares, securities and other investments and entries therein have generally been made on timely basis. The Company has held the investments in its own name except as permissible under section 49 of the Act.

xiii. The Company has not given any guarantee for loans taken by others from banks or financial institutions.

xiv. During the year the Company has not raised any funds on short term basis.

xv. The Company has not made any preferential allotment of shares to parties and companies covered in register maintained under section 301 of the Act.

xvi. During the year the Company has not issued any debentures.

xvii. The Company has not raised any money by public issue during the year.

xviii. 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 N. M. RAIJI & CO., Chartered Accountants CA. Y. N. THAKKAR

Place: Mumbai Partner

Date : 22nd June, 2010 Membership No: 33329

 
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