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Auditor Report of Oracle Credit Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of Oracle Credit Limited ("the Company"),which comprise the Balance Sheet as at 31 March 2015, the Statement of Profit and Loss, the 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 are responsible for the matters stated in section 134(5) of the Companies Act, 2013 ("the Act") with respect to 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 principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility includes the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding of the assets of the Company and for preventing and detecting the frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial control, 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.

Auditor's Responsibility

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

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

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 misstatements.

An audit involves performing procedures to obtain audit evidences 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 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 operating effectiveness of such controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the 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 aforesaid 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, of the state of affairs of the Company as at 31st March 2015, its profit/loss and its 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 and Companies (Audit and Auditors) Rule 2014, 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 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 it appears from our examination of those books.

c) The Balance Sheet, the Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account.

d) In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

e) In our opinion, there are no adverse observations and comments on the financial transaction of the matters which have adverse effects on the functioning of the Company.

f) On the basis of written representations received from the directors as on 31 March, 2015 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 sub section (2) of the Section 164 of the Companies Act 2013.

g) In our opinion, there are no qualifications, reservation or adverse remark relating to maintenance of accounts and other matter connected therewith.

h) With respect to others matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

i) The Company does not have any pending litigations which would impact its financial position.

ii) The Company did not have any long-term contracts including derivatives contracts for which there were any material foreseeable losses.

iii) There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

ANNEXURE TO THE AUDITORS' REPORT

Referred to in our Audit report of even date

1)

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

(b) As explained to us all the assets have not been physically verified by the management at regular interval. As informed to us no material discrepancies were noticed on such verification.

2)

(a) The inventory has been physically verified during the year by management. In our opinion, the frequency of verification is reasonable.

(b) The procedures of physical verification of inventories followed by the Management are reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) The Company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical records and the book records were not material.

3) The Company has not granted unsecured loans to companies, firms or other parties covered in the Register maintained under Section 189 of the Companies Act, 2013 during the year and in our opinion, hence para (a) and (b) are not applicable.

4) In our opinion and according to the information and explanations given to us, there is an adequate internal control procedure commensurate with the size of the Company and the nature of its business, for the purchase of inventory, fixed assets and for the sale of goods. During the course of our Audit, no major weaknesses has been noticed or reported.

5) In our opinion and according to the information and explanation given to us, the Company has not accepted any deposits in contravention to directives issued by the Reserve Bank of India, the provisions of section 73 to 76 or any other relevant provisions of the Companies Act 2013 and the Rules framed there under, wherever applicable, have been complied with No Order has been passed by the Company Law Board or National Company Law Tribunal or RBI or any Court or any other tribunal.

6) According to the information and explanation given to us, government has not prescribed maintenance of cost records under sub section (1) of Section 148 of the Companies Act, 2013 for the products of the Company ( as the Company is primarily engaged in rendering financial services).

7)

(a) In our opinion the Company is regular in depositing undisputed statutory dues, including Provident Fund, employees state insurance, Investor Education and Protection Fund, Income-tax, Tax deducted at sources, Tax collected at source, Professional Tax, Sales Tax, value added tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other statutory dues with the appropriate authorities. There is no arrears of outstanding statutory dues as at the last day of the financial year concerned for a period of More than Six Months from the date they became payable.

Further, since the Central Government has till date not prescribed the amount of Cess payable under section 441A of the Companies Act 1956, we are not in a position to comment the regularity or otherwise of the Company in depositing the same.

(b) According to the information and explanations given to us, there are no dues on account of Income-tax or Wealth Tax or Custom Duty or Excise Duty or sales tax or VAT or Cess which have not been deposited on account of any dispute.

(c) According to the information and explanations given to us, there is no amount which is required to be transferred to investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules made there under.

8) The Company does not have the accumulated losses at the end of financial year. The Company has not incurred any Cash losses during the financial covered by our Audit and the immediately preceding financial year.

9) According to the information and explanations given to us, the Company has not defaulted in the repayment of any dues to financial institutions or banks or debenture holders during the year of audit.

10) In our opinion, and according to the information and the explanation given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions during the year.

11) In our opinion, and according to the information and the explanation given to us, the Company has not taken any term Loan during the year.

12) According to the information and explanations given to us, no fraud on or by the Company has been notice or reported during the year.

For Rakesh Raj & Associates Chartered Accountants Firm Registration No. 005145N

Sd/- CA Neeraj Kumar Arora Partner Membership No. 510750

Place: New Delhi Date: 29th May, 2015


Mar 31, 2014

We have audited the accompanying financial statements of ORACLE CREDIT LIMITED ("the Company") , which comprise the Balance Sheet as at March 31, 2014, and the Statement of Profit and Loss, cash flow statement and a summary of significant accounting policies and other explanatory information which we have signed under reference to this report.

Management's Responsibility for the Financial Statements

The Company's 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") read with the general circular 15/2013 dated 13 September 2013 of the Ministry of Corporate Affairs in respect of section 133 of the companies Act 2013 and in accordance with the accounting principles generally accepted in India. 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, 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', as 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 Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

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

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

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

c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account.

d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards read with the general circular 15/2013 dated 13 September 2013 of the ministry of corporate affairs in respect of section 133 of the companies Act 2013.

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 THE AUDITOR'S REPORT

(Referred to in Paragraph 1 under 'Report on other Legal and Regulatory Requirements' section of our report of even date)

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

(b) As explained to us, major fixed assets have been physically verified by the management during the year. In our opinion, the frequency of physical verification is reasonable having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such verification as compared to book records.

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

II. The company is primarily engaged in rendering financial services and therefore does not hold any physical inventories. Therefore the provisions of paragraph 4(ii) of the order are not applicable to the company.

III. According to the information and explanations given to us, the company has not granted/taken any loans, secured or unsecured to/from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956. Therefore the provisions of sub-clause (a) to (g) of paragraph 4(iii) are not applicable to the company.

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 fixed assets and rendering of services. The activities of the company do not involve purchase of inventory and sale of goods. During the course of our audit, no major weakness has been noticed in the internal control system in respect of these areas. During the course of audit, we have not observed any continuing failure to correct major weakness in the internal control system of the company in respect of these areas.

V. According to information & explanations given to us, we are of the opinion that there are no contracts or arrangements that need to be entered in the register maintained under section 301 of the Act. Accordingly, the provisions of clause 4(v)(b) of the order is not applicable to the company and hence not commented upon.

VI. The Company has not accepted any deposits from the public.

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

VIII. The provision of clause 4(viii) of the order is not applicable to the company in the year under audit and hence not reported upon.

IX. (a) The Company has been generally regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Employees' State Insurance, Investor Education and Protection Fund, Income Tax, Sales Tax, Wealth Tax, Custom Duty, and Excise Duty.

(b) According to the information and explanations given to us, there are no dues in respect of Income Tax, Wealth Tax, Service Tax, Sales Tax, Customs Duty and Excise Duty which have not been deposited on account of any disputes.

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

XI. Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that, the Company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

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

XIII. The Company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions of clause 4(xiii) of the order are not applicable to the Company.

XIV. In our opinion and according to information and explanations given to us, the Company is not dealing in Shares, securities, debentures. Accordingly, the provisions of clause 4(xiv) of the order are not applicable to the Company.

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

XVI. Based on our audit procedures and on the information given by the management, we report that the company has applied its term loans for the purpose for which the loans were obtained.

XVII. Based on the information and explanations given to us and on an overall examination of the Balance Sheet of the Company as at 31st March, 2014, we report that no funds raised on short-term basis have been used for long-term investment by the Company.

XVIII. According to information and explanations given to us by the management, 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 no outstanding debentures during the period under audit.

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

XXI. To the best of our knowledge and belief and according to the information and explanations given to us, no material fraud on or by the company was noticed during the year, although there were some instances of loans becoming doubtful of recovery. However the amounts involved are not material in the context of the size of the company and the nature of its business.

For RAKESH RAJ & ASSOCIATES Chartered Accountants Firm Registration No: 005145N

CA Neeraj Kumar Arora Partner, Membership No. 510750

Place: New Delhi

Date: May 30, 2014


Mar 31, 2013

We have audited the accompanying financial statements of Oracle Credit Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2013, and the Statement of Profit and Loss and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company's 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 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 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

c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account.

d) In our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in 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 THE AUDITOR'S REPORT

(As referred in paragraph Report on other legal and regulatory requirements of our report to the members of ORACLE CREDIT Limited on the accounts for the year ended 31st March, 2013.)

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

(b) As explained to us, major fixed assets have been physically verified by the management during the year. In our opinion in, the frequency of physical verification is reasonable having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such verification as compared to book records.

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

ii. The Company is engaged in the business of trading/ investing/ financing of shares. Accordingly paragraph 4(ii) of the order is not applicable.

iii. (a) The company has not granted any loans, secured or unsecured, to companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. Hence the provisions of clauses iii (b), iii(c) and iii (d) of the order are not applicable to the Company.

(e) The Company has not taken loans from parties covered in the register maintained under Section 301 of the Companies Act, 1956. Accordingly paragraph 4(iii) (f) and (g) are not applicable.

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 inventories & fixed assets and payment for expenses & for sale of goods. During the course of our audit, no major instance of continuing failure to correct any weaknesses in the internal controls has been noticed.

v. a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, the transactions that need to be entered into the register maintained under section 301 of the Act have been so entered.

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

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

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

viii. As per information & explanation given by the management, 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. Therefore no records have been made and maintained by the company.

ix. (a) The Company has been generally regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Employees' State Insurance, Investor Education and Protection Fund, Income Tax, Sales Tax, Wealth Tax, Custom Duty, and Excise Duty.

(b) According to the information and explanations given to us, there are no dues in respect of Income Tax, Wealth Tax, Service Tax, Sales Tax, Customs Duty and Excise Duty which have not been deposited on account of any disputes.

x. The Company has no accumulated loss and has not incurred cash loss during the financial year covered by our audit and in the immediately preceding financial year.

xi. Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that, the Company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

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

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

xiv. According to information and explanations given to us, the Company is not dealing or trading in Shares, securities, debentures and other Investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditor's Report) 2003 is not applicable to the Company.

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

xvi. Based on our audit procedures and on the information given by the management, we report that the company has applied its term loans for the purpose for which the loans were obtained.

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

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

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

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

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

For RAKESH RAJ & ASSOCIATES Chartered Accountants FRN: 005145N

CA Neeraj Kumar Arora Partner, Membership No.510750

Place: New Delhi Date: 27 May 2013


Mar 31, 2012

We have audited the attached Balance Sheet of M/s ORACLE CREDIT LIMITED, as at 31st March 2012 and also the Profit & Loss Account for the period 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 auditing standards generally accepted in India. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free 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.

1. As required by the Companies (Auditor’s Report) Order, 2003 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 the paragraphs 4 and 5 of the said order.

2. Further to our comments in the Annexure referred to in paragraph 1 above:

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

(b) In our opinion, the company has kept proper books of accounts as required by the - law so far as it appears from our examinations of books.

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

(d) In our opinion the Balance Sheet and Profit Sc Loss Account complies with the Accounting Standards referred to in sub section-(3C) of the section 211 of the Companies Act 1956.

(e) As per information furnished to us, none of the directors of the company tincln7aniesedAe 1956.

(f) In our opinion and to best our information and according to explanation companies Act. 1956 in the manner so required and give a true and fair view: -

* In the case of balance sheet °f the state of affaires of the Company as at 31st March 2012 and

* In the case of profit Pr°fit & L°SS Accounts. °f the Profit of the company for year ended on that date.

* in the case of the Cash Flow statement, of the cash flows for the year ended on that date.

ANNEXURE TO THE AUDITOR’S REPORT

(Referred to in paragraph 1 of our report of even date on the accounts of ORACLE CREDIT LIMITED for the year ended on 31st March 2012

(i) (a) The Company has maintained proper books showing full particulars, including quantitative details and situation of fixed assets/-

(b) All the Fixed assets have been physically verified by the management at reasonable intervals during the year. According to the information and explanations given to us, no material discrepancies have been noticed on such physical verifications as compared to book records.

(c) During the year the company has not disposed off any part of its fixed assets.

(ii) The company is engaged in the business of trading/ investing/ financing of shares. Accordingly paragraph 4(ii) of the order is not applicable.

(iii) (a) As informed to us, the Company has not granted loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 301 of the Act.

(b) The company has not taken loans, secured or unsecured from companies, firms or other parties covered in the register maintained under section 301 of the Act.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control systems 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. During the course of audit, no major weakness has been noticed in these internal controls.

(v) Based on the audit procedures applied by us and according to the information and explanations provided by the management, there are no transactions that need to be entered in to the register maintained under section 301 of the Act have been so entered.

(vi) The company has not accepted any deposits from the public during the year.

(vii) The company has an internal audit system commensurate with its size and nature of its business.

(viii) The 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.

(ix) (a) The Company is generally regular in depositing with the appropriate authorities undisputed statutory dues including Income- tax, and other material Statutory Dues applicable to it. There were no arrears as at 31st March 2012 for a period of more than six months from the date they become payable.

(b) According to the information & explanations given to us, there are no dues in respect of income tax that have not been deposited with the appropriate authorities on account of dispute.

(X) The company has not incurred according accumulated losses exceeding 50% of its worth

(xi) According to the information and explanations given to us the has defaulted in repayment, of dues ,to a financial institution bank ordebnture holders.

(xii) 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. Pledge of shares.

(xiii) The company is not a chit fund or a Nidhi mutual benefit fund/society. Therefore the provisions of the clause 4(xiii) of the Companies (Auditor’s Report) Order 2003 are not applicable to the company.

(xiv) 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, debentures and other investments are held in the name of the company or are in process of being transferred in the company’s name.

(xv) The company duringt he year for loans taken by other from banks or financial institutions.

(XVi) According to the infomation and to us, the company has not taken any term loan.

(xvii) According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that funds raised on short-term basis have not been used for long term investment

(xviii) The Company has not made preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Act.

(XiX) The of ,the companies ,issued any debenturs, Accordingly, the provision of clause company P (Audtior s Report) Order 2003 is not applicable to the

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

(xxi) Based upon the audit procedures performed and information and explanations given or by noticed or reported during the course of our audit.

For Rakesh Raj & Associates Chartered Accountants F.R.N.-005145N

Place: New Delhi

Date: 30.08.2012 Annapurna Gupta M. NO 090858 (Partner)



 
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