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Auditor Report of Silicon Valley Infotech Ltd.

Mar 31, 2015

1. We have audited the accompanying financial statements of SILICON VALLEY INFOTECH LIMITED ("the Company"), which comprise the Balance Sheet as at March 31,2015 and the Statement of Profit and Loss, the Cash Flow Statement for the year ended, and a summary of significant accounting policies and other explanatory information.

MANAGEMENT'S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

2. 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 flow 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

3. Our responsibility is to express an opinion on these financial statements based on our audit.

4. We have taken into account the provisions of the Act and the Rules made there under including the accounting standards and matters which are required to be included in the audit report.

5. We conducted our audit in accordance with the Standards on Auditing specified under section 143 (10) of the Act and other applicable authoritative pronouncements issued by the Institute of Chartered Accountants of India. Those Standards and pronouncements 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.

6. 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 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 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.

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

OPINION

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

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

9. As required by the Companies (Auditor's Report) Order, 2015 issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act (hereinafter referred to as the "Order"), 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 give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order.

10. 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 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 and the Cash Flow Statement, dealt with by this Report are in agreement with the books of account.

d) In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies(Accounts) Rules, 2014.

e) On the basis of written representations received from the directors as on March 31,2015, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2015, from being appointed as a director in terms of 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 knowledge and belief and according to the information and explanations given to us :

I. The Company has disclosed the impact of pending litigations as at 31st March, 2015 on its financial positions in its financial statements.

II. The Company has made provision as at 31st March, 2015, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts.

III. There has been no delay in transferring amounts, to be transferred, to the Investor Education and Protection Fund by the Company during the year ended 31st March, 2015.

ANNEXTURES TO THE INDEPENDENT AUDITORS' REPORT

Referred to in our Report of even date to the members of SILICON VALLEY INFOTECH LIMITED on the Accounts for the year ended on 31.03.2015.

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

b) The fixed assets are physically verified by the Management according to a phased programme designed to cover all the items over a period of three years which, in opinion, is reasonable having regard to the size of the Company and the nature of its assets. Pursuant to the programme, a portion of the fixed assets has been physically verified by the Management during the year and no material discrepancies have been noticed on such verification.

2. The Company has no physical inventory during the year and accordingly, Paragraphs 3(ii) of the order is not applicable.

3. The Company has not granted any loans, secured or unsecured, to Companies, firms or others parties as covered in the Register maintained under Sec 189 of the Companies Act, 2013 ('the Act').

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regards to purchase of fixed assets and for sale of goods and services. Further on the basis of our examinations 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 we been informed of, any continuing failure to correct major weakness in the aforesaid internal control system.

5. The Company has not accepted any deposits from the public within the meaning of Sections 73 and 74 of the Act and the rules framed there under to the extent notified.

6. As informed and to the best of our knowledge and as explained, the Central Government has not prescribed the maintenance of cost records under sub-section (1) of Section 148 of the Act, in respect of services carried out by the Company.

7. 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 undisputed other statutory dues including Custom Duty, Excise Duty, Investor Education Protection Fund, Provident Fund, Employees State Insurance, Sales Tax, Wealth Tax, Service Tax, Cess and other materials statutory dues, as applicable, with the appropriate authorities.

b) As at 31st March, 2015 according to the records of the Company examined by us , there was no undisputed amount payable in respect of Income Tax, and any other statutory dues were outstanding for a period of more than six months from the date they become payable. Further as informed to us provisions relating to Custom Duty, Excise Duty, Investor Education Protection Fund, Provident Fund, Employees State Insurance, Sales Tax, Wealth Tax, Service Tax, Cess and other statutory dues, if any are presently not applicable to the Company.

8. The Company does have accumulated losses at the end of the financial year. Further it has incurred cash losses during the financial year ended on that date and in the immediately preceding financial year.

9. Based on our audit procedures and as per books of records maintained by the company and according to the information and explanations given by the management, the company did not have any borrowings during the year. Hence Clause 4 (xi) of order is not applicable to the Company.

10. According to the records of the Company examined by us and the information and explanations 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 except Rs.1,70,59,000 due to Rural Electrification Corporation Ltd. for which REC has filed a recovery suit which is pending at the Court of Law.

11. According to the information and explanations given to us and as per the books of records, the company has not given any guarantee for loans taken by others from bank or financial institutions during the year.

12. The Company has not obtained any term loans during the year. Accordingly clause 4(xvi) of the Order is not applicable to the Company.

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

For P. K. AJITSARIA & CO. Chartered Accountants FRN 317046E Pawan Kumar Ajitsaria Place : Kolkata partner Dated : 28th day of May, 2015 Membership No. 053109


Mar 31, 2014

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

MANAGEMENT''S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

2. Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, and financial performance of the Company in accordance with the Accounting Standards referred to in sub-section (3C) ofsection 211 ofthe 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

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

4. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''sjudgment, 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.

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

OPINION

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

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

(b) in the case of the statement of Profit and Loss, of the LOSS for the year ended on that date;

(c) in the case of the Cash Flow statement, of the cash flow for the year ended on that date; and

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

7. 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.

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

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

b) In our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books and proper returns adequate for the purposes of our audit have been received from branches not visited by us;

c) The Balance Sheet and Statement of Profit and Loss, dealt with by this Report are in agreement with the books of account and with the returns received from branches not visited by us;

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 ofwritten representations received from the directors as on March 31,2014, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31,2014, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 ofthe Companies Act, 1956.

ANNEXURES TO THE INDEPENDENT AUDITORS'' REPORT

Referred to in our Report of even date to the members of SILICON VALLEY INFOTECH LIMITED on the Accounts for the year ended on 31.03.2014.

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

b) During the year fixed assets have been physically verified by the management of the Company. In our opinion, the frequency ofverification is reasonable regard to the size ofthe company and the nature of its fixed assets.

c) During the year no substantial disposal of fixed assets, which would affect the going concern of the Company.

2. The Company has no stock (inventory) during the year and accordingly, Paragraphs 4 (ii) (a), (b) & (c) of the order is not applicable to the Company.

3. a) The Company has not granted any loans, secured or unsecured, to Companies, firms or others parties as covered in the Register maintained under Sec 301 of the Companies Act, 1956. Hence the Provisions of Clause 4 (iii) (b), (c) and (d) of order are not applicable.

b) The Company has not taken any loans, secured or unsecured, to Companies, firms or others parties as covered in the Register maintained under Sec 301 of the Companies Act, 1956. Hence the Provisions of Clause 4 (iii) (f) and (g) of order are not applicable.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business. Further on the basis of our examinations and according to the information and explanations given to us we have neither come across nor have we been informed of any instance of major weakness in the aforesaid internal control system.

5. In respect of transactions entered in the register maintained in pursuance of Section 301 of the Companies Act, 1956:-

(a) Based on audit procedures applied by us, to the best of our knowledge and belief and according to the information and explanations given to us, we are of the opinion that the transactions that needed to be entered into the register maintained under section 301 have been so entered.

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

6. The Company has not accepted any deposits from the public. In our opinion and according to the information and explanations given to us the directives issued by the Reserve Bank of India and the provisions of sections 58A, 58AA or any other relevant provisions of the Act, and the rules framed there under, to the extent applicable have been complied with.

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

8. As informed and to the best of our knowledge and as explained, 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 out by the Company.

9. a) According to the information and explanations given to us and according to the Books and

records as produced and examined by us, in our opinion, the company is regular in depositing undisputed Income Tax, and any other statutory dues. Further as informed to us provisions relating to Custom Duty, Excise Duty, Investor Education Protection Fund, Provident Fund, Employees State Insurance, Sales Tax, Wealth Tax, Service Tax, Cess and other statutory dues , if any are presently not applicable to the Company.

b) As at 31st March, 2014 according to the records of the Company and the information and explanations given to us, there was no undisputed amount payable in respect of Income Tax, and any other statutory dues were outstanding for a period of more than six months from the date they become payable. Further as informed to us provisions relating to Custom Duty, Excise Duty, Investor Education Protection Fund, Provident Fund, Employees State Insurance, Sales Tax, Wealth Tax, Service Tax, Cess and other statutory dues , if any are presently not applicable to the Company.

10. The Company does have accumulated losses at the end of the financial year. Further it has incurred cash losses during the financial year ended on that date and in the immediately preceding financial year.

11. Based on our audit procedures and as per books of records maintained by the company and according to the information and explanations given by the management, the company did not have any borrowings during the year. Hence Clause 4 (xi) of order is not applicable to the Company.

12. According to the information and explanations given to us and based on the documents and records produced 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.

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

14. a) According to the information and explanations given by the management and based on the

documents and records produced to us, in respect of dealing in shares and securities, in our opinion that the Company maintaining proper records of the transactions and contracts of dealing in shares, securities and other Investment, timely entries have been made therein.

b) Based on our audit procedures and as per books of records maintained by the company and according to the information and explanations given by the management, the Investment in shares and securities are held by the company in its own name, except those which are kept as margin with the broker and as disclosed in the financial statement.

15. According to the information and explanations given to us and as per the books of records, the company has not given any guarantee for loans taken by others from bank or financial institutions during the year.

16. The Company has not obtained any term loans during the year. Accordingly clause 4(xvi) of the Order is not applicable to the Company.

17. Based on the information and explanations given to us and on an overall examination of the balance sheet of the Company, we report that no any funds raised on short term basis have been used for long term investments.

18. The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 ofthe Companies Act, 1956. Accordingly, clause 4(xviii) of the order is not applicable.

19. The Company did not have any outstanding debentures during the year. Accordingly, clause 4(xix) of the order is not applicable.

20. The Company has not raised any money by public issues during the year. Accordingly, clause 4(xx) of the order is not applicable.

21. Based upon audit procedures performed for the purposes of reporting the true and fair view of the financial statements and as per the information and explanation furnished by the management, we report that there were no fraud on or by the company has been noticed or reported by the management during the course of our audit.

For P. K. AJITSARIA & CO. Chartered Accountants FRNo. 317046E

Pawan Kumar Ajitsaria Place : Kolkata Partner Date : 29th day of May, 2014 Membership No. 053109


Mar 31, 2013

REPORT ON THE FINANCIAL STATEMENTS

1. We have audited the accompanying financial statements of SILICON VALLEY INFOTECH 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

2. 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

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

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

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

OPINION

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

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

(b) in the case of the statement of Profit and Loss, of the PROFIT for the year ended on that date;

(c) in the case of the Cash Flow statement, of the cash flow for the year ended on that date; and REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

7. 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.

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

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

b) In our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books and proper returns adequate for the purposes of our audit have been received from branches not visited by us;

c) The Balance Sheet and Statement of Profit and Loss, dealt with by this Report are in agreement with the books of account and with the returns received from branches not visited by us;

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.

ANNEXTURES TO THE INDEPENDENT AUDITORS'' REPORT

Referred to in our Report of even date to the members of SILICON VALLEY INFOTECH COMPANY LIMITED on the Accounts for the year ended on 31.03.2013.

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

b) During the year fixed assets have been physically verified by the management of the Company. In our opinion, the frequency of verification is reasonable regard to the size of the company and the nature of its fixed assets.

c) During the year no substantial disposal of fixed assets, which would affect the going concern of the Company.

2. The Company has no stock (inventory) during the year and accordingly, Paragraphs 4 (ii) (a), (b) & (c) of the order is not applicable to the Company.

3. a) The Company has not granted any loans, secured or unsecured, to Companies, firms or others parties as covered in the Register maintained under Sec 301 of the Companies Act, 1956. Hence the Provisions of Clause 4 (iii) (b), (c) and (d) of order are not applicable.

b) The Company has not taken any loans, secured or unsecured, to Companies, firms or others parties as covered in the Register maintained under Sec 301 of the Companies Act, 1956. Hence the Provisions of Clause 4 (iii) (f) and (g) of order are not applicable.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business. Further on the basis of our examinations and according to the information and explanations given to us we have neither come across nor have we been informed of any instance of major weakness in the aforesaid internal control system.

5. In respect of transactions entered in the register maintained in pursuance of Section 301 of the Companies Act, 1956 :-

(a) Based on audit procedures applied by us, to the best of our knowledge and belief and according to the information and explanations given to us, we are of the opinion that the transactions that needed to be entered into the register maintained under section 301 have been so entered.

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

6. The Company has not accepted any deposits from the public. In our opinion and according to the information and explanations given to us the directives issued by the Reserve Bank of India and the provisions of sections 58A, 58AA or any other relevant provisions of the Act, and the rules framed there under, to the extent applicable have been complied with.

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

8. As informed and to the best of our knowledge and as explained, 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 out by the Company.

9. a) According to the information and explanations given to us and according to the Books and records as produced and examined by us, in our opinion, the company is regular in depositing undisputed Income Tax, and any other statutory dues. Further as informed to us provisions relating to Custom Duty, Excise Duty, Investor Education Protection Fund, Provident Fund, Employees State Insurance, Sales Tax, Wealth Tax, Service Tax, Cess and other statutory dues , if any are presently not applicable to the Company.

b) As at 31st March, 2013 according to the records of the Company and the information and explanations given to us, there was no undisputed amount payable in respect of Income Tax, and any other statutory dues were outstanding for a period of more than six months from the date they become payable. Further as informed to us provisions relating to Custom Duty, Excise Duty, Investor Education Protection Fund, Provident Fund, Employees State Insurance, Sales Tax, Wealth Tax, Service Tax, Cess and other statutory dues , if any are presently not applicable to the Company.

10. The Company does not have any accumulated losses at the end of the financial year. Further it has not incurred any cash losses during the financial year ended on that date and in the immediately preceding financial year.

11. Based on our audit procedures and as per books of records maintained by the company and according to the information and explanations given by the management, the company did not have any borrowings during the year. Hence Clause 4 (xi) of order are not applicable to the Company.

12. According to the information and explanations given to us and based on the documents and records produced 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.

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

14. a) According to the information and explanations given by the management and based on the documents and records produced to us, in respect of dealing in shares and securities, in our opinion that the Company maintaining proper records of the transactions and contracts of dealing in shares, securities and other Investment, timely entries have been made therein.

b) Based on our audit procedures and as per books of records maintained by the company and according to the information and explanations given by the management, the Investment in shares and securities are held by the company in its own name, except those which are kept as margin with the broker and as disclosed in the financial statement.

15. According to the information and explanations given to us and as per the books of records, the company has not given any guarantee for loans taken by others from bank or financial institutions during the year.

16. The Company has not obtained any term loans during the year. Accordingly clause 4(xvi) of the Order is not applicable to the Company.

17. Based on the information and explanations given to us and on an overall examination of the balance sheet of the Company, we report that no any funds raised on short term basis have been used for long term investments.

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

19. The Company did not have any outstanding debentures during the year. Accordingly, clause 4(xix) of the order is not applicable.

20. The Company has not raised any money by public issues during the year. Accordingly, clause 4(xx) of the order is not applicable.

21. Based upon audit procedures performed for the purposes of reporting the true and fair view of the financial statements and as per the information and explanation furnished by the management, we report that there were no fraud on or by the company has been noticed or reporteo1 by the management during the course of our audit.

For P. K. AJITSARIA & CO.

Chartered Accountants FRN 317046E

Place : Kolkata Pawan Kumar Ajitsaria

Partner

Dated : The 30th day of May, 2013 Membership No. 053109


Mar 31, 2012

We have audited the attached Balance Sheet of M/s. SILICON VALLEY INFOTECH LIMITED, as at 31 st March, 2012 and also the Statement of Profit and Loss 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.

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

Further, we report that:

1. We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes of our audit;

2. In our opinion, proper books of accounts as required by law, have been kept by the Company so far as appears from our examination of those books ;

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

4. 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, to the extent applicable;

5. On the basis of written representations received from the directors, as on 31 st March, 2012 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 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 ;

6. In our opinion and to the best of our information and according to the explanations given to us, the said accounts 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, 2012.

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

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

7. As required by the Companies (Auditor's Report) Order, 2003, and 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, we enclose in the annexure a statement on the matters specified in paragraph 4 and 5 of the said Order.

(Referred to in Paragraph 7 of our Report of even date on the Accounts of Silicon Valley infotech Limited as on 31.03.2012J

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

(b) Fixed Assets have been physically verified by the management of the Company during the year, which in our opinion is reasonable having regard to the Company and the nature of its fixed assets.

(c) There is no disposal of fixed assets during the year.

2. (a) As explained to us, the inventory has been physically verified during the year by the management.

In our opinion, the frequency of verification is reasonable.

i (b) In our opinion and according to the information and explanation given to us, the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) In our opinion and according to the information and explanations given to us, and on the basis of our examination of the records of inventory, the Company is maintaining proper records of inventory.

The discrepancies noticed on physical verification of inventory as compared to the book records were not material and have been properly dealt with in the books of account.

3. The Company has neither given nor taken any loan, secured and unsecured loans, to/from any Company, firms or other parties covered in the register maintained under section 301 of the Act.

4. 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 nature of its business with regard to the purchase of inventory and fixed assets, and with regard to the sale of goods & services. During the course of our audit, no major weakness has been noticed in the internal controls.

5. There were no transactions that need to be entered in the register maintained under Section 301 of the Companies Act, 1956.

6. In our opinion and according to the information and explanations given to us, the Company has not accepted deposits from the public and therefore, the provisions of the Section 58A and 58AA of the Companies Act, 1956 and rules there under are not applicable to the Company.

7. In absence of any Internal Audit Report, we are not in a position to state whether internal audit system commensurate with the size and the nature of its business.

8. To the best of our knowledge and as explained, the Central Government has not prescribed maintenance of cost records under clause (d) of sub-section (1) of Section 209 of the Companies Act, 1956 for the products of the Company.

9. (a) According to the records of the Company and information and explanations given to us, the

Company has been regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Customs Duty, Excise Duty, Service Tax & Cess and other statutory dues with the appropriate authorities during the year.

(b) There were no disputed amount payable in respect of Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, CustomDuty, Excise Duty, Service Tax, cess and other material statutory dues in arrears as at 31st March, 2012 for a period of more than six months from the date it become payable.

10. The Company does not have accumulated losses as at the end of the year and the Company has not incurred cash losses during current and the immediately preceding financial year.

11. Based on our audit procedures and on the basis of information and explanations given by the management, we are of the opinion that Company has not defaulted in the repayment of dues to financial institutions, banks and debenture holders.

12. According to the information and explanations 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.

13. In our opinion and according to the information and explanations given to us, the nature of activities of the Company does not attract any special statute applicable to chit fund and nidhi / mutual benefit fund / societies.

14. Based on the records examined by us and according to the information and explanations given to us, we are of the opinion that the Company is maintaining proper record of the transactions and contracts of dealing in shares and securities and that timely entries have been made in these records.

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

16. To the best of our knowledge and belief and according to the information and explanations given to us, the Company were, prima facie, applied by the Company during the year for the purpose for which loans were obtained.

17. According to the information and explanations given to us and overall examination, we report that no fund raised on short-term basis have used for long-term investment.

18. The Company has not made any preferential allotment of shares to parties or companies covered in the register maintained under Section 301 of the Companies Act, 1956.

19. The.Company has not issued any debentures.

20. The Company has not raised any money through a public issue during the year.

21. Based on information and explanation furnished by the management, which have been relied upon by us, there were no frauds on or by the Company noticed or reported during the year.

For P. K. AJITSARIA & CO.

Chartered Accountants

FRN 317046E Pawan Kumar Ajitsqria

Place : Kolkata Partner

Dated : The 25th day of May, 2012 Membership No. 53109


Mar 31, 2011

We have audited the attached Balance Sheet of Silicon Valley Infotech Limited, as at 31 st March, 2011 and also the Profit and Loss Account 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.

We conducted our audit in accordance with auditing standards generally accepted in India. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of materia! 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.

Further, we report that:

1. We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes of our audit;

2. In our opinion, proper books of accounts as required by law, have been kept by the Company so far as appears from our examination of those books ;

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

4. 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, to the extent applicable ;

5. On the basis of written representations received from the directors, as on 31 st March, 2011 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 2011 from being appointed as a Director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956 ;

6. In our opinion and to the best of our information and according to the explanations given to us, the said accounts 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 31 st March, 2011.

b) In the case of the Profit & Loss Account, of the Profit for the year ended on that date. c} In the case of Cash Flow Statement of the cash flows for the year ended on that date.

7. As required by the Companies (Auditor's Report) Order, 2003, and as amended by the Companies (Auditor's Report), (Amendment) Order, 2004 issued by the Central Government 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 paragraph 4 and 5 of the said Order.

(Referred to in Paragraph 7 of our Report of even date on the Accounts of Silicon Valley fnfotech Limited as on 31.03.2011;

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

(b) Fixed Assets have been physically verified by the management of the Company during the year, which in our opinion is reasonable having regard to the Company and the nature of its fixed assets.

(c) There was no substantial disposal of fixed assets during the year, which would affect the going concern of the Company.

2. (a) As explained to us, the inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

(b) In our opinion and according to the information and explanation given to us, the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) In our opinion and according to the information and explanations given to us, and on the basis of our examination of the records of inventory, the Company is maintaining proper records of inventory. The discrepancies noticed on physical verification of inventory as compared to the book records were not material and have been properly dealt with in the books of account.

3. The Company has neither granted nor taken unsecured loans, to/from companies, firms or other parties covered in the register maintained under section 301 of the Act.

4. 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 nature of its business with regard to the purchase of inventory and fixed assets, and with regard to the sale of goods & services. During the course of our audit, no major weakness has been noticed in the internal controls.

5. In respect of transactions entered in the register maintained in pursuance of Section 301 of the Companies Act, 1956 :-

Based on audit procedures applied by us, to the best of our knowledge and belief and according to the information and explanations given to us, we are of the opinion that the transactions that needed to be entered into the register maintained under Section 301 have been so entered.

6. In our opinion and according to the information and explanations given to us, the Company has not accepted deposits from the public and therefore, the provisions of the Section 58A and 58AA of the Companies Act, 1956 and rules there under are not applicable to the Company.

7. In absence of any Internal Audit Report, we are not in a position to state whether internal audit system commensurate with the size and the nature of its business.

8. To the best of our knowledge and as explained, the Central Government has not prescribed maintenance of cost records under clause (d) of sub-section (1) of Section 209 of the Companies Act, 1956 for the products of the Company.

9. (a) According to the records of the Company and information and explanations given to us, the Company has been regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income Tax, Sales Tax" Wealth Tax. Customs Duty, Excise Duty, Service Tax & Cess and other statutory dues with the appropriate authorities during the year.

(b) According to the information & explanation givento us, disputed amount in respect of Income Tax is as follows :-

Nature of Demand Amount Year Cases pending with

Income Tax Rs. 1,77,044.00 Accounting Year Commission of -03-04 Assessment Year Income Tax -04-05 Appeal (1)

10. The Company has accumulated losses of Rs. 336.99 lacs as at the end of the year. However, the Company has not incurred cash losses during current year.

11. Based on our audit procedures and on the basis of information and explanations given by the management, we are of the opinion that Company has defaulted in the repayment of dues to financial institutions.

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

13. In ouropinion and according to the information and explanations given to us, the nature of activities of the Company does not attract any special statute applicable to chit fund and nidhi / mutual benefit fund /societies.

14. (a) Based on the records examined by us and according to the information and explanations given to us, we are of the opinion that the Company is maintaining proper record of the transactions and contracts of dealing in shares and securities and that timely entries have been made in these records.

(b) Based on our audit procedures and to the best of our knowledge and belief and according to the informat.on and explanations given to us, the shares and securities have been held by the Company, in its own name.

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

16. To the best of our knowledge and belief and according to the information and explanations given to us, the Company has not availed any term loan.

17. We have been informed by the management that no funds have been raised and used and hence clause (xvii) is not applicable.

18. The Company has not made any preferential allotment of shares to parties or companies covered in the register maintained under Section 301 of the Companies Act, 1956.

19. The Company did not have any outstanding debentures during the year.

20. The Company has not raised any money through a public issue during the year.

21. Based on information and explanation furnished by the management, which have been relied upon by us, there were no frauds on or by the Company noticed or reported during the year.

For P. K. AJITSARIA & CO. Chartered Accountants (Firm Registration No. 317046E)

Pawan Kumar Ajitsaria Proprietor (Membership No. 53109)

Place : Kolkata Dated : 27th day of May, 2011


Mar 31, 2010

We have audited the attached Balance Sheet of Sillicon valley infotech Limited, as at 31st March, 2010 and also the Profit and Loss Account for the year ended on that date annexed thereto. These financial statements are the resposibility of the Companys management. Our responsibility is to express an opion on these financial statements based on out audit.

We conducted out audit in accourdance with auditing intandala generally acospted in India. These standards requira that we plan and perform the audit to obtain ressonable assurance about whether the financial statements are gree of material miselalement. An audit includes examining, on a last besis. evidences aupportinh the amounts and discloseres in the financial statements. An audit also inclides assessing the accounting principles used and signigicant: estimates made by management. as well as evalusting the overall financial statement presertation. We believe that out audit provides a reasonable basis for out opinton.

Further we report that:

1. We have obtained all the information and explanations, which to the best of our knowledge and best of were necessaru for the purposes of out audit;

2. In our opinion, proper tools of accounts as required by law, have been kept by the Company so far an appears from out examination of those books:

3. The balance Sheet and Profit and Loss Account deat with by this report in agreement with the books of account:

4. In our opinion, the Balance Sheet and Profit & Loss Account deals with by this report comply with the accounting standards referrd to in sub-section (3C) of Section 211 of the Companies Act, 1958, to the esient applicable:

5. On the basic of written repracentations received from the directors, as on 31st March, 2010 and taken on record by the Board of Directors, we report that none of the directors is diequalified as on 31st March, 2010 from being appointed as a Director in terms of clause (g) of sub-section (1) of Section 274 of the Comanies Act, 1956:

6. In our opinion and to the best of out information and accoriding to the explanstions given to us, the said accounts give the information required by the Companies Act, 1958, in the manner so required and give a true and far view in conformity with the accounting principles penerally acceptad in India:

a. In the case of the Balance Sheet, of the state of effaits of the Company as at 31st March, 2010.

b. In the case of the Profit & Loss Account, of the Profit for the year ended on that date.

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

7, As required by the Companies (Auditors Report) Order, 2003, and as emended by the Companies (Auditors Report), (Amendment) Order, 2004 issued by the Central Government 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 paragraph 4 and 5 of the said Order

(Referred to in Paragraph 7 of our Report of even date on the Accounts of Silicon Valley Infotech Limited as on 31.03.2010;

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

(b) Fixed Assets have been physically verified by the management of the Company during the year, which in our opinion is reasonable having regard to the Company and the nature of its fixed assets.

(c) There was no substantial disposal of fixed assets during the year, which would affect the going concern of the Company,

2, (a) As explained to us, the inventory has been physically verified during the year by the management.

In our opinion, the frequency of verification is reasonable.

(b) In our opinion and according to the information and explanation given to us, the procedures of physical verification of inventory followed by the management are reasonable end adequate in relation to the size of the Company and the nature of its business.

{c) In our opinion and according to the information end explanations given to us. and on the basis of our examination of the records of inventory, the Company is maintaining proper records of Inventory. The discrepancies noticed on physical verification of Inventory as compared to the book records were not material and have been properly dealt with in the books of account.

3, The Company has neither granted nor taken unsecured loans, to/from companies, firms or other parties covered in the register maintained under section 301 of the Act.

A. 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 nature of its business with regard to the purchase of inventory and fixed assets, and with regard to the sale of goods & services. During the course of our audit, no major weakness has been noticed in the Internal controls.

5. In respect of transactions entered in the register maintained in pursuance of Section 301 of the Companies Act, 1956:-

Based on audit procedures applied by us, to the best of our knowledge and belief and according to the ! information and explanations given to us, we ere of the opinion that the transactions that needed to be entered into the register maintained under Section 301 have been so entered. .

6. In our opinion and according to the information and explanations given to us, the Company has not accepted deposits from the public and therefore, the provisions of the Section 58A and 58AA of the Companies Act, 1956 and rules there under are not applicable to the Company,

7. In absence of any Internal Audit Report, we are not in a position to state whether Internal audit system commensurate with the size and the nature of its business,

8. To the best of our knowledge and as explained, the Central Government has not prescribed maintenance of cost records under clause (d) of sub-section (1) of Section 209 of the Companies Act, 1956 for the products of the Company.

9. (a) According to the records of the Company and Information and explanations given to us, the Company has been regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Customs Duty, Excise Duty Service Tax & Cess and other statutory dues with the appropriate authorities during the year

(b) According to the information & explanation given to us, disputed amount in respect of Income Tax is as follows :-

Nature of Demand Amount Year Cases pending with

Income Tax Rs. 1,77,044.00 Accounting Year-03-O4 Commission of

Assessment Year-04-05 Income Tax Appeal (1)

10. The Company have accumulated losses of Rs, 236.27 lacs as at the end of the year. However, the Company has not Incurred cash losses during current year.

11. Based on our audit procedures and on the basis of information and explanations given by the management, we are of the opinion thai Company has defaulted In the repayment of dues to financial institutions.

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

13. In our opinion and according to the information and explanations given to us. the nature of activities of the Company does not attract any special statute applicable to chit fund and nidhi / mutual benefit fund / societies, For P. K.AJITSARIA & CO.

Chartered Accountants

(Firm Registration No, 317046E)

Pawan Kumar Ajitsaria

Place: Kolkata Proprietor

Dated : 26th day of May, 2010 (Membership No. 53109)

 
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