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Auditor Report of Silver Oak Commercials Ltd.

Mar 31, 2014

Report on the Financial Statements

We have audited the accompanying financial statements of Silveroak Commercials Limited ("the Company"), which comprises of the Balance Sheet as at March 31,2014 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, the 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 true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

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

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

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

Opinion

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

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

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

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

Report on Other Legal and Regulatory Requirements.

1. As required by the Companies (Auditor''s Report) Order, 2003 ("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 accounts 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 sub-section (3C) of Section 211 of the Companies Act, 1956;

e. on the basis of written representations received from the Directors as on March 31, 2014, and taken on record by the Board of Directors, none of the Directors is disqualified as on March 31, 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 REFFERRED TO IN OUR REPORT OF EVEN DATE ON THE ACCOUNTS FOR THE YEAR ENDED MARCH 31, 2014 OF SILVEROAK COMMERCIALS LIMITED

On the basis of the information and explanations furnished to us and books and records examined by us in the normal course of audit and to the best of our knowledge and belief, we report that:

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

b) The assets have been verified by the management during the year. No material discrepancies were noticed on such verification.

c) The company has not disposed major parts of fixed assets during the year. The preparation of financial statements on a going concern basis is not affected on this account.

(ii) The Company has no inventory.

(iii) a) The Company has not granted Unsecured loan to a Company, firms or other parties covered in the register maintained under Section 301 of the Act.

b) The Company had taken loans from a party covered in the register maintained under section 301 of the Act. The maximum amount outstanding during the year was Rs. 10.00Lakhs.

c) In our opinion and according to the information and explanations given to us, the rate of interest and other terms and condition for such loans are not prima facie prejudicial to the interest of the Company.

d) In respect of loan taken, repayment of the principal amount is as stipulated and no payment of interest has been made.

(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, for the purchase of fixed assets and inventories and for sale of goods and services. During the course of our Audit, no major weakness has been noticed in the internal control system in respect of these areas.

(v) In respect of particulars of contracts or arrangements and transactions entered in the register maintained in pursuance of Section 301 of the Companies Act, 1956

a) To the best of our knowledge and belief and according to the information and explanations given to us, particulars of contracts or arrangements that needed to be entered into the register have been so entered.

b) None of the transactions made in pursuance of such contracts or arrangements exceed the value of Rupees Five Lacs in respect of any one such party in the financial year.

(vi) The Company has not accepted any deposits from the public within the meaning of Sections 58A and 58AA of the Act and the Companies (Acceptance of Deposits) Rules, 1975. Therefore, the provisions of Clause (vi) of paragraph 4 of the Order are not applicable to the Company.

(vi) The company has no formal internal audit system.

(vii) 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 Act, in respect of Company''s Products. Therefore, the provision of Clause (viii) of paragraph 4 of the Order are not applicable to the Company.

(ix) (a) 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, have generally been regularly deposited with the appropriate authorities.

(b) No undisputed amounts payable in respect of Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income - Tax, Sales - Tax, Service Tax, Wealth Tax, Custom Duty, Excise Duty and Cess and other material statutory dues applicable to the Company were in arrears as at March 31, 2014 for a period of more than six months from the date they became applicable.

(x) Based on our audit procedures and as per the information and explanations given by management, we are of the opinion that the Company has not defaulted in repayment of dues to the bank. There were no dues repayable to financial institutions and debenture holders during the year.

(xi) 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. Therefore, the provisions of Clause (xi) of paragraph 4 of the Order are not applicable to the Company.

(xii) In our opinion, the Company is not Chit Fund or Nidhi Mutual Benefit Fund/Society. Therefore, the provisions of Clause (xii) of paragraph 4 of the Order are not applicable to the Company.

(xiii) In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments. Therefore, the provisions of Clause (xiii) of paragraph 4 of the order are not applicable to the Company

(xiv) 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 financial institutions/banks.

(xv) Based on information and explanations given to us by the management, term loans were applied for the purpose for which the loans were obtained

(xvi) In our opinion and according to the information and explanations given to us and an overall examination of the Balance Sheet of the Company, we report that funds raised on short-term basis have not been used during the year for long term investment

(xvii) During the year, the Company has not made any preferential allotment of shares to parties covered in the register maintained under Section 301 of the Companies Act, 1956.

(xviii) According to the information and explanations given to us, the Company has not issued any secured debentures during the year.

(xix) The Company has not raised any money by public issue during the year. Therefore, the provisions of Clause (xix) of paragraph 4 of the Order are not applicable to the Company.

(xx) Based upon the audit procedures performed for the purpose of reporting the true and fair view of the financial statements and as per the information and explanations given by the management, we report that no fraud on or by the Company has been noticed or reported during the course of our audit.

For Soumitro Mukherjee & Co. Chartered Accountants

Soumitro Mukherjee Proprietor Membership No. 055585 Mumbai 30th May, 2014


Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of Silveroak Commercials Limited ("the Company"), which comprises of 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, the 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 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 weJL_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 loss for the year ended on that ; date; and

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

Report on Other Legal and Regulatory Requirements.

1. As required by the Companies (Auditor''s Report) Order, 2003 ("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 accounts 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 sub-section (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

On the basis of the information and explanations furnished to us and books and records examined by us in the normal course of audit and to the best of our knowledge and belief, we report that: /

i) The Company has no fixed assets.

ii) The Company has no inventory.

(iii) a) The Company has not granted Unsecured loan to a Company, firms or other parties covered in the register maintained under Section 301 of the Act.

b) The Company had taken loans from a party covered in the register maintained under section 301 of the Act. The maximum amount outstanding during the year was Rs. 15.00 lakhs.

c) In our opinion and according to the information and explanations given to us, the rate of interest and other terms and condition for such loans are not prima facie prejudicial to the interest of the Company.

d) In respect of loan taken, repayment of the principal amount is as stipulated and no payment of interest has been made.

(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, for the purchase of fixed assets and inventories and for sale of goods and services. During the course of our Audit, no major weakness has been noticed in the internal control system in respect of these areas.

(v) In respect of particulars of contracts or arrangements and transactions entered in the register maintained in pursuance of Section 301 of the Companies Act, 1956

a) To the best of our knowledge and belief and according to the information and / explanations given to us, particulars of contracts or arrangements that needed to be entered into the register have been so entered.

b) None of the transactions made in pursuance of such cpjitiacts or arrangements exceed the value of Rupees Five Lacs in respect party in the financial year.

vi The Company has not accepted any deposits from the public within the meaning of Sections1 58A and 58AA of the Act and the Companies (Acceptance of Deposits) Rules, 1975. Therefore, the provisions of Clause (vi) of paragraph 4 of the Order are not applicable to the Company. /

vii The company has no formal internal audit system.

viii 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 Act, in respect of Company''s Products. Therefore, the provision of Clause (viii) of paragraph 4 of the Order are not applicable to the Company.

ix (a) 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, have generally been regularly deposited with the appropriate authorities.

(b) No undisputed amounts payable in respect of Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income - Tax, Sales - Tax, Service Tax, Wealth Tax, Custom Duty, Excise Duty and Cess and other material statutory dues applicable to the Company were in arrears as at March 31, 2013 for a period of more than six months from the date they became applicable.

x) Based on our audit procedures and as per the information and explanations given by management, we are of the opinion that the Company has not defaulted in repayment of dues to the bank. There were no dues repayable to financial institutions and debenture holders during the year.

xi) 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. Therefore, the provisions of Clause

(xi) of paragraph 4 of the Order are not applicable to the Company.

xii) In our opinion, the Company is not Chit Fund or Nidhi Mutual Benefit Fund/Society. Therefore, the provisions of Clause 4 of the Order are not applicable to the Company.

xiii) In our opinion, the Company is not dealing in or trading in shares, securities, / debentures and other investments. Therefore, the provisions of Clause (xiii) of paragraph 4 of the order are not applicable to the Company

xiv) 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 financial institutions/banks.

xv) Based on information and explanations given to us by the management, term loans were applied for the purpose for which the loans were obtained

xvi) In our opinion and according to the information and explanations given to us and an overall examination of the Balance Sheet of the Company, we report that funds raised on short-term basis have not been used during the year for long term investment ''

xvii) During the year, the Company has not made any preferential allotment of shares to parties covered in the register maintained under Section 301 of the Companies Act, 1956.

xviii) According to the information and explanations given to us, the Company has not issued any secured debentures during the year.

xix) The Company has not raised any money by public issue during the year. Therefore, the provisions of Clause (xix) of paragraph 4 of the Order are not applicable to the Company.

xx) Based upon the audit procedures performed for the purpose of reporting the true and fair view of the financial statements and as per the information and explanations given by the management, we report that no fraud on or by the Company has been noticed or reported during the course of our audit.

For Soumitrd MukherjeeJ & fiesa

Chartered Acobuntanta

Soumitro Mukherjee

Proprietor

Membership No. 055585

Mumbai


Mar 31, 2011

We have audited the attached Balance Sheet of SILVER OAK COMMERCIALS LIMITED as at 31 march 2011 and also the Profit and Loss Account for the year ended on the 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 have conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatements An audit includes examining, on test basic, 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 statements presentation. We believe that our audit provides a reasonable basis for our opinion.

We report as follows:

1 As required by the companies (auditor's Report) Order, 2003 Issued by the Central Government of India, in terms of Section 227(4A) of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in the paragraphs 4 and 5 of the said Order.

2 Further to our comments in the annexure referred to in paragraph 1 above:

a) We have obtained all the infection and explanations, which to the best of our knowledge and belief were necessary for the purposes of our audit.

b) Kept by the company so far as appears from our examination of the books,

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

d) In our opinion, the Balance Sheet and profit & Loss Account dealt with by this reports comply with the Accounting standards refers company with the Accounting standards referred to in sub- section (3C) of section 211 of the companies Act. 1956.

e) On the basis of the written representations received from the Directors as on 31st march 2011 and taken on record by the Board of Directors, we do hereby certify that none of the Directors of the company i.e. SILVEROAK COMMERCIALS LIMITED as on 31st March 2011 is disqualified From being appointed as a director in the aforementioned company in terms of clause (g) of sub-section (1) of Section 274 of the companies. Act. 1956 on the said date

f) In our opinion and to the best of our information and according to the explanation given to us, the said accounts, read together with the significant Accounting policies and Notes forming pan of accounts, give the information required by the companies Act, 1956 in the manner accounting principles generally accepted in India;

i) In the case of the Balance Sheet, of the State of Affairs of the company as on 31st March 2011;

ii) In the case of the Profit and Loss account, of the Loss of the company for the year ended on the date.

1. The Company has no Fixed Assets during the year under Audit.

2. The securities are held as Investment by the company.

3. The Company has not granted / taken Unsecured Loan to/from Companies, firms or other parties listed in the Register maintained under Section 301 of Companies Act, 1956

4. In our opinion the Company has an Internal Control System to commensurate with its size and nature of its business.

5. In our opinion and according to the information given to us. the transactions that need to be entered in the register maintained under section 301 of the Companies Act, 1956 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 Section 58 A and 58AA of the Companies Act,1956 and Rules under are not applicable to the Company.

7. The clause relating to the Internal Audit System is not applicable to the Company.

8. Maintenance of Cost Records under Section 209(1)(d)of the Companies Act, 1956 are not applicable to the Company.

9. The Company has no undisputed statutory dues payable to the government outstanding for more than six months as on the balance sheet date,

10. The company has not accumulated losses as at 31 March 2011 which more than 50% of the net worth of the Company.

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. The provisions of any Special Statute applicable to chit fund, nidhi or Mutual benefit/societies are not applicable to the company.

14. The company has maintained proper records of transaction and contracts in respect of investment in shares, securities debentures and other investment and timely entries have been made therein. All shares debentures and other investment have been held by the company in its own name.

15. According to the information any explanations given to us the Company has not given any guarantee for loans taken by others from banks and financial and therefore paragraph 4(xv) Of the order is not applicable to the Company.

16. No Term loans have taken during the year of Audit

17. On the basis of an overall examination of the financial statements of the company, there are no funds raised on a short term basis which have been used for long term investment and vise versa.

18. The company has not made any preferential allotment of shares during the year to any parties and companies covered in the Register maintained under section 301 of the companies Act, 1956.

19. The company has not issued any debentures during the year.

20. The company has not raised any money by public issues during the year.

21. To the best of our knowledge and explanations gives to us, no fraud on or by the company has been noticed or reported during the year.

For Soumitra Mukherjee & Co.

Chartered Accountants

C.A.S.Mukherjee

Proprietor

Place: Mumbai Membership No. 55585

Date : 5th September, 2011.

 
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