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Auditor Report of Shailja Commercial Trade Frenzy Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of Shailja Commercial Trade Frenzy Limited, which comprise the Standalone Balance Sheet as at March 31, 2015, the Standalone Statement of Profit and Loss for the year then ended the Standalone Cash Flow Statement 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 stated in Section 134(5) of the Companies Act, 2013 ('the Act") with respect to the preparation and presentation of these Financial Statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (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 design, 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 a reasonable 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.

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.

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 on the Standalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India of the state of affairs of the Company as at 31st March, 2015, and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by Companies (Auditors Report) Order 2015 ('the order') issued by Central Government of India in terms of subsection (11) of section 143 of the Act, we enclose in the annexure a statement on the matters specified in paragraphs 3 & 4 of the said order to extent applicable.

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 Standalone Balance Sheet, Standalone Statement of Profit and Loss and Standalone Statement of Cash Flow 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 31st March, 2015 taken on record by the Board of Directors, none of the directors is disqualified as on 31st 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 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 TO AUDITORS REPORT

The Annexure referred to in our report to the members of Shailja Commercial Trade Frenzy Limited (the Company') for the year ended on 2015. We report that:

i) The company is not having fixed assets and therefore provision of clause 4(i) is not applicable to company.

ii) Based on our scrutiny of the Company's Books of Account and other records and according to the information and explanations received by us from the management, we are of the opinion that the company is not having any inventory.

iii) The company has not granted loans & advances, secured or unsecured to companies, firms or other parties covered in the register maintained under section 189 of the Act 2013 and we are of the opinion that the terms and condition of such loans are not prejudicial to the interest of the company, also reasonable steps have been taken for the recovery of overdue of such loans.

iv) The company is not having inventories and therefore provision of clause 4(iv) is not applicable to company.

v) In our opinion and according to information & explanation given to us the company has not accepted deposits from the public.

vi) According to information & explanation given to us, the company is not engaged in production, processing, manufacturing or mining activities. Hence, the provisions of Section 148(1) of Company Act, 2013 do not apply to the Company. Hence, clause 4(vi) of the said order is not applicable.

vii) According to the information and explanations given to us and on the basis of our examination of the records of the company, amount deducted/ accrued in the books of account in respect of undisputed statutory dues including provident fund, income tax, sales tax, wealth tax, service tax, duty of customs, value added tax, cess and other material statutory dues have been regularly deposited during the year by the company with the appropriate authorities. As explained to us, the company did not have any dues on account of employee's state insurance and duty of excise. According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, income tax, sales tax, wealth tax, service tax, duty of customs, value added tax, cess and other material statutory dues were in arrears as at 31st March,2015 for a period of more than six months from the date they became payable.

viii) The company does not have accumulated losses more than 50% of its networth. The company has not incurred cash losses during the financial year covered by audit.

ix) In our opinion and according to information & explanation given to us the company has no due to financial institution or bank.

x) In our opinion and according to the information and the explanations given to us, the Company has not given any guarantee for Loans taken by other from banks or financial institutions; hence clause (x) of Para 4 of the Order is not is not applicable.

xi) According to the records of the company, the company has not obtained any term loans. Hence, comments under the clause are not called for.

xii) Based on the audit procedures performed and information's 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 JSA & Associates FRN:-324521E Chartered Accountants

Place: Kolkata Date: 28th May 2015 Sd/-

Soumitra Trivedi Partner Membership no.-062370


Mar 31, 2014

We have audited the atctir.ponyir.g iinatciai statements of STANLEY SCXAFREL.L TRADE 4 FINANCE LIMITED, which comprise the Balance: Sheet as at Karen 31 , 2014 and the Statement Of Profit and Lose for the year then, ended, and a summary of significant accounting policies and the; explanatory information.

MaKsgwsnt' s Responsibility for the Financial State-r.ents

Management is responsimle for tnc prepared ion of. these f inetncia, statements that give a true and fair view of the financial position and financial. performance of the Comj&ny in accordance with the Accounting Standards referred to in sub-section (3C) cf section 211 of the Companies Act, 1 956, This responsibility

include-: the design, implementatidfi and maintenance of internal control relevant to the preparation and resents nor. oi the financial statements that give a true ana fair view and ore free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responisibility is to express an opinion or. these financial statement on our audit conducted our audit in actor dan to with, the SLinda ids on Auditing issued by the Institude Chartered Accountants of India. Those Standards require that we comply tilth ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements aie free from material misstatement.

An audit involves performing procedures U obtain audit evidence about tne amounts and ziiscicsures in tnc financial statements, The procedures selected depend on the auditor's vudement, including the assessment. oF the risks of material misstatement or the financial statements, whether due to fraud or error,in making those @8 ament S', t.te auc.it or considers internal. control relevant tt the Company's preparation and fair presentaion. of the financial statements in order to design audit procedures if- that are appropriate the cirumstance an so includes evaluating the appropriateness oi account .eg po. icies used and the reasonableness of tne accounting estimates made by management, as well as evaluating the Overall pi esentation cf the financial statements.

We believe that the audit evidence we have obtained suf ifioient and apprgpriate to- provide a casts for audit opinion.

Opinion

In our opinion and to the best of our informatiion and according to tbti explanations giver: to us, the financial statements give the information required by tne Act in the manner so requires, and give a true ana fair view in conformity with the accounting principles generally accepted in India: a m the case of tha Ealanca Sheet, of the state of affairs of the Company as at March 31, 2014 and in the case of the Profit and Less Account, of tnc profit foe the year ended on March 31 2014

I. As required by the Companies .Auditor's Reports Order, 2 2003 issued bythe Central Government. of India in terns of sub-section (4A) of section 227 of the Act, we give in the Annexure a abatement on the matters specified in paragraphs 4 and 5 of the Order.

ii. As requited by seer ion 1T! ,2) of the Act, we report that:

a) We have retained ali .be information and explanai: -Ons which to the rest oF our knowledge and belief wart necessary for the purpose of cur audit:

o: In our opinion proper boohs cf account is required by law have

kept by the Company so far as -ppenrs from our examination of these books.

c) The Balance Sheet and Statement of Profit ana Loss dealt with by this Report, are in agreement with the hooks of account,

d) in our opinion, the Balance Sheet and Statement of Profit and Loss comply with the Accounting Standards referred to in subsection (JC) of sedition 211 the compamies res Act, 1956;

e On the basis of written representations received from the directors as OH March 31, 2014 and taken on record by the Board of Directors, none of the directors is disqualified as March 31 2014 2014 from appointee at a director in terms of clause (g) of sub-seer: on (£) of section 274 of the companies Act. 1956.

The Annexure referred to in paragraph 1 cf the Our Report o£ even date to the members of STANLEY 5CHAPFELL TRADE 6 FINANCE LIMITED on the accounts of the company for tine year ended 31st March, 2014 ,

I. a) According to information Lon find explanati on given to is the company is maintaining proper records shoving full particulars, including quantitative details and situation if fixed assets,

(b) Thy phycicaj Verification of fixed assets is carried out at reasonable intervals by the management,

le) No Fixed Assets were disposed off during the financial year concerned

II. The Company is not having inventory and therefore provisions of clause

4(ii) is not applicable to the Company,

III, (a| According to the information and explanations given to us and on the basis of our examination of the books cf account, 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, lift. Consequently, the provisions of clauses ill (b), ill(cl and iii. (d) of the order are net applicable to the Zorcpany.

(el According to tne information: in and explanations given to us and on the basis of cur examination of the- bocks of account, the Company has not taken loans from companies, firms or other parties listed in the register maintained under Section 3.V of the Companies Act, 1956, Thus sub clauses (f) 6 (g) arc not applicable to the company,

IV, Sines- the Company has purchased fixed assets therefore the internal control procedure is applicable.

V. In our opinion and according to information & explanations given to us,

there are no such transactions that need to be entered into s rocister in pursuance of section 301 of the Act.

VI, The Company has not accepted any deposits from the public covered under section 5SA and 55AA of the Ccanpriisies Iict, 1956.

VII. As per m formation 6 explanations given oy the management, the Campany has an internal audit system commensurate with its size and the nature cf its business.

VIII. According to Information & explanation given to us, the company is not required tc maintain cost records aa prescribed by the Centre! Government under clause (d) of sub-section (1) of sec tier. 209 of the Act,

IX. According to the records cf the company, undisputed statutory dues including Provider:'. Fund, Ir vestor Education and protection Fund, Employees' State insurance, Income-tax, Saiee-tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, cess to the extent applicable end any other statutory dues have generally been regularly deposited with the appropriate authorities. According to me information, and explanations given to us there -ere no outstanding szatutory dues as ;n 31st of March, 2014 for a period of more than six months from the date they became payable.

(b) According tc the information and explanation fhnations given to . mere it no amounts payable an rasped of income tax, wealth tan, service tax, sales tax, customs duty and excise duty which have not oeen dopesited an account of any disputes.

X. The Company . y net having accumulated losses mere than 50 of ts net worth. the company has not incurred cash 1 cases during the financial year covered by audit.

Xl - Based on our audit procedures and on the onformation: and explanations given ty the management, we art of the opinion that, the Company has not defaulted in repayment of dues financial tut ion, oanx cr dtiBenture h.idera.

XII. kneotd ng to tne mformatJ.un and explanations given to us, the Company has pot grantee loans and a even res on the basis or security by way of pledge of shares, debentures and other securities.

XIU. The Company is not a chit fund or nidhi /mutual benefit fund/society. Theretore, the provsison of this clause of the Companies Auditor s Order, 2003 (as amendedI is nor appl i cable to the Company,

XI According to information and expio nation a given to us, the Company is trading in Shares# fiat u a, funds i other investments. Proper records i timely entries have been maihtaj|ned in this regard further investments specified are held m their own name,

XV. According to the information and explanations given to us, the Company has not givor. any guarant Fees for itan taken by others from a bask or financial institition

XVI, Based or. our yudit procedures and an the information given by the r.ar.ager.ert, we leperL that tne company .has not rai sed any term loans during the year.

XVTI . Based cr the information and explanations giver: to us and on an overall examination of the Balance Sheet of the Company as at 31s' Marc.n, 2014, we report that no funds raised on short-term basis have been used, for long-term i:vestment by the Company,

VIII. Based on .he audit procedures performed and the informs tier, and cxplanati'-ns given to us by the management, we report that the Company has hot made any preferential allotment of shares during the year.

XIX. The Company ns no outstanding debentures iunr,a the period under audit.

XX. The Company has hot raised any money by public . ssue during the year.

XXI. Based Oh the audit procedures performed and the in formation. and explanations giver, lo is, we report mat no fraud on or by the Company has been noticed or reported during the year nor have we beer, informed of such 5ase by the management.

For JSA A, Associates Chartered Accountants Firm Reg Mo -E24521E

Megha Damia Place:- Kolkata Partner Dated' 20,05 2014 Mem No- 067194


Mar 31, 2013

We have audited the accompanying financial statements of STANLEY SCHAPPELL TRADE & FINANCE LIMITED, which comprise the Balance Sheet as at March 31, 2013 and the Statement of Profit and Loss for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position and financial performance of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

Opinion

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

a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2013; and

b) in the case of the Profit and Loss Account, of the loss for the year ended on March 31, 2013

Report on other ligal and Regulatory Requirements

I. 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.

II. 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 and Statement of Profit and Loss dealt with by this Report are in agreement with the books of account.

d) In our opinion, the Balance Sheet and Statement of Profit and Loss 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.

The Annaxura referred to in paragraph 1 of the Our Report of even date to the members of STANLEY SCHAPPELL TRADE 6 FINANCE LIMITED on the accounts of the company for the year ended 31st March, 2013.'

I. (a) According to information and explanation given to us the company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets.

(b) The physical verification of fixed assets is carried out at reasonable intervals by the management.

(c) No Fixed Assets were disposed off during the financial year concerned.

II. The Company is not having inventory and therefore provisions of clause 4(ii) is not applicable to the Company.

III. (a) According to the information and explanations given to us and on the basis of our examination of the books of account, 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. Consequently, the provisions of clauses iii (b), iii(c) and iii (d) of the order are not applicable to the Company.

(e) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not taken loans from companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 19S6. Thus sub clauses (f) & (g) are not applicable to the company.

IV. Since the Company has purchased fixed assets therefore the internal control procedure is applicable.

V. In our opinion and according to information & explanations given to us, there are no such transactions that need to be entered into a register in pursuance of section 301 of the Act.

X

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. According to information & explanation given to us, the company is not required to maintain cost records as prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Act.

IX. (a) According to the records of the company, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, cess to the extent applicable and any other statutory dues have generally been regularly deposited with the appropriate authorities. According to the information and explanations given to us there were no outstanding statutory dues as on 31st of March, 2013 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us, there is no amounts payabie 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 is not having accumulated losses more than 50% of its net worth.

The company has incurred cash losses during the financial year covered by audit.

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 expianations 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 trading in Shares, Mutual funds & other Investments. Proper records & timely entries have been maintained in this regard & further investments specified are held in their own name.

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 not raised any term loans during the year.

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 JSA & Associates Chartered Accountants Firm Reg. No. - 324521E

Dalmia Partner Mem No.067194


Mar 31, 2012

I. We have audited the attached Balance Sheet of STANLEY SCHAPPELL TRADE & FINANCE LIMITED as at 31/03/2012 signed by us under reference to this report and the relative Profit B Loss Account of the Company for the year ended 31/03/2012 which is in agreement with the books of account. 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.

II. We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit and obtain reasonable assurance about whether the Financial Statements 3re free of material misstatement. An audit includes, examining, on a test basis, evidence supporting the amounts and disclosures in the Financial Statement. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall fnancial statement presentation. We believe that our audit provides reasonable basis for our opinion.

III. We report as follows:

a) We have obtained all the information and explanations which to the best of our knowledge and belief, were necessary far the purpose of our Audit:

b) In our opinion proper Bocks of Accounts as required by Law have been kept by the Company so far as appears from our examination of the Books,

c) The Balance Sheet and Profit & Loss Account dealt with by the Report are in agreement with the Books of Accounts,

d) In our opinion, the Profit and Loss Account and Balance Sheet comply with the Accounting standards referred to in Section 211 (3C) of the Companies Act, IBSG to the extent applicable:

e) In our opinion none of the Directors are disqualified from being appointed as Director as per clause (g) of sub-section (I) of Section 274 of the Companies Act, I956

IV. In our opinion and to the best of our information and according to the explanations given to us, the Balance Sheet and the Profit & Loss Account read together with Notes thereon as required by the Companies Act, I956 in the manner so required, give a true and fair view:

i) in the case of the Balance Sheet of the State of affairs of the company as at 3I/Q3/2D12: and

ii) In the case of Profit & Loss Account, of the loss for the year ended 31/03/2012.

V. As required by Companies (Auditors Report) Order 2004 issued by Central Government of India in terms of section 227 (4A) of the Companies Act. I95B. we enclose in the annexure a statement on the matters specified in paragraphs 4 & 5 of the said order to extent applicable.

Annexure to Auditors Report

i) The company is not having fixed assets and therefore provision of clause 4(i) is not applicable to company,

ii) The company is not having inventory and therefore provision of clause 4(ii) is not applicable to company,

iii) The company has not granted or taken any loans, secured or unsecured to/from companies, firms or other parties covered in the register maintained under section 301 of the Act and therefore provision of clause 4(H) is not applicable to company.

iv) The company is not having fixed assets and inventories, therefore provision of clause 4(iv) is not applicable to company

v) In our opinion and according tD information & explanations given to us, there are no such transactions that need to be entered into a register in pursuance of section 3DI of the Act

vi) In our opinion and according to information & explanation given to us the company has not accepted deposits from the public,

vii) in our opinion the company has an adequate internal audit system commensurate with its size and nature of its business,

viii) According to information & explanation given to us, the company is not required to maintain cost records as prescribed by the Central Government under clause (d) of sub-section (I) of section 209 of the Act.

ix) (a) According to information & explanation given to us the company is generally regular in depositing undisputed statutory dues including Income tax, and any other material statutory dues with the appropriate authorities.

(b) According to information & explanation given to us the company has no disputed dues of sales tax/income tax/custom tax/wealth tax/excise duty/cess.

x) The company does not have accumulated losses more than 50% of its netwurth. The company, has incurred cash losses during the financial year covered by audit.

xi) In our opinion and according to information & explanation given to us the company has no dues to financial institution or bank.

xii) According to information & explanation given tu us. the company has not granted loans and advances on the basis of security by way of pledge of shares debenture and other documents.

xiii) According to information & explanation given to us, the provisions of nidhi / mutual benefit fund/societies is not applicable to company.

xiv) According to information & explanation given to us, the company is dealing or trading in shares, securities, debentures and other investments. The investments made by the company have been held by the company, in its own name.

xv) According to information S explanation given to us, the company has not given any guarantee for loans taken by others from bank or financial institutions.

xvi) According to information & explanation given to us, no term loans were obtained during the year.

xvii) According to information B explanation given to us and on overall examination of balance sheet no funds raised on short-, term basis have been used for long-term investment

xviii) According to information & explanation given to us the company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under section 301 of the Act

xix) According to information & explanation given to us no debentures issued during the year.

xx) According to information & explanation given to us no public issues have been made during the year.

xxi) According to information 8 explanation given to us no fraud on or by the company has been noticed or reported during the year.

For JSA & Associates Chartered Accountants Firm Reg. No - 32452IE

Megha Dalmia Place:- Kolkata Partner Bated 26.05.2012 Mem No:-0G7I94

 
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