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Auditor Report of Smartlink Network Systems Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of SMARTLINK NETWORK SYSTEMS LIMITED ("the Company"), which comprise the Balance Sheet as at 31st March, 2015, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of the significant 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) of the 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, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

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

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

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

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company's Directors, as well as evaluating the overall presentation of the financial statements.

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

Opinion

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 profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2015 ("the Order"), issued by the Central Government in terms of Section 143(11) of the Act, we give in the Annexure a statement of matters specified in paragraphs 3 and 4 of the Order.

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

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

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

c) The Balance Sheet, the Statement of Profit and Loss, and the Cash 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 the written representations received from the directors as on 31st March, 2015 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2015 from being appointed as a director in terms of Section 164 (2) of the Act.

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

i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements - Refer Note 25 to the financial statements;

ii. The Company does not have any long-term contract including derivative contract for which provision would be required for material foreseeable losses;

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

Annexure to the Auditors' Report

Re: Smartlink Network Systems Limited (referred to in paragraph (1) under Report on Other Legal and Regulatory Requirements section of our report of even date)

(i) In respect of its fixed assets:

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

(b) Some of the fixed assets were physically verified by the Management during the year in accordance with a regular programme of verification which, in our opinion, provides for physical verification of all the fixed assets at reasonable intervals. According to the information and explanation given to us, no material discrepancies were noticed on such verification.

(ii) In respect of its inventory:

(a) As explained to us, the inventories were physically verified during the year by the Management at reasonable intervals.

(b) In our opinion and according to the information and explanation given to us, the procedures of physical verification of inventories followed by the Management were 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, the Company has maintained proper records of its inventories. The discrepancies noticed on verification between the physical stocks and the book records were not material having regard to the size of the operations of the Company.

(iii) The Company has not granted loans, secured or unsecured, to companies, firms or other parties listed in the Register maintained under Section 189 of the Companies Act, 2013 and hence sub clauses (a) and (b) 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 with regard to purchase of inventory and fixed assets and the sale of goods and services. During the course of our audit, we have not observed any major weakness in the aforesaid internal control system.

(v) According to the information and explanations given to us, the Company has not accepted any deposit from the public during the year and hence the directives issued by the Reserve Bank of India and the provisions of sections 73 to 76 or any other relevant provisions of the Companies Act, 2013 and the Rules framed there under are not applicable to the Company.

(vi) We have broadly reviewed the cost records maintained by the Company pursuant to the Companies (Cost Records and Audit) Rules, 2014, as amended and prescribed by the Central Government under Section 148 (1) of the Companies Act, 2013 and are of the opinion that, prima facie, the prescribed cost records have been made and maintained. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.

(vii) According to the information and explanations given to us, and the books and records examined by us, in respect of statutory dues:

(a) The Company has generally been regular in depositing undisputed dues, including Provident Fund, Employees' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Value Added Tax, Cess and other material statutory dues applicable to it with the appropriate authorities.

(b) There were no undisputed amounts payable in respect of Provident Fund, Employees' State Insurance, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Value Added Tax, Cess and other material statutory dues in arrears as at 31st March, 2015 for a period of more than six months from the date they became payable except as under.

Name of the Statute Nature of Dues Amount (Rs.)

Income Tax Act, 1961 Income Tax 65,934

Name of the Statute Period to which the amount relates

Income Tax Act, 1961 FY 2009-2010

(c) There were no disputed amounts payable in respect of Income Tax, Sales Tax, Wealth Tax,Service Tax, Value Added Tax, Cess and other material statutory dues in arrears as at 31st March, 2015. Details of dues of Customs Duty and Excise Duty which have not been deposited as on 31st March, 2015 on account of disputes are given below:

Name of the Nature of dues Forum where dispute Statute is pending

Customs Act,1962 Customs Duty Customs, Excise and Service Tax Appellate Tribunal (CESTAT)

Central Excise Act, Excise Duty Customs, Excise and 1944 Service Tax Appellate Tribunal (CESTAT)

Central Excise Act, Penalty Customs, Excise and 1944 (Excise Duty) Service Tax Appellate Tribunal (CESTAT)

Central Excise Act, Excise Duty Customs, Excise and 1944 Service Tax Appellate Tribunal (CESTAT)

Central Excise Act, Penalty Customs, Excise and 1944 (Excise Duty) Service Tax Appellate Tribunal (CESTAT)

Central Excise Act, Penalty Customs, Excise and 1944 (Excise Duty) Service Tax AppellateTribunal (CESTAT)

Central Excise Act, Penalty Customs, Excise and 1944 (Excise Duty) Service Tax AppellateTribunal (CESTAT)

Central Excise Act, Penalty Customs, Excise and 1944 (Excise Duty) Service Tax Appellate Tribunal (CESTAT)

Name of the Financial Year to Amount (Rs.) Statute which amount relates

Customs Act,1962 2004-2005 1,514,221/- (Net of Rs. 900,000/- of pre-deposit)

Central Excise Act, 2004-2005 3,226,176/- 1944 (Net of Rs. 1,400,000/- of pre-deposit)

Central Excise Act, 2004-2005 4,626,176/- 1944

Central Excise Act, 2001-2002 24,089,496/- 1944 2002-2003 (Net of 2003-2004 Rs. 10,000,000/- 2004-2005 of pre-deposit)

Central Excise Act, 2001-2002 34,089,496/- 1944 2002-2003 2003-2004 2004-2005

Central Excise Act, 2004-2005 1 00,000/- 1944

Central Excise Act, 2004-2005 702,041/- 1944

Central Excise Act, 2007-2008 362,961/- 1944

(d) The Company has transferred the amount required to be transferred to Investor Education and Protection Fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and Rules made thereunder within the prescribed time.

(viii) The Company does not have accumulated losses at the end of the financial year and has not incurred cash losses during the year and the immediately preceding financial year.

(ix) In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to banks. There are no dues to financial institutions and the Company has not issued debentures.

(x) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by Others from banks or financial institutions.

(xi) In our opinion and according to the information and explanations given to us, the Company does not have any term loan and hence the question of commenting on the application thereof does not arise.

(xii) To the best of our knowledge and according to the information and explanations given to us, no fraud by the Company and no material fraud on the Company has been noticed or reported during the year.

For Deloitte Haskins & Sells LLP Chartered Accountants (Firm's Registration no: 117366W/W-100018)

A. Siddharth Partner Mumbai, 13th May , 2015 Membership no: 31467


Mar 31, 2014

1. We have audited the accompanying financial statements of SMARTLINK NETWORK SYSTEMS LIMITED ("the Company"), which comprise the Balance Sheet as at 31st March, 2014, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of the 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, financial performance and cash flows of the Company in accordance with the Accounting Standards notified under the Companies Act, 1956 ("the Act") (which continue to be applicable in respect of Section 133 of the Companies Act, 2013 in terms of General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs) and in accordance with the accounting principles generally accepted in India. 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.

Auditors'' 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 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 the 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, but not for the purpose of expressing an opinion on the effectiveness of the Company''s internal control. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the 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 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:

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

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

c. in the case of the Cash Flow Statement, of the cash flows of the Company 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, ("the Order") issued by the Central Government in terms of section 227 (4A) 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 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 appears from our examination of those books;

c. The Balance sheet, the Statement of Profit and Loss, and the CashFlow Statement dealt with by this report are in agreement with the books of account;

d. In our opinion, the Balance sheet, the Statement of Profit and Loss and the Cash Flow statement comply with the Accounting Standards notified under the Act (which continue to be applicable in respect of Section 133 of the Companies Act, 2013 in terms of General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs).

e. On the basis of the written representations received from the Directors as on 31st March, 2014 taken on record by the Board of Directors, none of the Directors is disqualified as on 31st March, 2014 from being appointed as a director in terms of Section 274(1)(g) of the Act.

Re: Smartlink Network Systems Limited

(Referred to in paragraph 7 under ''Report on Other Legal and Regulatory Requirements'' section of our report of even date)

In our opinion and according to the information and explanations given to us, the nature of the Company''s business / activities / results during the year are such that clauses (vi), (xiii), (xiv), (xvi), (xviii), (xix) and (xx) of paragraph 4 of the Order are not applicable to the Company. In respect of other clauses, we report that:

i. In respect of its fixed assets:

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

b. Some of the fixed assets were physically verified by the Management during the year in accordance with a programme of verification, which, in our opinion, provides for physical verification of all assets at reasonable intervals having regard to the size of the Company and the nature of its assets. According to the information and explanation given to us, no material discrepancies were noticed on such verification;

c. The fixed assets disposed off during the year, in our opinion, do not constitute a substantial part of the fixed assets of the Company and such disposal has, in our opinion, not affected the going concern status of the Company.

ii. In respect of its inventories:

a. The inventories have been physically verified during the year by the Management. In our opinion, the frequency of verification is reasonable;

b. In our opinion and accordingly to the information and explanations given to us, the procedures of physical verification of inventories 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 accordingly to the information and explanations given to us, the Company has maintained proper records of inventories and no material discrepancies were noticed on physical verification.

iii. The Company has neither granted nor taken loans, secured or unsecured, to/from companies, firms or other parties covered in the Register maintained under Section 301 of the Companies Act, 1956.

iv. In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business for the purchase of inventory and fixed assets and the sale of goods and services. During the course of our audit, we have not observed any major weakness in the aforesaid internal control system.

v. In respect of contracts or arrangements entered in the Register maintained in pursuance of Section 301 of the Companies Act, 1956, to the best of our knowledge and belief and according to the information and explanations given to us:

a. The particulars of contracts or arrangements referred to in Section 301 that needed to be entered in the Register maintained under the said Section have been so entered.

b. Where each of such transaction is in excess of Rs. 5 lakhs in respect of any party, the transactions have been made at prices which are prima facie reasonable having regard to the prevailing market prices at the relevant time.

vi. In our opinion, the internal audit function carried out during the year, by a firm of Chartered Accountants appointed by the Management have been commensurate with the size of the Company and the nature of its business.

vii. W e have broadly reviewed the cost records maintained by the Company pursuant to the Companies (Cost Accounting Records) Rules, 2011 prescribed by the Central Government under Section 209(1)(d) of the Companies Act, 1956 and are of the opinion that prima facie the prescribed cost records have been maintained. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.

v i i i . According to the information and explanations given to us and the books of account examined by us, in respect of statutory dues:

a. The Company has generally been regular in depositing 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 where applicable, with the appropriate authorities;

b. There were no undisputed amounts payable in respect of Provident Fund, Investor Education and Protection Fund, Employee State Insurance, Sales tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other material statutory dues in arrears as at 31st March, 2014 for a period of more than six months from the date they became payable except as under.

Name of the Statute Nature of Dues Amount (Rs.) Period to which the amount relates

Income Tax Act, 1961 Income Tax 65,934 FY 2009-2010

c. There are no cases of non-deposit with appropriate authorities of disputed dues of Income–tax, Sales Tax, Wealth Tax and Service Tax. Details of dues of Custom Duty, Excise Duty and Cess which have not been deposited as on 31st March, 2014 on account of disputes are given below:

Name of the Nature of dues dues Forum where dispute Financial Year to Amount (Rs.) Statute is pending which amount relates

Customs Act, 1962 Customs Duty Customs, Excise and Service 2004-2005 1,514,221/- (Net of Tax Appellate Tribunal Rs. 900,000/- of (CESTAT) pre-deposit)

Customs Act, 1962 Customs Duty Commissioner of Customs 2004-2005 238,259/- (Appeals)

Central Excise Act, 1944 Excise Duty Customs, Excise and Service 2004-2005 3,226,176/- (Net of Tax Appellate Tribunal Rs. 1,400,000/- of (CESTAT) pre-deposit)

Central Excise Act, 1944 Penalty (Excise Duty) Customs, Excise and Service 2004-2005 4,626,176/- Tax Appellate Tribunal (CESTAT)

Central Excise Act, 1944 Excise Duty Customs, Excise and Service 2001-2002 24,089,496/- (Net of Tax Appellate Tribunal 2002-2003 Rs. 10,000,000/- of (CESTAT) 2003-2004 pre-deposit) 2004-2005

Central Excise Act, 1944 Penalty (Excise Duty) Customs, Excise and Service 2001-2002 34,089,496/- Tax Appellate Tribunal 2002-2003 (CESTAT) 2003-2004 2004-2005

Central Excise Act, 1944 Penalty (Excise Duty) Customs, Excise and Service 2004-2005 100,000/-

Tax Appellate Tribunal (CESTAT)

Central Excise Act, 1944 Penalty (Excise Duty) Customs, Excise and Service 2004-2005 702,041/-

Tax Appellate Tribunal (CESTAT)

Central Excise Act, 1944 Penalty (Excise Duty) Customs, Excise and Service 2007-2008 362,961/-

Tax Appellate Tribunal (CESTAT)

ix. The Company does not have accumulated losses at the end of the financial year and has not incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year.

x. In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to banks.

xi. In our opinion and 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.

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

xiii. I n o u r o p i n i o n and according to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, funds raised on short term basis have, prima facie, not been used during the year for long term investment.

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

For Deloitte Haskins & Sells LLP

Chartered Accountants

(Firm''s Registration no: 117366W/W-100018)

A. Siddharth

Partner

Mumbai, 29th April , 2014 Membership no: 31467


Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of Smartlink Network Systems Limited (the Company), which comprise the Balance Sheet as at 31st March, 2013, the Statement of Profit and Loss and the Cash-Flow Statement for the year then ended and a summary of the significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

The Company''s Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in Section 211 (3C) of the Companies Act, 1956 (the Act) and in accordance with the accounting principles generally accepted in India. 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.

Auditors'' 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 the ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatements.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers the 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, but not for the purpose of expressing an opinion on the effectiveness of the Company''s internal control. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the 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 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:

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

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

c. in the case of the Cash Flow Statement, of the cash flows of the Company 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 in terms of section 227 (4A) 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 purposes of our audit.

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

c. The Balance sheet, the Statement of Profit and Loss and the Cash-Flow Statement dealt with by this report are in agreement with the books of account.

d. In our opinion, the Balance sheet, the Statement of Profit and Loss and the Cash-Flow statement comply with the Accounting Standards referred to in section 211 (3C) of the Act.

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

Re: Smartlink Network Systems Limited

(Referred to in paragraph 1 under ''Report on Other Legal and Regulatory Requirements'' section of our report of even date)

i. Having regard to the nature of the Company''s business/activities, clauses (xiii) and (xiv) of paragraph 4 of the Companies (Auditor''s Report) Order, 2003 are not applicable.

ii. In respect of its fixed assets:

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

b. All the fixed assets have not been physically verified by the Management during the year but there is a regular programme of verification which, in our opinion is reasonable having regard to the size of the company and the nature of its assets. According to the information and explanation given to us, no material discrepancies were noticed on such verification;

c. The fixed assets disposed off during the year, in our opinion, do not constitute a substantial part of the fixed assets of the Company and such disposal has, in our opinion, not affected the going concern status of the Company.

iii. In respect of its inventory:

a. The inventories have been physically verified during the year by the Management. In our opinion the frequency of verification is reasonable,

b. The procedures of physical verification of inventories followed by the management are 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 inventories and no material discrepancies were noticed on physical verification.

iv. The Company has not granted or taken any loans, to/from companies, firms or other parties covered in the Register maintained under Section 301 of the Companies Act, 1956. Consequently, the requirements of clauses (iii) (a) to (iii) (g) of paragraph 4 of the Order are not applicable to the Company.

v. 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 inventory and fixed assets and the sale of goods/services. During the course of our audit, we have not observed any major weakness in such internal control system.

vi. In our opinion and according to the information and explanation given to us, in respect of contracts or arrangements entered in the Register maintained in pursuance of section 301 of the Companies Act, 1956:

a. The particulars of contracts or arrangements referred to in Section 301 that needed to be entered in the Register maintained under the said Section have been so entered.

b. Where each of such transaction is in excess of Rs. 5 lakhs in respect of any party, the transactions have been made at prices which are prima facie reasonable having regard to the prevailing market prices at the relevant time.

vii. The Company has not accepted deposits from the public.

viii. In our opinion, the internal audit function carried out during the year, by a firm of Chartered Accountants appointed by the management have been commensurate with the size of the Company and the nature of its business.

ix. We have broadly reviewed the cost records maintained by the Company pursuant to the Companies (Cost Accounting Records) Rules, 2011 prescribed by the Central Government under Section 209(1)(d) of the Companies Act, 1956 and are of the opinion that prima facie the prescribed cost records have been maintained. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.

x. According to the information and explanations given to us in respect of statutory dues:

a. The Company has generally been regular in depositing 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 where applicable with the appropriate authorities.

b. There were no undisputed amounts payable in respect of 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 in arrears as at 31st March, 2013 for a period of more than six months from the date they became payable.

c. Details of dues of Custom Duty, Excise Duty and Cess which have not been deposited as on 31st March, 2013 on account of disputes are given below:

Name of the Statute Nature of Forum where dispute is dues pending

Customs Act,1962 Customs Customs, Excise and Service Duty Tax Appellate Tribunal (CESTAT)

Customs Act,1962 Penalty Customs, Excise and Service (Customs Tax Appellate Tribunal Duty) (CESTAT)

Customs Act,1962 Customs Customs, Excise and Service Duty Tax Appellate Tribunal (CESTAT)

Central Excise Act, 1944 Excise Duty Customs, Excise and Service Tax Appellate Tribunal (CESTAT)

Central Excise Act, 1944 Penalty Customs, Excise and Service (Excise Duty) Tax Appellate Tribunal (CESTAT)

Central Excise Act, 1944 Excise Duty Customs, Excise and Service Tax Appellate Tribunal (CESTAT)

Central Excise Act, 1944 Penalty Customs, Excise and Service (Excise Duty) Tax Appellate Tribunal (CESTAT)

Central Excise Act, 1944 Penalty Customs, Excise and Service (Excise Duty) Tax Appellate Tribunal (CESTAT)

Central Excise Act, 1944 Penalty Customs, Excise and Service (Excise Duty) Tax Appellate Tribunal (CESTAT)

Name of the Statute Financial Year to which amount Amount (Rs.) relates

Customs Act,1962 2004-2005 1,514,221/-(Net of Rs. 900,000/- of pre- deposit)

Customs Act,1962 2004-2005 2,414,221/-

Customs Act,1962 2000-2001 242,023,983/- 2001-2002 2002-2003 2003-2004 2004-2005 2005-2006

Central Excise Act, 1944 2004-2005 3,226,176/- (Net of Rs. 1,400,000/-of pre- deposit)

Central Excise Act, 1944 2004-2005 4,626,176/-

Central Excise Act, 1944 2001-2002 24,089,496/- (Net of 2002-2003 Rs. 10,000,000/- of pre- 2003-2004 deposit) 2004-2005

Central Excise Act, 1944 2001-2002 34,089,496/- 2002-2003 2003-2004 2004-2005

Central Excise Act, 1944 2004-2005 100,000/-

Central Excise Act, 1944 2004-2005 702,041/-

xi. The Company does not have accumulated losses at the end of the financial year and has not incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year.

xii. According to the information and explanations given to us, the Company has not defaulted in repayment of dues to banks.

xiii. In our opinion and 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.

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

xv. In our opinion and according to the information and explanations given to us, the Company has not obtained any term loan during the year and hence the question of commenting on application thereof does not arise.

xvi. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, funds raised on short term basis have, prima facie, not been used during the year for long term investment.

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

xviii. The Company has not issued debentures; hence the question of creating security or charge in respect thereof does notarise.

xix. During the year, the Company has not raised money by public issue.

xx. 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, was noticed or reported during the year. For Deloitte Haskins & Sells

Chartered Accountants

(Registration no. 117366W)

A. B.Jani

Mumbai partner

Dated : 30th April, 2013 Membership no. 46488


Mar 31, 2012

1. We have audited the attached Balance sheet of Smartlink Network Systems Limited ("the Company"), as at 31st March, 2012, the Statement of Profit and Loss and the Cash-Flow Statement for the year ended on that date, both annexed thereto. These financial statements are the responsibility of the Company's Management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with 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 statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and the disclosures in the financial statements. An audit also includes assessing the accounting principles used and the significant estimates made by Management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditor's Report) Order, 2003, (CARO) issued by the Central Government in terms of section 227 (4A) of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

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

(a) 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;

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

(e) in our opinion and to the best of our information and according to the explanations given to us, the said accounts, read with the significant accounting policies and 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:

(i.) in the case of the Balance sheet, of the state of affairs of the Company as at 31st March, 2012;

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

(iii.) in the case of the Cash-flow statement, of the cash-flows for the year ended on that date.

5. On the basis of written representations received from the Directors, as on 31st March, 2012 taken on record by the Board of Directors, none of the Directors is disqualified as on 31st March, 2012 from being appointed as a director in terms of Section 274(1)(g) of the Companies Act, 1956;

Re: Smartlink Network Systems Limited

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

i) Having regard to the nature of the Company's business/activities, clauses (xiii) and (xiv) of paragraph 4 of the Companies (Auditor's Report) Order, 2003 are not applicable.

ii) In respect of its fixed assets:

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

(b) A major portion of the fixed assets have been physically verified by the Management during the year. In our opinion, the frequency of verification of fixed assets by the management is reasonable having regard to the size of the Company and the nature of its assets. Material discrepancies noticed on such verification have been properly dealt with in the books of accounts;

(c) The fixed assets disposed off / written off during the year, in our opinion, do not constitute a substantial part of the fixed assets of the Company and such disposal has, in our opinion, not affected the going concern status of the Company.

iii) In respect of its inventory:

(a) The inventories were physically verified during the year by the Management at reasonable intervals.

(b) The procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) The Company has maintained proper records of inventories and no material discrepancies were noticed on physical verification.

iv) The Company has not granted or taken any loans, to / from companies, firms or other parties covered in the Register maintained under Section 301 of the Companies Act, 1956. Consequently, the requirements of clauses (iii) (a) to (iii) (g) of paragraph 4 of the Order are not applicable to the Company.

v) 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 inventory and fixed assets and the sale of goods/services. During the course of our audit, we have not observed any continuing failure, to correct major weakness in such internal control system.

vi) In respect of contracts or arrangements entered in the Register maintained in pursuance of Section 301 of the Companies Act, 1956, to the best of our knowledge and belief and according to the information and explanations given to us:

(a) The particulars of contracts or arrangements referred to in Section 301 that needed to be entered in the Register maintained under the said Section have been so entered.

(b) Where each of such transaction is in excess of Rs. 5 lakhs in respect of any party, the transactions have been made at prices which are prima facie reasonable having regard to the prevailing market prices at the relevant time.

vii) The Company has not accepted deposits from the public.

viii) In our opinion, the internal audit function carried out during the year, by a firm of Chartered Accountants appointed by the management have been commensurate with the size of the Company and the nature of its business.

ix) We have broadly reviewed the cost records maintained by the Company pursuant to the Companies (Cost Accounting Records) Rules, 2011 prescribed by the Central Government under Section 209(1)(d) of the Companies Act, 1956 and are of the opinion that prima facie the prescribed cost records have been maintained. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.

x) According to the information and explanations given to us in respect of statutory dues:

(a) The Company has generally been regular in depositing undisputed 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 applicable to it with the appropriate authorities.

(b) There were no undisputed amounts payable in respect of Income-tax, Wealth Tax, Custom Duty, Excise Duty, Cess and other material statutory dues in arrears as at 31st March, 2012 for a period of more than six months from the date they became payable.

(c) Details of dues of Income-tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty and Cess which have not been deposited as on 31st March, 2012 on account of disputes are given below:

Name of the Statute Nature of dues Forum where dispute is pending

Customs Act,1962 Customs Duty Customs, Excise and Service Tax Appellate Tribunal (CESTAT)

Customs Act,1962 Penalty (Customs Duty) Customs, Excise and Service Tax Appellate Tribunal (CESTAT)

Central Excise Duty Customs, Excise and Service Excise Act, 1944 Tax Appellate Tribunal (CESTAT)

Central Penalty (Excise Duty) Customs, Excise and Service Excise Act, 1944 Tax Appellate Tribunal (CESTAT)

Central Excise Duty Customs, Excise and Service Excise Act, 1944 Tax Appellate Tribunal (CESTAT)

Central Penalty (Excise Duty) Customs, Excise and Service Excise Act, 1944 Tax Appellate Tribunal (CESTAT)

Central Penalty (Excise Duty) Customs, Excise and Service Excise Act, 1944 Tax Appellate Tribunal (CESTAT)

Central Penalty (Excise Duty) Customs, Excise and Service Excise Act, 1944 Tax Appellate Tribunal (CESTAT)

Income Tax, Act, Income Tax Commissioner of Income Tax 1961 (Appeals)

Name of the Statute Financial Year to Amount (Rs.) which amount relates

Customs Act,1962 2004-2005 1,514,221/- (Net of Rs. 900,000/- of pre-deposit)

Customs Act,1962 2004-2005 2,414,221/-

Central Excise Act, 1944 2004-2005 3,226,176/- (Net of Rs. 1,400,000/- of pre-deposit)

Central Excise Act, 1944 2004-2005 4,626,176/-

Central 2001-2002,2002-2003 24,089,496/- Excise Act, 1944 2003-2004,2004-2005 (Net of Rs. 10,000,000/- of pre-deposit)

Central 2001-2002,2002-2003 34,089,496/- Excise Act, 1944 2003-2004,2004-2005

Central Excise Act, 1944 2004-2005 100,000/-

Central Excise Act, 1944 2004-2005 702,041/-

Income Tax, Act, 2007-08 30,297,980/- 1961 (Net of Rs. 10,000,000/- of pre-deposit)

xi) The Company does not have accumulated losses at the end of the financial year and has not incurred cash losses during the year under report and in the immediately preceding financial year.

xii) According to the information and explanations given to us, the Company has not defaulted in repayment of dues to banks.

xiii) In our opinion and 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.

xiv) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

xv) In our opinion and according to the information and explanations given to us, the Company has not obtained any term loan during the year and hence the question of commenting on application thereof does not arise.

xvi) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, funds raised on short term basis have not been used during the year for long term investment.

xvii) According to the information and explanations given to us, the Company has not made preferential allotment of shares to parties and companies covered in the Register maintained under section 301 of the Companies Act, 1956.

xviii) The Company has not issued debentures; hence the question of creating security or charge in respect thereof does not arise.

xix) During the year, the Company has not raised money by public issue.

xx) 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, was noticed or reported during the year.

For Deloitte Haskins & Sells

Chartered Accountants

Registration no. 117366W

A. B. Jani

Mumbai Partner

Dated: 8th May, 2012 Membership no. 46488


Mar 31, 2010

1. We have audited the attached Balance sheet of Smartlink Network Systems Limited ("the Company) (formerly known as D-Link (India) Limited), as at 31st March, 2010, the Profit and Loss Account and the Cash-Flow Statement for the year ended on that date, both annexed thereto. These financial statements are the responsibility of the Companys Management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with 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 statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and the disclosures in the financial statements. An audit also includes assessing the accounting principles used and the 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, (CARO) issued by the Central Government in terms of section 227 (4A) of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

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

(a) 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;

(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, the Profit and Loss Account and the Cash-Flow Statement dealt with by this report are in agreement with the books of account;

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

(e) in our opinion and to the best of our information and according to the explanations given to us, the said accounts, read with the significant accounting policies and 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:

(i.) in the case of the Balance sheet, of the state of affairs of the Company as at 31st March, 2010; (ii.) in the case of the Profit and Loss account, of the profit for the year ended on that date; and (iii.) in the case of the Cash-flow statement, of the cash-flows for the year ended on that date.

5. On the basis of written representations received from the Directors, as on 31st March, 2010 taken on record by the Board of Directors, none of the Directors is disqualified as on 31st March, 2010 from being appointed as a director in terms of Section 274(1 )(g) of the Companies Act, 1956;

Annexure To The Auditors Report

Re: Smartlink Network Systems Limited (formerly known as D-Link (India) Limited)

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

(i.) Having regard to the nature of the Companys business/activities, clauses (xiii) and (xiv) of paragraph 4 of the Companies (Auditors Report) Order, 2003 are not applicable.

(ii.) In respect of its fixed assets:

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

(b) All the assets have not been physically verified by the Management during the year but there is a regular programme of verification which, in bur 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) The fixed assets disposed off during the year, in our opinion, do not constitute a substantial part of the fixed assets of the Company and such disposal has, in our opinion, not affected the going concern status of the Company.

(iii.) In respect of its inventory:

(a) As explained to us, the inventories were physically verified during the year by the Management at reasonable intervals.

(b) In our opinion and according to the information and explanation given to us, the procedures of physical verification of inventories followed by the Management were 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, the Company has maintained proper records of its inventories. The discrepancies noticed on verification between the physical stocks and the book records were not material having regard to the size of the operations of the Company.

(iv.) The Company has neither granted nor taken any loans, secured or unsecured, to/from companies, firms or other parties listed in the Register maintained under Section 301 of the Companies Act, 1956.

(v.) In our opinion and according to the information and explanations given to us, having regard to the explanations that some of the items purchased are of special nature and suitable alternative sources are not readily available for obtaining comparable quotations, there is an adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchases of inventory and fixed assets and the sale of goods and services. During the course of our audit, we have not observed any major weakness in such internal control system.

(vi.) In respect of contracts or arrangements entered in the Register maintained in pursuance of Section 301 of the Companies Act, 1956, to the best of our knowledge and belief and according to the information and explanations given to us:

(a) The particulars of contracts or arrangements referred to Section 301 that needed to be entered in the Register maintained under the said Section have been so entered.

(b) Where each of such transaction is in excess of Rs. 5 lakhs in respect of any party, the transactions have been made at prices which are prima facie reasonable having regard to the prevailing market prices at the relevant time except in respect of certain purchases for which comparable quotations are not available and in respect of which we are unable to comment.

(vii.) According to the information and explanations given to us, the Company has not accepted any deposit from the public during the year and hence directives issued by the Reserve Bank of India and provisions of sections 58A and 58AA or any other relevant provisions of the Companies Act, 1956 and the Rules framed there under are not applicable to the Company.

(viii.) In our opinion, the internal audit function carried out during the year, by a firm of Chartered Accountants appointed by the management have been commensurate with the size of the Company and the nature of its business.

(ix.) We have broadly reviewed the books of account maintained by the Company pursuant to the Order made by the Central Government for the maintenance of cost records under section 209(1 )(d) of the Companies Act, 1956 with regard to the networking products of the Company and are of the opinion that prima facie, the prescribed accounts and records have generally been made and maintained/ are under preparation. We have, however, not made a detailed examination of the records with a view to determining whether they are accurate or complete. To the best of our knowledge and according to the information and explanations given to us, the Central Government has not prescribed the maintenance of cost records for any other product of the Company.

(x.) According to the information and explanations given to us in respect of statutory dues:

(a) The Company has generally been regular in depositing undisputed 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 applicable to it with the appropriate authorities.

(b) There were no undisputed amounts payable in respect of Income-tax, Wealth Tax, Custom Duty, Excise Duty, Cess and other material statutory dues in arrears as at 31st March, 2010 for a period of more than six months from the date they became payable.

(c) Details of dues of Income-tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty and Cess which have not been deposited as on 31st March, 2010 on account of disputes are given below:

Name of the Nature of Forum where dispute is pending Statute dues

Customs Customs Duty Customs, Excise and Service Tax Act, 1962 Appellate Tribunal (CESTAT)

Customs Penalty Customs, Excise and Service Tax Act, 1962 (Customs Duty) Appellate Tribunal (CESTAT)

Customs Customs Duty Customs, Excise and Service Tax Act, 1962 Appellate Tribunal (CESTAT)

Customs Penalty Customs, Excise and Service Tax Act, 1962 (Customs Duty) Appellate Tribunal (CESTAT)

Central Excise Excise Duty Customs, Excise and Service Tax Act, 1944 Appellate Tribunal (CESTAT)

Central Excise Penalty (Excise Customs, Excise and Service Tax Act, 1944 Duty) Appellate Tribunal (CESTAT)

Central Excise Penalty (Excise Customs, Excise and Service Tax Act, 1944 Duty) Appellate Tribunal (CESTAT)

Central Excise Penalty (Excise Customs, Excise and Service Tax Act, 1944 Duty) Appellate Tribunal (CESTAT)

Name of the Financial Year to Amount (Rs.) statute which amount relates

Customs act,1962 2004-2005 1,514,221/- (Net of Rs. 900,000/- of pre-deposit)

Customs act,1962 2004-2005 2,414,221

Customs act,1962 2004-2005 3,226,176/- (Netof Rs. 1,400,000/- of pre-deposit)

Customs act,1962 2004-2005 4,626,176/-

Central Excise act,1944 2001-2002 24,089,496/- 2002-2003 (Net of Rs. 2003-2004 10,000,000/- of 2004-2005 pre-deposit)

Central Excise act,1944 2001-2002 34,089,496/- 2002-2003 2003-2004 2004-2005

Central Excise act,1944 2004-2005 100,000/-

Central Excise act,1944 2004-2005 702,041/-

(xi.) The Company does not have accumulated losses at the end of the financial year and has not incurred cash losses during the year under report and in the immediately preceding financial year.

(xii.) In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to banks.

(xiii.) In our opinion and 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.

(xiv.) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

(xv.) In our opinion and according to the information and explanations given to us, the Company has not obtained any term loan during the year and hence the question of commenting on application thereof does not arise.

(xvi.) In our opinion and according to the information and explanations given to us and on 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.) According to the information and explanations given to us, the Company has not made preferential allotment of shares to parties and companies covered in the Register maintained under section 301 of the Companies Act, 1956.

(xviii.) There are no debentures issued and outstanding as at the end of the year and hence the question of creating security or charge in respect thereof does not arise.

(xix.) During the year, the Company has not raised money by public issue.

(xx.) 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, was noticed or reported during the year.

For Deloitte Haskins & Sells

Chartered Accountants Registration no. 117366W

Mumbai A. B. Jani Partner Dated : 12th May, 2010 Membership no. 46488

 
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