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Auditor Report of Shyama Infosys Ltd.

Mar 31, 2014

We have audited the accompanying financial statements of SHYAMA INFOSYS LIMITED which comprise the Balance Sheet as at 31st March, 2014 and the Statement of Profit and Loss for the year then ended and a summary of significant accounting policies and other explanatory information.

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

AUDITOR''S RESPONSIBILITY

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

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

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

OPINION

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

(i) in the case of the Balance Sheet of the state of affairs of the Company as at 31st March, 2014;

(ii) in the case of the Statement of Profit and Loss of the LOSS 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 Companies Act, 1956, we enclose in the annexure, a statement on the matters specified in paragraphs 4 and 5 of the said 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 dealt with by this Report are in agreement with the books of account.

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

(e) On the basis of written representations received from the directors, and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2014 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 THE AUDITORS'' REPORT

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

(ii) The company does not carry any inventory as such other sub clauses are not applicable for reporting.

(iii) The Company has not granted or taken any loans, secured or unsecured during the year from/to Companies, firms or other parties listed in the Register maintained under Section 301 of the Companies Act, 1956 as such other sub clauses are not applicable for reporting.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedure commensurate with the size of the Company and the nature of its business for purchase of fixed assets etc and sell thereof.

(v) (a) To the best of our knowledge and belief and according to the information and explanations provided by the management, we have been informed that company has not made any transactions that needed to record in the register maintained under section 301 of the companies Act 1956 as such other sub clauses are not applicable for reporting.

(b) According to the information and explanations given to us, the transactions have been made at prices which are prima facie reasonable having regard to the prevailing market prices at the relevant time.

(vi) According to the information and explanations given to us, the company has not accepted any deposits within the meaning of Sections 58A and 58AA of the Companies Act, 1956.

(vii) The Company does not have an Independent Internal Audit system.

(viii) The Company''s management has informed us that the Central Government has not prescribed the maintenance of cost records under section 209(1)(d) of the Companies Act, 1956, for any product/s of the Company.

(ix) (a) According to the information and explanation give to us and the records of the Company examined by us, in our opinion the Company is generally regular in depositing the undisputed statutory dues including Income tax and other taxes, cess and other material statutory dues as applicable with the appropriate authorities of India.

(b) The Company has been regular in making payment of its Income tax and other taxes, cess and other material statutory dues as applicable during the year. According to the records of the Company examined by us and the information and explanation given to us, there were no disputed amounts payable in respect of Income tax except serial no 14 to note 15 and other taxes, cess and other material statutory dues that were outstanding as on the end of the financial year.

(X) The Company has accumulated losses as at the Balance Sheet date but does not exceed the limit as required under order and it has incurred cash losses during the financial year and in the immediately preceding financial year.

(XI) According to the records of the Company examined by us and the information and explanation given to us, the Company has not defaulted in repayment of dues to any financial institution or bank or debenture holders as at the Balance Sheet date.

(XII) According to the records of the Company examined by us and the information and explanation given to us, the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(XIII) The provisions of any special statute applicable to chit fund/nidhi/mutual benefit fund/societies are not applicable to the Company.

(XIV) The company is not dealing in or trading in shares, securities and dentures. Accordingly, the provisions of clause 4(xiv) of the companies (Auditor''s Report) order, 2003 are not applicable.

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

(XVI) The Company has not taken any term loans during the current financial year.

(XVII) Based on the information and explanations given to us and on overall examination of the Balance Sheet of the Company, no funds raised on short term basis have been used during the year for long term purpose or vice versa.

(XVIII) The company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956, have been priced which are not prejudicial to the interest of the Company.

(XIX) The Company has not issued any debentures during the year.

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

(XXI) To the best of knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company was noticed or reported during the year.

For S. K. DAS & ASSOCIATES

Chartered Accountants Address : 45, B. B. Ganguly Street FRN 313040E Kolkata - 700 012 T. K. DATTA Dated : 29th May, 2014 PARTNER M. No. 51814


Mar 31, 2013

REPORT ON THE FINANCIAL STATEMENTS

We have audited the accompanying financial statements of SHYAMA INFOSYS LIMITED which comprise the Balance Sheet as at 31 st March, 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 RESPONSIBILTY 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 of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

AUDITOR''S RESPONSIBILITY

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

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

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

OPINION

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

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

(ii) in the case of the Statement of Profit and Loss of the LOSS 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 Companies Act, 1956, we enclose in the annexure, a statement on the matters specified in paragraphs 4 and 5 of the said 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 dealt with by this Report are in agreement with the books of account.

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

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

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

(ii) The company does not carry any inventory as such other sub clauses are not applicable for reporting.

(iii) The Company has not granted or taken any loans, secured or unsecured during the year from/to Companies, firms or other parties listed in the Register maintained under Section 301 of the Companies Act, 1956 as such other sub clauses are not applicable for reporting.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedure commensurate with the size of the Company and the nature of its business for purchase of fixed assets etc and sell thereof.

(v) (a) To the best of our knowledge and belief and according to the information and explanations provided by the management, we have been informed that company has not made any transactions that needed to record in the register maintained under section 301 of the companies Act 1956 as such other sub clauses are not applicable for reporting.

(b) According to the information and explanations given to us, the transactions have been made at prices which are prima facie reasonable having regard to the prevailing market prices at the relevant time.

(vi) According to the information and explanations given to us, the company has not accepted any deposits within the meaning of Sections 58A and 58AA of the Companies Act, 1956.

(vii) The Company does not have an Independent Internal Audit system.

(viii) The Company''s management has informed us that the Central Government has not prescribed the maintenance of cost records under section 209(1 )(d) of the Companies Act, 1956, for any product/ s of the Company.

(ix) (a) According to the information and explanation give to us and the records of the Company

examined by us, in our opinion the Company is generally regular in depositing the undisputed statutory dues including Income tax and other taxes, cess and other material statutory dues as applicable with the appropriate authorities of India.

(b) The Company has been regular in making payment of its Income tax and other taxes, cess and other material statutory dues as applicable during the year. According to the records of the Company examined by us and the information and explanation given to us, there were no disputed amounts payable in respect of Income tax except serial no 14 to note 15 and other taxes, cess and other material statutory dues that were outstanding as on the end of the financial year.

(X) The Company has accumulated losses as at the Balance Sheet date but does not exceed the limit as required under order and it has incurred cash losses during the financial year and in the immediately preceding financial year.

(XI) According to the records of the Company examined by us and the information and explanation given to us, the Company has not defaulted in repayment of dues to any financial institution or bank or debenture holders as at the Balance Sheet date.

(XII) According to the records of the Company examined by us and the information and explanation given to us, the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(XIII) The provisions of any special statute applicable to chit fund/nidhi/mutual benefit fund/societies are not applicable to the Company.

(XIV) The company is not dealing in or trading in shares, securities and dentures. Accordingly, the provisions of clause 4(xiv) of the companies (Auditor''s Report) order, 2003 are not applicable.

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

(XVI) The Company has not taken any term loans during the current financial year.

(XVII) Based on the information and explanations given to us and on overall examination of the Balance Sheet of the Company, no funds raised on short term basis have been used during the year for long term purpose or vice versa.

(XVIII) The company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956, have been priced which are not prejudicial to the interest of the Company.

(XIX) The Company has not issued any debentures during the year.

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

(XXI) To the best of knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company was noticed or reported during the year.

For S. K. DAS & ASSOCIATES

Chartered Accountants

Address : 45, B. B. Ganguly Street FRN313040E

Kolkata - 700 012 T- K'' DATTA

Partner

Dated : 10th May, 2013 M. No. 51814


Mar 31, 2009

We have audited the attached Balance Sheet of SHYAMA INFOSYS LIMITED (Formerly known as Poonam Corporation Limited) as at 31 st March, 2009 and also the Profit & Loss Account for the year ended on that date annexed thereto. These financial statements are the responsibilities of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

We have 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 auditalso 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. We hereby report thai :-

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

(ii) In our opinion, the company has kept proper books of account as required by law so far as appears from our examination of those books.

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

(iv) In our opinion, the Balance Sheet and Profit & 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.

(v) On the basis of written representations received from the directors, as on the Balance Sheet date, none of the Directors is disqualified 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 accounts give the information require by the Companies Act, 1956 in the manner so required and give a true and fair view (subject to notes of Accounts) 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 31 st March, 2009 and

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

ANNEXURE TO AUDITORS REPORT

(i) The Company has maintained proper records of Fixed Assets showing full particulars, including quantitative details and situation thereof.

a. The management informed us that the Fixed Assets have been physically verified at the year- end and no material discrepancy between the book records and the physical inventory has been noticed.

b. The Company has not disposed any substantial part of fixed assets during the year affecting the going concern status of the Company.

(ii) The Investments in Shares, which are held in materialised/physical form, has been physically verified by the management at reasonable intervals. Those held by the Company in dematerialised form are in accordance to the statement issued by the depositories and brokers.

a. The procedures of physical verification followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

b. The Company has maintained proper records of investments; No discrepancies were noticed on verification between the physical stock and the book records.

(iii) The Company has not granted or taken any loans, secured or unsecured during the year from / to Companies firms or other parties listed in the Register maintained under Section 301 of the Companies Act, 1956.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedure commensurate with the size of the Company and the nature of its business with regard to purchase of stock and other assets and sale of goods.

(v) To the best of our knowledge and belief and according to the information and explanations provided by the management, we are of the opinion that the transactions that need to be entered into the register have been so entered.

(vi) According to the information and explanations given to us, the transactions have been made at prices which are prima facie reasonable having regard to the prevailing market prices at the relevant time.

(vii) According to the information and explanations given to us, the Company has not accepted any deposits within the meaning of Sections 58A and 58AA of the Companies Act, 1956.

(viii) The Company does not have an Independent Internal Audit system.

(ix) The Companys management has informed us that the Central Government has not prescribed the maintenance of cost records under section 209 (1) (d) of the Companies Act, for any product/s of the Company.

(x) According to the information and explanation give to us and the records of the Company examined by us, in our opinion the Company is generally regular in depositing the undisputed statutory dues including Income Tax and the taxes, cess and other material statutory dues as applicable with the appropriate authorities of India.

(xi) The Company has been regular in making payment of its Income tax and other taxes, cess and other material statutory dues as applicable during the year. According to the records of the Company examined by us and the information and explanation given to us, there were no disputed amounts payable in respect of Income Tax and other taxes, cess and other material statutory dues that were outstanding as on the end of the financial year.

(xii) The Company has accumulated losses as at the Balance Sheet date and it has incurred cash losses during the financial year and also in the immediately preceding financial year.

(xiii) According to the records of the company examined by us and the information and explanation given to us, the Company has not defaulted in repayment of dues to any financial institution or bank or debenture holders as at the Balance Sheet date.

(xiv) According to the records of the company examined by us and the information and explanation given to us, the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(xv) The provisions of any special statute applicable to chit fund / nidhi / mutual benefit fund / societies are not applicable to the Company.

(xvi) In respect of the Companys dealings and trading in shares, securities, debentures and other investments, the Company has maintained proper records of the transactions are contracts and regular entries have been made. Since, the principal business of the Company is not consists of buying and selling of shares / securities, section 49 does not require the Company to hold its shares / securities in its own name.

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

(xviii) The Company has not taken any term loans during the current financial year.

(xix) Based on the information and explanations given to us and on overall examination of the Balance Sheet of the Company, funds raised on short terms basis have prima facie, not been used during the year for long term investment or vice versa, other than temporary deployment pending application or for repayments.

(xx) The preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956, have been priced which are not prejudicial to the interest of the Company.

(xxi) The Company has not issued any debentures during the year.

(xxii) The Company has not raised any money by public issue during the year.

(xxiii) To the best of knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company was noticed or reported during the year.

For S. K. DAS & ASSOCIATES

Chartered Accountants

45, B. B. Ganguly Street

Sd/-

Kolkata-700012 T. K.DATTA

Dated : 31 st July, 2009 Partner

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