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Auditor Report of Parsharti Investments Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of PARSHARTI INVESTMENT 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 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 account- ing principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Companies Act, 2013 (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 of 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; and de- sign, implementation and maintenance of adequate 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.

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 specified under section 143(10) of the Act. Those Standards require that we comply with the 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 the 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. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the ac- counting 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 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 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, 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.

2. As required by section 143(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 aforesaid financial statements comply with the Accounting Standards under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 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 sub-section (2) of section 164 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 accord- ing 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 derivative 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 REFERRED TO IN PARAGRAPH "REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS" OF OUR REPORT TO THE MEMBERS OF PARSHARTI INVESTMENT LIMITED ('THE COMPANY') FOR THE YEAR ENDED 31ST MARCH, 2015.

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

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

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

ii. The Company is an investment company and does not have any inventory. Thus, paragraph 3(ii) of the Order is not applicable.

iii. 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 Act.

iv. In our opinion and according to the information and explanations given to us, there are adequate internal control system commensurate with the size of the Company and the nature of its business for the purchase of fixed assets/power and sale of goods & services. Further, on the basis of our examination of the books of accounts and according to the information and explanations given to us, we have not come across nor have we been informed of any instance of major weaknesses in the aforesaid internal control system.

v. No deposits within the meaning of Sections 73 to 76 of the Act and rules framed there under have been accepted by the Company.

vi. We have been informed that the Central Government has not prescribed the maintenance of cost records under section 148 (1) of the Act in respect of activities undertaken by the Company during the year.

vii. (a) According to the books of account and records as produced and examined by us in accordance with the generally accepted auditing practices in India, in our opinion, the Company is regular in depositing undisputed statutory dues in respect of provident fund, employees state insurance, income tax, wealth tax, service tax, sales tax, customs duty, excise duty, value added tax, cess and other statutory dues applicable to the Company with appropriate authorities. According to the information and explanation given to us, no undisputed amounts payable in respect of the aforesaid statutory dues were outstanding as at the last day of the financial year for a period of more than six months from the date they became payable.

(b) On the basis of our examination of the documents and records, the company does not have any disputed Statutory Liabilities.

(c) In our opinion and according to the information and explanations given to us, there are no amounts which are required to be transferred to investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956.

viii. The Company has accumulated losses more than 50% of its net worth, and also has incurred cash loss during the financial year covered by audit and has incurred cash loss immediately preceding financial year.

ix. According to the information and explanations given to us, the Company has not defaulted in repayment of dues to the financial institution or bank or debenture holders.

x. 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.

xi. According to the information and explanations given to us, the Company did not obtain any term loans out- standing during the year.

xii. During the course of our examination of the books of account and records of the company carried out in accordance with the generally accepted auditing practices in India and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year, nor have we been informed of such case by the management.

For N.B. THAKORE & CO.

Chartered Accountants

Firm Reg. No: 110929 (W)



Nimish B. Thakore

Place: Mumbai (Proprietor)

Date: 29th May, 2015 Membership No. 034767


Mar 31, 2014

We have audited the accompanying financial statements of PARSHARTI INVESTMENT 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 as on date, 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 mantenance of internal control relevant to (he preparation and presentation of the financial statements that give a hue 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 aucfit involves performing procedures to obtain audit evidence about the amounts and disdosures 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 state- ments in order to design audit procedures that are appropriate in the circumstances. An audit also indudes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management as wel as evaluating the overall presentation of the finandal statements.

We befieve 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 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 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, to the extent they are applicable to the company.

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 befief 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 for 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. inouropinion, 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 31,2013, 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 REFERRED TO IN PARAGRAPH 1 OF REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS OF OUR AUDITOR''S REPORT OF EVEN DATE ON THE FINANCIAL STATEMENT FOR THE PERIOD ENDED 31ST MARCH, 2014 OF PARSHARTI INVESTMENT LIMITED

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

i. (a) The Company has generally maintained proper records showing particulars, including quantitative details and

situation of fixed assets;

(b) As explained to us, fixed assets, according to the practice of the Company, are physically verified by the management at reasonable intervals, in a phased verification-program, which, in our opinion, is reasonable, looking to the size of the Company and the nature of its business. According to the information and explanations given to us no discrepancies noticed on physical verification.

(c) The company has not disposed off any substantial part of its fixed assets so as to affect its going concern;

ii. The Company is an investment company and does not have any inventory. Therefore the provisions of clause 4(ii) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

iii. (a) The company has not granted any loans, secured or unsecured to companies, firms or other parties covered in

the register maintained under Section 301 of the companies Act 1956. Accordingly, clauses (iii) b, c and d are not applicable.

(b) The company has not taken any loans, secured or unsecured from companies, firms or other parties covered in the register maintained under Section 301 of the companies Act 1956. Accordingly, clauses (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 systems commensurate with the size of the Company and the nature of its business, for the purchase of inventory, fixed assets and for sale of goods and Services. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal control system.

v. According tothe information and explanation given tous.thereisrioContractorArrangementreferredto in section 301 of the act that need to be entered into the register maintained under that section. Hence clause (v) b of the Order is not applicable

vi. In our opinion and according to the information and explanations given to us the Company has not accepted any deposits within the meaning of Section 58A, 58AAor any other relevant provisions of the Companies Act 1956 and the rules flamed there under.

vii. In our opinion and according to the information and explanations given to us internal audit system is commensurate with the size of the Company and the nature of its business.

viii. We are informed that the Central Government has not prescribed maintenance of cost records under section 209 (1) (d) of the Companies Act, 1956 in respect of the Company''s activities.

ix. (a) Accordingly to the records of the Company, it has.been regular with little delay in depositing undisputed statutory

dues including Income Tax, Service Tax, Sales Tax, Professional Tax and other Statutory Dues with the appropriate authorities;

(b) On the basis of our examination of the documents and records, the company does not have any disputed Statutory Liabilities.

x. The Company has accumulated losses more than 50% of its net worth, and also has incurred cash loss during the financial year covered by audit and has incurred cash loss immediately preceding financial year.

xi. In our opinion and according to the information and explanations given to us, the Company has not dues payable to banks, financial institutions or debenture holders. Accordingly, provisions of clause 4 (xi) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

xii. As explained to us, the Company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures or any other securities;

xiii. In our opinion, the Company is not a chit fund or a nidhi mutual benefit fund / society. Therefore the provisions of paragraph 4 (xiii) of the Companies (Auditor''s Report) Order2003 are not applicable to the Company.

xiv. In respect of shares, securities, debentures and other investments dealt or traded by the Company, proper records are maintained in respect of transactions and contracts and timely entries have been made therein. All the investments are held by the company in its own name;

xv. According to the information and explanations given to us, and the representations made by the management, the Company has not given any guarantee for loans taken by others from any bank or financial institutions.

xvi. According to the information and explanations given to us, no term loans have been raised by the Company during the year and hence, the provision of clause (xvi) of the Companies (Auditor''s Report) order, 2003 are not applicable to the company.

xvii. The company has not raised any short term / long term fund during the year of audit therefore this clause is not applicable not commented

xviii. The company has not made an preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956.

xix. During the year under audit company has not issue any debenture therefore this clause is not commented.

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

xxi. According to the information and explanations given to us and to the best of our knowledge and belief no fraud on or by the Company, has been noticed or reported by the Company during the year;

The company has only one Class of Equity shares having par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the company, the holders of equity shares will be entitled to redeve remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by each shareholder.

FOR N.B. THAKORE & CO. Chartered Accountants Firm Reg. No. 110929(w)

Place: Mumbai Date : 30th May, 2014 Nimish B. Thakore Proprietor Membership No.034767


Mar 31, 2013

Report on the Financial Statements

We nave audited the accompanying financial statements of PARSHARTI INVESTMENTS LIMITED ("the Company") which comprise the Balance Sheet as at March 31,2013, and tie Statement of Profit and Loss and Cash Flow Statement to the year ended as on date,atidasun»na(yo*signilicant accounting poficies and other explanatory information. Management''s Responsibility for the Financial Statements Management fcresponsMe for the preparatton of 1he5efmam& statement that give a t^ and cash flows of the Company in accordance with the Accounting Standard referred to in sursectkxi (3C) d ("the Act"). This responsHty includes the design, implementation and rrrarrrteri^

financial statements that give a true and fair view and are free from matfln^misstateriientwlietr» due to fraud or enor. Auditor''s Responsibility

Our responsrbBty is to express an opinion on these financial staternerits based on our ajdrlWfe conducted our awR^ Auditing issued by trie ireSute of OiarteredAccountar^ the aurJrt to obtain reasonaMe assurance ab
An audit involves performing procedures to obtain audtt evidstice abrxtt the amourfe arxl dtsotosttres in tte selected depend on fieaudrtor''sjBdgmerit inducfrgtteassessmeritcJte - fraud or erra. to rrraWnglwse risk assessrrwrits, the aur^ financial statements in Oder to design audit procedures that are wropriate in trie circumstances. An auolta^ of accounting pcficies used and the reasonableness of the arxrjurrtjrig estimates rnade by manap^rnert as w^ of the financial statements.

We believe that the audrt evidence we have obtained is sufficient and appropriate to provkle a basis fo

Opinion

In our opinion and to the best of our information and acxaxing to the explanations grven to us, ftieSnan^ the Act in the manner so required and give a true and fair view in carrrbmty with the accajr*^

(a) in the case of the Balance Sheet, of the state of affairs of file tympany as at March 31,2013;

(b) in the case of me Profit and Loss Account, of me toss for the year ended on that date; and

(c) in the case of the Cash How Statement, of the cash flows for me yea ended on that date. Report on Other Legal and Regulatory Requirement*

1. As required by the Companies (Auditor''s Report) Order. 20)3 issued ty the Cental Gcwemrtiert^ of the Act, we give in the Amexure a statement on the rnatters specified to paragraphs 4 arid 5 of the Order, to the ext^ company.

2. As required by secrjon.227(3)oftheAet, we report that

a. mliave obtained alfhe information and exp^

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.

a the Balance Sheet, Statement of ProftarK) Loss, aral to

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 sectjon 211 of the Companies Act''1956;

e. on file 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 REFERRED TO IN PARAGRAPH 1 OF REPORT ON OTHER LEGAL AND REGULATORY REQUIRE- MENTS OF OUR AUDITOR''S REPORT OF EVEN DATE ON THE FINANCIAL STATEMENT FOR THE PERIOD ENDED 31- MARCH, 2013 OF PARSHARTI INVESTMENT LIMITED

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

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

(b) As explained to us, fixed assets, according to the practice of the Company, are physically verified by the management at reasonable intervals, in a phased verification-program, which, in our opinion, is reasonable, looking to the size of the Company and the nature of its business. According to the information and explana- tions given to us no discrepancies noticed on physical verification.

(c) The company has not disposed off any substantial part of its fixed assets so as to affect its goingconcem;

ii. The Company is an investment company and does not have any inventory. Therefore the provisions of clause 4(H) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

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

(b) The company has not taken any loans, secured or unsecured from companies, firms or other parlies covered in me register maintained under Section 301 of the companies Act 1956. Accordingly, clauses (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 systems commensurate with the size of the Company and the nature of its business, for the purchase of inventory, fixed assets and for sale of goods and Services. During the course of our audit we have not observed any continuing failure to correct major weakness in internal control system.

v. According to the information and explanation given to us, there is no Contract or Arrangement referred to in section 301 of the act that need to be entered into the register maintained under that section. Hence clause (v) b of the Order is not applicable

vi. In our opinion and according to the information and explanations given to us the Company has not accepted any deposits within the meaning of Section 58A, 58AA or any other relevant provisions of the Companies Act, 1956 and the rules framed there under.

vii. In our opinion and according to the information and explanations given to us internal audit system is com- mensurate with the size of the Company and the nature of its business.

viii. We are informed that the Central Government has not prescribed maintenance of cost records under section 209 (1) (d) of the Companies Act, 1956 in respect of the Company''s activities.

ix: (a) Accordingly to the records of the Company, it has been regular with little delay in depositing undisputed statutory dues including Income Tax, Service Tax, Sales Tax, Professional Tax and other Statutory Dues with the appropriate authorities;

(b) On the basis of our examination of the documents and records, the company does not have any disputed Statutory Liabilities.

x. The Company has accumulated losses more than 50% of its net worth, and also has incurred cash loss during the financial year covered by audit and has incurred cash loss immediately preceding financial year.

xi. In our opinion and according to the information and explanations given to us, the Company has not dues payable to banks, financial institutions or. debenture holders. Accordingly, provisions of clause 4 (xi) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

xii. As explained to us, the Company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures or any other securities ;

xiii. In our opinion, the Company is not a chit fund or a nidhi mutual benefit fund / society. Therefore the provi- sions of paragraph 4 (xiii) of the Companies (Auditor''s Report) Order 2003 are not applicable to the Company.

xiv. In respect of shares, securities, debentures arid other investments dealt or traded by the Company, proper records are maintained in respect of transactions and contracts and timely entries have been made therein. All the investments are held by the company in its own name;

xv. According to the information and explanations given to us, and the representations made by the manage- ment, the Company has not given any guarantee for loans taken by others from any bank or financial institu- tions.

xvi. According to the information and explanations given to us, no term loans have been raised by the Company during the year and hence, the provision of clause (xvi) of the Companies (Auditor''s Report) order, 2003 are not applicable to the company.

xvii. The company has not raised any short term / long term fund during the year of audit therefore this clause is not applicable not commented

xviii. The company has not made an preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956''

xix. During the year under audit company has not issue any debenture therefore this clause is not commented.

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

xxi. . According to the information and explanations given to us and to the best of our knowledge and belief no fraud on or by the Company, has been noticed or reported by the Company during the year;

For N.B. THAKORE & CO.

Chartered Accountants

Firm Reg. No: 110929 (W)

Nimish B, Thakore

Place: Mumbai (Proprietor)

Date: 30th May, 2013 Membership No. 034767


Mar 31, 2012

We have audited the attached Balance Sheet of Parsharti Investment Limited as at 31st March, 2012 and the Profit & Loss Account for the period ended on that date, both 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 and report that:

1 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 the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

2 As required by the Companies (Auditor's Report) Order, 2003 & amended by Companies (Auditors Report) (Amendment) Order 2004, issued by the Central Government of India in terms of Section 227 (4A) of the Companies Act, 1956, on the basis of such chocks of the books & records as we considered appropriate and the information and explanations given to us during the course of the audit, we Annex hereto a statement on the matters specified in paragraphs 4 & 5 of the said order, to the extent they are applicable to the Company.

3 Further to our comments in the Annexure referred to in paragraph 1 above, we report that:

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

b. In our opinion, books of account as required by law have been kept by the company so far as it appears from our examination of such books;

c. The Balance Sheet & Profit and Loss Account referred to in this report are in agreement with the books of account;

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

e. On the basis of information & explanation given to us and representations received from the Directors of the Company we report that no Directors is disqualified from being appointed as a Director of the Company under clause (g) of sub-section (1) of the Section 274 of the Companies Act, 1956;

f. In our opinion & to the best of our information and according to the explanations given to us, the said balance sheet and profit & Loss Accounts read together with the notes thereon, give the information required and give a true and fair view :

i. In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2012.

ii. In the case of the Profit & Loss Account, of the Loss for the period ended on that date.

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

ANNEXURE REFERRED TO IN PARAGRAPH 2 OF OUR AUDITOR'S REPORT OF EVEN DATE ON THE FINANCIAL STATEMENT FOR THE YEAR ENDED 31st MARCH, 2012 OF PARSHARTI INVESTMENT LIMITED.

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

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

(b) As explained to us, fixed assets, according to the practice of the Company, are physically verified by the management at reasonable intervals, in a phased verification-program, which, in our opinion, is reasonable, looking to the size of the Company and the nature of its business. According to the information and explanations given to us no discrepancies noticed on physical verification.

(c) The company has not disposed off any substantial part of its fixed assets so as to affect its going concern;

ii. The Company is an investment company and does not have any inventory. Therefore the provisions of clause 4{ii) of the Companies (Auditor's Report) Order, 2003 are not applicable to the company.

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

(b) The company has not taken any loans, secured or unsecured from companies, firms or other parties covered in the register maintained under Section 301 of the companies Act 1956. Accordingly, clauses (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 systems commensurate with the size of the Company and the nature of its business, for the purchase of inventory, fixed assets and for sale of goods and Services. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal control system.

v. According to the information and explanation given to us, there is no Contract or Arrangement referred to in section 301 of the act that need to be entered into the register maintained under that section. Hence clause (v) b of the Order is not applicable

vi. In our opinion and according to the information and explanations given to us the Company has not accepted any deposits within the meaning of Section 58A, 58AA or any other relevant provisions of the Companies Act, 1956 and the rules framed there under.

vii. In our opinion and according to the information and explanations given to us internal audit system is commensurate with the size of the Company and the nature of its business.

viii. We are informed that the Central Government has not prescribed maintenance of cost records under section 209 (1) (d) of the Companies Act, 1956 in respect of the Company's activities.

ix. (a) Accordingly to the records of the Company, it has been regular with little delay in depositing undisputed statutory dues including Income Tax, Service Tax, Sales Tax, Professional Tax and other Statutory Dues with the appropriate authorities ;

(b) On the basis of our examination of the documents and records she company does not have any disputed Statutory Liabilities.

x. The Company has accumulated losses more than 50% of its net worth, and also has incurred cash loss during the financial year covered by audit however does not incurred cash loss immediately preceding financial year.

xi. In our opinion and according to the information and explanations given to us. the Company has not dues payable to banks, financial institutions or debenture holders. Accordingly, provisions of clause 4 (xi) of the Companies (Auditor's Report) Order, 2003 are not applicable to the company.

xii. As explained to us, the Company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures or any other securities ; '

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

xiv. In respect of shares, securities, debentures and other investments dealt or traded by the Company, proper records are maintained in respect of transactions and contracts and timely entries have been made therein.

All the investments are held by the company in its own name;

xv. According to the information and explanations given to us, and the representations made by the management, the Company has not given any guarantee for loans taken by others from any bank or financial institutions.

xvi. According to the information and explanations given to us, no term loans have been raised by the Company during the year and hence, the provision of clause (xvi) of the Companies (Auditor's Report) order, 2003 are not applicable to the company.

xvii. The company has not raised any short term / long term fund during the year of audit therefore this clause is not applicable not commented

xviii. The company has not made an preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956'

xix. During the year under audit company has not issue any debenture therefore this clause is not commented.

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

xxi. According to the information and explanations given to us and to the best of our knowledge and belief no fraud on or by the Company, has been noticed or reported by the Company during the year;

For N.B. THAKORE & CO.

Chartered Accountants

Firm Reg. No. 110929(w)

Place: Mumbai

Date: 30th May, 2012

Nimish B. Thakore

(Proprietor)

Membership No. 034767


Mar 31, 2010

We have audited the attached Balance Sheet of Parsharti Investment Limited as at 31st March, 2010 and the Profit & Loss Account for the period ended on that date, both annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit and report that:

1 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 the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

2 As required by the Companies (Auditors Report) Order, 2003 & amended by Companies (Auditors Report) (Amendment) Order 2004, issued by the Central Government of India in terms of Section 227 (4A) of the Companies Act, 1956, on the basis of such checks of the books and records as we considered appropriate and the information and explanations given to us during the course of the audit, we annex hereto a statement on the matters specified in paragraphs 4 and 5 of the said Order, to the extent they are applicable to the Company.

3 Further to our comments in the Annexure referred to in paragraph 1 above, we report that:

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

b. In our opinion, books of account as required by law have been kept by the company so far as it appears from our examination of such books;

c. The Balance Sheet & Profit and Loss Account referred to in this report are in agreement with the books of account,

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

e. On the basis of information & explanation given to us and representations received from the Directors of the Company we report that no Directors is disqualified from being appointed as a Director of the Company under clause (g) of sub-section (1) of the Section 274 of the Companies Act, 1956;

f. In our opinion & to the best of our information and according to the explanations given to us, the said balance sheet and profit & Loss Accounts read together with the notes thereon, give the information required and give a true and fair view :

i. In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2010. ii. (n the case of the Profit & Loss Account, of the profit for the period ended on that date. ii. In the case of the Cash Flow Statement, of the cash flows for the year ended on that.

ANNEXURE REFERRED TO IN PARAGRAPH 2 OF OUR AUDITORS REPORT OF EVEN DATE ON THE FINANCIAL STATEMENT FOR THE YEAR ENDED 31 St March, 2010 OF PARSHARTI INVESTMENT LIMITED.

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

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

(b) As explained to us, fixed assets, according to the practice of the Company, are physically verified by the management at reasonable intervals, in a phased verification-program, which, in our opinion, is reasonable, looking to the size of the Company and the nature of its business. According to the information and explanations given to us no discrepancies noticed on physical verification.

(c) The company has not disposed off any substantial part of its fixed assets so as to affect its going concern;

ii. The Company is an investment company and does not have any inventory. Therefore the provisions of clause 4(H) of the Companies (Auditors Report) Order, 2003 are not applicable to the company.

iii. (a) The company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under Section 301 of the companies Act 1P56. Accordingly, paragraph (iii) b, c and d are not applicable.

(b) The company has not taken any loans, secured or unsecured from companies, firms or other parties covered in the register maintained under Section 301 of the companies Act 1956. Accordingly, paragraph (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 systems commensurate with the size of the Company and the nature of its business, for the purchase of inventory, fixed assets and for sale of goods and Services. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal control system.

v. According to the information and explanation given to us, there is no Contract or Arrangement referred to in section 301 of the act that need to be entered into the register maintained under that section. Hence paragraph (v) b of the Order is not applicable

vi. In our opinion and according to the information and explanations given to us the Company has not accepted any deposits within the meaning of Section 58A, 58AA or any other relevant provisions of the Companies Act, 1956 and the rules framed there under.

vii. In our opinion and according to the information and explanations given to us internal audit system is commensurate with the size of the Company and the nature of its business.

viii. We are informed that the Central Government has not prescribed maintenance of cost records under section 209 (1) (d) of the Companies Act, 1956 in respect of the Companys activities.

ix. (a) Accordingly to the records of the Company, it has been regular with little delay in depositing undisputed statutory dues including Income Tax, Fringe Benefit Tax, Sales Tax, Professional Tax and other Statutory Dues with the appropriate authorities ;

(b) On the basis of our examination of the documents and records, the company does not have any disputed Statutory Liabilities.

x. The Company has accumulated losses not less than 50% of its net worth and has not incurred cash loss during the financial year covered by audit but in immediately proceeding financial year cash loss was incurred by the Company.

xi. In our opinion and according to the information and explanations given to us, the Company has not dues payable to banks, financial institutions or debenture holders. Accordingly, provisions of clause 4 (xi) of the Companies (Auditors Report) Order, 2003 are not applicable to the company.

xii. As explained to us, the Company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures or any other securities.

xiii. In our opinion, the Company la not a chit fund or a nidhi mutual benefit fund / society. Therefore the provisions of Paragraph 4 (x8f> of the Companies (Auditors Report) order 2003 are not applicable to the Company.

xiv. In respect of shares, securities, debentures and other investments dealt or traded by the Company, proper records are maintained in respect of transactions and contracts and timely entries have been made therein. All the investments are held by the company in its own name.

xv. According to the information and explanations given to us, and the representations made by the management, the Company has not given any guarantee for loans taken by others from any bank or financial institutions.

xvi. According to the Information and explanations given to us, no term loans have been raised by the Company during the year and hence, the provision of clause (xvi) of the Companies (Auditors Report) order, 2003 are not applicable to the company.

xvii. The company has not raised any short term / long term fund during the year of audit therefore this clause is not applicable not commented

xviii. The company has not made an preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956.

xix. During the year under audit company has not issued any debenture therefore this paragraph is not commented.

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

xxi. According to the information and explanations given to us and to the best of our knowledge and belief no fraud on or by the Company, has been noticed or reported by the Company during the year*



FOR N.B. THAKORE & CO.

Chartered Accountants

Place: Mumbai

Date :27th May, 2010

Nimish B. Thakore

Proprietor







 
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