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Auditor Report of Olympic Cards Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of M/s.Olympic Cards Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2015, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matter stated in Section 134 (5) of the Companies Act, 2013 ('the Act') with respect to the preparation and presentation 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 principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with rule 7 of the Companies (Account) Rule, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; sections and application of appropriate accounting policies; making judgements and estimates that are reasonable and prudence; and design, implementation and maintenance of internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors' Responsibility

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

We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to include in the audit report under the provisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified under Section 143 (10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

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

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

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the 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 31,2015;

(b) in the case of the Profit and Loss Account, 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 and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2015 ("the Order") issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

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

a) we have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the 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 it appears from our examination of those books [and proper returns adequate for the purposes of our audit have been received from branches not visited by us];

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 [and with the returns received from branches not visited by us];

d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Account) Rule, 2014

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

ANNEXURE TO AUDITORS' REPORT OF M/s. OLYMPIC CARDS LIMITED FOR THE YEAR ENDED 31-03-2015

1. As required by the Companies (Auditor's Report) Order, 2015 issued by the Central Government in terms of Section 143 (11) of the Companies Act, 2013 we enclose in the annexure a statement on the matters specified in the paragraph 3 & 4 of the said order and on the basis of the information and explanations given to us and the books and records examined by us in the normal course of our audit and to the best of our knowledge and belief, we report that:

i) In respect of Fixed Assets:

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

(b) The fixed assets were physically verified during the year by the management in accordance with a phased programme of Verification, which, in our opinion, provides for physical Verification of all fixed assets at reasonable intervals having regard to the size of the Company, nature and value of its assets. According to the information and explanations given to us, no material discrepancies were noticed on such verification.

ii) Inventory:

(a) As explained to us, inventories were physically verified during the year by the management at reasonable intervals.

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

(c) In our opinion and according to the information and explanations given to us, The Company has generally maintained proper records of its inventories and no material discrepancies were noticed on physical verification.

iii) Loans Granted:

The Company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained under Section 189 of the companies act, 2013 and accordingly, the provisions of Clause (iii) of paragraph 3 of the Order are not applicable to the Company.

iv) Internal Control:

In our opinion and according to the information and explanations given to us, there is a generally an adequate internal control system commensurate with the size of the Company and the nature of its business, for the purchase of inventories and fixed assets and for the sale of goods and services, and During the course of our audit, we have not observed any continuing failure to correct major weakness in such internal control system.

v) Deposits from Public:

According to the information and explanations given to us, the Company has not accepted any deposits and accordingly, the provisions of clause (v) of paragraph 3 of the Order are not applicable to the Company.

vi) Cost Records:

We have broadly reviewed the books of account maintained by the company pursuant to the rules made by the Central Government for the maintenance of cost records under section 148 of the Companies Act, 2013 and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained. We have however not made a detailed examination of the cost records with a view to determine whether they are accurate and complete.

vii) Statutory dues:

(a) According to the information and explanations given to us and the records of the Company examined by us, the Company is generally regular in depositing undisputed statutory dues, including Provident Fund, Employees' State Insurance, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Cess and any other material statutory dues. The details of disputed Income Tax that have not been deposited with the appropriate authorities are us under:

Amount Forum where dispute Nature of Dues (f in Lakhs) in pendjng

NIL NIL NIL

(b) There is no pending amount required to be transferred To investor education and protection fund.

viii) Accumulated Losses/Cash Losses:

The Company does not have accumulated losses at the end of the financial year and the Company has not incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year.

ix) Default in repayment of dues:

Based on our audit procedures and according to information and explanation given to us, we are of the opinion that the Company has not defaulted in repayment of dues to Financial Institutions and banks.

i) Guarantee for loans:

The Company, to the extent of available records, has not given any guarantee for loans taken by others from bank or financial institutions, the terms and conditions whereof are prejudicial to the interest of the Company.

ii) Term Loans:

In our opinion and according to the information and explanations given to us, the term loans have been applied by the Company during the year for the purpose for which they were obtained

iii) Frauds

To the best of our knowledge and belief, and according to the information and explanations given to us, and considering the size and nature of the Company's operations, no fraud of material significance on the Company or no fraud by the Company has been noticed or reported during the year.

Place : CHENNAI for C.S. HARIHARAN & CO.,

Date : 27th May 2015 CHARTERED ACCOUNTANTS

(Firm Regn. No.001086S)

(CS.HARIHARAN) M. NO. 216277


Mar 31, 2014

We have audited the accompanying financial statements of M/s.Olympic Cards Limited ("the Company"), which comprise the Balance Sheet as at March 31,2014, and the Statement of Profit and Loss and Cash Flow Statement 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

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.

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 Profit and Loss Account, of the profit/loss 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 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:

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 [and proper returns adequate for the purposes of our audit have been received from branches not visited by us];

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 [and with the returns received from branches not visited by us];

d) . in our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the

Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956;

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.

f) . Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under

section 441A of the Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

ANNEXURE TO AUDITORS'' REPORT OF M/s. OLYMPIC CARDS LIMITED FOR THE YEAR ENDED 31-03-2014

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.

(b) The management at reasonable intervals has physically verified fixed assets as per the information and explanations given to us, no material discrepancies were noticed on such verification.

(c) No substantial part of fixed assets has been disposed of during the year, and hence the question of going concern is not affected on this account.

2. In respect of its Inventories:

(a) As explained to us, inventories were physically verified during the year by the management at reasonable intervals.

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

(c) The Company is maintaining proper record of inventories. As explained to us, there were no material discrepancies noticed on physical verification, of inventory when compared to the book records.

3. In respect of Loans, secured or unsecured, granted or taken by the Company:

(a) The Company has not taken any loans from Parties covered in the registers maintained under Section 301 of the Companies Act, 1956.

(b) The Company has not granted any loans to Parties covered 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 for the purchase of inventory and fixed assets and for the sale of goods and services. During the course of audit we have not observed any major weakness in internal controls.

5. In respect of contracts or arrangements entered in the register maintained in pursuance of Section 301 of the Companies Act, 1956:

i) In our opinion and to the information and explanations given to us, there are no transactions that need to be entered into the register maintained under Section 301 of the Companies Act, 1956.

6. According to the information and explanations given to us, the Company has not accepted any deposits from the public to which the provisions of Section 58 A and 58 AA of the Companies Act, 1956 and the rules framed thereunder are not applicable for the Company.

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

8. We have broadly reviewed the books of account maintained by the company pursuant to the rules made by the Central Government for the maintenance of cost records under section 209(1)(d) of the Companies Act, 196 and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained. We have however not made a detailed examination of the cost records with a view to determine whether they are accurate and complete.

9. In respect of statutory dues:

According to the information and explanations given to us and the records of the Company examined by us, the Company

is generally regular in depositing undisputed statutory dues, including Provident Fund, Employees'' State Insurance, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Cess and any other material statutory dues. The details of disputed Income Tax that have not been deposited with the appropriate authorities are us under:

Amount Forum where dispute Nature of Dues (Rs. In Lakhs) in pending

NIL NIL NIL

10. There are no accumulated losses at the end of the financial year and the company has not incurred cash losses in the financial year under audit, or in the financial year immediately preceding the current financial year.

11. Based on our audit procedures and according to information and explanation given to us, we are of the opinion that the Company has not defaulted in repayment of dues to Financial Institutions and banks.

12. In our opinion and according to 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. In our opinion the company is not a chit fund or nidhi mutual benefit fund/society.

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

15. The Company, to the extent of available records, has not given any guarantee for loans taken by others from bank or financial institutions, the terms and conditions whereof are prejudicial to the interest of the Company.

16. According to the information and explanations given to us and on overall review of the Balance Sheet of the Company, in our opinion, the funds raised on short-term basis have not been used for long-term investments. No long-term funds have been used to finance short-term assets except towards permanent working capital.

17. The Company has not made preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Companies Act, 1956.

18. The Company has not issued any debentures.

19. The Company has not raised any money through public issues during the year.

20 As per the information and explanations given to us, no material fraud on or by the Company has been noticed to report during the year.

Place : CHENNAI for C.S. HARIHARAN & CO., Date : 13th May 2014 CHARTERED ACCOUNTANTS (Firm Regn. No.001086S)

(C.S.HARIHARAN) M. NO. 216277 Partner.


Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of M/s.Olympic Cards Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2013, and the Statement of Profit and Loss and Cash Flow Statement 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 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.

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 31,2013;

(b) in the case of the Profit and Loss Account of the profit/loss forthe 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 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:

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 [and proper returns adequate for the purposes of our audit have been received from ''Sales outlets'' not visited by us];

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 [and with the returns received from ''Sales outlets'' not visited by us];

d). in our opinion, the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956;

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

f). Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

ANNEXURE TO AUDITORS'' REPORT OF M/s. OLYMPIC CARDS LIMITED

FOR THE YEAR ENDED 31-03-2013

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.

(b) The management at reasonable intervals has physically verified fixed assets as per the information and explanations given to us, no material discrepancies were noticed on such verification.

(c) No substantial part of fixed assets has been disposed of during the year, and hence the question of going concern is not affected on this account.

2. In respectof its Inventories:

(a) As explained to us, inventories were physically verified during the year by the management at reasonable intervals.

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

(c) The Company is maintaining proper record of inventories. As explained to us, there were no material discrepancies noticed on physical verification, of inventory when compared to the book records.

3. In respect of Loans, secured or unsecured, granted or taken by the Company:

(a) The Company has not taken any loans from Parties covered in the registers maintained under Section 301 of the Companies Act, 1956.

(b) The Company has not granted any loans to Parties covered 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 for the purchase of inventory and fixed assets and for the sale of goods and services. During the course of audit we have not observed any major weakness in internal controls.

5. In respect of contracts or arrangements entered in the register maintained in pursuance of Section 301 of the Companies Act, 1956:

i) In our opinion and to the information and explanations given to us, there are no transactions that need to be entered into the register maintained under Section 301 of the Companies Act, 1956.

6. According to the information and explanations given to us, the Company has not accepted any deposits from the public to which the provisions of Section 58 A and 58 AA of the Companies Act, 1956 and the rules framed thereunder are not applicable for the Company.

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

8. Maintenance of Cost records has been prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Act. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.

9. In respect of statutory dues:

(a) According to the information and explanations given to us and the records of the Company examined by us, the Company is generally regular In depositing undisputed statutory dues, Including Provident Fund, Employees'' State Insurance, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Cess and any other material statutory dues. The details of disputed Income Tax that have not been deposited with the appropriate authorities are us under:

Amount Forum where dispute Nature of Dues (Rs |n Lakhs) in pendjng

Income Tax demand of Commissioner of Assessment year 2009-10. 10.31 income Tax (Appeals)

Income Tax demand of Commissioner of Assessment year 2010-11. 108.20 Income Tax (Appeals)

10. There are no accumulated losses at the end of the financial year and the company has not incurred cash losses in the financial year under audit, or in the financial year immediately preceding the current financial year.

11. Based on our audit procedures and according to information and explanation given to us, we are of the opinion that the Company has not defaulted in repayment of dues to Financial Institutions and banks.

12. In our opinion and according to 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. In our opinion the company is not a chit fund or nidhi mutual benefit fund/society.

14. In our opinion and according to the information and explanations given to us, the Company is not dealing in ortrading in shares, securities, debentures and other investments.

15. The Company, to the extent of available records, has not given any guarantee for loans taken by others from bank or financial institutions, the terms and conditions whereof are prejudicial to the interest of the Company.

16. According to the information and explanations given to us and on overall review of the Balance Sheet of the Company, in our opinion, the funds raised on short-term basis have not been used for long-term investments. No long-term funds have been used to finance short-term assets except towards permanent working capital.

17. The Company has not made preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Companies Act, 1956.

18. The Company has not issued any debentures.

19. The Company has not raised any money through public issues during the year.

20. As per the information and explanations given to us, no material fraud on or by the Company has been noticed to report during the year.



Place : CHENNAI for C.S. HARIHARAN & CO.,

Date : 1st May 2013 CHARTERED ACCOUNTANTS

(Firm Regn. No.001086S)

(C.S.HARIHARAN)

M. NO. 216277

Partner.


Mar 31, 2012

1. We have audited the attached Financial Statements of M/s. OLYMPIC CARDS LIMITED (the company) comprising of the Balance sheet as at 31st March 2012, Profit and Loss Account Statement, and also the Cash How Statement for the year ended on that date annexed thereto, which have signed under reference to this report. 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 the 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 tree of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by Management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditor's Report) Order, 2003 and amended by the Companies (Auditor's Report) (Amendment) Order 2004 issued by the Central Government of India in terms of Sub-section (4A) of Section 227 of the Companies Act, 1956, we enclose in the Annexure, 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 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 purposes 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, Profit & Loss statement and Cash Flow statement, dealt with by this report, are in agreement with the books of accounts.

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

v) Based on representation received from Directors and taken on record by the Board, we report that none of the Directors are disqualified u/s. 274(1)(g) of the Companies Act, 1966.

vi) We refer to point Mo. K of notes on accounts and we state that the accounting policy has been changed in respect of accounting of gratuity and subject to this, 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

(a) in the case of the Balance Sheet, of the state of affairs of the Company as on 31st March, 2012 and

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

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

ANNEXURE TO AUDITOR'S REPORT OF M/s. OLYMPIC CARDS LIMITED FOR THE YEAR ENDED 31-03-2012

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.

(b) The management at reasonable intervals has physically verified fixed assets as per the information and explanations given to us, no material discrepancies were noticed on such verification.

(c) No substantial part of fixed assets has been disposed of during the year, and hence the question of going concern is not affected on this account.

2. In respect of its Inventories:

(a) As explained to us, inventories were physically verified during the year by the management at reasonable intervals.

(b) In our opinion and according to the information and explanations given to us. the procedures of physical verification of Inventory followed by the Management were reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) The Company is maintaining proper record of inventories. As explained to us, there were no material discrepancies noticed on physical verification, of inventory when compared to the book records.

3. In respect of Loans, secured or unsecured, granted or taken by the Company:

(a) The Company has not taken any loans from Parties covered in the registers maintained under Section 301 of the Companies Act, 1956.

(b) The Company has not granted any loans to Parties covered 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 for the purchase of inventory and fixed assets and for the sale of goods and services. During the course of audit we have not observed any major weakness in internal controls.

5. in respect of contracts or arrangements entered in the register maintained in pursuance of Section 301 of the Companies Act, 1956;

i) In our opinion and to the information and explanations given to us, there are no transactions that need to be entered into the register maintained under Section 301 of the Companies Act, 1956.

6. According to the information and explanations given to us, the Company has not accepted any deposits from the public to which the provisions of Section 58A and 58AA of the Companies Act, 1956 and the rules framed there under are not applicable for the Company.

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

8. Maintenance of Cost records has not been prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Act.

9. In respect of statutory dues:

(a) According to the information and explanations given to us and the records of the Company examined by us, the Company is generally regular in depositing undisputed statutory dues, including Provident Fund, Employees' Stale Insurance,

Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Cess and any other material statutory dues. The details of disputed Income Tax that have not been deposited with the appropriate authorities are us under:

Nature of Dues Amount Forum where dispute (Rs. in in pending Lakhs)

Income Tax demand 10.31 Commissioner of of Assessment year Income Tax (Appeals) 2009-10

10. There are no accumulated losses at the end of the financial year and the company has not incurred cash losses In the financial year under audit, or in the financial year immediately preceding the current financial year.

11. Based on our audit procedures and according to information and explanation given to us, we are of the opinion that the Company has not defaulted in repayment of dues to Financial Institutions and banks.

12. In our opinion and according to 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. In our opinion the company is not a chit fund or nidhi/mutual benefit fund/society.

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

15. The Company, to the extent of available records, has not given any guarantee tor loans taken by others from bank or financial institutions, the terms and conditions whereof are prejudicial to the interest of the Company.

16. According to the information and explanations given to us and on overall review of the Balance Sheet of the Company, in our opinion, the funds raised on short-term basis have not been used for long-term investments. No long-term funds have been used to finance short-term assets except towards permanent working capital.

17. The Company has not made preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Companies Act, 1956.

18. The Company has not issued any debentures.

19. The Company has raised money through public issues during the period. During the year the Company has issued 7,789,800 shares of Rs. 10/- at each at a premium of Rs. 20/- per share, for a total public issue of Rs. 233,694,000/-.

20. As per the information and explanations given to us, no material fraud on or by the Company has been noticed to report during the year.



for C. S. HARIHARAN & CO., CHARTERED ACCOUNTANTS (Firm Regn. N0. 001086S)

(C. S. HARIHARAN) M. NO. 216277 Partner

Place: CHENNAI Date : 09-08-2012


Mar 31, 2010

We have audited the attached Balance Sheet of M/s. OLYMPIC CARDS LIMITED as on 31st March 2010 and also the Profit and Loss Account 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 whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by Management, as well as evaluating the over all financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

As required by the Companies (Auditor's Report) Order, 2003 and amended by the Companies (Auditor's Report) (Amendment) Order 2004 issued by the Central Government of India in terms of Sub-section (4A) of Section 227 of the Companies Act, 1956, we enclose in the Annexure, a statement on the matters scarified in paragraphs 4 and 5 of the said Order.

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 purposes 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 Profit & 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 in sub-section 3(C) of Section 211 of the Companies Act, 1956.

v) Based on representation received from Directors and taken on record by the Board, we report that none of the Directors are disqualified u/s. 274(1 )(g) of the Companies Act, 1956.

In our opinion, 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.

(a) in the case of the Balance Sheet, of the state of affairs of the Company as on 31st March 2010 and

(b) in the case of the Profit and Loss Account of the Profit for the year ended on that date.

(C) in the case of the cash flow statement of the cash flows for the year ended on that date.

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.

(b) The management at reasonable intervals has physically verified fixed assets as per the information and explanations given to us, no material discrepancies were noticed on such verification.

(c) No substantial part of fixed assets has been disposed of during the year, and hence the question of going concern is not affected on this account.

2. In respect of its Inventories:

(a) As explained to us, inventories were physically verified during the year by the management at reasonable intervals.

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

(c) The Company is maintaining proper record of inventories. As explained to us, there were no material discrepancies noticed on physical verification, of inventory when compared to the book records.

3. In respect of Loans, secured or unsecured, granted or taken by the Company:

(a) The Company has taken loans deposits from Parties covered in the registers maintained under Section 301 of the Companies Act, 1956. The maximum amount involved during the year is Rs. 21,66,195/- and the year-end balance of the loans taken from such parties was Rs. 21,66,195/-.

(b) The Company has not granted loans to Parties covered 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 for the purchase of inventory and fixed assets and for the sale of goods and services. During the course of audit we have not observed any major weakness in internal controls.

5. In respect of contracts or arrangements entered in the register maintained in pursuance of Section 301 of the Companies Act, 1956:

i) In our opinion and to the information and explanations given to us, there are no transactions that need to be entered into the register maintained under Section 301 of the Companies Act, 1956.

6. According to the information and explanations given to us, the Company has not accepted any deposits from the public to which the provisions of Section 58 A and 58 AA of the Companies Act, 1956 and the rules framed thereunder are not applicable for the Company.

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

8. Maintenance of Cost records has not been prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Act.

9. In respect of statutory dues:

(a) According to the information and explanations given to us and the records of the Company examined by us, the Company is generally regular in depositing undisputed statutory dues, including Provident Fund, Employees' State Insurance, Income Tax, Sales Tax, Custom Duty, Excise Duty, Cess and any other material statutory dues. According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at 31st March 2009, for a period of more than six months from the date of becoming payable.

10. There are no accumulated losses at the end of the financial year and the company has not incurred cash losses in the financial year under audit, or in the financial year immediately preceding the current financial year.

11. Based on our audit procedures and according to information and explanation given to us, we are of the opinion that the Company has not defaulted in repayment of dues to Financial Institutions and banks.

12. In our opinion and according to 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. In our opinion the company is not a chit fund or nidhi mutual benefit fund I society.

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

15. The Company, to the extent of available records, has not given any guarantee for loans taken by others from bank or financial institutions, the terms and conditions whereof are prejudicial to the interest of the Company.

16. According to the information and explanations given to us and on overall review of the Balance Sheet of the Company, in our opinion, the funds raised on short-term basis have not been used for long-term investments. No long-term funds have been used to finance short-term assets except towards permanent working capital.

17. The Company has made preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Companies Act, 1956.

18. The Company has not issued any debentures.

19. The Company has not raised money through public issues during the period.

20. As per the information and explanations given to us, no material fraud on or by the Company has been noticed to report during the year.

Place : CHENNAI for C.S. HARIHARAN & CO.,

CHARTERED ACCOUNTANTS

Date : 25-06-2010

(C.S.HARIHARAN)

M. No.216277

Partner.

 
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