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Auditor Report of Kinetic Trust Ltd.

Mar 31, 2015

We have audited the accompanying Financial Statements of M/s KINETIC TRUST LIMITED, which comprise the Balance Sheet as at 31st March 2015, the Statement of Profit & Loss and Cash Flow Statement for the period ended then ended and a summary of significant accounting policies and other explanatory information.

Management 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 standalone financial statement that give a true and fair view of the financial position and financial performance and Cash flows of the Company in accordance with the accounting principles generally accepted in India, including 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 provision 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 statement 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 matter which are required to be included in the audit report under the provision of the Act and the Rules made there under. We conducted our audit in accordance with 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 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 financial statements that give true and fair view in order to design audit procedure of expressing an opinion on whether the Company has in place an adequate internal financial controls. An audit also includes evaluating the appropriateness of the accounting policies used and 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 and give a true and fair view in conformity with accounting principles generally accepted in India:- i) In case of the Balance Sheet of the state of affairs of the company as at 31st March 2015 and ii) In case of Statement of Profit and Loss, of the Profit of the company for the year ended on that date. iii) In case of Cash Flow Statements, of the Cash Flow for the year ended on that date.

Report on other Legal & Regulatory requirements

i) 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 Companies Act, 2013, 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 specified in paragraph 3 of the said order.

ii) As required by section 143(3) of the Act, we report that:

(a) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our Audit;

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

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

(d) In our opinion, the Balance Sheet, Statement of Profit & Loss and Cash Flow Statement dealt with by this report comply with the accounting standards referred to in section133 of the Companies Act, 2013, read with rule 7 of the Companies (Accounts) rules, 2014.

(e) On the basis of written representations received from the directors, as on 31st March 2015, and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March 2015 from being appointed as director in terms of Section 164(2) of the Act.

iii) As required by the Non –Banking Financial Companies Auditor's Report (Reserve Bank) directions 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 our observations as under:-

a) (i) The Company is registered as NBFC with the Reserve Bank of India as required U/S 45-IA of the Reserve Bank of India Act, 1934 and the Certificate of the registration has been granted.

(ii) The company is entitled to hold COR issued by Bank in terms its assets and income patterns as on 31 March of the applicable year.

b) As the Company is not accepting/holding public deposits, clause 'B' of paragraph 3 of the NBFC Auditor's Report (Reserve Bank) Directions, 2008 is not applicable to this company.

c) (i) The Board of Directors have passed a resolution for the non-acceptance of any public deposits.

(ii) The Company has not accepted any public deposits during the relevant year.

(iii)The Company has complied with the prudential norms relating to income recognition, accounting standards, assets classification and provisioning for bad& doubtful debts as applicable to it.

(iv)The Company has complied with prudential norms relating to income recognition, accounting standards, assets classification and provisioning for bad & doubtful debts as applicable to it.

d) Clause 'D' of the paragraph 3 of NBFC Auditor's Report (Reserve Bank) Directions, 2008 is not applicable to the company.

Annexure referred to in our report to the members of M/s KINETIC TRUST LIMITED for the year ended on 31st March, 2015. We report that:-

S. No. Particulars Auditors Remark

(i) (a) Whether the company is maintaining proper records YES showing full particulars, including quantitative details and situation of fixed assets; (b) Whether these fixed assets have been physically YES, Assets are verified but no verified by the management at reasonable intervals; material discrepancies between whether any material discrepancies were noticed on the book records and the physical such verification and if so, whether the same have been inventory have been noticed. properly dealt with in the books of account;

(ii) (a) Whether physical verification of inventory has been Not Applicable conducted at reasonable intervals by the management;

(b) Are the procedures of physical verification of Not Applicable inventory followed by the management reasonable and adequate in relation to the size of the company and the nature of its business If not, the inadequacies in such procedures should be reported;

(c) whether the company is maintaining proper records of Not Applicable inventory and whether any material discrepancies were noticed on physical verification and if so, whether the same have been properly dealt with in the books of account;

(iii) Whether the company has granted any loans, secured or Not granted any loan unsecured to companies, firms or other parties covered in the register maintained under section 189 of the Companies Act. If so,

(a) Whether receipt of the principal amount and interest Not Applicable are also regular; and

(b) If overdue amount is more than rupees one lakh, Not Applicable whether reasonable steps have been taken by the company for recovery of the principal and interest;

(iv) Is there an adequate internal control system On the basis of our examination of the books and commensurate with the size of the company and the records of the company, and according to the nature of its business, for the purchase of inventory and information and explanations given to us, we have fixed assets and for the sale of goods and services. neither come across nor have been informed of any Whether there is a continuing failure to correct major continuing failure to correct major weaknesses in the weaknesses in internal control system. aforesaid internal control procedures.

(v) In case the company has accepted deposits, whether the Not Applicable directives issued by the Reserve Bank of India and the provisions of sections 73 to 76 or any other relevant provisions of the Companies Act and the rules framed there under, where applicable, have been complied with? if not, the nature of contraventions should be stated; If an order has been passed by Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other tribunal, whether the same has been complied with or not?

(vi) Where maintenance of cost records has been specified Not Applicable by the Central Government under sub-section (1) of section 148 of the Companies Act, whether such accounts and records have been made and maintained;

(vii) a) Is the company regular in depositing undisputed YES, regular in depositing statutory dues appearing statutory dues including provident fund, employees' state in the books of accounts. insurance, income-tax, sales-tax, wealth tax, service tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues with the appropriate authorities and if not, the extent of the arrears of outstanding statutory dues as at the last day of the financial year concerned for a period of more than six months from the date they became payable, shall be indicated by the auditor.

(b) In case dues of income tax or sales tax or wealth tax or -do- service tax or duty of customs or duty of excise or value added tax or cess have not been deposited on account of any dispute, then the amounts involved and the forum where dispute is pending shall be mentioned.

(c) Whether the amount required to be transferred to -do- investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules made thereunder has been transferred to such fund within time.

(viii) Whether in case of a company which has been registered No accumulated losses for a period not less than five years, its accumulated losses at the end of the financial year are not less than fifty per cent of its net worth and whether it has incurred cash losses in such financial year and in the immediately preceding financial year;

(ix) Whether the company has defaulted in repayment of NO dues to a financial institution or bank or debenture holders? If yes, the period and amount of default to be reported;

(x) Whether the company has given any guarantee for loans NO taken by others from bank or financial institutions, the terms and conditions where of are prejudicial to the interest of the company;

(xi) Whether term loans were applied for the purpose for Not Applicable which the loans were obtained;

(xii) Whether any fraud on or by the company has been NO noticed or reported during the year; If yes, the nature and the amount involved is to be indicated.

For and on behalf of M/s S.P. Monga & Co.

Chartered Accountants

Sd/-

(Sat Parkash Monga)

Proprietor

Membership No. 081562

FRN: 012174N

Place : New Delhi

Date : 26/05/2015


Mar 31, 2014

We have audited the accompanying Financial Statements of Mrs KINETIC TRUST LIMITED, which comprise the Balance Sheet as at 31st March 2014, the Statement of Profit &Loss for the period ended on that date annexed thereto and a summary of significant accounting policies and other explanatory information.

Management Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position and financial performance of the Company in accordance with the accounting principles generally accepted in India including Accounting Standards referred to in Section 211(3C) 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 Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity''s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

Opinion

In our opinion and to'' the best of our information and according to the explanation given to us, the said financial statements together with the notes thereon and attached thereto give in the prescribed manner the information required by the Companies Act 1956 and give a true and fair view in conformity with the accounting principles generally accepted in India:-

i) In case of the Balance Sheet of the state of affairs of the company as at 31sl March 2014 and

ii) In case of Statement of Profit and Loss, of the Profit of the company for the year ended on that date.

iii) In case of Cash Flow Statements, of the Cash Flow for the year ended on that date.

Report on other Legal & Regulatory requirements

i) As required by the Companies (Auditor''s Report) Order, 2003 as amended by the Companies (Auditor''s Report) (Amendment) Order 2004 (hereinafter referred to as "the Order") 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 give in the Annexure a statement specified in paragraph 4 & 5 of the said order.

ii) As required by section 227(3) of the Act, we report that:

(a) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our Audit;

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

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

(d) In our opinion, the Balance Sheet, Statement of Profit & Loss and Cash Flow Statement dealt with by this report comply with the accounting standards referred to in Sub-section (3C) of section 211 of the Companies Act, 1956.

(e) On the basis of written representations received from the directors, as on 31st March 2014, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March 2013 from being appointed as director in terms of clause (g) of sub section (1) of section 274 of the Companies Act, 1956.

iii) As required by the Non ^Banking Financial Companies Auditor''s Report (Reserve Bank) directions 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 our observations as under;-

a) (i) The Company is registered as NBFC with the Reserve Bank of India as required U/S 45-A of the Reserve Bank of India Act, 1934 and the Certificate of the registration has been granted.

(ii) The company is entitled to hold COR issued by Bank in terms its assets and income patterns as on 31 March of the applicable year,

b) As the Company is not accepting/holding public deposits, clause 1B'' of paragraph 3 of the NBFC Auditor''s Report (Reserve Bank) Directions, 2008 is not applicable to this company.

c) (i) The Board of Directors have passed a resolution for the non-acceptanceofany public deposits.

(ii) The Company has not accepted any public deposits during the relevant year.

(iii)The Company has complied with the prudential norms relating to income recognition, accounting standards, assets classification and provisioning for bad& doubtful debts as applicable to it

d) Clause ''D1 of the paragraph 3 of NBFC Auditor''s Report (Reserve Bank) Directions, 2008 is not applicable to the company.

ANNEXURE TO INDEPENDENT AUDITOR''S REPORT

Annexure referred to in our report to the members of NVs KINETIC TRUST LIMITEDfor the year ended on 314t March, 2014. We report that

(i) (a) The company has maintained proper records showing full particulars including situation of its 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 one 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 between the book records and the physical inventory have been noticed.

(ii) The Company has maintained proper records of inventory in the books of account.

(iii) The company has not taken/accepted any unsecured loans during the year from companies, firms and other parties covered in the register maintained under section 301 of the Companies Act, 1956.

The company has not granted any secured or unsecured loans to companies, firms and other parties covered in the register maintained under section 301 of the Companies Act, 1956.

(iv) In our opinion and according to the information and explanations given to us, having regard to the explanation that, there are adequate internal control procedures commensurate with the size of the company and the nature of its business for the purchases and sale of security and fixed assets. 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 procedures.

(v) (a) In our opinion and according to the information and explanations given to us, the transactions that need to be entered into the register in pursuance of 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 into the register in pursuance of Section 301 of the Companies Act, 1956 and exceeding the value of five lakh rupees in respect of any party during the year, have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

(vi) In our opinion and according to the information and explanations given to us, the company has not accepted any deposits from the public within the meaning of Sections 58 A, 58 A A or any other relevant provisions of the companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 with regard to the deposits accepted from the public.

(vii) In our opinion, the company has an internal audit system commensurate with the size and nature of its business.

(viii) The Central Government of India has not prescribed the maintenance of cost records under clause (d) of sub-section (1) of Section 209 of the Companies Act, 1956 for any of the trading of the Company.

(ix) (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 the undisputed statutory dues as applicable with 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 income tax, service tax, custom duty and cess which have not been deposited on account of any dispute.

(x) The company has no accumulated losses as at 31.03.2013 and it has not incurred any cash losses in the financial year ended on that date or in the immediately preceding financial year.

(xi) According to the records of the company examined by us and the information and explanations given by the management, we are of the opinion that the company has not defaulted in repayment of dues to a financial institution, bank as at the balance sheet date. The company has not issued any debentures.

(xii) Based on our examination of documents and records, we are of the opinion that the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) The provisions of any special statute applicable to chit fund/nidhi/mutual benefit fund/ societies are not applicable to company-

(xiv) In our opinion and according to the information and explanations given to us and based on our examination of documents and records, the company has not made investment in Equity Shares during the year.

(xv) In our opinion and according to the information and explanations given to us and based on our examination of documents and records, the company has not given any guarantee for" loans taken by others from bank or financial institutions during the year.

(xvi) The company has not taken any term loan from Bank or Financial Institutions during the year.

(xvii) On the basis of an overall examination of the balance sheet of the company, in our opinion and according to the information and explanations given to usy there are no funds raised on a short-term basis, which have been used for long-term investment.

(xviii) 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.

(xix) The company has not issued any debenture during the year.

(xx) The company has not raised any money by public issue during the year.

(xxi) During the course of our examination of the books and records of the company carried out in accordance with the generally accepted auditing practice in India and according to the information and explan -ations given to us, no fraud (i.e, intentional material misstatement resultant from fraudulent financial reporting and misappropriation of assets) on or by the company has been noticed or reported during the year by the company.

For S.F. Monga & Company Chartered Accountants Firm Registration No.; 012174N

sd- Sat FarkashMonga (Proprietor) Membership No. 081562 FRN:012174N


Mar 31, 2010

1. We have audited the attached Balance Sheet of KINETIC TRUST LIMITED as at 31st March 2010 and also the Profit & Loss account and the Cash Flow Statement of the company for the period 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 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 as amended by the companies (Auditors Report) (Amendment) order 2004 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 arid according to the information and explanations given to us, we further report that:

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

(b) The fixed assets are physically verified by the management according to a phased programme designed to cover all the items, which in our opinion, is reasonable having regard to the size of the company and the nature of its assets. Pursuant to the programme, all fixed assets have been physically verified by the management during the year and no material discrepancies between the book records and the physical inventory have been noticed.

(ii) The company does not have any inventory during the year.

(iii) (a) The company has not granted any secured or unsecured loans to company, firm and other parties covered in the register maintained under section 301 of the

Companies Act, 1956.

(b) 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 Companies Act, 1956.

(iv) In our opinion and according to the information and explanations given to us, having regard to the explanation there are adequate internal control procedures commensurate with the size of the company and the nature of its business for the services, expenses and fixed assets. 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 weakness in the aforesaid internal control procedures.

(v) (a) In our opinion and according to the information and explanations given to us, the transactions that need to be entered into the register in pursuance of 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 company has not been made any transactions in pursuance of contracts or arrangements entered into the register in pursuance of Section 301 of the Companies Act, 1956 and exceeding the value of five lakh rupees in respect of any party during the year.

(vi) The company has not accepted any deposits from the public within the meaning of Sections 58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 with regard to the deposits accepted from, the public.

(vii) In our opinion, the company has an internal audit system commensurate with the size and nature of its business.

(viii) The Central Government of India has not prescribed the maintenance of cost records under clause (d) of sub-section (1) of-Section 209 of the Companies Act, 1956 for any of the Non Banking Finance Company.

(ix) (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 the undisputed statutory dues including income tax and other material statutory dues as applicable with appropriate authorities.

(b) According to the information and explanations given to us and the records of

the company examined by us, in our opinion, no undisputed amount payable in respect of income tax and other taxes were in arrears, as at 31.03.2010 for a period of more than six months from the date they became payable.

(c) According to the information and explanations given to us, and the records of the company examined by us, there are no dues of income tax and other taxes, which have not been deposited on account of any dispute.

(x) The company has no accumulated losses as at 31.03.2010 and it has not incurred cash loss during the financial year ended on that date.

(xi) According to the records of the company examined by us and the information and explanations given by the management, we are of the opinion that the company has not taken or accepted any loans from financial institution or bank during the year. The default in repayment of dues to a financial institution and bank are not applicable to the company. The company has not issued any debentures.

(xii) Based on our examination of documents and records, we are of the opinion that the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) The provisions of any special statute applicable to chit fund/nidhi/mutual benefit fund/ societies are not applicable to company.

(xiv) The company has maintained proper records of securities, which it has traded in and also in respect of shares, held as investments and the said investments are in the name of the company.

(xv) In our opinion and according to the information and explanations given to us and based on our examination of documents and records, the company has not given any guarantee for loans taken by others from bank or financial institutions during the year.

(xvi) In our opinion and according to the information and explanations given to us and based on our examination of documents and records, the company has not taken any term loan during the year.

(xvii) On the basis of an overall examination of the balance sheet of the company, in our opinion and according to the information and explanations given to us, there are no funds raised on a short-term basis, which have been used for long-term investment.

(xviii) The company has not made preferential allotment of shares to parties and companies

covered in the register maintained under section 301 of the Act during the year.

(xix) The company has not issued any debenture during the year.

(xx) The company has not raised any money by public issue during the year.

(xxi) During the course of our examination of the books and records of the company carried out in accordance with the generally accepted auditing practice in India and according to the information and explanations given to us, no fraud (i.e. intentional material misstatement resultant from fraudulent financial reporting and misappropriation of assets) on or by the company has been noticed or reported during the year by the company.

Further to our comments 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 purpose of our Audit.

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

c) The Balance Sheet and Profit and Loss Account dealt with this report are in agreement with the books of accounts.

(d) In our opinion, the Balance Sheet and Profit and Loss account dealt with by this report comply with the accounting standards referred to in 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 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 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 explanation given to us, the said financial statements together with the notes thereon and attached thereto give in the prescribed manner the information required by the Companies Act 1956 and give a true and fair view in conformity with the accounting principles generally accepted in India:-

i) In case of the Balance Sheet of the state of affairs of the company as at 31st March 2010.

ii)In case of Profit and Loss Accounts, of the profit of the company for the year ended on that date and

iii) In case of the Cash Flow Statement, of the cash flows for the year ended on that date

For S.P.Monga & Co.

Sd/- S.P. Monga Membership No.: 081562

Place: New Delhi Date : 9th June 2010


Mar 31, 2009

1. We have audited the attached Balance Sheet of KINETIC TRUST LIMITED as at 31st March 2009 and also the Profit & Loss account and the Cash Flow Statement of the company for the period 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 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 as amended by the companies (Auditors Report) (Amendment) order 2004 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 further report that:

(i) (a) The company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets. (b) The fixed assets are physically verified by the managementaccording to a phased programme designed to cover all the items, which in our opinion, is reasonable having regard to the size of the company and the nature of its assets. Pursuant to the programme, all fixed assets have been physically verified by the management during the year and no material discrepancies between the book records and the physical inventory have been noticed. (ii) The company does not have any inventory during the year.

(iii) (a) The company has not granted any secured or unsecured loans to company, firm and other parties covered in the register maintained under section 301 of the Companies Act, 1956. (b) 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 Companies Act, 1956. (iv) In our opinion and according to the information and explanations given to us, having regard to the explanation there are adequate internal control procedures commensurate with the size of the company and the nature of its business for the services, expenses and fixed assets. 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 weakness in the aforesaid internal control procedures. (v) (a) In our opinion and according to the information and explanations given to us, the transactions that need to be entered into the register in pursuance of 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 company has not been made any transactions in pursuance of contracts or arrangements entered into the register in pursuance of Section 301 of the Companies Act, 1956 and exceeding the value of five lakh rupees in respect of any party during the year.

(vi) The company has not accepted any deposits from the public within the meaning of Sections 58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 withregard to the deposits accepted from the public.

(vii) In our opinion, the company has an internal audit system commensurate with the size and nature of its business. (viii) The Central Government of India has not prescribed the maintenance of cost records under clause (d) of sub-sectioh (1) of Section 209 of the Companies Act, 1956 for any of the Non Banking Finance Company. (ix) (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 the undisputed statutory dues including income tax and other material statutory dues as applicable with appropriate authorities.

(b) According to the information and explanations given to us and the records of the company examined by us, in our opinion, no undisputed amount payable in respect of income tax and other taxes were in arrears, as at 31.03.2009 for a period of more than six months from the date they became payable.

(c) According to the information and explanations given to us, and the records of the company examined by us, there are no dues of income tax and other taxes, which have not been deposited on account of any dispute.

(x) The company has accumulated losses of Rs. 4326/-as at 31.03.2009 and it has not incurred cash loss during the financial year ended on that date.

(xi) According to the records of the company examined by us and the information and explanations given by the management, we are of the opinion that the company has not taken or accepted any loans from financial institution or bank during the year. The default in repayment of dues to a financial institution and bank are not applicable to the company. The company has not issued any debentures.

(xii) Based on our examination of documents and records, we are of the opinion that the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) The provisions of any special statute applicable to chit fund/nidhi/mutual benefit fund/ societies are not applicable to company.

(xiv) The company has maintained proper records of securities, which it has traded in and also in respect of shares, held as investments and the said investments are in the name of the company. (xv) In our opinion and according to the information and explanations given to us and based on our examination of documents and records, the company has not give any guarantee for loans taken by others from bank or financial institutions during the year.

(xvi) In our opinion and according to the information and explanations given to us and based on our examination of documents and records, the company has not taken any term loan during the year.

(xvii) On the basis of an overall examination of the balance sheet of the company, in our opinion and according to the information and explanations given to us, there are no funds raised on a short-term basis, which have been used for long-term investment

(xviii) The company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act during the year. (xix) The company has not issued any debenture during the year.

(xx) The company has not raised any money by public issue during the year.

(xxi) During the course of our examination of the books and records of the company carried out in accordance with the generally accepted auditing practice in India and according to the information and explanations given to us, no fraud (i.e. intentional material misstatement resultant from fraudulent financial reporting and misappropriation of assets) on or by the company has been noticed or reported during the year by the company.

4. Further to our comments 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 purpose of our Audit.

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

(c) The Balance Sheet and Profit and Loss Account dealt with this report are in agreement with the books of accounts.

(d) In our opinion, the Balance Sheet and Profit and Loss account dealt with by this report comply with the accounting standards referred to in 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 2009, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March 2008 from being appointed as 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 explanation given to us, the said financial statements together with the notes thereon and attached thereto give in the prescribed manner the information required by the Companies Act 1956 and give a true and fair view in conformity with the accounting principles generally accepted in India:-

i) In case of the Balance Sheet of the state of affairs of the company as at 31st March 2009,

ii) In case of Profit and Loss Accounts, of the profit of the company for the year ended on that date and

iii)In case of the Cash Flow Statement, of the cash flows for the year ended on that date.

For S.P. Monga & Co. Chartered Accountants Sd/- S.P. Monga

Place: New Delhi Proprietor Date: 24.08.2009 Membership No.: 081562



 
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