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Auditor Report of Net Vista Venture Ltd.

Jun 30, 2012

We have audited the attached Balance Sheet of Netvista Information Technology Limited as at 30th June 2012 and the Profit and Loss account and the cash flow statement for the year ended on that date annexed thereto. These financial Statements are the responsibility of the Company''s management. Our responsibility is to express and 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 includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

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

4. Further to our comments in the annexure refer to in Para 1 above and along with the notes on accounts, we further 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 accounts as required by law have been kept by the Company so far as it appears from our examination of those books.

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

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

e. On the basis of the representations made by the directors and taken on record by the Board of Directors, We report that none of the director of the Company is disqualified in terms of clause (g) of subsection (1) of Section 274 of the Companies Act, 1956.

5. In our opinion and to the best of our information and according to the explanations given to us, the said Balance Sheet and profit and loss account and Cash Flow Statement read together with notes thereon give the information as required by the Companies Act, 1956 in the manner so required and give a true and fair view:

a. In the case of Balance Sheet of the state of affairs of the company as at 31 March 2008.

b. In the case of Profit and Loss account of the Profit of the Company for the year ended on that date:

c. In the case of Cash Flow Statement of the Cash Flows for the year ended on that date:

ANNEXURE REFERRED TO IN THE AUDITORS REPORT

1. In respect of its fixed assets:

a. The company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets held by the company.

b. The Company has physically verified the assets during the year. According to the information and explanation given to us no material discrepancies were noticed on such verifications.

c. In our opinion and according to the information and explanation given to us, the company has not made any substantial disposal of during the year.

2. In respect of its inventories

a. As explained to us the stock of the material has been physically verified during the year by the management.

b. In our opinion and according to the information and explanation given to us, the frequency and procedure of the verification is reasonable.

c. In our opinion and according to the information and explanation given to us, the company has maintained proper records of its inventories and no material discrepancies were noticed on physical verification.

3. The Company has not taken any loans from companies, firms or other parties 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 are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to the purchases of stores, raw-material including components, plant & machinery, equipments and other assets, and for the sale of goods.

5. There are no transactions entered into with the parties in the register maintained under section 301 of the Companies Act, 1956.

6. In our opinion and according to the information and explanations given to us, the company has not accepted any deposits in the contravention with the provisions of Section 58-A of the Companies Act, 1956 and the Companies (Acceptance of deposits rules 1975)

7. The Company is under the process of preparing internal audit system. However the company has an internal control system adequate to the size and nature of the business.

8. The company is not required to maintain Cost Records as required under the provisions of Section 209(1)(d) of the Companies Act, 1956.

9. According to the information and explanations given to us in respect of statutory and other dues: a. There is no undisputed amount payable in respect of the Employees State Insurance and Provident Fund Act.

b. The Company has regularly paid the dues with the appropriate authorities during the year.

c. There is no disputed amount payable in respect of Income Tax, Sales Tax, Wealth Tax, Custom Duty th and Excise Duty which has been remained outstanding as at 30 June, 2012 for a period exceeding six months from the date they became payable,expect Rs 10,68,000 demand from Income tax

10. The Company has an accumulated losses as at the end of financial year due to writing off of investments.

11. Based on our audit and on the information and explanations given to us we are of the opinion that the company has not defaulted in the repayments of undisputed dues to the financial institutions, banks and debenture holders.

12. According to the information & explanations given to us, the company has not given any loans or advances on the basis of security by way of pledge of shares, securities and other securities.

13. According to the information and explanations given to us, the company has not taken any loan on the terms and conditions, which are prima facie, prejudicial to the interests of the company

14. The company has kept adequate records of its transactions and contracts in shares, securities, debentures and other investments and timely entries have been made therein, The Shares, Securities, Debenture and other Investments are held in the name of the Company.

15. According to the information and explanations given to us, the company has not availed any term loan from financial institutions; however short-term loans taken from banks applied for the purpose for which the loans were obtained.

16. According to the Cash flow and other records examined by us and the information and explanations given to us, on overall basis funds raised on short term basis have, prima facie, not been used during the year for long term investment and vice versa.

17. The Company has not made any preferential allotment during the year.

18. According to the information and explanations given lo us, there is no debenture outstanding for which security to be created.

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

20. 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 was noticed or reported during the year.

PLACE : MUMBAI FOR J. H Ghumara

DATED : August 20th 2012 CHARTERED ACCOUNTANTS

Sd/-

(J.H Ghumara)

PROPRIETOR

M. No. 14320


Jun 30, 2010

We have audited the attached Balance Sheet of NETVISTA INFORMATION TECHNOLOGY LIMITED as at 30th June, 2010 and also Profit and Loss Account and Cash Flow statement of the Company 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.

We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about the financial statements are free from material mis-statement. An audit also 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 over all financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

1. As required by the Companies (Auditors' Report) Order,2003 issued by the Central Government of India in terms of Section 227 (4A) of the Companies Act,1956, we enclose in the Annexure a statement on the matters specified therein.

2. Further to our comments in the Annexure referred to in paragraph 1 above, we state 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 accounts, as required by the law, have been kept by the Company so far as appears from our examination of the books.

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

d. In our opinion, the Balance Sheet, the Profit & Loss account and the Cash Flow Statement dealt with by this report comply with Accounting Standard referred to in sub section (3Q of Section 211 of the Companies Act, 1956 except As-15 relating to Accounting For Retirement Benefits in the Financial Statement of Employers.

e. On the basis of written representation received from directors of the company and taken on records by the board of directors, none of the directors of the Company is prima facie, as at 30.06.2009 is disqualified from being appointed as director of the Company u/s 274 (l){g) 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 Profit and Loss Account and Balance Sheet read together with the notes thereon give the information required by the Companies Act,1956 in the manner so required and give true and fair view

i) In the case of the Balance Sheet, of the state of affairs of the Company as at 30th June, 2009.

ii) In the case of Profit and Loss Account of the loss for the year ended on that date.

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

ANNEXURE TO THE AUDITORS' REPORT

(Statement referred to in paragraph 1 of our Report of even date on the Accounts of NETVISTA INFORMATION TECHNOLOGY LIMITED for the year ended 30th June, 2010.)

1) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed Assets. The fixed assets of the Company have been physically verified by the management during the year in accordance with the regular program which in our opinion is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification. The Company has not disposed off any Fixed Assets during the year.

2) A) The stock in trade of shares and securities held in physical format has been physically verified and those held in dematerialized form have been verified from the relevant statements received from the depositories by the Management In our opinion having regard to the nature of stocks, the frequency of verification is reasonable.

B) In our opinion and according to the information and explanations given to us, the procedure of physical verification of stocks of shares and securities followed by the management is reasonable and adequate in relation to the size of the company and nature of its business.

C) In our opinion, the company is maintaining proper records of inventory and no material discrepancies were noticed on such physical verifications of stock of shares and securities as compared to book records.

3) The Company has not taken any loan secured or unsecured from Companies, Firms and other parties listed in the register maintained under section 301 and/or from die Companies under the same Management as defined under section 370 (IB) of the Companies Act, 1956. In view of this sub clause (b), (c) and (d) of the clause (iii) of die Companies (Auditors' Report) Order, 2003 are not applicable.

4) In our opinion and according to the information and explanation given to us there are adequate Internal Control procedures commensurate with the size of the Company and the nature of its business.

5) In our opinion and according to the information and explanations given to us The Company has not done any transaction that needs to be entered in the register maintained under Section 301 of the Act.

6) In our opinion and according to the information and explanations given to us The Company has not accepted any deposit from the public during the year as stated in the provisions of Section 58 A of the Companies Act, 1956.

7) In our opinion, die Company has an internal audit system commensurate with its size and nature of its business.

8) The provisions of Section 209 (1) (d) of the Companies Act, 1956 are not applicable to the Company.

9) a) According to the records of the Company, there were no undisputed statutory dues including Provident Fund,, Employees' State Insurance, Income Tax, Sales Tax, Wealth Tax, Custom Duty, cess and other Statutory dues applicable to it as at 30th June, 2010 for a period of more than six months from the date they became payable.

10) The company has not taken any loans from bank or financial institutions.

11) The Company has, in our opinion, maintained adequate documents and records in respect of loans and advances granted on the basis of security by way of pledge of shares and other securities.

12) In our opinion and according to the information and explanations given to us, the nature of activities of the Company does not attract any special statute applicable to chit fund and nidht/mutual benefit fund, Societies.

13) The Company has, in our opinion, maintained proper records and contracts with respect to its investments where timely entries of transactions are made in the former. Investments at the. close of the year are generally held in the name of the Company except in a few cases where there titles to the investments are in dispute or are in the process of transfer.

14) The Company has not given any guarantee for loan taken by others from bank or financial institutions.

15) As the company has not taken any term loan, para 4(xvi) of the order is not applicable.

16) The Company has not raised any fund, long term or short term during the year.

17) The Company has not made any preferential allotment of shares to the parties or Companies covered in the register maintained under section 301 of the Companies Act,1956,

18) The Company has not issued any debentures during the year.

19) The Company has not raised any money through a public issue during the year.

20) Based upon the audit procedures performed by us for expressing our opinion on these financial statements and information and explanations given by the Management, we report that no fraud on or by the Company has been noticed or reported during the year.

For H.S. Ghia & Co. Chartered Accountants

Mr. H.S.Ghia Proprietor Place: Mumbai. Date: 02.12.2010


Jun 30, 2009

We have audited the attached Balance Sheet of NETVISTA INFORMATION TECHNOLOGY LIMITED as at 30th June, 2009 and also Profit and Loss Account and Cash Flow statement of the Company 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.

We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about the financial statements are free from material mis-statement. An audit also 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 over all financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

1. As required by the Companies (Auditors Report) Order,2003 issued by the Central Government of India in terms of Section 227 (4A) of the Companies Act,1956, we enclose in the Annexure a statement on the matters specified therein.

2. Further to our comments in the Annexure referred to in paragraph 1 above, we state 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 accounts, as required by the law, have been kept by the Company so far as appears from our examination of the books.

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

d. In our opinion, the Balance Sheet, the Profit & Loss account and the Cash Flow Statement dealt with by this report comply with Accounting Standard referred to in sub section (3Q of Section 211 of the Companies Act, 1956 except As-15 relating to Accounting For Retirement Benefits in the Financial Statement of Employers.

e. On the basis of written representation received from directors of the company and taken on records by the board of directors, none of the directors of the Company is prima facie, as at 30.06.2008 is disqualified from being appointed as director of the Company u/s 274 (l)(g) 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 Profit and Loss Account and Balance Sheet read together with the notes thereon give the information required by the Companies Act,1956 in the manner so required and give true and fair view

i) In the case of the Balance Sheet, of the state of affairs of the Company as at 30th June, 2008. ii) In the case of Profit and Loss Account of the loss for the year ended on that date. iii) In the case of Cash Flow statement, of the cash flow for the year ended on that date.

ANNEXURE TO THE AUDITORS REPORT

(Statement referred to in paragraph 1 of our Report of even date on the Accounts of NETVISTA INFORMATION TECHNOLOGY LIMITED for the year ended 30th June, 2009.)

1) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed Assets. The fixed assets of the Company have been physically verified by the management during the year in accordance with the regular program which in our opinion is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification. The Company has not disposed off any Fixed Assets during the year.

2) A) The stock in trade of shares and securities held in physical format has been physically verified and those held in dematerialized form have been verified from the relevant statements received from the depositories by the Management In our opinion having regard to the nature of stocks, the frequency of verification is reasonable.

B) In our opinion and according to the information and explanations given to us, the procedure of physical verification of stocks of shares and securities followed by the management is reasonable and adequate in relation to the size of the company and nature of its business.

C) In our opinion, the company is maintaining proper records of inventory and no material discrepancies were noticed on such physical verifications of stock of shares and securities as compared to book records.

3) The Company has not taken any loan secured or unsecured from Companies, Firms and other parties listed in the register maintained under section 301 and/or from the Companies under the same Management as defined under section 370 (IB) of the Companies Act, 1956. In view of this sub clause (b), (c) and (d) of the clause (iii) of the Companies (Auditors Report) Order, 2003 are not applicable.

4) In our opinion and according to the information and explanation given to us there are adequate Internal Control procedures commensurate with the size of the Company and the nature of its business.

5) In our opinion and according to the information and explanations given to us The Company has not done any transaction that needs to be entered in the register maintained under Section 301 of the Act.

6) In our opinion and according to the information and explanations given to us The Company has not accepted any deposit from the public during the year as stated in the provisions of Section 58 A of the Companies Act, 1956.

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

8) The provisions of Section 209 (1) (d) of the Companies Act, 1956 are not applicable to the Company.

9) a) According to the records of the Company, there were no undisputed statutory dues including Provident Fund,, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Custom Duty, cess and other Statutory dues applicable to it as at 30th June, 2009 for a period of more than six months from the date they became payable.

10) The company has not taken any loans from bank or financial institutions.

11) The Company has, in our opinion, maintained adequate documents and records in respect of loans and advances granted on the basis of security by way of pledge of shares and other securities.

12) In our opinion and according to the information and explanations given to us, the nature of activities of the Company does not attract any special statute applicable to chit fund and nidhi/ mutual benefit fund, Societies.

13) The Company has, in our opinion, maintained proper records and contracts with respect to its investments where timely entries of transactions are made in the former. All mvestmeBj^aEthe ,¦ close of the year are generally held in the name of the Company except in a few cas30iet,the titles to the investments are in dispute or are in the process of transfer.

14) The Company has not given any guarantee for loan taken by others from bank or financial institutions.

15) As the company has not taken any term loan, para 4(xvi) of the order is notapplicable.

16) The Company has not raised any fund, long term or short term during the year.

17) The Company has not made any preferential allotment of shares to the parties or Companies covered in the register maintained under section 301 of the Companies Act,1956.

18) The Company has not issued any debentures during the year.

19) The Company has not raised any money through a public issue during the year.

20) Based upon the audit procedures performed by us for expressing our opinion on these financial statements and information and explanations given by the Management, we report that no fraud on or by the Company has been noticed or reported during the year.



For H.S.Ghia & Co. Chartered Accountants

Place: Mumbai. Date: 05.11.2009





 
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