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Auditor Report of Shree Global Tradefin Ltd.

Mar 31, 2015

We have audited the accompanying standalone financial statements of SHREE GLOBAL TRADEFIN LIMITED ('the Company'), which comprise the Balance Sheet as at 31 March 2015, the Statement of Profit and Loss and the Cash fow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Standalone 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 standalone 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; 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 an opinion on these standalone 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 thereunder.

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

An audit involves performing procedures to obtain audit evidence about the amounts and 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, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company's Directors, as well as evaluating the overall presentation of the financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone 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 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 the paragraph 3 and 4 of the Order, to the extent applicable.

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

(a) we have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.

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

(c) the balance sheet, the statement of Profit and loss and the cash fow statement dealt with by this Report are in agreement with the books of account;

(d) in our opinion, the aforesaid standalone 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; and

(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 has disclosed the impact of pending litigations on its financial position in its financial statements – Refer Note 18 to the financial statements;

ii. the Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts; and

iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.

Annexure to the Independent Auditors' Report

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

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

(b) The Company has a regular programme of physical Verification of its fixed assets by which fixed assets are verified in a phased manner over a period of three years. In accordance with this programme, certain fixed assets were verified during the year and no material discrepancies were noticed on such verification. In our opinion, this periodicity of physical Verification is reasonable having regard to the size of the Company and the nature of its assets.

(ii) (a) The Company is into trading activity and does not have opening and closing inventory. Hence, physical Verification was not required at the year end. Hence the reporting under sub para (b) and (c) are not applicable.

(iii) As per the information and explanations given to us and based on the entries in the secretarial registers maintained by the Company, in our opinion, the Company has not granted loans to bodies corporate covered in the register maintained under section 189 of the Act. Hence, reporting under sub para (a) and (b) are not applicable.

(iv) 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 sale of goods. We have not observed any major weakness in the internal control system during the course of the audit.

(v) Based on the explanation given to us by the management and the Company Secretary, the Company has not accepted any deposits as prescribed in the Act and hence, is not required to comply with Section 73 to 76 of the Act.

(vi) In the opinion of the management, the Central Government has not prescribed the maintenance of cost records under section 148(1) of the Act, in respect of trading activity and hence such records have not been maintained by the Company.

(vii) (a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, amounts 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 employees' 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.

(b) According to the information and explanations given to us, there are no material dues of wealth tax, duty of customs and cess which have not been deposited with the appropriate authorities on account of any dispute except as listed hereunder:

Name of Nature of Amount (in Rs) Period to Forum where the statute dues which the dispute is amount relates pending

2,74,92,735 FY - 2005-06#

MVAT Act, Tax, Appeal Filed 2,61,13,429 FY - 2005-06# 2002 Penalty & with Deputy Interest 12,84,78,191 FY - 2008-09# Comm. Of

58,75,358 FY - 2009-10# Appeal

1,36,06,831 FY - 2008-09#

2,80,27,644 FY - 2007-08

2,92,06,541 FY - 2007-08

10,53,26,852 FY - 2006-07

Income Tax Tax, Appeal Filed

72,03,66,459 FY - 2007-08 Act, 1961 Penalty & with CIT

Interest* 1,44,50,69,328 FY - 2008-09 Appeal

1,20,04,94,687 FY - 2009-10

# The stay orders have been received against the amount disputed and not deposited.

* The Company has fled appeals before the appropriate authorities after the Balance Sheet date.

(c) According to the information and explanations given to us the amounts which were required to be transferred to the investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules there under has been transferred to such fund within time.

(viii) The Company have 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.

(ix) The Company did not have any outstanding dues to financial institutions, banks or debenture holders during the year.

(x) In our opinion and according to the information and the explanations given to us and based on secretarial registers certified by the Secretarial auditor, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

(xi) The Company has not obtained any term loans during the year and hence this clause is not applicable.

(xii) According to the information and explanations given to us, no material fraud on or by the Company has been noticed or reported during the course of our audit.

For Ashok S. Jain & Co.

Chartered Accountants

Firm Registration No. 111791W

Ashok S. Jain

Proprietor

Membership No. 044964

Place: Mumbai Date: 27.05.2015


Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of Shree Global Tradefin Limited, which comprise the Balance Sheet as at March 31,2013, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

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

Auditor''s Responsibility

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

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

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

Opinion

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

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

(b) in the case of the 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, 2003 ("the Order") issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

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

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

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

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

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

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

ANNEXURE TO AUDITORS'' REPORT [Referred to in above the Auditor''s Report of even date to the Members of Shree Global Tradefin Limited on the Financial Statements for the year ended 31st March, 2013]

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

(b) As per the information and explanation given to us, fixed assets are physically verified at intervals by the management which in our opinion is reasonable having regard to the size of the company and the nature of its assets.

(c) In our opinion and according to the information and explanation given to us, the Company has not disposed off its substantial part of fixed assets during the year.

ii. (a) The physical verification of inventory has been conducted at reasonable intervals by the management

(b) The procedures followed by the management for physical verification of inventory are reasonable and adequate in relation to size of the company and the nature of business.

(c) The Company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification by the management.

iii. (a) According to information and explanation given to us, the company has neither granted nor taken any secured or unsecured loans to / from companies, firms, parties covered in the register maintained under Section 301 of the Act.

In view of the above, provisions of clause 4(iii) (b), 4(iii) (c), 4(iii) (d), 4(iii) (f) and 4(iii) (g) are not applicable to the company

iv. In our opinion and according to the information and explanations given to us, there are adequate internal control systems commensurate with the size of the Company and the nature of its business, for the purchase of inventory and for the sale of goods. Further we have neither come across nor have been informed of any instance of major weaknesses or continuing failure to correct major weaknesses in internal control system

v. According to the information and explanations given to us, there are no contracts or arrangements that need to be entered into a register in pursuance of section 301 of the Companies Act, 1956. Hence, we have no comments to offer in respect of clause v (b) of the order

vi. According to the information and explanation given to us, the company has not accepted any deposits from the public within the meaning of Section 58A and 58AA of the Act and the rules framed there under. Hence the provisions of clause 4(vi) is not applicable to the company

vii. In our opinion and according to information and explanation given to us, the company has internal audit system commensurate with its size and nature of its business.

viii. We are informed that maintenance of cost records has not been prescribed by the central government under section 209(1) (d) of the Companies Act, 1956 for any of the products of the company. Hence, the provisions of clause 4(viii) are not applicable to the company.

ix. (a) According to the books and records as produced and examined by us in accordance with generally accepted auditing practices in India and also Management representations, undisputed statutory dues in respect of Provident Fund, profession tax, income tax, sales tax and all other statutory dues have been regularly deposited by the company during the year with the appropriate authorities in India.

(b) As per the records of the company, as at March 31, 2013, there have been no disputed dues in respect of statutory liabilities.

x. The company''s accumulated losses as on 31st March, 2013 are less than fifty percent of the net worth of the company and the Company has not incurred any cash losses during the current and the immediately preceding financial year.

xi. According to the records of the company examined by us and the information and explanations given to us, the Company has not taken any loan from financial institutions or banks or by way of debentures, hence the provisions of clause 4 (xi) is not applicable to the Company.

xii. The company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures and other securities during the year. Hence the provisions of clause 4 (xii) are not applicable to the company.

xiii. In our opinion, considering the nature of activities carried on by the Company during the year, the provisions of any special statute applicable to chit fund/ nidhi/ mutual benefit fund/ societies are not applicable to it. Hence the provisions of clause 4 (xiii) are not applicable to the company.

xiv. In our opinion and according to the information and explanations given to us and the records of the Company examined by us, the company has maintained proper records of transactions and contracts and timely entries have been made for dealing or trading in shares, securities, debentures and other investments. All the shares, securities, debentures and other securities have been held by the company in its own name.

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

xvi. In our opinion and according to the information and explanations given to us, the Company has not taken any term loan. Hence the provisions of clause 4(xvi) are not applicable to the company

xvii. On the basis of overall examination of the Balance Sheet of the company and according to information and explanations given to us, there are no funds raised on short-term basis, which have been used for long-term investments.

xviii. According to the information and explanations given to us, 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.

Accordingly clause 4(xviii) of the order is not applicable.

xix. The company has not issued any debentures during the year and accordingly, the creation of securities of charge thereof does not arise.

xx. In our opinion and according to information and explanation given to us, the company has not raised any money by public issue during the year. Hence the provisions of clause 4(xx) are not applicable to the company.

xxi. During the course of our examination of the books of accounts and records of the company, carried in accordance with the generally accepted auditing practices in India and according to information and explanations given to us, we report that no fraud on or by the Company has been noticed or reported during the year.

For Ashok S. Jain & Co.

Chartered Accountants

ICAI Firm Registration No: 111791W

Ashok S. Jain

Place : Mumbai Proprietor

Dated : 28th May, 2013 M. No. : 044964


Mar 31, 2012

1. We have audited the attached Balance Sheet of SHREE GLOBAL TRADEFIN LIMITED (the Company) as at 31st March, 2012 and also the Statement of Profit and Loss and the Cash Flow statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

3. As required by the Companies (Auditor's Report) Order 2003 as amended by the Companies (Auditor's Report) (Amendment) Order, 2004 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956 and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

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

(i) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the 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 appears from our examination of those books;

(iii) The Balance Sheet and the Statement of Profit and Loss and the Cash Flow dealt with by this report are in agreement with the books of account;

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

(v) On the basis of written representation received from the directors and taken on record by the Board of Directors, we report that none of the directors is disqualified as at 31st March, 2012 from being appointed as a director in terms of 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 financial statements read together with the notes thereon and attached thereto give the information required by the Companies Act, 1956, in thes 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, oi the state of affairs of the Company as at 31st March, 2012; and

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

(c) in the case of the Cash Flow statement, of the cash flow of the company for the year ended on 31!1 March, 2012.

ANNEXURE TO THE AUDITORS' REPORT

(Referred to in paragraph 3 of our report of even date)

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

(b) According to the information and explanations given to us all the assets have been physically verified, at intervals, by the management during the year, which in our opinion is reasonable, having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

(c) In our opinion, a substantial part of the fixed assets has not been disposed off by the company during the year.

(ii) (a) The physical verification of inventory has been conducted at reasonable intervals by the management.

(b) The procedures followed by the management for physical verification of inventory are reasonable and adequate in relation to size of the company and the nature of business.

(c) The Company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification.

(iii) (a) The company has neither granted any loan nor taken any loan, secured or unsecured to / from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly sub-clauses (a) to (g) of clause 4(iii) of the Order are not applicable.

(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 with regard to the sale of goods. The activities of the company do not include sale of services. Further, on the basis of our examination of the books and records of the Company, and according to the information and explanations given to us, we have neither come across nor have been informed of any instance of major weaknesses in the aforesaid internal control system.

(v) (a) In our opinion and according to the information and explanations given to us, there are no contracts or arrangements referred to in the section 301 of the act during the year that need to be entered into the register maintained under that section. Accordingly clause 4(v)(b) of the Order is not applicable

(vi) The Company has not accepted any deposits from public within the meaning of the provisions of Sections 58A and 58AA or any other relevant provisions of the act, and the rules framed there under. Accordingly clause 4(vi) of the Order is not applicable.

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

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

(ix) (a) According to the information and explanations given to us and the records of the Company examined by us, in our opinion, the Company is regular in depositing the undisputed statutory dues including provident fund, investor education and protection fund, employee's state insurance, income tax, sales tax, wealth tax, service tax, custom duty, excise duty, cess and other material statutory dues as applicable, with the appropriate authorities. Based on our audit procedure and according to the information and explanations given to us, no undisputed dues payable in respect of provident fund, investor education and protection fund, employee's state insurance, income tax, sales tax, wealth tax, service tax, customs duty, excise duty and cess were in arrears, as at 31st March, 2012 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 are no dues in respect of income tax, wealth tax, service tax, sales tax, customs duty, excise duty and cess which have not been deposited on account of any dispute.

(x) The company does not have any accumulated losses as at 31st March 2012. The company has not incurred cash losses in the financial year under audit. The company has however incurred cash losses in the financial year immediately preceding the current financial year.

(xi) The Company has not taken any loan from banks. Accordingly clause 4 (xi) of the order is not applicable.

(xii) The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. Accordingly clause 4(xii) of the Order is not applicable.

(xiii) The Company is not a chit fund, nidhi or mutual fund or a society. Accordingly clause 4(xiii) of the Order is not applicable.

(xiv) According to the information and explanation given to us and the records of the Company examined by us, in our opinion, the company has maintained proper records of transactions and contracts and timely entries have been made for dealing or trading in shares, securities, debentures and other investments. All the shares, securities, debentures and other securities have been held by the company in its own name.

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

(xvi) The Company has not taken any term loans during the year. Accordingly clause 4 (xvi) of the order is not applicable.

(xvii) According to the information and explanations given to us and on an overall examination of the balance sheet of the company, in our opinion, no funds raised on short term basis have been used for long term investment.

(xviii) According to the information and explanations 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. Accordingly clause 4(xviii) of the Order is not applicable.

(xix) The company has not issued any debentures. Accordingly clause 4(xix) of the Order is not applicable.

(xx) The company has not raised any money by public issue during the period. Accordingly clause 4(xx) of the Order is not applicable.

(xxi) According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the period.

For M. V. Krishna Moorthy

Chartered Accountant

M. V. Krishna Moorthy

Place: Mumbai (Proprietor)

Date : 30/5/ 2012 M.No. 5859


Mar 31, 2010

1. We have audited the attached Balance Sheet of SHREE GLOBAL TRADEFIN LIMITED (the Company) as at 31st March, 2010 and also the Profit and Loss Account and the Cash Flow statement for the year ended on that date 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.

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

3. As required by the Companies (Auditors Report) Order 2003 as amended by the Companies (Auditors Report) (Amendment) Order, 2004 issued by the Central Government of India in terms of sub section (4A) of section 227 of the Companies Act, 1956 and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

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

(i) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the 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 appears from our examination of those books;

(iii) The Balance Sheet and Profit and Loss Account and the Cash Flow dealt with by this report are in agreement with the books of account;

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

(v) On the basis of written representation received from the directors, as at 31st March" 2010 and taken on record by the Board of Directors, we report that none of the directors is disqualified as at 31st March, 2010 from being appointed as a director in terms of 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 financial statements read together with the notes thereon and attached thereto give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

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

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

(c) in the case of the Cash Flow statement, of the cash flow of the company for the year ended on 31s1 March, 2010.

ANNEXURE TO THE AUDITORS REPORT (Referred to in paragraph 3 of our report of even date)

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

(b) According to the information and explanations given to us all the assets have been physically verified, at intervals, . by the management during the year, which in our opinion is reasonable, having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

(c) In our opinion, a substantial part of the fixed assets has not been disposed off by the company during the year.

(ii) (a) The physical verification of inventory has been conducted at reasonable intervals by the management.

(b) The procedures followed by the management for physical verification of inventory are reasonable and adequate in relation to size of the company and the nature of business.

(c) The Company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification.

(iii) (a) The company has neither granted any loan nor taken any loan, secured or unsecured to / from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly sub-clauses (a) to (g) of clause 4(iii) of the Order are not applicable.

(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 with regard to the sale of goods. The activities of the company do not include sale of services. Further, on the basis of our examination of the books and records of the Company, and according to the information and explanations given to us, we have neither come across nor have been informed of any instance of major weaknesses in the aforesaid internal control system.

(v) (a) In our opinion and according to the information and explanations given to us, there are no contracts or arrangements referred to in the section 301 of the act during the year that need to be entered into the register maintained under that section. Accordingly clause 4(v)(b) of the Order is not applicable

(vi) The Company has not accepted any deposits from public within the meaning of the provisions of Sections 58A and 58AA or any other relevant provisions of the act, and the rules framed there under. Accordingly clause 4(vi) of the Order is not applicable.

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

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

(ix) (a) According to the information and explanations given to us and the records of the Company examined by us, in our opinion, the Company is regular in depositing the 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 and other material statutory dues as applicable, with the appropriate authorities. Based on our audit procedure and according to the information and explanations given to us, no undisputed dues payable in respect of provident fund, investor education and protection fund, employees state insurance, income tax, sales tax, wealth tax, service tax, customs duty, excise duty and cess were in arrears, as at 31st March, 2010 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 are no dues in respect of income tax, wealth tax, service tax, sales tax, customs duty, excise duty and cess which have not been deposited on account of any dispute.

(x) In our opinion, the accumulated losses as at 31sl March 2010 are not more than fifty percent of its networth and it has not incurred cash losses in the financial year under audit and in the immediately preceding financial year.

(xi) The Company has not taken any loan from banks. Accordingly clause 4 (xi) of the order is not applicable.

(xii) The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. Accordingly clause 4(xii) of the Order is not applicable.

(xiii) The Company is not a chit fund, nidhi or mutual fund or a society. Accordingly clause 4(xiii) of the Order is not applicable.

(xiv) According to the information and explanation given to us and the records of the Company examined by us, in our opinion, the company has maintained proper records of transactions and contracts and timely entries have been made for dealing or trading in shares, securities, debentures and other investments. All the shares, securities, debentures and other securities have been held by the company in its own name.

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

(xvi) The Company has not taken any term loans during the year. Accordingly clause 4 (xvi) of the order is not applicable.

(xvii) According to the information and explanations given to us and on an overall examination of the balance sheet of the company, in our opinion, no funds raised on short term basis have been used for long term investment.

(xviii)According to the information and explanations 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. Accordingly clause 4(xviii) of the Order is not applicable.

(xix) The company has not issued any debentures. Accordingly clause 4(xix) of the Order is not applicable.

(xx) The company has not raised any money by public issue during the period. Accordingly clause 4(xx) of the Order is not applicable.

(xxi) According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the period.

For M. V. Krishna Moorthy

Chartered Accountant

M. V. Krishna Moorthy

Place: Mumbai (Proprietor)

Date: 29/5/2010 M.No. 5859






Mar 31, 2003

1. We have audited the attached Balance Sheet of M/s Shree Global Tradefin Limited as at 31st March, 2003 and also the Profit & 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.

2. We conducted our audit in accordance with Auditing Standards Generally Accepted in India. These Standads require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of materia! misstatement. An audit includes examining, on 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 evaluting the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. 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, encloses in the Annexure a statement on (he matters specified in Paragraph 4 and 5 of the said order.

4. Further to our comments are annexure referred to in Paragraph 1 above.

a) We have obtained all the information and explanation, which is to the best of our knowledge and belief were necessary for the purpose of our audit.

b) In our opinion proper books of accounts, as required by law, have been kept by the Company so far as it appears from our exmination of such books.

c) The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the books of account.

d) 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 (3C) of section 211 of the Companies Act, 1956 to the extent applicable.

5.In view of the foregoing paragraphs, in our opinion and to the best of our information and according to the explanations given to us, the said Balance Sheet and Profit and Loss Account read with the other notes thereon give the information required by the Companies Act, 1956, in the manner so required and gives a true and fair view in conformity with the accounting principles generally accepted in India.

1. In the case of the Balance Sheet of the state of affairs of the Company as at 31st March, 2003

and

2. In the case of the Profit & Loss Account of the LOSS of the Company for the year ended on that date.

6 On the basis of written representation received from the Directors as on 31st March, 2003, and taken on record by the board of Directors we report that none of the Directors are qualified from being appointed as a Director in terms of Section 274(1) (g) of the Companies Act, 1956.

AS REQUIRED BY THE MANUFACTURING AND OTHER COMPANIES (AUDITORS REPORT) ORDER, 1988

i) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. All the assets have not been verified during the year, but according to the information and explanations given to us, there is a regular programme of verification which in our opinion is reasonable having regard to the size of the Company and the nature of is assets. No Material discrepancies between book records and physical inventory have been noticed in respect of the assets physically verified.

ii) The Company has not taken any loans, secured or unsecured from Companies, Firms or other parties listed in the registered maintained under Section 301 of the Companies Act, 1956 and/or from the Companies under the same management as defined under section 370(IB) of the Companies Act, 1956.

iii) The Company has not given loans, secured or unsecured to Companies, Firms or other parties listed in the register maintained under Section 301 and/or section 370 of the Companies Act, 1956.

iv) The principal amount and interest wherever stipulated thereon, in respect of loans and advances in the nature of loans given by the purchase of company to parties/employees have been recovered regularly as stipulated.

v) There is adequate internal control procedures commensurate with the size of the Company and the nature of its business for the purchase of goods and assets and for sale of goods.

vi) In our opinion and according to the information and explanation given to us, there are no transcation of purchase of goods, materials and services and sale of goods made in pursuance of contract or arrangement entered in the register maintained u/s.301 of the Companies Act, 1956 aggregating during the year to Rs.50,000/- or more in respect of each party.

vii) As per information and explanation given to us there are no unserviceable or damaged goods. Hence the question of provision for the loss does not arise.

viii) In our opinion and according to the information and explanations given to us, the Company has not accepted any deposit under Section 58A of the Companies Act, 1956.

ix) The Company has no by-products or scrap and hence the question of maintaining records does not arise.

x) According to the information and explanations given to us maintenance of cost records has not been prescribed by the Central Government u/s.209(1)(d) of the Companies Act, 1956.

xi) The Company has been regular in depositing Provident Fund dues with the appropriate authorities. The E S I Scheme is not applicable to the Company.

xii) We are informed that there are no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax, Custom Duty and Excise Duty outstanding as on 31st March, 2003 for a period of more than 6 months from the date of they become payable.

xiii) In our opinion and according to the information and explanation given to us, there are no personal expenses charged to revenue account during the year.

xv) The Company is not a Sick Industrial Company within the meaning of Clause (O) of Sub-section (3) of the Sick Industrial Companies (Special Provision) Act, 1985.

xv) In connection with the trading activities, we are informed that there were no damaged goods requiring determination.

xvi) The Company has not granted loans and advances on the basis of security of pledge of shares, debentures and other securities.

xvii) We are informed that the provisions of any special statue applicable to Chit Fund, Nidhi or Mutual Benefit Society do not apply to the Company.

xviii) The Company has maintained proper records in respect of dealing in shares and that timely entries have been held in the name of the Company as on 31" March, 2003.

As per the information and explanations given to us Point No.(iii),(iv),(v) & (vi) of Clause 4A of the Order are - not applicable to the Company.

For M.V KRISHNA MOORHTY Chartered Accountants

(M.V. KRISHNA MOORTHY) Proprietor

Place : Mumbai Dated: 30.06.2003

 
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