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Auditor Report of Kaya Ltd.

Mar 31, 2016

1. We have audited the accompanying standalone financial statements of
Kaya Limited ("the Company"), which comprise the Balance Sheet as at
March 31, 2016, 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

2. 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 to
give a true and fair view of the financial position, financial
performance and cash fl ows 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.

Auditors'' Responsibility

3. Our responsibility is to express an opinion on these standalone
financial statements based on our audit.

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

5. We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act and other applicable
authoritative pronouncements issued by the Institute of Chartered
Accountants of India. Those Standards and pronouncements 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.

6. 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 auditors'' 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.

7. 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

8. 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 March 31, 2016, and its loss and its cash
flows for the year ended on that date.


Report on Other Legal and Regulatory Requirements

9. As required by ''the Companies (Auditor''s Report) Order, 2016'',
issued by the Central Government of India in terms of sub-section (11)
of Section 143 of the Act (hereinafter referred to as the "Order"), 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 B a statement on the
matters specified in paragraphs 3 and 4 of the Order.

10. 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 ere 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 March 31, 2016 taken on record by the Board of
Directors, none of the directors is disqualified as on March 31, 2016
from being appointed as a director in terms of Section 164 (2) of the
Act.

(f) With respect to the adequacy of the internal financial controls
over financial reporting of the Company and the operating effectiveness
of such controls, refer to our separate Report in Annexure A.

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

i. The Company has disclosed the impact, if any, of pending
litigations as at March 31, 2016 on its financial position in its
standalone financial statements - Refer Note 8 and Note 19(a);

ii. The Company has long-term contracts as at March 31, 2016 for which
there are no material foreseeable loses. The Company did not have any
derivative contracts as at March 31, 2016;

iii. There were no amounts which were required to be transferred to
the Investor Education and Protection Fund by the Company during the
year ended March 31, 2016.


Report on the Internal Financial Controls under Clause (i) of
Sub-section 3 of Section 143 of the Act

1. We have audited the internal financial controls over financial
reporting of Kaya Limited ("the Company") as of March 31, 2016 in
conjunction with our audit of the standalone financial statements of
the Company for the year ended on that date.

Management''s Responsibility for Internal Financial Controls

2. The Company''s management is responsible for establishing and
maintaining internal financial controls based on the internal control
over financial reporting criteria established by the Company
considering the essential components of internal control stated in the
Guidance Note on Audit of Internal Financial Controls Over Financial
Reporting issued by the Institute of Chartered Accountants of India
(ICAI). These responsibilities include the design, implementation and
maintenance of adequate internal financial controls that were operating
effectively for ensuring the orderly and Effie conduct of its business,
including adherence to company''s policies, the safeguarding of its
assets, the prevention and detection of frauds and errors, the accuracy
and completeness of the accounting records, and the timely preparation
of reliable financial information, as required under the Act.

Auditors'' Responsibility

3. Our responsibility is to express an opinion on the Company''s
internal financial controls over financial reporting based on our
audit. We conducted our audit in accordance with the Guidance Note on
Audit of Internal Financial Controls Over Financial Reporting (the
"Guidance Note") and the Standards on Auditing deemed to be prescribed
under section 143(10) of the Act to the extent applicable to an audit
of internal financial controls, both applicable to an audit of internal
financial controls and both issued by the ICAI. Those Standards and the
Guidance Note require that we comply with ethical requirements and plan
and perform the audit to obtain reasonable assurance about whether
adequate internal financial controls over financial reporting was
established and maintained and if such controls operated effectively in
all material respects.

4. Our audit involves performing procedures to obtain audit evidence
about the adequacy of the internal financial controls system over
financial reporting and their operating effectiveness. Our audit of
internal financial controls over financial reporting included obtaining
an understanding of internal financial controls over financial
reporting, assessing the risk that a material weakness exists, and
testing and evaluating the design and operating effectiveness of
internal control based on the assessed risk. 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.

5. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion on the
Company''s internal financial controls system over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

6. A company''s internal financial control over financial reporting is
a process designed to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted
accounting principles. A company''s internal financial control over
financial reporting includes those policies and procedures that (1)
pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of the
assets of the company; (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of
financial statements in accordance with generally accepted accounting
principles, and that receipts and expenditures of the company are being
made only in accordance with authorizations of management and directors
of the company; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use, or
disposition of the company''s assets that could have a material effect
on the financial statements.


Inherent Limitations of Internal Financial Controls Over Financial
Reporting

7. Because of the inherent limitations of internal financial controls
over financial reporting, including the possibility of collusion or
improper management override of controls, material misstatements due to
error or fraud may occur and not be detected. Also, projections of any
evaluation of the internal financial controls over financial reporting
to future periods are subject to the risk that the internal financial
control over financial reporting may become inadequate because of
changes in conditions, or that the degree of compliance with the
policies or procedures may deteriorate.

Opinion

8. In our opinion, the Company has, in all material respects, an
adequate internal financial controls system over financial reporting
and such internal financial controls over financial reporting were
operating effectively as at March 31, 2016, based on the internal
control over financial reporting criteria established by the Company
considering the essential components of internal control stated in the
Guidance Note on Audit of Internal Financial Controls Over Financial
Reporting issued by the Institute of Chartered Accountants of India.


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

(b) The fixed assets are physically verified by the Management
according to a phased programme designed to cover all the items over a
period of two years which, in our opinion, is reasonable having regard
to the size of the Company and the nature of its assets. Pursuant to
the programme, a portion of the fixed assets has been physically
verified by the Management during the year and no material
discrepancies have been noticed on such verification.

(c) The Company does not own any immovable properties as disclosed in
Note 9 on fixed assets to the financial statements. Therefore, the
provisions of Clause 3(i)(c) of the said Order are not applicable to
the Company.

ii. The physical verification of inventory, including stocks with third
parties, have been conducted at reasonable intervals by the Management
during the year. The discrepancies noticed on physical verification of
inventory as compared to book records were not material.

iii. The Company has not granted any loans, secured or unsecured, to
companies, firms, Limited Liability Partnerships or other parties
covered in the register maintained under Section 189 of the Act.
Therefore, the provisions of Clause 3 (iii)(a), (iii)(b) and (iii)(c)
of the said Order are not applicable to the Company.

iv. In our opinion, and according to the information and explanations
given to us, the Company has complied with the provisions of Section
186 of the Companies Act, 2013 in respect of the investments made by
it. The Company has not granted any loans or made any investments, or
provided any guarantees or security to the parties covered under
Section 185 of the Companies Act, 2013.

v. 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.

vi. 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.

vii. (a) According to the information and explanations given to us and
the records of the Company examined by us, in our opinion, the Company
is generally regular in depositing undisputed statutory dues in respect
of labour welfare fund and employees'' state insurance, though there has
been a slight delay in a few cases, and is regular in depositing
undisputed statutory dues, including provident fund, sales tax, income
tax, service tax, duty of customs, duty of excise, value added tax,
cess and other material statutory dues, as applicable, with the
appropriate authorities.

(b) According to the information and explanations given to us and the
records of the Company examined by us, there are no dues of duty of
sales tax, customs and duty of excise which have not been deposited on
account of any dispute. The particulars of dues of income tax, service
tax and value added tax as at March 31, 2016 which have not been
deposited on account of a dispute, are as follows:

Name of the statute Nature of Amount (Rs.) Period to which
dues the amount relates

Income Tax Act, 1961 Income-tax 1,465,387,563 Assessment Year
2008 - 2009

Income Tax Act, 1961 Income-tax 1,760,681 Assessment Year
2012 - 2013

Andhra Pradesh Value VAT 5,398,405 April 2009 to
March 2012
Added Tax Act, 2005

Kerala Value
Added Tax VAT 1,284,842 April 2011 to
March 2014
Act, 2003

Kerala Value
Added Tax VAT 400,000 April 2014 to
March 2015
Act, 2003

Delhi Value
Added Tax Act, VAT 513,581 April 2009 to
March 2010
2004

The Uttar
Pradesh Value VAT 3,536,801 April 2010 to
March 2013
Added
Tax Act 2008

Maharashtra
Value Added VAT 26,058,677 April 2007 to
March 2008 and
Tax Act, 2002 April 2010 to
March 2011

Finance
Act, 1994 Service Tax 22,138,889 December 2004 to
March 2006
and April 2011
to March 2012

Finance
Act, 1994 Service Tax 21,540,755 April 2008 to
March 2012

Name of the Statute Forum where the dispute is pending

Income Tax Act, 1961 Commissioner of Income tax (A)

Income Tax Act, 1961 Commissioner of Income tax (A)

Andhra Pradesh Value
Added Tax Act, 2005 Commercial Tax Officer

Kerala Value Added Tax
Act, 2003 Deputy Commissioner of Appeals

Kerala Value Added Tax
Act, 2003 Assistant Commissioner

Delhi Value Added Tax Act,
2004 Assistant Commissioner

The Uttar Pradesh Value
Added Tax Act 2008 Additional Commissioner of Appeals

Maharashtra Value Added
Tax Act, 2002 Joint Commissioner of Appeals

Finance Act, 1994 Commissioner of Service Tax

Finance Act, 1994 Custom Excise & Service Tax
Appellate Tribunal


viii. According to the records of the Company examined by us and the
information and explanation given to us, the Company has not defaulted
in repayment of loans or borrowings to any bank as at balance sheet
date. The Company does not have any loans or borrowings from any
financial institution or Government, nor has it issued any debentures
as at the balance sheet date.

ix. The Company has not raised any moneys by way of initial public
offer, further public offer (including debt instruments) and term
loans. Accordingly, the provisions of Clause 3(ix) of the Order are not
applicable to the Company.

x. 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, except for a fraud perpetrated by an employee relating to
embezzlement of sales collection, claiming ineligible incentives etc.,
resulting into an estimated net loss of Rs. 7,290,414 to the Company,
for which the Management has initiated legal action and filed insurance
claim, we have neither come across any instance of material fraud by
the Company or on the Company by its Officers or employees, noticed or
reported during the year, nor have we been informed of such case by the
Management.

xi. The Company has not paid/ provided for managerial remuneration
during the year. Therefore the provisions of clause (xi) of the said
order are not applicable to the Company.

xii. As the Company is not a Nidhi Company and the Nidhi Rules, 2014
are not applicable to it, the provisions of Clause 3(xii) of the Order
are not applicable to the Company.

xiii. The Company has entered into transactions with related parties in
compliance with the provisions of Sections 177 and 188 of the Act. The
details of such related party transactions have been disclosed in the
financial statements as required under Accounting Standard (AS) 18,
Related Party Disclosures specifi ed under Section 133 of the Act, read
with Rule 7 of the Companies (Accounts) Rules, 2014.

xiv. The Company has not made any preferential allotment or private
placement of shares or fully or partly convertible debentures during
the year under review. Accordingly, the provisions of Clause 3(xiv) of
the Order are not applicable to the Company.

xv. The Company has not entered into any non cash transactions with its
directors or persons connected with him. Accordingly, the provisions
of Clause 3(xv) of the Order are not applicable to the Company.

xvi. The Company is not required to be registered under Section 45-IA
of the Reserve Bank of India Act, 1934. Accordingly, the provisions of
Clause 3(xvi) of the Order are not applicable to the Company.

For Price Waterhouse

Firm Registration Number: 301112E

Chartered Accountants

Uday Shah

Place : Mumbai Partner

Date : May 26, 2016 Membership Number: 46061


Mar 31, 2015

Report on the standalone financial statements

1. We have audited the accompanying standalone financial statements of Kaya Limited ("the Company"), which comprise the Balance Sheet as at March 31, 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

2. 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 to 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, 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 is to express an opinion on these standalone financial statements based on our audit.

4. We have taken into account the provisions of the Act and the Rules made thereunder including the accounting standards and matters which are required to be included in the audit report.

5. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act and other applicable authoritative pronouncements issued by the Institute of Chartered Accountants of India. Those Standards and pronouncements 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.

6. 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.

7. 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

8. 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 March 31, 2015, and its Profit and its cash fows for the year ended on that date.

report on other Legal and regulatory requirements

9. As required by ''the Companies (Auditor''s Report) Order, 2015'', issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act (hereinafter referred to as the "Order"), 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 3 and 4 of the Order.

10. 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 March 31, 2015 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 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 knowledge and belief and according to the information and explanations given to us:

i. The Company has disclosed the impact, if any, of pending litigations as at March 31, 2015 on its financial position in its standalone financial statements (Refer Note 20);

ii. The Company has made provision as at March 31, 2015, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts; and

iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company during the year ended March 31, 2015.

ANNEXURE TO INDEPENDENT AUDITOR''S REPORT

Referred to in paragraph 9 of the Independent Auditor''s Report of even date to the members of Kaya Limited on the standalone financial statements for the year ended March 31, 2015

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

(b) The fixed assets are physically verified by the Management according to a phased programme designed to coverall the items over a period of two years which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. Pursuant to the programme, a portion of the fixed assets has been physically verified by the Management during the year and no material discrepancies have been noticed on such verification.

ii. (a) The inventory has been physically verified by the Management during the year. In our opinion, the frequency of verification is reasonable.

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

(c) On the basis of our examination of the inventory records, in our opinion, the Company is maintaining proper records of inventory. The discrepancies noticed on physical verification of inventory as compared to book records were not material.

iii. The Company has not granted any loans, secured or unsecured, to companies, frms or other parties covered in the register maintained under Section 189 of the Act. Therefore, the provisions of Clause 3(iii)(a) and 3(iii)(b) of the said Order are not applicable to the Company.

iv. 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 failure to correct major weaknesses in the aforesaid internal control system.

v. 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.

vi. 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.

vii. (a) According to the information and explanations given to us and the records of the Company examined by us, in our opinion, the Company is regular in depositing the undisputed statutory dues, including provident fund, employees'' state insurance, income tax, sales tax, service tax, duty of customs, value added tax and other material statutory dues with the appropriate authorities.

(b) According to the information and explanations given to us and the records of the Company examined by us, there are no dues of wealth-tax, custom duty and duty of excise which have not been deposited on account of any dispute. The particulars of dues of income tax, value added tax and service tax as at March 31, 2015 which have not been deposited on account of a dispute are as follows:

Referred to in paragraph 9 of the Independent Auditor''s Report of even date to the members of Kaya Limited on the standalone financial statements for the year ended March 31, 2015

Name of the statute Nature of amount (rs. ) Period to which dues the amount relates

Income Tax Act, 1961 Income-tax 1,465,387,563 Assessment Year 2008 -2009

Income Tax Act, 1961 Income-tax 2,009,582 Assessment Year 2011-12 and 2012-13

The Uttar Pradesh Value VAT 5,951,270 April 2012 to March Added Tax Act 2008 2013

Andhra Pradesh Value VAT 5,398,405 April 2009 to March Added Tax Act, 2005 2012

Kerala Value Added Tax VAT 1,284,842 April 2011 to March Act, 2003 2014

Delhi Value Added Tax Act, VAT 513,581 April 2009 to March 2004 2010

The Uttar Pradesh Value VAT 5,805,000 April 2010 to March Added Tax Act 2008 2011

Maharashtra Value Added VAT 28,347,350 April 2007 to March Tax Act, 2002 2008 and April 2009 to March 2011

Finance Act, 1994 Service Tax 22,138,889 December 2004 to March 2006 and April 2008 to March 2012

Name of the statute forum where the dispute is pending

Income Tax Act, 1961 Commissioner of Income tax (A)

Income Tax Act, 1961 Commissioner of Income tax (A)

The Uttar Pradesh Value Added Tax ACT 2008 Commercial Tax Tribunal

Andhra Pradesh Value Added Tax Act, 2005 Commercial Tax Officer

Kerala Value Added Tax Act, 2003 Deputy Commissioner of Appeals

Delhi Value Added Tax Act 2004 Assistant Commissioner

The Uttar Pradesh Value Added Tax Act 2008 Deputy Commissioner

Maharashtra Value Added Tax Act, 2002 Joint Commissioner of Appeals

Finance Act, 1994 Commissioner of Service Tax

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

viii. The accumulated losses of the Company did not exceed fifty percent of its net worth as at March 31, 2015 and it has not incurred cash losses in the financial year ended on that date and in the immediately preceding financial year.

ix. As the Company does not have any borrowings from any financial institution or bank nor has it issued any debentures as at the Balance Sheet date, the provisions of Clause 3(ix) of the Order are not applicable to the Company.

x. 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.

xi. The Company has not raised any term loans. Accordingly, the provisions of Clause 3(xi) of the Order are not applicable to the Company.

xii. 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, noticed or reported during the year, nor have we been informed of any such case by the Management.

For Price Waterhouse

Firm Registration Number: 301112E Chartered Accountants



Uday Shah

Place : Mumbai Partner

Date : May 15, 2015 Membership Number: 46061

 
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