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Auditor Report of Oscar Investments Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of Oscar Investments Limited ('the Company'), which comprise the Balance Sheet as at 31 March 2015, the Statement of Profit and Loss and 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 is responsible for the matters 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 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; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; 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 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 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 financial statements.

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;

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 Statement of Profit and Loss, of the Profit for the year ended on that date; and

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

Report on other Legal 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 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;

(c) the Balance Sheet, the Statement of Profit and Loss, and the 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) on the basis of the 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 31 March 2015, from being appointed as a director in terms of section 164 (2) of the Act.

(f) with respect to the other 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 litigation which would impact its financial position;

ii) the Company did not have any long term contracts including derivative contracts for which there were any material foreseeable losses, hence provision for it, is not required.

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

ANNEXURE TO THE INDEPENDENT AUDITOR'S REPORT

The Annexure referred to in our Independent Auditor's Report to the members of the Company on the financial statements for the year ended 31 March 2015, we report that:

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

(b) The fixed assets have been physically verified by the management, which in our opinion is reasonable, considering the size and the nature of its business. No discrepancies were noticed on such verification.

2 The Company does not have any inventory and thus clause 3(ii) of the Companies (Auditors' Report) Order, 2015 is not applicable to the Company.

3. (a) The Company has granted loans to two bodies corporate covered in the register maintained under section 189 of the Companies Act, 2013 ('the Act').

(b) In the case of the loans granted to the bodies corporate listed in the register maintained under section 189 of the Act, the borrowers have been regular in the payment of the interest and principal as stipulated.

(c) There is no overdue amount of more than rupees one lakh in respect of the loans granted to the bodies corporate listed in the register maintained under section 189 of the Act.

4. In our opinion and according to the information and explanations given to us there is an adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchase of fixed assets and revenue recognition. During the course of our audit, we have not observed any major weakness in internal control system.

5. The Company has not accepted any deposits from the public or any member of the Company to which provisions of section 73 to 76 of the Companies Act, 2013 are applicable.

6. According to the information and explanation given to us, the Central Government has not prescribed maintenance of cost records under section 148(1) of the Companies Act, 2013 in respect of any of the activities of the company.

7. a) According to the information and explanations given to us and on the basis of our examination of the

records of the company, the Company is regular in depositing with appropriate authorities undisputed statutory dues including income tax and other statutory dues as applicable. According to the information and explanations given to us and the records of the company examined by us, Provident Fund, Employees' State Insurance, Customs Duty, Excise Duty and Cess are not applicable to the company for the current year.

b) According to the information and explanations given to us, no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax, and other material statutory dues were in arrears as at 31 March 2015 for a period of more than six months from the date they became payable.

c) According to the information and explanations given to us and based on the records examined by us, there are no dues of sales tax, income tax, customs duty, wealth tax, value added tax, service tax, excise duty/cess which have not been deposited on account of any dispute.

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

8. The company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in the financial year and in the immediately preceding financial year.

9. 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.

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

11. The Term loan taken by the company have been applied for the purpose for which they were obtained.

12. Based upon the audit procedures performed 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 course of our audit.

For S.R. BAGAI & CO.

Chartered Accountants

ICAI Registration No. FRN 002388N

Sd/- (ANIL BAGAI)

Place : New Delhi Proprietor

Dated : 29th May, 2015 Membership No.: 081324


Mar 31, 2014

1. We have audited the accompanying financial statements of Oscar Investments Limited ("the Company"), which comprises of the Balance Sheet as at March 31, 2014, 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.

2. 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 principles generally accepted in India including 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. 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

3. 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.

4. 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, but not for the purpose of expressing an opinion on the effectiveness of the entity''s internal control. 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.

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

Opinion

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

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

(b) In the case of the Statement of Profit and Loss of the Profit for the year ended on that date; and

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

Report on Other Legal and Regulatory Requirements

7. 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.

8. 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, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the books of account;

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

ANNEXURE TO THE INDEPENDENT AUDITOR''S REPORT (Referred to in Paragraph 7 of our report of even date)

On the basis of such checks as we considered appropriate and in terms of the information and Explanation given to us, we state that:

1. a) The Company has maintained proper records to show full particulars including quantitative details and

situation of its fixed assets.

b) As explained to us, the fixed assets of the Company have been physically verified during the year by the management and no material discrepancies between the book records and the physical inventory have been noticed.

c) No substantial part of fixed assets of the Company have been disposed off during the year.

2. a) The Company is trading in Shares and Securities by purchasing/selling shares and securities, the

balance of which is closing stock. The Stock has been physically verified during the year by the management. In our opinion the frequency of verification is reasonable.

b) The procedure 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. No discrepancies were noticed on verification between physical stock and the book records.

3. (A) In respect of loans, secured or unsecured, granted by the Company to parties covered in the register

maintained under Section 301 of the Companies Act, 1956 and according to the information and explanations given to us:

(a) The Company has granted loans to four companies during the year. At the year end, the outstanding balance of such loans granted aggregated to Rs. 36,609.08 Lakhs and the maximum amount involved during the year was Rs. 58,910.38 Lakhs.

(b) The rate of interest, where stipulated, and other terms and conditions of such loans are, in our opinion, prima facie not prejudicial to the interests of the Company.

(c) The receipt of principal amounts and interest during the year have been regular as per stipulations.

(d) There were no overdue amounts at the year end.

(B) In respect of loans, secured or unsecured, taken by the Company from parties covered in the register maintained under Section 301 of the Companies Act, 1956 and according to the information and explanations given to us :

(a) The Company has taken loan from one party during the year. At the year end, the outstanding balance of such loans taken was Rs. Nil and the maximum amount involved during the year was Rs. 544.14 Lakhs.

(b) The rate of interest and other terms and conditions of such loans are in our opinion, prima facie not prejudicial to the interests of the Company.

(c) The payment of principal amount and interest during the year have been regular as per stipulations.

4. In our opinion, there is an adequate internal control system commensurate with the size of the Company and the nature of its business for purchase of inventories and fixed assets and for the sale of goods and services.

5. a) In our opinion, the transactions that needs to be entered in the register maintained under Section

301 of the Act have been so entered.

b) There are no transactions of purchase and sale of goods, materials and services made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Act aggregating during the year to Rs.5 Lakhs or more in respect of each party.

6. The Company has not accepted any deposits from the public to which provisions of section 58A of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 apply.

7. In our opinion, the Company''s present internal audit system is commensurate with its size and nature of its business.

8. According to the information and explanations given to us, the Central Government has not prescribed maintenance of cost records under clause (d) of sub-section (1) of section 209 of the Companies Act., 1956 in respect of any of the activities of the Company.

9. a) The Company has been regular in depositing undisputed statutory dues including Income Tax,

Wealth Tax, Service Tax, and other Statutory dues with the appropriate authorities. According to the information and explanations given to us and the records of the Company examined by us, Provident Fund, Employees'' State Insurance, Investor Education and Protection Fund, Customs Duty, Excise Duty and Cess are not applicable to the company for the current year.

b) According to the records of the Company, disputed Income Tax dues amounting to Rs. 67.57 Lakhs for the Assessment year 2011-12 have not been deposited by the Company on account of disputed matter pending before the Commissioner of Income Tax (Appeals).

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

11. According to the records produced, the Company has not defaulted in repayment of its dues to any financial institution or bank or debenture holders during the year.

12. Based on our examination of documents and records, we are of the opinion that the company has maintained adequate records where the company has granted loans and advances on the basis of security by way of pledge and lien of shares, debentures and other securities.

13. The Company is not a chit fund, nidhi, mutual benefit fund or society.

14. In our opinion and according to the information and explanations given to us, the Company has maintained proper records of transactions and contracts as to dealings or trading in shares, securities, debentures and other investments and have been held by the Company in its own name, except to the extent of the exemption, if any, granted under Section 49 of the Act.

15. On the basis of the information and explanations given to us, the Company has not given any guarantee for loans taken by others from bank or financial institutions.

16. The Company has not obtained any term loans during the year. Hence, the provision of clause 4 (xvi) of the Order are not applicable.

17. According to the information and explanations given to us, and on the basis of review of utilization of funds on an overall basis, the funds raised on short term basis have, prima facie, not been used for long term investment during the year.

18. The company has not made any preferential allotment of shares during the year to parties and companies covered in the register maintained under Section 301 of the Act.

19. During the period covered by our audit report, the company had issued 250 secured non convertible debentures of Rs 10 lakhs each, the terms of issue of which require the creation of security. The company has created the security in accordance with the terms of issue of the debentures.

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

21. During the course of our examination of the books of account carried out in accordance with the generally accepted auditing practices in India, we have neither come across any instance of fraud on or by the Company nor have we been informed by the management of any such instance being noticed or reported during the year.

For S.R. BAGAI & CO. Chartered Accountants ICAI Registration No. FRN 002388N

Sd/- (ANIL BAGAI) Proprietor Membership No.: 081324

Place : New Delhi Dated : 30th May, 2014


Mar 31, 2010

We have audited the attached Balance Sheet of M/s. OSCAR INVESTMENTS LIMITED as at 31st March 2010 and also the annexed Profit and Loss Account and the Cash Flow Statement for the year ended on that date. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit

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

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

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

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

2. 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,

iii. The Balance Sheet and Profit and Loss Account and Cash Row Statement dealt with by this report are in agreement with the Books of Account.

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

v. Based on representations made by all the Directors of the Company to the Board and the information and explanations as made available to us by the Company; none of the Directors of the Company prima-facie have any disqualifications as referred to in clause (g) of sub- section (1) of Section 274 of the Act

vi. In our opinion and to the best of our information and according to the explanations given to us, the said accounts read with the notes thereon 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 the affairs of the Company as at 31st March, 2010,

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

ANNEXURE REFERRED TO IN PARAGRAPH 2 OF OUR AUDITORS REPORT OF EVEN DATE ON THE ACCOUNTS FOR THE YEAR ENDED 31" MARCH 2010 OF OSCAR INVESTMENTS LIMITED.

On the basis of such checks as we considered, appropriate and in terms of the information and Explanation given to us, we state that:

I. a) The Company has maintained proper records to show full particulars including quantitative details and situation of its fixed assets.

b) The fixed assets of the Company have been physically verified during the year by the management and no material discrepancies between the-book records and the physical inventory have been noticed.

c) No substantial part of fixed assets of the Company have been disposed oft during the year.

ii. a) The Company is trading in Shares and Securities by purchasing/selling shares and securities, the balance of which is closing stock. The Stock has been physically verified during the year by the management In our opinion the frequency of verification is reasonable.

b) The procedure 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. No discrepancies were noticed on verification between physical stock and the book records.

iii. (A) In respect of loans, secured or unsecured, granted by the Company to parties covered in the register maintained under Section 301 of the Companies Act, 1956, according to the information and explanations given to us:

(a) The Company has granted loan to one party during the year. At the year end, the outstanding balance of such loans granted aggregated to Rs. Nil and the maximum amount involved during the year was Rs. 94.03 Crores.

(b) The rate of interest, where stipulated, and other terms and conditions of such loans are, in our opinion, prima facie not prejudicial to the interests of the Company.

(c) the receipt of principal amounts and interest during the year have been regular as per stipulations.

(d) There were no overdue amounts at the year end.

(B) In respect of loans, secured or unsecured, taken by the Company from parties covered in the register maintained under Section 301 of the Companies Act, 1956, according to the information and explanations given to- us :

(a) The Company had taken loans from one party during the year. At" the year end, the outstanding balance of such loans taken was Rs. 60 Crore and the maximum amount involved during the year was Rs. 158.47 Crore.

(b) The rate of interest and other terms and conditions of such loans are in our opinion, prima facie not prejudicial to the interests of the Company.

(c) The payment of principal amount and interest during the year have been regular as per stipulations.

iv. In our opinion, there is an adequate internal control system commensurate with the size of the Company and the nature of its business for purchase of inventories and fixed assets and for the sale of goods and services.

v. a) In our opinion, the transactions that need to be entered in the register maintained under Section 301 of the Act have been so entered.

b) There are no transactions of purchase and sale of goods, materials and services made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Act aggregating during the year to Rs.6,00,000/- or more in respect of each party.

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

vii. In our opinion, the Companys present interna! audit system is commensurate with its size and nature of its business.

viii. a) The Company has been regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess and other statutory dues with the appropriate authorities applicable to it.

b) At the end of the financial year there were no dues of Sales Tax, Income Tax, Customs Duty, Wealth Tax, Service Tax, Excise Duty and Cess, which have not been deposited on account of any dispute.

ix. The Company did not have any accumulated losses at the end of the financial year, nor had it incurred any cash toss during the financial year or in the immediately preceding financial year.

x. According to the records produced, the Company has not defaulted in repayment of its dues to any financial institution or bank or debenture holders during the year.

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

xii. In our opinion and according to the information and explanations given to us, the Company has maintained proper records of transactions and contracts as to dealings or trading in shares, securities, debentures and other Investments and have been held by the Company in its own name, except to the extent of the exemption, If any, granted under Section 49 of the Act.

xiii. In our opinion and according to the information and explanations given to us, the Company has not given any guarantee in connection with loans taken by others from banks or financial institutions during the year.

xiv. The Company has not obtained any term loans during the year.

xv. According to the information and explanations given to us, and on the basis of review of utilization of funds on an overall basis, the funds raised on short term basis have, prima facie, not been used for long term investment during the year.

xvi. The company has not made any preferential allotment of shares during the year to parties and companies covered in the register maintained under Section 301 of the Act.

xvi The Company has created charge as per Debenture Security Agreement in respect of debentures issued.

xvii. During the course of our examination of the books of account carried out in accordance with the generally accepted auditing practices in India, we have not come across any instance of fraud on or by the Company nor have we been informed by the management of any such instance being noticed or reported during the year.

xix. Clauses (viii), (xiii) and (xx) of the aforesaid Order are not applicable to the Company.



For R.V.SHAH & CO. Chartered Accountants ICAI Registration No. 109765W

(R.V.SHAH) Place : Mumbai Proprietor Dated : 26th August, 2010 Membership No.: 016097


Mar 31, 2002

We have audited the attached Balance Sheet of M/s. OSCAR INVESTMENTS LIMITED as at 31st March, 2002 and also the annexed Profit and Loss Account for the year ended on that date. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

2. As required by the Manufacturing and Other Companies (Auditors Report) Order, 1988 issued by the Company Law Board in terms of Section 227(4A) of the Companies Act, 1956, we annex hereto a statement on the matters specified in paragraphs 4 and 5 of the said Order.

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

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

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

iii. The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the Books of Account.

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

v. Based on representations made by all the Directors of the Company to the Board the information and explanations as made available to us by the Company, none of the Directors of the Company prima-facie have any disqualifications as referred to in clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956.

vi. In our opinion and to the best of our information and according to the explanations given to us, the said accounts read with the notes thereon 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 the affairs of the Company as at 31 st March, 2002, and

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

ANNEXURE REFERRED TO IN PARAGRAPH 2 OF OUR AUDITORS REPORT OF EVEN DATE ON THE ACCOUNTS FOR THE YEAR ENDED 31st MARCH 2002 OF OSCAR INVESTMENTS LIMITED.

On the basis of such checks as we considered appropriate and in terms of the information and Explanation given to us , we state that:

i. The Company has maintained proper records showing full particulars, including quantitative details and situation of its fixed assets. A physical verification of these assets is conducted in a phased manner by the Management which in our opinion is reasonable taking into accounts the nature of

the assets and size of the business of the Company. No discrepancies have been noticed on such physical verification.

ii. None of the fixed assets have been revalued during the year.

iii. The Company has traded in Shares and Securities by purchasing/selling shares and securities, the balance of which is closing stock and which is valued at lower of cost or realisable value. No discrepancies have been noticed on physical verification, it is reported by the Management. We are satisfied that the valuation of stock is fair and proper in accordance with the normally accepted accounting principles. This is an item where question of damaged stock or scrap does not arise.

iv. In our opinion the rate of interest and the terms and conditions of unsecured loans taken by the Company from companies listed in the register maintained under Section 301 of the Companies Act, 1956 are prima facie not prejudicial to the interests of the Company.

v. In our opinion, the rate of interest and the terms and conditions of unsecured loans granted by the Company to companfes listed under Section 301 of the Companies Act, 1956 are prima-facie not prejudicial to the interests of the Company.

vi. In respect of loans, or advances in the nature of loans given by the Company, the parties, including employees, have repaid the principal amounts as stipulated and have been regular in payment of interest where applicable.

vii. In our opinion and according to the information and explanations given to us, the Purchase of machinery, equipments and other assets is under the direct control and supervision of the Board of Directors.

viii. As per the records of the Company, there were no transactions for purchase of goods and materials and sale of goods, materials and services made in pursuance of contracts or arrangements required to be entered in the register maintained under Section 301 of the Companies Act, 1956 and aggregating during the year to Rs. 50,000/- (Rupees Fifty Thousand) or more in respect of each party;

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

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

xi. The provisions relating to Provident Fund Act and Employees State Insurance Act are not applicable.

xii. There are no undisputed amounts payable in respect of income-tax, wealth-tax, sales tax, customs duty and excise duty, which were due for more than six months from the date they became payable.

xiii. According to the information and explanations given to us, no personal expenses of employees or directors other than those payable under contractual obligations or in accordance with generally accepted business practice have been charged to revenue account.

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

xv. The Provisions of any special statute applicable to Chit Funds, Nidhi or Mutual Benefit Society do not apply to the Company.

xvi. In our opinion and according to the information and explanations given to us, the Company has maintained proper records of transactions and contracts as to dealing or trading in shares, securities, debentures and other investments and have been held by the Company in its own name, except to the extent of the exemption, if any, granted under Section 49 of the Companies Act, 1956.

xvii.The other provisions of the Manufacturing and Other Companies (Auditors Report) Order, 1988, are not applicable to the Company for this year.

For R.V. SHAH & CO., Chartered Accountants

(R.V. SHAH) Proprietor

Place : Mumbai Dated : 17th August, 2002

 
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