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Auditor Report of Moongipa Capital Finance Ltd.

Mar 31, 2014

Report on the financial statements

We have audited the accompanying financial Statements of MOONGIPA CAPITAL FINANCE LIMITED which comprise Balance Sheet as at 31st March 2014 and Statement of Profit & Loss & Cash Flow Statement for the year ended and a summary of Significant Accounting Policies and other explanatory information.

Management''s responsibility for the financial statements

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

Auditor''s responsibility

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

In our opinion and to the best of our information and according to the explanations given to us, the financial statements gives the information required by the Companies 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 case of the Balance Sheet of the state of affairs of the company as at 31" March 2014,

(b) In case of the Statement of Profit & loss Account of the Profit of the Company for the year ended as on that date and

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

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order. 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:

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

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

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

(iv) In our opinion the Balance Sheet, Statement of Profit & Loss Account and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of Companies Act 1956 except AS-15 on Employee Benefits as the company has provided the liability of gratuity on estimated basis in place of actuarial valuation.

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

Annexure to the Auditor''s report of even date to the members of Moongipa Capital Finance Limited on the financial statements for the year ended on 31st March, 2014.

Based on the audit procedures performed for the purpose of reporting a true & fair view on the financial statements of the company and taking into consideration the information and explanations given to us and the books of accounts and other records examined by us in the normal course of audit, we report that:

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

(b) The fixed assets have been physically verified by the management during the year and no material discrepancies were noticed on such verification. In our opinion, the frequency of verification of fixed assets is reasonable having regard to the size of the Company and the nature of its assets.

(c) As informed to us company has not disposed off any substantial fixed assets during the year. Therefore, provisions of clause 4 (i) (c) are not applicable

ii. (a) The inventory has been physically verified by the management during the year.

(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 company and 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. No discrepancies were noticed on physical verification as compared to book records.

iii. (a) In our opinion and according to the information and explanations given to us, the company has neither granted nor taken any loans secured or unsecured to companies, firms or other parties covered in the register maintained under section 301 of the companies Act, 1956. So, provisions of clauses 4(iii) (a), (b), (c), (d), (e), (f), (g) are not applicable

iv. In our opinion and according to the information and explanations given to us, there is adequate internal control procedure commensurate with the size of the Company and the nature of its business with regard to purchase of inventory, fixed assets and with regard to the sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal controls.

v. (a) In our opinion, the particulars of all contracts or arrangements that need to be entered into the register maintained under section 301 of the Act have been so entered.

(b) In our opinion, the transactions made in pursuance of such contracts or arrangements and exceeding the value of rupees five lakhs in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

vi. The Company has not accepted any deposits from the public. Accordingly, sub clause(c) of clause VI is not applicable.

vii. In our opinion the Company has an internal audit system commensurate with the size and nature of its business.

viii. As informed to us, the maintenance of cost records has not been prescribed by the Central Government under section 209(1) (d) of the Companies Act, 1956, in respect of the activities carried on by the Company.

ix. (a) According to records of the Company examined by us and the information and explanations given to us, no undisputed statutory dues including provident fund, employee''s state insurance, income tax, sales tax, wealth tax, excise duty, cess and other material statutory dues applicable to it were outstanding, as at 31st March 2014 for a period of six months from the date they became payable

(b) According to the information & explanation given to us, there are no sales tax, Income tax, Custom duty, wealth tax, excise duty and cess which have not been deposited on account of any dispute.

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

xi. In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayments of dues to any financial institution or Bank or debenture holders. So this Clause is not applicable.

xii. In our opinion and according to the information and explanations given to us, 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. in our opinion, the Company is not a chit fund or a Nidhi Mutual benefit fund/ society. Therefore the provision of clause 4(iii) of the companies (Auditors Report) Order, 2003 are not applicable to the Company.

xiv. In our opinion, the company is not dealing in or trading in shares, securities, debentures and other investments, Accordingly, the provisions of clause 4(xiv) of the companies (Auditor''s Report) Order 2003 are not applicable to the company.

xv. In our opinion and according to the information and explanations given to us, the Company has not given any guarantees for loans taken by others from banks or financial institutions.

xvi. According to the information & explanation given to us company has not raised any term loan during the year so this clause is not applicable to the company.

xvii. According to the Information & Explanations given to us Provisions of Clause 4 (xvii), (xviii), (xix) are not applicable to the Company.

xx. During the year concerned by our audit report, the Company has not raised any money by way of public issue.

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

For Saxena & Saxena Chartered Accountants (Firm Regn. No. 006103N)

Place: New Delhi DK Saxena Dated: 29/05/2014 Partner M. No. 082118


Mar 31, 2013

We have audited the accompanying financial Statements of Moongipa Capital Finance Limited which comprise Balance Sheet as at 31st March 2013 and Statement of Profit & Loss & Cash Flow Statement for the year ended and a summary of Significant Accounting Policies and other explanatory Information.

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

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 risk* 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.

In our opinion and to the best of our information and according to the explanations given to us, the said accounts read with the notes thereon gives the information required by the Companies Act 1956 in the manner so required and give a true and fair view.

In case of the Balance Sheet of the state of affairs of the company as at 31" March 2013,

In case of the Profit and loss Account of the Profit of the Company for the year ended as on that date and

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

4. Further to our comments in the Annexure referred to above, we report that-

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

(ii) 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 those books.

(Hi) The Balance Sheet, Profit and Loss Account and Cash Flow Statement

dealt with by this report are in agreement with the books of account. (Iv) In our opinion the Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in sub-section <3C) of Section 211 of Companies Act 1956 except AS-15 on Employee Benefits as the company has provided the liability of gratuity on estimated basis in place of actuarial valuation.

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

Annexure to the Auditor''s report of even date to the members of Moongipa Capital Finance Limited on the financial statements for the year ended on 31st March, 2013

Based on the audit procedures performed for the purpose of reporting a true & fair view on the financial statements of the company and taking into consideration the information and explanations given to us and the books of accounts and other records examined by us in the normal course of audit, we report that:

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

(b) The fixed assets have been physically verified by the management during the year and no material discrepancies were noticed on such verification. In our opinion, the frequency of verification of fixed assets is reasonable having regard to the size of the Company and the nature of its assets.

(c) As informed to us company has not disposed off any substantial fixed assets during the year. Therefore, provisions of clause 4 (i) (c) are not applicable

(ii) (a) The inventory has been physically verified by the management during the year.

(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 company and 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. No discrepancies were noticed on physical verification as compared to book records.

(iii) (a) In our opinion and according to the information and explanations given to us, the company has neither granted nor taken any loans secured or unsecured to companies, firms or other parties covered in the register maintained under section 301 of the companies Act, 1956. So, provisions of clauses 4(iii) (a), (b), (c), (d), (e), (f), (g) are not applicable

(iv) In our opinion and according to the information and explanations given to us, there is adequate internal control procedure commensurate with the size of the Company and the nature of its business with regard to purchase of inventory, fixed assets and with regard to the sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal controls.

(v) (a) In our opinion, no contract or arrangements have been made with the parties covered in the register maintained under section 301 of the Act. so Provisions of Clause 4 (v) (a), (b) are not applicable to the company.

(vi) The Company has not accepted any deposits from the public. Accordingly, sub clause(c) of clause VI is not applicable.

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

(viii) As informed to us, the maintenance of cost records has not been prescribed - by the Central Government under section 209(1) (d) of the Companies Act; 1956, in respect of the activities carried on by the Company.

(ix) (a) According to records of the Company examined by us and the information and explanations given to us, no undisputed statutory dues including provident fund, employee''s state insurance, income tax, sales tax, wealth tax, excise duty, cess and other material statutory dues applicable to it were outstanding, as at 31* March 2013 for a period of six months from the date they became payable (b) According to the information & explanation given to us, there are no sales tax. Income tax, Custom duty, wealth tax, excise duty and cess which have not been deposited on account of any dispute.

(x) The Company does have accumulated losses at the end of the financial year and has incurred no cash losses in the financial year and the immediately preceding financial year.

(xi) In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayments of dues to any financial institution or Bank or debenture holders. So this Clause is not applicable.

(xii) In our opinion and according to the information and explanations given to us, 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) In our opinion, the Company is not a chit fund or a Nidhi Mutual benefit fund/ society. Therefore the provision of clause 4(iii) of the companies (Auditors Report) Order, 2003 are not applicable to the Company.

(xiv) In our opinion, and according to the information and explanations given to us, the company is not dealing or trading in shares, securities, debentures and other investments.

(xv) Accordingly, the provisions of clause 4(xiv) of the companies (Auditor''s Report) Order 2003 are not applicable to the Company.

(xvi) In our opinion and according to the information and explanations given to us, the Company has not given any guarantees for loans taken by others from banks or financial institutions.

(xvii) According to the information & explanation given to us company has not raised any term ban during the year so this clause is not applicable to the company.

(xviii) In our opinion the Company has not made any preferential allotment of shares so, Provisions of Clause 4 (xviii) are not applicable to the Company.

(xix) According to the Information & Explanations given to us Provisions of Clause 4 (xix) are not applicable to the Company.

(xx) During the year concerned by our audit report, the Company has not raised any money by way of public issue.

(xxi) According to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the course of our audit

For Saxena & Saxena

Chartered Accountants

(Firm Regn. No. 006103N)

Place: New Delhi D.K. Saxena

Date: 33-05-2013 Partner

M. No.82118


Mar 31, 2012

1. We have audited the attached Balance Sheet of Moongipa Capital Finance Ltd. as at March 31, 2012 and also the Profit and Loss Account and Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's Management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with 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 induces examining, on a tea basis, evidence supporting the amounts and disclosure in the financial statement An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overal financial statement presentation. We believe that our audit provide a reasonable basis for our opinion.

3. As required by Companies (Auditor's Report) Order, 2003 issued by the Central Government in terms of Sub Section (4A) of section 227 of the Companies Act, 1956, we annex hereto a statement on the matters specified in paragraphs 4 and 5 of the said order.

4. Further to our comments in the annexure referred to in paragraph (3) above, we report that: -

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

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

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

(d) In our opinion, the Balance Sheet, Profit and Loss Account 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 except AS-15 on Employee Benefits as the company has provided the liability of gratuity on estimated basis in place of actuarial valuation.

(e) On the basis of the written representations received from the Directors, as on March 31,2012, and taken on record by the Board of Directors, we report that none of the Directors of the Company are disqualified as on March 31,2012 from being appointed as a director, in terms of clause (g) of sub section (1) of section 274 of the Companies Act,1956;

(f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India;

(i) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31,2012;

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

(iii) In the case of the Cash Flow Statement, of me Cash Flows of the Company for the year ended on that date

(i) a) the Company has maintained proper records showing full particulars inducting quantitative details and situation of fixed assets on the basis of available information.

(b) As explained to us, the fixed assets have been physically verified by the management during the year in a phased periodical manner, which in our opinion is reasonable, having regard to the size of the Company and nature of its assets. No material discrepandes were noticed on such physical verification.

(c) The fixed assets disposed off by the company are not substantial affecting going concern assumption.

(ii) The Company is in the business of financing and hence it does not hold any inventory of finished goods, stores, raw materials. Hence clause (ii) of Para 4 of the order is not applicable.

(iii) In our opinion and according to the information and explanations given to us, the Company has not taken for granted any loans during the year to 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, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business for the purchase of inventory, fixed assets and also for the sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

(v) According to the information and explanations given to us, during the year the company has not entered into any transaction in pursuance of con- tracts or arrangements that needed to be entered into the register maintained under section 301 of the Companies Ad, 1956.

(vi) The Company has not accepted any deposits from the public.

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

(viii) The Company is in the business of financing therefore maintenance of Cost Records under Section 209 (1 Xd) of the Companies Ad, 1956 is not applicable.

(ix) (a)According to the records, information and explanations provided to us, the company is generally regular in depositing with appropriate authorities undisputed amount of Provident Fund. Investor Education and Protection Fund, Employees' State Insurance, Income-Tax, Sales-Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess and other statutory dues applicable to it and no undisputed amounts payable were outstanding as at March 31, 2012 for a period of more than six month from the date they became payable.

(b) As per the information and explanations given to us there are no disputed statutory dues.

(x) The company does not have any accumulated losses at the end of the financial year and the company has not incurred any cash losses during the financial year covered by our audit, however it has incurred cash losses in the immediately preceding financial year.

(xi) Based on our audit procedures and according to the information and explanations given to us, we are of the opinion that the Company has not defaulted in repayment of dues to financial institutions, banks or debenture holders.

(xii) In our opinion and according to the information and explanations given to us, no loans and advances have been granted by the Company on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) In our opinion, the Company is not a chit fund or a nidhi/mutuat benefit fund/society. Therefore, clause 4(xiii) of the Companies (Auditor's Report) Order 2003 is not applicable to me Company.

(xiv) In our opinion and according to the information and explanations given to us, the Company is not dealing or trading in shares, securities, debentures and other investments.

(xv) According to the information and explanations given to us, the Company has not given guarantees for loans taken by others from banks or financials institutions.

(xvi) The company does not have any term loans, therefore clause 4{xvi) of the Companies (Auditor's Report) Order 2003 is not applicable to the Company.

(xvii) According to the information and explanations given to us and on and overall examination of the Balances Sheet of the Company, we are of the opinion that the Company has not utilized any amount from short terms sources towards long-term Investment.

(xviii) According to the Information and explanations given to us, during the year, the Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Companies Act, 1956.

(xix) The Company has not issued any debentures. Therefore clause (xix) of the order is not applicable to the Company.

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

(xxi) To the best of our knowledge and belief and 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 Saxena & Saxena

Chartered Accountants

(Firm-Regn. No.0O61O3N)

Place: New Delhi D.K. Saxena

Date: 24-05-2012 Partner

M. No .82111


Mar 31, 2010

1. We have audited the attached Balance Sheet of Moonglpa Capital Finance Ltd. as at March 31,2010 and also the Profit and Loss Account and Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys Management Our responsibility Is to express an opinion on these financial statements based on our audit

2. We conducted our audit in accordance with Audit Standards generally

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 disclosure In the financial statement An audit also includes assessing the accounting principles used and significant estimates made by the management as well as evaluating the ovarii financial statement presentation. We believe that our audit provide a reasonable basis for our opinion.

3. As required by Companies (Auditors Report) Order, 2003 Issued by the Central Government in terms of Sub Section (4A) of section 227 of the Companies Act, 19S6, we annex hereto a statement on the matters specified In paragraphs 4 and 5 of the said order.

4. Further to our comments In the annexure referred to In paragraph (3) above, we report that-

(a) We have obtained a! the Information and explanations, which to the beat of our knowledge and belief were necessary for the purposes of pur audit;

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

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

(d) ln our opinion, the Balance Sheet, Profit and Loss Account 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 except AS-15 on Employee Benefits as the company has not provided the liability of gratuity since no employee has put In the qualified period of service.

(e) On the basis of the written representations received from the Directors, as on March 31,2010, and taken on record by the Board of Directors, we report that none of the Directors of the Company are disqualified as on March 31,2010 from being appointed as a director, in terms of clause (g) of subsection (l) of section 274 of the Companies Act,1956;

(f) In our opinion and to the best of our Information and according to the explanations given to us, the said accounts give the Information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted In India;

(i) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31,2010;

(ii) ln the case of the Profit and Loss Account, of the loss of the Company for the year ended on that date, and

(iii) In We case of the Cash Flow Statement of the Cash Flows of the Company for the year ended on that date

Annexure to the Auditors Report of even date to the members of Moongipa Capital Finance Ltd. for the Financial Year 2009-2010 Referred to In paragraph 3 of our Report of even date

(I) (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information.

(b) As explsined to us, the fixed assets have been physically verified by the management during the year in a phased periodical manner, which in our opinion Is reasonable, having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such physical verification.

(c) In our opinion and according to the information and explanation given to us. the company has not disposed off a substantial part of Its fixed assets during the year.

(II) The Company Is In the business of financing and hence It does not hold any inventory of finished goods, stores, raw materials. Hence clause (II) of Para 4 of the order la not applicable.

(iii) In our opinion and according to the information and explanations given to us, the Company has not taken or granted any loans during the year to parties covered In the register maintained under section 301 of the Companies Act 1958.

(iv) In our opinion and according to the Information and explanations given to us, there are adequate Internal control procedures commensurate with the size of the Company and the nature of Its business for the purchase of Inventory, fixed assets and also for the sale of goods and services. During the course of our audit we have not observed any continuing failure to correct major weaknesses in Internal controls.

(v) According to the Information and explanations given to us, during the year the company has not entered Into any transaction In pursuance of contracts or arrangements that needed to be entered into the register maintained under section 301 of the Companies Act, 1966.

(vi) The Company has not accepted any deposits from the public.

(Vii) In our opinion, the Internal audit system of the Company is commensurate with Its size and nature of Its business.

(Viii) The Company la In the business of financing therefore maintenance of Cost Records under Section 209 (1)(d) of the Companies Act 1956 is not applicable.

(ix) (a) According to the records, Information and explanations provided to us, the company Is generally regular in depositing with appropriate authorities undisputed amount of Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income-Tax, Sales- Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess and other statutory dues applicable to It and no undisputed amounts payable were outstanding as at March 31, 2010 for a period of more then six month from the date they became payable.

(b) As per the Information and explanations given to us there are no disputed statutory dues.

(x) The company does not have any accumulated losses at the end of the financial year. The company has incurred cash losses during the financial year covered by our audit however It has not Incurred cash losses In the Immediately preceding financial year.

(xi) Based on our audit procedures and according to the information and explanations given to us, we are of the opinion that the Company has not defaulted in repayment of dues to financial Institutions, banks or debenture holders.

(xii) in our opinion and according to the Information and explanations given to us, no loans and advances have been granted by the Company on the basis of security by way of pledge of shares, debentures and other securities. (xW) In our opinion, the Company Is not a chit fund or a nidhi/mutual benefit fund/ society. Therefore, clause 4

(xiii) of the Companies (Auditors Report) Order 2003 is not applicable to the Company.

(xiv) in our opinion and according to the Information and explanations given to us, the Company is not dealing or trading in shares, securities, debentures and other investments.

(xv) According to the Information and explanations given to us, the Company has not given guarantees for loans taken by others from banks or financials Institutions.

(xvi) There were no term loans outstanding at the beginning of the year.

(Xvii) According to the information and explanations given to us and on and overall examination of the Balances Sheet of the Company, we are of the opinion that the Company has not utilized any amount from short terms sources towards long-term Investment

(xviii) According to the information and explanations given to us, during the year, the Company has not made any preferential allotment of shares to parties and companies covered In the register maintained under Section 301 of the Companies Act, 1956.

(xix) The Company has not issued any debentures. Therefore clause (xix) of the order is not applicable to the Company.

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

(xxi) To the best of our knowledge and belief and 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 Saxena & Saxena

Chartered Accountants

(Firm Regn. No. 006103N)

D.K. Saxena

Place: New Delhi (Partner)

Date : 20 July 2010 M. No. 82118


Mar 31, 2003

We have audited the attached Balance sheet of Moongipa Capi- tal Finance Ltd. as at 31st March 2003 and the Profit and Loss Account for the year ended as on that date annexed thereto. These financial statements are the responsibility of the compa- nys management. Our responsibility is to express an opinion on these financial statements based on audit.

1. We conducted our audit in accordance with auditing stand- ards 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 disclo- sures in the financial statement. An audit also includes as- sessing the accounting principles used and significant es- timates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

2. As required by the Manufacturing and other Companies (Auditor Report) order 1988 issued by the Central Govern- ment of India in terms of Section 227 (4A) of the Compa- nies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.

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

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

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

(iii) The Balance Sheet and the Profit and loss Account dealt with by this report are in agreement with the books of account.

(iv) In our opinion the Balance Sheet and Profit & Loss Account dealt with by this report comply with the Ac- counting Standards referred to in sub-section (3C) of Section 211 of Companies Act 1956.

(v) Provisions for depreciation has not been made during the year on leased assets purchased on or before 31.03.1998(Refer to Note 1 (B)(Hi) in Note to Accounts).

(vi) On the basis of written representations received from the directors, as on 31st March, 2003, and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March, 2003 from being appointed as a Director in terms of clause (g) of sub section (1) of section 274 of the Companies Act, 1956.

4. In our opinion and to the best of our information and ac- cording to the explanation given to us, the accounts read with the notes thereon gives the information required by the Companies Act 1956 in the manner so required and give a true and fair view.

a) In the case of the Balance Sheet of the state of affairs of the company as at 31st March 2003 and.

b) In the case of the Profit and loss Account of the "Loss" of the Company for the year ended as on that date.

Annexure to Auditors Report (Referred to in paragraph 2 thereof)

1. The company has maintained proper records to show the full particulars including quantitative details and situation of fixed Assets. As ex-plained to us, the Fixed Assets have been physically verified by the Management during the year. We are informed that no discrepancies were noticed by the management on such verification.

2. None of the fixed Assets have been revalued during the year.

3. Since the business of the Company is non-manufacturing and non-trading in nature, there are no stocks. Hence the information required under Sub-clause (3), (4), (5), (6), (11) and (12) of clause (A) of paragraph 4 of the order are not applicable.

4. The company has not taken loans, secured or unsecured, from companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act 1956 or from the Companies under the same management as defined under sub section (1B) of Section 370 of the Com- panies Act, 1956.

5. The company has not granted loans, secured or unsecured, to companies, firms or other parties listed in the register maintained under Section 301, of the Companies Act 1956 or to the companies under the same management as de- fined under sub Section (1B) of Section 370 of the Compa- nies Act, 1956.

6. In respect of loans and advances in the nature of loans and lease rentals, the parties are generally repaying the princi- pal amounts and the interest as stipulated. In cases, where installments are not received as stipulated, reasonable steps have been taken by the company for the recovery.

7. In our opinion and according to the information and expla- nations given to us, there are adequate internal control pro- cedures commensurate with the size of the Company and the nature of its business for the purchase of equipment and other assets and for the sale of leased assets / other assets and goods.

8. The company has not accepted any deposits falling within the definition of Deposit" under section 58A of the Compa- nies Act, 1956 hence the provisions and the rules framed thereunder are not applicable.

9. The Company does not generate by products and scrap.

10. The Company has an adequate internal audit system com- mensurate with the size of the Company and the nature of its business.

11. According to the information and explanations given to us, the maintenance of cost records has not been prescribed by the Central Government under Section 209(1) (d) of the Companies Act, 1956.

12. As informed to us the provisions of Provident Fund Act and The Employees State Insurance Act are not applicable to the Company.

13. According to the information and explanation given to us, there are no undisputed amounts in the respect of Income Tax, Wealth Tax, Custom Duty and Excise Duty as at 31 March 2003 which are outstanding for a period of more than six months from the date they become payable.

14. In our opinion and according to the information and explana- tion given to us no personal expenses have been charged to revenue account.

15. In our opinion, the Company is not a Sick Industrial Company within the meaning of clause (O) of Sub-section (1) section (3) of the Sick Industrial (Special Provisions) Act, 1985.

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

17. In respect of the investments made by the company in Shares, Debentures and other similar securities the Com- pany has maintained proper records of the transactions and timely entries have been made therein.

For Saxena & Saxena Chartered Accountants

V.K.Jindal Partner

Place: New Delhi. Date : August 12, 2003


Mar 31, 2002

We have audited the attached Balance sheet of Moongipa Capital Finance Ltd. as at 31st March 2002 and the Profit and Loss Account for the year ended as 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 audit.

1. 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 statement. 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.

2. As required by the Manufacturing and other Companies (Auditor Report) order 1988 issued by the Central Government of India in terms of Section 227 (4A) of the Companies Act, 1956, we enclose in the Annexure to a statement on the matters specified in paragraphs 4 and 5 of the said order.

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

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

(ii) 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 those books.

(iii) The Balance Sheet and the Profit and loss Account dealt with by this report are in agreement with the books of account.

(iv) In our opinion the Balance Sheet and Profit & Loss Account dealt with by this report comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of Companies Act 1956.

(v) Provisions for depreciation has not been made during the year on leased assets purchased on or before 31.03.1998. (Refer to Note 1(B) (iii) in Notes to Accounts).

(vi) On the basis of written representations received from the directors, as on 31st March, 2002, and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March, 2002 from being appointed as a Director in terms of clause (g) of sub section (1) of section 274 of the Companies Act, 1956.

4. In our opinion and to the best of our information and according to the explanation given to us, the accounts read with the notes thereon gives the information required by the Companies Act 1956 in the manner so required and give a true and fair view.

a) In the case of the Balance Sheet of the state of affairs of the company as at 31st March 2002 and.

b) In the case of the Profit and loss Account of the "Profit" of the Company for the year ended as on that date.

Annexure to Auditors Report (Referred to in paragraph 2 thereof

1. The company has maintained proper records to show the full particulars including quantitative details and situation of fixed Assets. As ex-plained to us, the Fixed Assets have been physically verified by the Management during the year. We are informed that no discrepancies were noticed by the management of such verification.

2. None of the fixed Assets have been revalued during the year.

3. Since the business of the Company is non-manufacturing and non- trading in nature, there are no stocks. Hence the information required under Sub-clause (3), (4), (5), (6), (11) and (12) of clause (A) of paragraph 4 of the order are not applicable.

4. The company has not taken loans, secured or unsecured, from companies firms or other parties listed in the register maintained under Section 301 of me Companies Act 1956 or from the Companies under the same management as defined under sub section (1B) of Section 370 of the Companies Act, 1956.

5. The company has not granted loans, secured or unsecured, to companies, firms or other parties listed in the register maintained under Section 301, of the Companies Act 1956 or to the companies under the same management as defined under sub Section (1B) of Section 370 of the Companies Act, 1956.

6. In respect of loans and advances in the nature of loans and lease rentals, the parties are generally repaying the principal amounts and the interest as stipulated. In cases, where installments are not received as stipulated, reasonable steps have been taken by the company for the recovery.

7. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business for the purchase of equipment and other assets and for the sale of leased assets/other assets and goods.

8. The company has not accepted any deposits falling within the definition of Deposit" under section 58 A of the Companies Act, 1956 hence the provisions and the rules framed thereunder are not applicable.

9. The Company does not generate by products and scrap.

10. The Company has an adequate internal audit system commensurate with the size of the Company and the nature of its business.

11. According to the information and explanations given to us, the maintenance o cost records has not been prescribed by the Central Government under Section 209(1) (d) of the Companies Act, 1956.

12. As informed to us the provisions of Provident Fund Act and The Employees State Insurance Act are not applicable to the Company.

13. According to the information and explanation given to us, there are no undisputed amounts in the respect of Income Tax, Wealth Tax, Custom Duty and Excise Duty as at 31 March 2002 which are outstanding for a period of more than six months from the date they become payable.

14. In our opinion and according to the information and explanation given to us ho personal expenses have been charged to revenue account.

15. In our opinion, the Company is not a Sick Industrial Company within the meaning of clause (O) of Sub-section (1) section (3) of the Sick Industrial (Special Provisions) Act, 1985.

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

17. In respect of the investments made by the company in Shares, Debentures and other similar securities the Company has maintained proper records of the transactions and timely entries have been made therein. Some of the investments have yet to be transferred in the name of the Company.

For Saxena & Saxena Chartered Accountants

(V.K.Jindal) Partner

Place : New Delhi. Date : August 12, 2002

 
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