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Auditor Report of Skyline Ventures India Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of Skyline Ventures India Limited ("the Company"), which comprise the Balance Sheet as at March 31st, 2015, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of signifcant accounting policies and other explanatory information.

Management's Responsibility for the financial Statements

The Company's Board of Directors is responsible for the matters stated in Section 134(5) Companies Act, 2013 ("the Act") with respect to the preparation of these financial statements that give a true and fair view of the financial position, inancial performance and cash fows of the Company in accordance with the Accounting Principles generally accepted in India, including Accounting Standards specifed 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 provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgements and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating efectively 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.

Auditors' Responsibility

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

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

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

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditors' judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of the financial Statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. 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.

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

opinion

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

a) in the case of the Balance Sheet, of the state of afairs of the company as at 31st March, 2015;

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 fows for the year ended on that date.

Report on other Legal and Regulatory Requirements

As required by the Companies (Auditor's Report) order, 2015 ("the order"), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2013, we have given in the Annexure a statement on the matters specifed in Paragraphs 3 and 4 of the order to the extent applicable.

As required by section 143(3) of the Act, we report that:

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

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

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

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

e) on the basis of the written representations received from the directors as on 31st March, 2015 taken on record by the Board of Directors, none of the directors is disqualifed as on 31st March, 2015 from being appointed as a director in terms of Section 164 (2) of the Act.

f) With respect to the other matters included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

i. The Company does not have any pending litigations which would impact its financial position;

ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses;

iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

For P S Nagaraju & Co

Chartered Accountants

(Firm Reg: 011447S)

Sd/-

CA P.S.Nagaraju

Hyderabad Partner

May 30th, 2015 (Member Ship No: 210268)


Mar 31, 2013

Report on the Financial Statements:

1. We have audited the accompanying financial statements of M/s SKYLINE VENTURES INDIA LIMITED ("the Company") which comprises the Balance sheet as at March 31, 2013, and the Statement of Profit and Loss account and the Cash Flow Statement for the year ended as on that date, and the summary of significant accounting policies and other explanatory information.

Management''s responsibility for the Financial Statements:

2. The company''s 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 ("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:

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 Profit and Loss Account, of the profit for the year ended on that date; and

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

Report on other Legal and Regulatory Requirements:

7. As required by the Companies (Auditor''s Report) Order, 2003 as amended by the Companies (Auditor''s Report) (Amendment) Order, 2004 (together the ''Order''), issued by the Central Government of India in terms of Section 227 (4A) of the Companies Act, 1956 (''the Act''), since in our opinion and according to the information and explanations given to us, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the 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

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 &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, 2013from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

f) Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

ANNEXURE TO THE AUDITORS'' REPORT

(Referred to in Paragraph (3) of our Report of even date to the members of

SKYLINE VENTURES INDIA LIMITED

I. a) The company has maintained proper records showing full particulars including situation of fixed assets.

b) The fixed assets have been physically verified by the management at reasonable intervals which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

c) No fixed assets have been sold during the year so as to affect the going concern status of the company.

II. a) Physical verification of inventory has been conducted by the management at reasonable intervals.

b) The procedure of physical verification of inventory followed by the management is reasonable and adequate in relation to the size of the company and the nature of its business.

c) The company is maintaining proper records of inventory. No material discrepancies were noticed were noticed on such physical verification.

III. The Company has not granted nor taken any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained under Section 301 of the Act. Therefore, the provisions of Clause 4(iii) [(b), (c) and (d) / (f) and (g)] of the said Order are not applicable to the Company.

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 inventory and for the sale of services. Further, on the basis of our examination of the books and records of the Company, and according to the information and explanations given to us, we have neither come across, nor have been informed of, any continuing failure to correct major weaknesses in the aforesaid internal control system.

V. To the best of our knowledge and belief and according to the information and explanations given to us, we are of the opinion that there were no contracts or arrangements that need to be entered in the register maintained under section 301 of the Companies Act, 1956. Therefore, the provisions of Clause 4(v)[(a) and (b)] of the said Order are not applicable to the Company.

VI. The company has not accepted any deposits from public during the year within the meaning of Section 58A and 58AA of the Companies Act, 1956 and Companies (Acceptance of Deposits) Rules 1975 with regard to the deposits accepted form public during the current financial year.

VII. In our opinion, the Company has an internal audit system commensurate with the size and nature of its business.

VIII. According to the information and explanations given to us, the central government has not prescribed the maintenance of cost records under section 209(1) (d) of the Companies Act, 1956 for the products of the company.

IX. a) The company is regular in depositing undisputed statutory dues with appropriate authorities including provident fund, Employees State insurance, Income Tax, Wealth Tax, Service tax, Custom duty, Excise duty, cess and other material dues applicable to it.

b) There are no undisputed statutory dues outstanding as on 31st March,2013 for a period of more than six months from the date they become payable.

c) In our opinion and according to the information and explanations given to us, Company has made the payments after deducting the Tax as per the provisions of IT Act.

X. The Company does not have accumulated losses at the end of this financial year covered by the audit and in the immediately preceding financial year.

XI. According to the information and explanations given to us and based on the documents and records produced to us, the company did not have any borrowing from a financial institution or bank or debenture holders and hence clause 4(xi) of the said order are not applicable..

XII. In our opinion the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities and therefore the provisions of clause 4(xii) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company.

XIII. The Company is not a chit fund, nidhi/mutual benefit fund/ society and therefore the provisions of clause 4(xiii) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company.

XIV. The Company is not dealing or trading in shares, Securities, Debentures or other Investments and hence the requirement of para 4 (xiv) of the Companies (Auditor''s Report) Order 2003 is not applicable to the Company.

XV. In our opinion and according to the information and explanations given to us, the Company has not given guarantees for loans taken by other from banks or financial institutions and hence the requirement of para 4 (xv) of the Companies (Auditor''s Report) Order 2003 is not applicable to the Company.

XVI. The Company has not raised any term loans. Therefore, the provisions of Clause 4(xvi) of the said Order are not applicable.

XVII. The Company has not raised any short term loans. Therefore, the provisions of Clause 4(xvii) of the said Order are not applicable.

XVIII. According to information and explanations given to us, the Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956 during the year.

XIX. In our opinion and according to information and explanations given to us, the Company has not issued any secured debentures during the period covered by the report. Accordingly, Clause 4(xix) of the Companies (Auditors Report) Order, 2003 is not applicable to the Company.

XX. During the period covered by our audit report, the Company has not raised any money by public issues accordingly; Clause 4(xix) of the Companies (Auditors Report) Order, 2003 is not applicable to the Company.

XXI. To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the course of our audit for the year ended on 31st March, 2013.

For P S Nagaraju & Co., Chartered Accountants, (Firm Regn No: 011447S)

Sd/- CA P S Nagaraju Partner (Membership No: 210268)

Hyderabad Date: August 22nd ,2013


Mar 31, 2012

1. We have audited the attached Balance Sheet of M/s SKYLINE VENTURES INDIA LIMITED, as at March 31, 2012 and the Statement of Profit & Loss Account for the year ended on that date and the Cash Flow statement for the year ended on that date annexed thereto, which we have signed under reference to this report. These financial statements are the responsibility of the Company''s management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

3. As required by the Companies (Auditors 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 paragraph 4 and 5 of the said order.

4. Further to our comments in the Annexure referred to in paragraph 3 above, we report that:

(i) We have obtained all the information and explanations, which to the best of our knowledge and belief, were necessary for the purposes of our Audit;

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

(iii) The balance sheet and profit and loss account dealt with by this report are in agreement with the books of account;

(iv) In our opinion, the balance sheet and profit and loss account dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956;

(v) On the basis of the written representations received from the directors, and taken on record by the Board of Directors, we report that none of the directors are disqualified as at 31st March, 2012 from being appointed as a director in terms of Clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956; and

(vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read with the notes thereon 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 and

(b) In the case of profit and loss account, of the Profit for the year ended on that date.

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

I. a) The company has maintained proper records showing full particulars including situation of fixed assets.

b) The fixed assets have been physically verified by the management at reasonable intervals which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

c) No fixed assets have been sold during the year so as to affect the going concern status of the company.

II. a) Physical verification of inventory has been conducted by the management at reasonable intervals.

b) The procedure of physical verification of inventory followed by the management is reasonable and adequate in relation to the size of the company and the nature of its business.

c) The company is maintaining proper records of inventory. No material discrepancies were noticed were noticed on such physical verification.

III. The Company has not granted nor taken any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained under Section 301 of the Act. Therefore, the provisions of Clause 4(iii) [(b), (c) and (d) / (f) and (g)] of the said Order are not applicable to the Company.

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 inventory and for the sale of services. Further, on the basis of our examination of the books and records of the Company, and according to the information and explanations given to us, we have neither come across, nor have been informed of, any continuing failure to correct major weaknesses in the aforesaid internal control system.

V. To the best of our knowledge and belief and according to the information and explanations given to us, we are of the opinion that there were no contracts or arrangements that need to be entered in the register maintained under section 301 of the Companies Act, 1956. Therefore, the provisions of Clause 4(v)[(a) and (b)] of the said Order are not applicable to the Company.

VI. The company has not accepted any deposits from public during the year within the meaning of Section 58A and 58AA of the Companies Act, 1956 and Companies (Acceptance of Deposits) Rules 1975 with regard to the deposits accepted form public during the current financial year.

VII. In our opinion, the Company has an internal audit system commensurate with the size and nature of its business.

VIII. According to the information and explanations given to us, the central government has not prescribed the maintenance of cost records under section 209(1) (d) of the Companies Act, 1956 for the products of the company.

IX. a) The company is regular in depositing undisputed statutory dues with appropriate authorities including provident fund, Employees State insurance, Income Tax, Wealth Tax, Service tax, Custom duty, Excise duty, cess and other material dues applicable to it.

b) There are no undisputed statutory dues outstanding as on 31st March,2012 for a period of more than six months from the date they become payable.

c) In our opinion and according to the information and explanations given to us, Company has made the payments after deducting the Tax as per the provisions of IT Act.

our opinion and according to the information and explanations given to us, Company has made the payments after deducting the Tax as per the provisions of IT Act.

X. The Company does not have accumulated losses at the end of this financial year covered by the audit and in the immediately preceding financial year.

XI. According to the information and explanations given to us and based on the documents and records produced to us, the company did not have any borrowing from a financial institution or bank or debenture holders and hence clause 4(xi) of the said order are not applicable..

XII. In our opinion the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities and therefore the provisions of clause 4(xii) of the Companies (Auditor''s Report) Order, 2003as amended by CARO, 2004 (together the Order'') are not applicable to the Company.

XIII. The Company is not a chit fund, nidhi/mutual benefit fund/ society and therefore the provisions of clause 4(xiii) of the Companies (Auditor''s Report) Order, 2003as amended by CARO, 2004 (together the Order'') are not applicable to the Company.

XIV. The Company is not dealing or trading in shares, Securities, Debentures or other Investments and hence the requirement of para 4 (xiv) of the Companies (Auditor''s Report) Order 2003as amended by CARO, 2004 (together the Order'') is not applicable to the Company.

XV. In our opinion and according to the information and explanations given to us, the Company has not given guarantees for loans taken by other from banks or financial institutions and hence the requirement of para 4 (xv) of the Companies (Auditor''s Report) Order 2003as amended by CARO, 2004 (together the Order'') is not applicable to the Company.

XVI. The Company has not raised any term loans. Therefore, the provisions of Clause 4(xvi) of the said Order are not applicable.

XVII. The Company has not raised any short term loans. Therefore, the provisions of Clause 4(xvii) of the said Order are not applicable.

XVIII. According to information and explanations given to us, the Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956 during the year.

XIX. In our opinion and according to information and explanations given to us, the Company has not issued any secured debentures during the period covered by the report. Accordingly, Clause 4(xix) of the Companies (Auditors Report) Order, 2003 as amended by CARO, 2004 (together the Order'')is not applicable to the Company.

XX. During the period covered by our audit report, the Company has not raised any money by public issues accordingly; Clause 4(xix) of the Companies (Auditors Report) Order, 2003as amended by CARO, 2004 (together the Order'') is not applicable to the Company.

XXI. To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the course of our audit for the year ended on 31st March, 2012.

For M/s. P S Nagaraju & Co., Chartered Accountants (Firm Regn.No.011447S)

Place: Hyderabad. Sd/- Date: 22.08.2012 CA. P S Nagaraju Partner (Membership No: 210268)


Mar 31, 2011

1. We have audited the attached Balance Sheet of M/s. SKYLINE VENTURES INDIA LIMITED, (Formerly Paramatma Enterprises Limited), as at 31st March, 2011 and the Statement of Profit & Loss Account for the year ended on that date and the Cash Flow statement for the year ended on that date annexed thereto, which we have signed under reference to this report. These financial statements are the responsibility of the Company''s management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

3. As required by the Companies (Auditors 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 paragraph 4 and 5 of the said order.

4. Further to our comments in the Annexure referred to in paragraph 3 above, we report that:

(i) We have obtained all the information and explanations, which to the best of our knowledge and belief, were necessary for the purposes of our Audit;

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

(iii) The balance sheet and profit and loss account dealt with by this report are in agreement with the books of account;

(iv) In our opinion, the balance sheet and profit and loss account dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956;

(v) On the basis of the written representations received from the directors, and taken on record by the Board of Directors, we report that none of the directors are disqualified as at 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; and

(vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read with the notes thereon 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, 2011 and

(b) In the case of profit and loss account, of the Profit for the year ended on that date.

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

I. a) The company has maintained proper records showing full particulars including situation of fixed assets.

b) The fixed assets have been physically verified by the management at reasonable intervals which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

c) No fixed assets have been sold during the year so as to affect the going concern status of the company.

II. a) Physical verification of inventory has been conducted by the management at reasonable intervals.

b) The procedure of physical verification of inventory followed by the management is reasonable and adequate in relation to the size of the company and the nature of its business.

c) The company is maintaining proper records of inventory. No material discrepancies were noticed were noticed on such physical verification.

III. The Company has not granted nor taken any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained under Section 301 of the Act. Therefore, the provisions of Clause 4(iii) [(b), (c) and (d) / (f) and (g)] of the said Order are not applicable to the Company.

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 inventory and for the sale of services. Further, on the basis of our examination of the books and records of the Company, and according to the information and explanations given to us, we have neither come across, nor have been informed of, any continuing failure to correct major weaknesses in the aforesaid internal control system.

V. To the best of our knowledge and belief and according to the information and explanations given to us, we are of the opinion that there were no contracts or arrangements that need to be entered in the register maintained under section 301 of the Companies Act, 1956. Therefore, the provisions of Clause 4(v)[(a) and (b)] of the said Order are not applicable to the Company.

VI. The company has not accepted any deposits from public during the year within the meaning of Section 58A and 58AA of the Companies Act, 1956 and Companies (Acceptance of Deposits) Rules 1975 with regard to the deposits accepted form public during the current financial year.

VII. In our opinion, the Company has an internal audit system commensurate with the size and nature of its business.

VIII. According to the information and explanations given to us, the central government has not prescribed the maintenance of cost records under section 209(1) (d) of the Companies Act, 1956 for the products of the company.

IX. a) The company is regular in depositing undisputed statutory dues with appropriate authorities including provident fund, Employees State insurance, Income Tax, Wealth Tax, Service tax, Custom duty, Excise duty, cess and other material dues applicable to it.

b) There are no undisputed statutory dues outstanding as on 31st March,2011 for a period of more than six months from the date they become payable.

c) In our opinion and according to the information and explanations given to us, Company has made the payments after deducting the Tax as per the provisions of IT Act.

X. The Company does not have accumulated losses at the end of this financial year covered by the audit and in the immediately preceding financial year.

XI. According to the information and explanations given to us and based on the documents and records produced to us, the company did not have any borrowing from a financial institution or bank or debenture holders and hence clause 4(xi) of the said order are not applicable..

XII. In our opinion the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities and therefore the provisions of clause 4(xii) of the Companies (Auditor''s Report) Order, 2003as amended by CARO, 2004 (together the Order'') are not applicable to the Company.

XIII. The Company is not a chit fund, nidhi/mutual benefit fund/ society and therefore the provisions of clause 4(xiii) of the Companies (Auditor''s Report) Order, 2003as amended by CARO, 2004 (together the Order'') are not applicable to the Company.

XIV. The Company is not dealing or trading in shares, Securities, Debentures or other Investments and hence the requirement of para 4 (xiv) of the Companies (Auditor''s Report) Order 2003as amended by CARO, 2004 (together the Order'') is not applicable to the Company.

XV. In our opinion and according to the information and explanations given to us, the Company has not given guarantees for loans taken by other from banks or financial institutions and hence the requirement of para 4 (xv) of the Companies (Auditor''s Report) Order 2003 as amended by CARO, 2004 (together the Order'')is not applicable to the Company.

XVI. The Company has not raised any term loans. Therefore, the provisions of Clause 4(xvi) of the said Order are not applicable.

XVII. The Company has not raised any short term loans. Therefore, the provisions of Clause 4(xvii) of the said Order are not applicable.

XVIII. According to information and explanations given to us, the Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956 during the year.

XIX. In our opinion and according to information and explanations given to us, the Company has not issued any secured debentures during the period covered by the report. Accordingly, Clause 4(xix) of the Companies (Auditors Report) Order, 2003 as amended by CARO, 2004 (together the Order'')is not applicable to the Company.

XX. During the period covered by our audit report, the Company has not raised any money by public issues accordingly; Clause 4(xix) of the Companies (Auditors Report) Order, 2003 as amended by CARO, 2004 (together the Order'')is not applicable to the Company.

XXI. To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the course of our audit for the year ended on 31st March, 2011.

For M/s. P S Nagaraju & Co., Chartered Accountants (Firm Regn.No.011447S)

Sd/- CA. P S Nagaraju Partner (Membership No: 210268) Hyderabad August 22nd, 2011

 
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