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Auditor Report of Kumbhat Financial Services Ltd.

Mar 31, 2014

We have audited the accompanying financial statements of Kumbhat Financial Services Limited ("the Company"), which comprise the Balance Sheet as at March 31,2014. and the Statement of Profit and Loss and Cash Flow Statement T 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 fin.ncial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in Section 133 of the Companies Act, 2013 ( the Act ) in terms of General circular 15/2013 dated 13th September, 2013 and in accordance with the generally accepted accounting principles in India . This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements thgt give a true and fair view and are free from material misstatement, whether due to fraud or error.

AUDITORS RESPONSIBILITY

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

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

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

OPINION

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2014;

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

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

REPORT ON OTHER LEGAL & REGULATORY REQUIREMENTS:

1. As required by the Companies (Auditor''s Report) Order,2003 ("the Order") issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by section 227(3) of the Act we report that:

a) we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

b) in our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books

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 comply with the Accounting Standards referred to in section 133 of the Companies Act, 2013; in terms of General Circular No 15/2013 dated 13,h September,2013 of the Ministry of corporate Affairs.

e) on the basis of written representations received from the directors as on March 31, 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31.2014, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

KUMBHAT FINANCIAL SERVICES LIMITED, CHENNAI ANNEXURE REFERRED TO IN PARA ''V OF OUR REPORT OF EVEN DATE

The Annexure referred to in paragraph 1 of the Our Report of even date to the members of Kumbhat Financial Services Limited on the accounts of the company for the year ended 31** March, 2014.

On the basis of such checks as we considered appropriate and according to the information and explanation given to us during the course of our audit, we report that:

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

(b) As explained to us, fixed assets have been physically verified by the management at reasonable intervals, no material discrepancies were noticed on such verification.

(c) In our opinion and according to the information and explanations given to us, no fixed asset has been disposed during the year and therefore does not affect the going concern assumption. -

2. (a) As explained to us, inventories have been physically verified during the year by the management at reasonable intervals. Shares held in demat form have been duly confirmed by the Depository.

(b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

(c) In our opinion and on the basis of our examination of the records, the Company is generally maintaining proper records of its inventories. No material discrepancy was noticed on physical verification of stocks by the management as compared to book records. And also the Company has stock in trade of shares which Is lying with and confirmed by the depository.

3. (a) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not granted any loans, secured or unsecured, to companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. Consequently, the provisions of clauses iii (b), iii(c) and iii (d) of the order are not applicable to the Company.

(b) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not taken loans.from companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956.

4. In our opinion and according to the information and explanations given to us, there is generally an adequate internal control procedure commensurate with the size of the company and the nature of its business, for the purchase of inventories & fixed assets and payment for expenses & for sale of shares.. During the course of our audit, no major instance of continuing failure to correct any weaknesses in the internal controls has been noticed.

5. a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, the particulars of contracts or arrangements referred to in section 301 of the Act have been entered in the register required to be maintained under that section.

b) As per information & explanations given to us and in our opinion, the transaction entered into by the company with parties covered u/s 301 of the Act does not exceeds five lakhs rupees in a financial year therefore requirement of reasonableness of transactions does not arise.

6. The Company has not accepted any deposits from the public covered under section 58A and 58AA of the Companies Act, 1956.

7. As per information & explanations given by the management, tfie Company has an internal audit system commensurate with its size and the nature of its business.

8. As per information & explanation given by the management, maintenance of cost records has been prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Act are not applicable to the Company.

9. (a) According to the records of the company, 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 Duty, cess to the extent applicable and any other statutory dues have generally been regularly deposited with the appropriate authorities. According to the information and explanations given to us there were no outstanding statutory dues as on 31" of March. 2014 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us, there is no amounts payable in respect of income tax, wealth tax, service tax, sales tax, customs duty and excise duty which have not been deposited on account of any disputes.

10. The Company does not have any accumulated loss and has not incurred cash loss during the financial year covered by our audit and in the immediately preceding financial year.

11. Based on our audit procedures and on 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 or debenture holders.

12. According to the information and explanations given to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. The Company is not a chit fund or a nidhi /mutual benefit fund/society. Therefore, the provision of this clause of the Companies (Auditor''s Report) Order, 2003 (as amended) is not applicable to the Company.

14. According to information and explanations given to us, the Company is not trading in Shares, Mutual funds & other Investments. Proper records & timely entries have been maintained in this regard & further investments specified are held in their own name.

15. According to the information and explanations given to us, the Company has not given any guarantees for loan taken by others from a bank or financial institution.

16. Based on our audit procedures and on the information given by the management, we report that the company has not raised any term loans during the year.

17. Based on the information and explanations given to us and on an overall examination of the Balance Sheet of the Company as at 31" March, 2013, we report that no funds raised on short-term basis have been used for long-term investment by the Company.

18. Based on the audit procedures performed and the information and explanations given to us by the management, we report that the Company has not made any preferential allotment of shares during the year.

19. The Company has no outstanding debentures during the period under audit.

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

21. Based on the audit procedures performed and the information and explanations given to us, we report that no fraud on or by the Company has been noticed or reported during the year, nor have we been informed of such case by the management.

for KRISHNAN & GIRI Chartered Accountants

Chennai R. Saptagiri Date: 25/08/2014 Partner M No:38623


Mar 31, 2012

We have audited the attached Balance Sheet of KUMBHAT FINANCIAL SERVICES LIMITED, CHENNAI as at 31th March 2012 the Profit and Loss Account and the cash flow statement for the year ended on that date. These financial statements are the responsibility of the Company''s Management. Our responsibility is to express an opinion on these financial statements based on our audit

1 We conducted our audit in accordance with the auditing standards generally accepted in India These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from any material misstatements 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 presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

2 As required by the Companies (Auditor''s Report), Order 2003 issued by the Central Government in terms of Section 227(4A) of the Companies Act, 1956. we enclose in the annexure a statement on the matters specified in paragraphs 4 & 5 of the said order

3 Further as required by the Non-Banking Financial Companies Auditor''s Report (Reserve Bank) '' Directions 1998, vide Notification No.DFC 114/DG(SPT)-98 dated January 2~ 1998. we enclose in the Annexure a statement on the matters specified in paragraphs 3 of the said notification

4 Further to our comments in the annexure referred to in paragraph T above we report that

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

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

c ) The Balance Sheet, Profit and Loss Account and cash flow statement are in agreement with the books of accounts

d) In our opinion the the Balance Sheet. Profit and Loss Account and Cash flow statement comply with the Accounting Standards referred to in sub section (3C) of Section 211 of the Companies Act, 1956 .

e) On the basis of the information and explanations given to us and representations obtained by the company there are no directors of the company who. as at 31* March 2012. are disqualified under section 274{1)(g) of the Companies Act,1956, from being appointed as Directors.

f) In our opinion and to the best of our information and according to the explanations given to us the said account read along with the notes thereon give the information required by the Companies Act, 1956 in the manners required and also give a true and fair view tn conformity with the accounting principles generally accepted in India

i) In so far as it relates to the Balance Sheet of the state of affairs of the Company as at 31st March, 2012 and

ii) In so far as it relates to the Profit and Loss Account of the Profit of the Company for the year ended on that date.

iii)'' In so far as it relates to the Cash flow statement, of the cash flow for the year ended on that date.

KUMBHAT FINANCIAL SERVICES LIMITED, CHENNAI ANNEXURE REFERRED TO IN PARA ''2'' OF OUR REPORT OF EVEN DATE

1. The Company has maintained proper records showing lull particulars including quantitative details and situation of Fixed Assets. Al! the assets have been physically verified by the management during the year which in our opinion is reasonable having regard to the size of the Company and the nature of its assets. No serious discrepancies were noticed on such verification. None of the Fixed Assets were disposed off during the year and therefore do not affect the going concern status of the Company.

2. The stock of Shares were physically verified by the management at the year-end. As per the information given to us, the procedure of physical verification of stocks followed by the management is in our opinion reasonable and adequate in relation to the size of the company and nature of its business

On the basis of our examination of stock records, it is found that the some have been properly maintained and as per the explanations given to us, no material discrepancies have been noticed on physical verification as compared to book records.

3. In our opinion, the company has not taken / granted loans during the year from / to patties listed in the register maintained under section 301 of the Companies Act, 1956.

4. In our opinion and in accordance with the information and explanations given to us, there are adequate internal control procedure commensurate with the size of the company and nature of its business, for purchases of inventory and fixed assets and with regard to the sale of goods.

5 In our opinion, and according to the information and explanations given to us, there are no transactions for purchase / sale of goods, services made in purchase of contracts or arrangements required to be entered in the register maintained under section 301 of the register, aggregating during the year to Rs.5,00,000/- or more in respect of each party.

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

7. In our opinion, the company does have an an internal audit system, the scope and coverage of which needs to be strengthened to make it commensurate with the size and nature of its business.

8. The Company is not required to maintain any cost records as prescribed by the Central Government under section 209{1 )(d) of the Companies Act, 1956 as the same is not applicable to the Company.

9. According to the explanations given to us, the provisions of the Employees Provident Fund and Miscellaneous Provisions Act. 1952 and Employees State Insurance Act, 1918 are not applicable to the Company.

10. According to the information and explanations given to us, there are no undisputed amounts payable in respect of Sales Tax, Customs Duty and Excise Duty as at 31st March, 2011. for a period of more than six months from the date they became payable. Further, according to the information and explanations give to us, there are no disputed statutory dues pending payment.

11. On the basis of the financial statements, the company does not have accumulated loss nor has it incurred cash loss during the year as well as in the immediately preceding financial year.

12. The Company has not issued any debentures. According to the records of the Company examined by us, the Company has not availed any term loan or working capital limits from any bank of financial institution.

13 The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. Accordingly, clause 4(xh) of the Order is not applicable.

14. The Company is not a Chit Fund, Nidhi, Mutual Benefit Fund or a Society. Accordingly, clause 4(xiii) of the order is not applicable.

15. According to the information and the explanations given to us and based on the records examined by us, the company is maintaining proper records in respect of the shares dealt and the said investments (subject to note on investment) have been held by the company in its own name as per the provisions of the Section 49 of the Companies Act, 1956.

16. On the basis of reformation and explanations given to us, the company has not given guarantee to any Bank or Financial Institution on behalf of other parties.

17. The Company has not taken any term loans. Hence clause (xvi) of para''4(A) is not applicable.

18. On the basis of our examination of the books of account and the information and explanation given to us, in our opinion, the funds raised on short term bastes have not been used for long term investment.

19. The Company has not made any preferential allotment of shares to any party listed in the register maintained under section 301 of the Companies Act. 1956 Hence clause 4(xviii) of the Order is not applicable.

20. The Company has not issued debentures. Hence, clause 4(xix) of the Order is not applicable.

21. The Company has not raised any money by way of public issues during the year. Hence clause 4(xx) of the Order is not applicable.

22 According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the year.

for KRISHNAN & GIRI

Chartered Accountants

Chennai R. Saptagiri

Date : 22nd August 2012 Partner

M No: 38623

Firm No: 001512S


Mar 31, 2011

1. We conducted our audit in accordance with the auditing standards generally accepted in India. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from any material misstatements. 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 presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

2. As required by the Companies (Auditor's Report), Order 2003 issued by the Central Government in terms of Section 227(4A) of the Companies Act, 1956, we enclose in the annexure a statement on the matters specified in paragraphs 4 & 5 of the said order.

3. Further as required by the Non-Banking Financial Companies Auditor's Report (Reserve Bank) Directions, 1998, vide Notification No.DFC.114/DG(SPT)-98 dated January 2nd 1998, we enclose in the Annexure a statement on the matters specified in paragraphs 3 of the said notification.

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

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

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

c ) The Balance Sheet, Profit and Loss Account and cash flow statement are in agreement with

the books of accounts.

d) In our opinion, the the Balance Sheet, Profit and Loss Account and Cash flow statement comply with the Accounting Standards referred to in sub section (3C) of Section 211 of the Companies Act, 1956.

e) On the basis of the information and explanations given to us and representations obtained by the company there are no directors of the company who, as at 31st March 2011, are disqualified under section 274(1)(g) of the Companies Act,1956, from being appointed as Directors.

f) In our opinion and to the best of our information and according to the explanations given to us, the said account read along with the notes thereon give the information required by the Companies Act, 1956 in the manners required and also give a true and fair view in conformity with the accounting principles generally accepted in India.

i) In so far as it relates to the Balance Sheet of the state of affairs of the Company as at 31st March, 2011 and

ii) In so far as it relates to the Profit and Loss Account of the Profit of the Company for the year ended on that date.

iii) In so far as it relates to the Cash flow statement, of the cash flow for the year ended on that date.

ANNEXURE REFERRED TO IN PARA '2' OF OUR REPORT OF EVEN DATE

1. The Company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets. Ail the assets have been physically verified by the management during the year which in our opinion is reasonable having regard to the size of the Company and the nature of its assets. No serious discrepancies were noticed on such verification. None of the Fixed Assets were disposed off during the year and therefore do not affect the going concern status of the Company.

2. The stock of Shares were physically verified by the management at the year-end. As per the information given to us, the procedure of physical verification of stocks followed by the management is in our opinion reasonable and adequate in relation to the size of the company and nature of its business.

On the basis of our examination of stock records, it is found that the same have been properly maintained and as per the explanations given to us, no material discrepancies have been noticed on physical verification as compared to book records.

3. In our opinion, the company has not taken / granted loans during the year from / to parties listed in the register maintained under section 301 of the Companies Act, 1956.

4. In our opinion and in accordance with the information and explanations given to us, there are adequate internal control procedure commensurate with the size of the company and nature of its business, for purchases of inventory and fixed assets and with regard to the sale of goods.

5. In our opinion, and according to the information and explanations given to us, there are no transactions for purchase / sale of goods, services made in purchase of contracts or arrangements required to be entered in the register maintained under section 301 of the register, aggregating during the year to Rs.5,00,000/- or more in respect of each party.

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

7. In our opinion, the company does have an an internal audit system, the scope and coverage of which needs to be strengthened to make it commensurate with the size and nature of its business.

8. The Company is not required to maintain any cost records as prescribed by the Central Government under section 209(1 )(d) of the Companies Act, 1956 as the same is not applicable to the Company.

9. According to the explanations given to us, the provisions of the Employees Provident Fund and Miscellaneous Provisions Act, 1952 and Employees State Insurance Act, 1948 are not applicable to the Company.

10. According to the information and explanations given to us, there are no undisputed amounts payable in respect of Sales Tax, Customs Duty and Excise Duty as at 31st March, 2011, for a period of more than six months from the date they became payable. Further, according to the information and explanations give to us, there are no disputed statutory dues pending payment.

11. On the basis of the financial statements, the company does not have accumulated loss nor has it incurred cash loss during the year as well as in the immediately preceding financial year.

12. The Company has not issued any debentures. According to the records of the Company examined by us, the Company has not availed any term loan or working capital limits from any bank of financial institution.

13. The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. Accordingly, clause 4(xii) of the Order is not applicable.

14. The Company is not a Chit Fund, Nidhi, Mutual Benefit Fund or a Society. Accordingly, clause 4(xiii) of the order is not applicable.

15. According to the information and the explanations given to us and based on the records examined by us, the company is maintaining proper records in respect of the shares dealt and the said investments (subject to note on investment) have been held by the company in its own name as per the provisions of the Section 49 of the Companies Act, 1956.

16. On the basis of information and explanations given to us, the company has not given guarantee to any Bank or Financial Institution on behalf of other parties.

17. The Company has not taken any term loans. Hence clause (xvi) of para'4(A) is not applicable.

18. On the basis of our examination of the books of account and the information and explanation given to us, in our opinion, the funds raised on short term basis have not been used for long term investment.

19. The Company has not made any preferential allotment of shares to any party listed in the register maintained under section 301 of the Companies Act, 1956. Hence clause 4(xviii) of the Order is not applicable.

20. The Company has not issued debentures. Hence, clause 4(xix) of the Order is not applicable.

21. The Company has not raised any money by way of public issues during the year. Hence clause 4(xx) of the Order is not applicable.

22. According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the year.

for KRISHNAN & GIRI Chartered Accountants

Chennai R. Saptagiri

Date : 19th August 2011 Partner

M No: 38623 Firm No: 001512S


Mar 31, 2010

We have audited the attached Balance Sheet of KUMBHAT FINANCIAL SERVICES LIMITED, CHENNAI as at 31st March, 2010 the Profit and Loss Account and the cash flow statement for the year ended on that date. These financial statements are the responsibility of the Companys Management. Our responsibility is to express an opinion on these financial statements based on our audit.

1. We conducted our audit in accordance with the auditing standards generally accepted in India. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from any material misstatements. 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 presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

2. As required by the Companies (Auditors Report), Order 2003 issued by the Central Government in terms of Section 227(4A) of the Companies Act, 1956, we enclose in the annexure a statement on the matters specified in paragraphs 4 & 5 of the said order.

3. Further as required by the Non-Banking Financial Companies Auditors Report (Reserve Bank) Directions, 1998, vide Notification No.DFC.114/DG(SPT)-98 dated January 2nd 1998. we enclose in the Annexure a statement on the matters specified in paragraphs 3 of the said notification.

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

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

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

c) The Balance Sheet . Profit and Loss Account and cash flow statement are in agreement with the books of accounts.

d) In our opinion, the the Balance Sheet, Profit and Loss Account and Cash flow statement comply with the Accounting Standards referred to in sub section (3C) of Section 211 of the Companies Act, 1956.

e) On the basis of the information and explanations given to us and representations obtained by the company there are no directors of the company who, as at 31st March 2010, are disqualified under section 274(1 )(g) of the Companies Act.1956. from being appointed as Directors.

f) In our opinion and to the best of our information and according to the explanations given to us, the said account read along with the notes thereon give the information required by the Companies Act, 1956 in the manners required and also give a true and fair view in conformity with the accounting principles generally accepted in India.

i) In so far as it relates to the Balance Sheet of the state of affairs of the Company as at 31st March. 2010 and

ii) In so far as it relates to the Profit and Loss Account of the Profit of the Company for the year ended on that date.

iii) In so far as it relates to the Cash flow statement, of the cash flow for the year ended on that date.

ANNEXURE REFERRED TO IN PARA 2 OF OUR REPORT OF EVEN DATE

1. The Company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets. All the assets have been physically verified by the management during the year which in our opinion is reasonable having regard to the size of the Company and the nature of its assets. No serious discrepancies were noticed on such verification. None of the Fixed Assets were disposed off during the year and therefore do not affect the going concern status of the Company.

2. The stock of Shares were physically verified by the management at the year-end. As per the information given to us, the procedure of physical verification of stocks followed by the management is in our opinion reasonable and adequate in relation to the size of the company and nature of its business.

On the basis of our examination of stock records, it is found that the same have been properly maintained and as per the explanations given to us, no materia! discrepancies have been noticed on physical verification as compared to book records.

3. In our opinion, the company has not taken / granted loans during the year from / to parties listed in the register maintained under section 301 of the Companies Act.. 1956.

4. In our opinion and in accordance with the information and explanations given to us. there are adequate internal control procedure commensurate with the size of the company and nature of its business, for purchases of inventory and fixed assets and with regard to the sale of goods.

5. in our opinion, and according to the information and explanations given to us, there are no transactions for purchase / sale of goods, services made in purchase of contracts or arrangements required to be entered in the register maintained under section 301 of the register, aggregating during the year to Rs.5.00,000/- or more in respect of each party.

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

7. In our opinion, the company does have an an internal audit system, the scope and coverage of which needs to be strengthened to make it commensurate with the size and nature of its business.

8. The Company is not required to maintain any cost records as prescribed by the Central Government under section 209(1 )(d) of the Companies Act, 1956 as the same is not applicable to the Company.

9. According to the explanations given to us, the provisions of the Employees Provident Fund and Miscellaneous Provisions Act, 1952 and Employees State Insurance Act, 1948 are not applicable to the Company.

10. According to the information and explanations given to us, there are no undisputed amounts payable in respect of Sales Tax, Customs Duty and Excise Duty as at 31st March, 2010, for a period of more than six months from the date they became payable. Further, according to the information and explanations give to us, there are no disputed statutory dues pending payment.

11. On the basis of the financial statements, the company does not have accumulated loss nor has it incurred cash loss during the year as well as in the immediately preceding financial year.

12. The Company has not issued any debentures According to the records of the Company examined by us, the Company has not availed any term loan or working capital limits from any bank of financial institution

13. The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. Accordingly, clause 4(xii) of the Order is not applicable.

14. The Company is not a Chit Fund. Nidhi Mutual Benefit Fund or a Society. Accordingly. clause 4(xiii) of the order is not applicable.

15. According to the information and the explanations given to us and based on the records examined by us. the company is maintaining proper records in respect of the shares dealt and the said investments (subject to note on investment) have been held by the company in its own name as per the provisions of the Section 49 of the Companies Act, 1956.

16. On the basis of information and explanations given to us. the company has not given guarantee to any Bank or Financial Institution on behalf of other parties.

17 The Company has not taken any term loans. Hence clause (xvi) of para 4(A) is not applicable.

18. On the basis of our examination of the books of account and the information and explanation given to us. in our opinion, the funds raised on short, term basis have not been used for long term investment.

19 The Company has not made any preferential allotment of shares to any party listed in the register maintained under section 301 of the Companies Act. 1956. Hence clause 4(xviii) of the Order is not applicable.

20. The Company has not issued debentures. Hence, clause 4(xix) of the Order is not applicable.

21 The Company has not raised any money by way of public issues during the year. Hence clause 4(xx) of the Order is not applicable.

22. According to the information and explanations given to us. no fraud on or by the company has been noticed or reported during the year.

for KRISHNAN & GIRI

Chartered Accountants

Chennai R.Saptagiri

Date : 30th June, 2010. Partner

Membership No.38623

 
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