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Auditor Report of Tashi India Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of M/s TASHI INDIA LIMITED (Company), which comprise the Balance Sheet as at March 31,2015, the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

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 of 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 there under.

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 control 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 issued by the Central Government of India in terms of section 143 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said 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.

ii. The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on longterm contracts including derivative contracts.

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

Referred to in paragraph 1 of our Report of even date for the year ended 31st March, 2015.

(i) a) Proper records showing full particulars including quantitative details and situation of fixed assets are being updated by the company. b) As explained to us, all the fixed assets except machinery in stock were physically verified during the year by the management at regular intervals. According to the information and explanations given to us, no material discrepancies were noticed on such verification.

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

(b) According to the information and explanations given to us, in our opinion, the procedures for 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) According to the information and explanations given to us, in our opinion, the Company has maintained proper records of inventory. 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) a) The company has granted unsecured loans to three companies and a party covered in the register maintained under section 189 of the Companies Act, 2013.

b) The payment of principal amounts and interest are regular as per stipulations, wherever such stipulations exist.

c) As explained to us there is no overdue amount of Loans exceeding Rupees one Lacs.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control system commensurate with the size of the Company and the nature of its business with regard to sale of goods and services. During the course of audit, we have not observed any continuing failure to correct major weakness, if any, in internal control.

(v) The Company has not accepted any deposits from the public within the meaning of Sections 73 to 76 or any other relevant provisions of the Companies Act, 2013 and the rules framed there-under.

(vi) In view of the activities of the Company maintenance of cost records under Section 148(1) of the Companies Act, 2013 is not applicable.

(vii) In our opinion and according to the information and explanations given to us:

a) The Company is generally regular in depositing undisputed statutory dues including Provident Fund, Employees' State Insurance, Income Tax, Sales Tax, Service Tax, Wealth Tax, Custom Duty, Excise Duty, Cess and other statutory dues, as applicable, with the appropriate authorities.

b) According to the information and explanation given to us, there are no dues of Sales Tax, Income Tax, Customs Duty, Wealth Tax, Service Tax, Excise Duty and Cess except as details below, against which appeal is preferred before the Deputy Commissioner of Sales Tax Appeal, Nagpur.

Name of the Nature of Dues Amount Rs Period Statute

Sales Tax Act, CST and VAT 360895/- FY-2005-2006 1956 & MVAT Act, 2002.

Sales Tax Act, CST and VAT 884006/- FY-2006-2007 1956 & MVAT Act, 2002.

Name of the Forum where Statute dispute is pending

Sales Tax Act, Commissioner 1956 & MVAT of Sales Act, 2002. Tax(Appeal)

Sales Tax Act, Commissioner 1956 & MVAT of Sales Act, 2002. Tax(Appeal)

c) There is no such requirement of transfer of amount to investor education and Protection fund.

(viii) There are no accumulated losses at the end of the financial year. The Company has not incurred any cash loss in the financial year under review and also in the preceding financial year.

(ix) The Company has not defaulted in repayment of dues to Financial Institutions or Banks or Debenture holders.

(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) According to the information and explanations given to us, there are no term loans raised by the Company during the year.

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

For B.CHHAWCHHARIA & CO. Chartered Accountants Place: Nagpur Firm Registration No. 305123E Dated: 28th May, 2015 Sanjay Agarwal Partner Membership No-066580


Mar 31, 2014

We have audited the accompanying financial statements of M/s TASHI INDIA LIMITED (Company), which comprise the Balance Sheet as at March 31, 2014, the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

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

Auditor''s Responsibility

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

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

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

Opinion

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

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

(b) in the case of the 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

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

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

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

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

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

d) in our opinion, the Balance Sheet and Statement of Profit and Loss and Cash Flow Statement 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, 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2014, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

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 FOR THE YEAR ENDED 31ST MARCH, 2014

(Referred to in Paragraph 1 of our report of even date)

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

(b) As explained to us, all the fixed assets were physically verified during the year by the management. According to the information and explanations given to us, no material discrepancies were noticed on such verification.

(c) In our opinion and according to the information and explanations given to us, the Company has not disposed substantial part of its fixed assets during the year.

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

(b) According to the information and explanations given to us, in our opinion, the procedures for 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) According to the information and explanations given to us, in our opinion, the Company has maintained proper records of inventory. 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.

3. (a) The Company has granted unsecured loans to three companies covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year was 714.21 Lacs and the year-end balance of loan granted to these companies was 623.44 Lacs.

(b) In our opinion, the rate of interest and other terms and conditions on which unsecured loans have been given to companies and parties listed in the register maintained under section 301 of the Companies Act, 1956 are, prima facie, not prejudicial to the interest of the company.

(c ) In our opinion and according to the information and explanation given to us, the parties are regular in payment of principal amount and interest thereon.

(d) As explained to us, there is no overdue amount of loans exceeding Rupees One Lacs.

(e) The Company has obtained unsecured loan from three Companies, covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year was 519.80 lacs and the year-end balance of loan taken from these Companies was 328.27 Lacs.

(f) In our opinion, the rate of interest and other terms and conditions on which unsecured loans have been taken from such companies listed in the register maintained under section 301 of the Companies Act, 1956 are, prima facie, not prejudicial to the interest of the Company.

(g) Repayment schedules have not been stipulated in case of loans or advances in the nature of loans taken, but payment of interest to parties, where applicable, is regular.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of the business with regards to purchases of inventory and with regard to the sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

5. a) According to the information and explanations given to us, the particulars of contracts or arrangements referred to in section 301 of the Companies Act, 1956 are being updated in the register required to be maintained under that section.

b) In our opinion and according to the information and explanations given to us, the transactions that were made in pursuance of contracts or arrangements that need to be entered into the register maintained in pursuance of Section 301 of the Companies Act, 1956 and aggregating during the year to 5,00,000/- or more, in respect of each party, have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

6. The Company has not accepted any deposits from the public to which the provisions of Section 58A of the Companies Act, 1956 and the Companies (Acceptance of Deposit) Rules, 1975 apply.

7. During the year the Company has no internal audit system, as in the opinion of management, considering the size and nature of its business and personal supervision by the Directors, the same is considered to be adequate and commensurate with its size and nature of its business.

8. The Central Government has not prescribed the maintenance of cost records under Section 209 (1) (d) of the Companies Act, 1956.

9. (a) According to the information and explanations given to us and on the basis of records of the Company, the Company is regular in depositing with appropriate authorities undisputed statutory dues, including Provident Fund, Investor Education Protection Fund, Employees'' State Insurance, Income-Tax, Sales Tax, Service Tax, Wealth Tax, Custom Duty, Excise-Duty, Cess and other statutory dues applicable to it.

(b) According to the information and explanation given to us, there are no dues of Sales Tax, Income Tax, Customs Duty, Wealth Tax, Service Tax, Excise Duty and Cess except as details below, against which appeal is preferred before the Deputy Commissioner of Sales Tax, Appeal, Nagpur.

Name of the Nature of Dues Amount Period Forum where Statuteis (In Rs.) disputepending

Sales Tax CST and VAT 360895/- FY Commissioner of Act, 1956 2005-2006 Sales Tax (Appeals)

10. The Company does not have any accumulated losses and has not incurred cash losses in the current financial year and in the immediately preceding financial year.

11. The Company has not defaulted in repayment of dues to Financial Institutions or Banks or Debenture holders.

12. According to the information and explanations given to us, the Company has not granted any loans or advances on the basis of security by way of pledge of Shares, Debentures and other Securities.

13. The Company is not a chit fund or a nidhi / mutual benefit fund/society.

14. According to the information and explanations given to us the company is not dealing in shares, securities and other investments. The shares and securities have been held in its own name.

15. The Company has not given any guarantee for loans taken by others from banks or financial institutions.

16. According to the information and explanations given to us, there are no term loans raised by the Company during the year.

17. According to the information and explanations given to us and on an overall examination of the balance sheet of the Company, in our opinion, no funds raised on short-term basis have been used for long-term investment.

18. According to the information and explanations given to us, during the year 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.

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

20. According to the information and explanations given to us, the Company has not raised any money through public issues during the year.

21. 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 B.CHHAWCHHARIA & CO. Chartered Accountants

Sanjay Agarwal Place : Nagpur Partner Dated : 24th May, 2014. Firm Registration No. 305123E Membership No. 66580


Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of M/ s TASHI INDIA LIMITED (Company), which comprise the Balance Sheet as at March 31, 2013, the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

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

Auditor''s Responsibility

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

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

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

Opinion

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

(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

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

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

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

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

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

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

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

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.

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

(b) As explained to us, all the fixed assets were physically verified during the year by the management. According to the information and explanations given to us, no material discrepancies were noticed on such verification.

(c) In our opinion and according to the information and explanations given to us, the Company has not disposed substantial part of its fixed assets during the year.

2. (a) As explained to us, the inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable. However, there is no inventory at the close of the year.

(b) According to the information and explanations given to us, in our opinion, the procedures for 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) According to the information and explanations given to us, in our opinion, the Company has maintained proper records of inventory. 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.

3. (a) The Company has granted unsecured loans to four companies covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs. 641.93 Lacs and the year-end balance of loan granted to these companies was Rs. 575.18 Lacs.

(b) In our opinion, the rate of interest and other terms and conditions on which unsecured loans have been given to companies and parties listed in the register maintained under section 301 of the Companies Act, 1956 are, prima facie, not prejudicial to the interest of the company.

(c ) In our opinion and according to the information and explanation given to us, the parties are regular in payment of principal amount and interest thereon.

(d) As explained to us, there is no overdue amount of loans exceeding Rupees One Lacs.

(e) The Company has obtained unsecured loan from three Companies, covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs. 481.72 lacs and the year-end balance of loan taken from these Companies was f 348.37 Lacs.

(f) In our opinion, the rate of interest and other terms and conditions on which unsecured loans have been taken from such company listed m the register maintained under section 301 of the Companies Act, 1956 are, prima facie, not prejudicial to the interest of the Company.

(g) Repayment schedules have not been stipulated in case of loans or advances in the nature of loans taken, but payment of interest to parties, where applicable, is regular.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of the business with regards to purchases of inventory and with regard to the sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

5. Based upon the audit procedures, performed and according to the information and explanations given to us, there are no transactions that need to be entered into the register maintained in pursuance of section 301 of the Companies Act, 1956. Accordingly sub-clause (b) of para 4 (v) is not applicable.

6. The Company has not accepted any deposits from the public to which the provisions of Section 58A of the Companies Act, 1956 and the Companies (Acceptance of Deposit) Rules, 1975 apply.

7. During the year the Company has no internal audit system, as in the opinion of management, considering the size and nature of its business and personal supervision by the Directors, the same is considered to be adequate and commensurate with its size and nature of its business.

8. The Central Government has not prescribed the maintenance of cost records under Section 209 (1) (d) of the Companies Act, 1956.

9. (a) According to the information and explanations given to us and on the basis of records of the Company, the Company is regular in depositing with appropriate authorities undisputed statutory dues, including Provident Fund, Investor Education Protection Fund, Employees'' State Insurance, Income-Tax, Sales Tax, Service Tax, Wealth Tax, Custom Duty, Excise-Duty, Cess and other statutory dues applicable to it.

(b) According to the information and explanation given to us, there are no dues of Sales Tax, Income Tax, Customs Duty, Wealth Tax, Service Tax, Excise Duty and Cess except as details below, against which appeal is preferred before the Income Tax Authorities._

Name of the Nature of Dues Amount Period Forum where Statute (In Rs. dispute is pending

Income Tax Income Tax 71,745 Asst. Year Commissioner of Act, 1961 2008-09 & Income Tax 2009-10 (Appeals)

10. The Company does not have any accumulated losses and has not incurred cash losses in the current financial year and in the immediately preceding financial year.

11. The Company has not defaulted in repayment of dues to Financial Institutions or Banks or Debenture holders.

12. According to the information and explanations given to us, the Company has not granted any loans or advances on the basis of security by way of pledge of Shares, Debentures and other Securities.

13. The Company is not a chit fund or a nidhi / mutual benefit iund/society.

14. According to the information and explanations given to us the company is not dealing in shares, securities and other investments. The shares and securities have been held in its own name.

15. The Company has not given any guarantee for loans taken by others from banks or financial institutions.

16. According to the information and explanations given to us, there are no term loans raised by the Company during the year.

17. According to the information and explanations given to us and on an overall examination of the balance sheet of the Company, in our opinion, no funds raised on short-term basis have been used for long-term investment.

18. According to the information and explanations given to us, during the year 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.

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

20. According to the information and explanations given to us, the Company has not raised any money through public issues during the year.

21. 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 B.CHHAWCHHARIA & CO.

Chartered Accountants

Sanjay Agarwal

Place : Nagpur Partner

Dated : 28th May, 2013. Firm Registration No. 305123E

Membership No. 66580


Mar 31, 2012

We have audited the attached Balance Sheet of Tashi India Limited as on 31st March. 2012 and also the Profit and Loss Account of the Company for the year ended on that date annexed thereto and the Cash Flow Statement the year ended on that date, 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.

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

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

2. Further to our comments in the Annexure referred above, 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, a proper book of account as required by law has been kept by the Company so far as appears from our examination of books.

c) The Balance sheet and the profit and Loss Account and Cash flow Statements dealt with by this report are in agreement with the books of accounts.

d) In our opinion, the Balance Sheet and the Profit & Loss Account comply with the Accounting Standards referred to in Sub-Section (3C) of Section 211 of the Companies Act, 1956, to the extent applicable and

e) On the basis of the written representation received from the Directors and taken on record by the Board of Directors, we report that none of the Directors are disqualified as on 31st March, 2012 from being appointed as Directors in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956.

f) In our opinion and to the best of our information and according to the explanations given to us, the said account together 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:

I. In case of the Balance Sheet, of the state of the Company's affairs as at 31st March, 2012 and,

II. In the case of the Profit and Loss Account, of the Profit of the Company for the year ended on that date.

III. In the case of Cash Flow Statements of the Cash Flows for the year ended on that date

ANNEXURE TO THE AUDITORS' REPORT FOR THE YEAR ENDED 31sT MARCH, 2012

(Referred to in Paragraph 1 of our report of even date)

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

(b) As explained to us, all the fixed assets were physically verified during the year by the management. According to the information and explanations given to us, no material discrepancies were noticed on such verification.

(c) In our opinion and according to the information and explanations given to us, the Company has not disposed substantial part of its fixed assets during the year.

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

(b) According to the information and explanations given to us, in our opinion, the procedures for 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) According to the information and explanations given to us, in our opinion, the Company has maintained proper records of inventory. 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.

3. (a) The Company has granted unsecured loans to four companies covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs. 738,64 Lacs and the year-end balance of loan granted to these companies was Rs. 641.93 Lacs.

(b) In our opinion, the rate of interest and other terms and conditions on which unsecured loans have been given to companies and parties listed in the register maintained under section 301 of the Companies Act, 1956 are prima facie, not prejudicial to the interest of the company.

(c) In our opinion and according to the information and explanation given to us, the parties are regular in payment of principal amount and interest thereon.

(d) As explained to us, there is no overdue amount of loans exceeding Rupee One Lacs.

(e) The Company has obtained unsecured loan from three Companies, covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs. 835.64 lacs and the year-end balance of loan taken from these Companies was Rs. 474.86 Lacs.

(f) In our opinion, the rate of interest and other terms and conditions on which unsecured loans have been taken from such company listed in the register maintained under section 301 of the Companies Act, 1956 are prima facie, not prejudicial to the interest of the Company.

(g) Repayment schedules have not been stipulated in case of loans or advances in the nature of loans taken, but payment of interest to parties, where applicable, is regular.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of the business with regards to purchases of inventory and with regard to the sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

5. Based upon the audit procedures, performed and according to the information and explanations given to us, there are no transactions that need to be entered into the register maintained in pursuance of section 301 of the Companies Act, 1956.

Accordingly sub-clause (b) of para 4 (v) is not applicable.

6. The Company has not accepted any deposits from the public to which the provisions of Section 58A of the Companies Act, 1956 and the Companies (Acceptance of Deposit) Rules, 1975 apply.

7. During the year the Company has no internal audit system, as in the opinion of management, considering the size and nature of its business and personal supervision by the Directors, the same is considered to be adequate and commensurate with its size and nature of its business.

8. The Central Government has not prescribed the maintenance of cost records under Section 209 (1) (d) of the Companies Act, 1956.

9. (a) According to the information and explanations given to us and on the basis of records of the Company, the company is regular in depositing with appropriate authorities undisputed statutory due including Provident Fund, Investor Education Protection Fund, Employees' State Insurance, Income-Tax, Sales Tax, Service Tax, Wealth Tax, Custom Duty, Excise-Duty, Cess and other statutory dues applicable to it.

(b) According to the information and explanation given to us, there are no dues of Sales Tax, Income Tax, Custom Duty, Wealth Tax, Service Tax, Excise Duty and Cess except as details below, against which appeal is preferred before the Income Tax Authorities.

Name of the Nature of Amount Period Forum where Statute Dues in Lakh dispute is pending

Income Tax Income Tax 11.65 Asst. Year Commissioner Act, 1961 2007-08 to of Income Tax 2009-10 (Appeals)

10. The Company does not have any accumulated losses and has not incurred cash losses in the current financial year and in the immediately preceding financial year.

11. The Company has not defaulted in repayment of dues to financial Institutions of Banks or Debenture holders.

12. According to the information and explanations given to us, the Company has not granted any loans or advances on the basis of security by way of pledge of Shares, Debentures and other Securities.

13. The Company is not a chit fund or a nidhi/mutual benefit fund society.

14. According to the information and explanations given to us the company is not dealing in shares, securities and other investment. The shares and securities have been held in its own name.

15. The Company has not given any guarantee for loans taken by others from banks or financial institutions.

16. According to the information and explanations given to us, there are no term loans raised by the Company during the year.

17. According to the information and explanations given to us and on an overall examination of the balance sheet of the Company, in our opinion, no funds raised on short-term basis have been used for long-term investment.

18. According to the information and explanations given to us, during the year 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.

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

20. According to the information and explanations given to us, the Company has not raised any money through public issues during the year.

21. 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 B. CHHAWCHHARIA & CO.

SANJAY AGARWAL PARTNER Chartered Accountants Firm Registration No. 305123E Membership No. 66580

Place: Nagpur Dated: 23rd August, 2012


Mar 31, 2010

We have audited the attached Balance Sheet of Tashi India Limited as on 31 st March, 2010 and also the Profit and Loss Account of the Company for the year ended on that date annexed thereto and the Cash Flow Statement for the year ended on that date, which we have signed under reference to this report. 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.

1. 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.

2. As required by the Manufacturing and other Companies (Auditors Report) Order, 2003 and the Companies (Auditors Report) (Amendment) Order, 2004 issued under the Companies Act, 1956, and on the basis of the such checks as we consider appropriate we enclose in the Annexure a statement on the matters specified in paragraph 4 and 5 of the said Order.

1. Further to our comments in the Annexure referred to in paragraph 2 above, 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, a proper book of account as required by law has been kept by the Company so far as appears from our examination of books.

c) The Balance Sheet and the Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of accounts.

d) In our opinion, the Balance Sheet and the Profit & Loss Account comply with the Accounting Standards referred to in Sub-Section (3C) of Section 211 of the Companies Act, 1956, to the extent applicable and

e) On the basis of the written representation received from the Directors and taken on record by the Board of Directors, we report that none of the Directors are disqualified as on 3 1st March, 2010 from being appointed as Directors in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956.

f) In our opinion and to the best of our information and according to the explanations given to us, the said account together 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:

I. In case of the Balance Sheet, of the state of the Companys affairs as at 31st March, 2010 and,

II. In the case of the Profit and Loss Account, of the Profit of the Company for the year ended on that date.

III. In the case of Cash Flow Statements of the Cash Flows for the year ended on that date

ANNEXURE TO THE AUDITORS REPORT FOR THE YEAR ENDED 31st MARCH, 2010 (Referred to in Paragraph 1 of our report of even date)

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

(b) As explained to us, all the fixed assets were physically verified during the year by the management. According to the information and explanations given to us, no material discrepancies were noticed on such verification.

(c) During the year, in our opinion, a substantial part of fixed assets has not been disposed off by the Company.

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

(b) According to the information and explanations given to us, in our opinion, the procedures for 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) According to the information and explanations given to us, in our opinion, the Company has maintained proper records of inventory. 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.

3. The Company has not granted or taken any loans, secured or unsecured to / from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

Accordingly sub-clauses (b), (c), (d), (f) and (g) of para 4 (iii) are not applicable.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of the business with regards to purchases of inventory, fixed assets and with regard to the sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

5, Based upon the audit procedures, performed and according to the information and explanations given to us, there are no transactions that need to be entered into the register maintained in pursuance of section 301 of the Companies Act, 1956.

Accordingly sub-clause (b) of para 4 (v) is not applicable.

6, The Company has not accepted any deposits from the public to which the provisions of Section 58A of the Companies Act, 1956 and the Companies (Acceptance of Deposit) Rules, 1975 apply.

7. During the year the Company has no internal audit system, as in the opinion of management, considering the size and nature of its business and personal supervision by the Directors, the same is considered to be adequate and commensurate with its size and nature of its business.

8. The Central Government has not prescribed the maintenance of cost records under Section 209(1 )(d) of the Companies Act, 1956.

9. (a) According to the information and explanations given to us and on the basis of records of the Company,, the Company is regular in depositing with appropriate authorities undisputed statutory dues, including Provident Fund, Investor Education Protection Fund, Employees State Insurance, Income-Tax, Sales Tax, Service Tax, Wealth Tax, Custom Duty, Excise-Duty, Cess and other statutory dues applicable to it.

(b) According to the information and explanation given to us, there are no dues of Sales tax, Income tax, Customs duty. Service Tax, Wealth tax, Excise duty and Cess which have not been deposited on account of any dispute.

10. The Company does not have any accumulated losses and has not incurred cash losses in the current financial year and in the immediately preceding financial year.

11. The Company has not defaulted in repayment of dues to Financial Institutions or Banks or Debenture holders.

12. According to the information and explanations given to us, the Company has not granted any loans or advances on the basis of security by way of pledge of Shares, Debentures and other Securities.

13. The Company is not a chit fund or a nidhi / mutual benefit fund/society.

14. According to the information and explanations given to us the company is not dealing in shares, securities and other investments. The shares and securities have been held in its own name.

15. The Company has not given any guarantee for loans taken by others from banks or financial institutions.

16. According to the information and explanations given to us, there are no term loans raised by the Company during the year.

17. According to the information and explanations given to us and on an overall examination of the balance sheet of the Company, in our opinion, no funds raised on short-term basis have been used for long-term investment.

18. According to the information and explanations given to us, during the year 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.

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

20. According to the information and explanations given to us, the Company has not raised any money through public issues during the year.

21. 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 BANKIM V. SHAH Chartered Accountants

(BANKIM SHAH)

Proprietor Membership No.31800

NAGPUR Dated: 04.09.2010


Mar 31, 2009

We have audited the attached Balance Sheet of Tashi India Limited as on 31st March, 2009 and also the Profit and Loss Account of the Company for the year ended on that date annexed thereto and the Cash Flow Statement for the year ended on that date, which we have signed under reference to this report. 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.

1. 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.

2. As required by the Manufacturing and other Companies (Auditors Report) Order, 2003 and the Companies (Auditors Report) (Amendment) Order, 2004 issued under the Companies Act, 1956, and on the basis of the such checks as we consider appropriate we enclose in the Annexure a statement on the matters specified in paragraph 4 and 5 of the said Order.

3. Further to our comments in the Annexure referred to in paragraph 2 above, 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 has been kept by the Company so far as appears from our examination of books.

c) The Balance Sheet and the Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of accounts.

d) In our opinion, the Balance Sheet and the Profit & Loss Account comply with the Accounting Standards referred to in Sub-Section (3C) of Section 211 of the Companies Act, 1956, to the extent applicable and

e) On the basis of the written representation received from the Directors and taken on record by the Board of Directors, we report that none of the Directors are disqualified as on 31" March, 2009 from being appointed as Directors in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956.

f) In our opinion and to the best of our information and according to the explanations given to us, the said account together 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:

g) In case of the Balance Sheet, of the state of the Companys affairs as at 31st March, 2009 and, h) In the case of the Profit and Loss Account, of the Profit of the Company for the year ended on that date.

i) In the case of Cash Flow Statements of the Cash Flows for the year ended on that date

ANNEXURE TO THE AUDITORS REPORT FOR THE YEAR ENDED 31st MARCH,2009 (Referred to in Paragraph 1 of our report of even date)

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

(b) As explained to us, all the fixed assets were physically verified during the year by the management. According to the information and explanations given to us, no material discrepancies were noticed on such verification.

(c) During the year, in our opinion, a substantial part of fixed assets has not been disposed off by the Company.

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

(b) According to the information and explanations given to us, in our opinion, the procedures for 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) According to the information and explanations given to us, in our opinion, the Company has maintained proper records of inventory. 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.

3. The Company has not granted or taken any loans, secured or unsecured to / from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act,1956.

Accordingly sub-clauses (b), (c), (d), (0 and (g) of para 4 (iii) are not applicable.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of the business with regards to purchases of inventory, fixed assets and with regard to the sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

5. Based upon the audit procedures, performed and according to the information and explanations given to us, there are no transactions that need to be entered into the register maintained in pursuance of Section 301 of the Companies Act, 1956.

Sub-clause (b) of para 4 (v) is not applicable.

6. The Company has not accepted any deposits from the public to which the provisions of Section 58A of the Companies Act, 1956 and the Companies (Acceptance of Deposit) Rules,1975 apply.

7. During the year the Company has no internal audit system, as in the opinion of management, considering the size and nature of its business and personal supervision by the Directors, the same is considered to be adequate and commensurate with its size and nature of its business.

8. The Central Government has not prescribed the maintenance of cost records under Section 209(1 )(d) of the Companies Act,1956.

9. (a) According to the information and explanations given to us and on the basis of records of the Company, the Company is regular in depositing with appropriate authorities undisputed statutory dues, including Provident Fund, Investor Education Protection Fund, EmployeesState Insurance, Income-Tax, Sales Tax, Service Tax, Wealth Tax,Custom Duty, Excise-Duty, Cess and other statutory dues applicable to it.

(b) According to the information and explanation given to us, the disputed statutory dues aggregating to Rs 28.46 lacs, the have not been deposited on account of matters pending before appropriate authority is as under.

Name of the Nature of Dues Amount Period Forum where dispute Statue in Lakh is pending

Income Tax Act, Income Tax 28.46 A.Y Commissioner of 1961 2006-07 Income Tax (Appeals)

10. The Company does not have any accumulated losses and has not incurred cash losses in the current financial year and in the immediately preceding financial year.

11. The Company has not taken any loans from any Financial Institutions or Banks or Debenture holders.

12. According to the information and explanations given to us, the Company has not granted any loans or advances on the basis of security by way of pledge of Shares, Debentures and other Securities.

13. The Company is not a chit fund or a nidhi/mutual benefit fund/society.

14. As per the information and explanations given to us, the Company is not dealing or trading in shares, securities, debentures and other investment. The shares and securities have been held in its own name.

15. The Company has not given any guarantee for loans taken by others from banks or financial institutions.

16. According to the information and explanations given to us, there are no term loans raised by the Company during the year. 17. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, in our opinion, no funds raised on short-term basis have been used for long-term investment.

18. According to the information and explanations given to us, during the year 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.

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

20. According to the information and explanations given to us, the Company has not raised any money through public issues during the year.

21. 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.

Looking to the natutre of activities being carried on, at present, by the Company and also considering the nature of matters referred to the various claues of the Companies (Auditors Report) Order, 2003, and the Companies (Auditor;s Report) (Amendment) Order 2004, Clauses (ii) of paragraph 4 of the aforesaid order is in our opinion, not applicable to the Company.





For BANKIMV. SHAH Chartered Accountants NAGPUR (BANKIM SHAH) Dated: 04.09.2009 Proprietor. Membership No. 31800


Mar 31, 2004

We have audited the attached Balance Sheet of Tashi India Limited as on 31 st March, 2004 and also the Profit and Loss Account of the Company for the year ended on that date annexed thereto and the Cash Flow Statement for the year ended on that date, which we have signed under reference to this report. These financial statements are the responsibility of Companys mangement. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India. 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. We report as follows:

1. As required by the Manufacturing and other Companies (Auditors Report) Order, 2003 issued under the Companies Act, 1956, and on the basis of the such checks as we consider appropriate we enclose in the Annexure a statement on the matters specified in paragraph 4 and 5 of the said Order.

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

a) We have obtained all the 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 has been kept by the Company so far, as appears from our examination of books.

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

d) In our opinion, the Balance Sheet and the Profit & Loss Account comply with the Accounting Standards reffered to in Sub-Section (3C) of Section 211 of the Companies Act, 1956, to the extent applicable and

e) On the basis of the written representation received from the Directors and taken on record by the Board of Directors, we report that none of the Directors are disqualified as on 31st March, 2004 from being appointed as Directors in terms of clause (g) of Sub-Section (1) of Section 274 of the Companies Act, 1956.

f) In our opinion and to the best of our information and according to the explanation given to us, the said account together with the notes thereon and in particular note 1 of Schedule 8 regarding non-provision of dimunition in the value of investments give the information required and give a true and fair view, in conformity with the accounting principles generally accepted in India:

I. In case of the Balance Sheet, of the state of the Companys affairs as at 31 st March, 2004 and,

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

III. In the case of Cash Flow Statement of the Cash Flows for the year ended on that date.

ANNEXURE TO THE AUDITORS REPORT

(Refered to in Paragraph 1 of our report of even date)

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

b) As explained to us, all the fixed assets were physically verified during the year by the management. According to the information and explanations given to us, no material discrepancies were noticed on such verification.

c) During the year, in our opinion, a substantial part of fixed assets has not been disposed off by the Company.

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

b) According to the information and explanations given to us, in our opinion, the procedures for 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) According to the information and explanations given to us, in our opinion, the Company has maintained proper records of inventory. 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.

3. The Company has not granted or taken any loans, secured or unsecured to / from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956.

Accordingly sub-clauses (b), (c) and (d) are not applicable.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of the business with regards to purchases of inventory, fixed assets and with regard to the sale of goods. During the Course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

5. Based upon the audit procedures, performed and according to the information and explanations given to us, there are no transactions that need to be entered into the register maintained in pursuance of Section 301 of the Companies Act, 1956.

Sub-clause (b) is not applicable.

6. The Company has not accepted any deposits from the public to which the provisions of Section 58A of the Companies Act, 1956 and the Companies (Acceptance of Deposit) Rules, 1975 apply.

7. During the year the Company has no internal audit system, as in the opinion of management considering the size and nature of its business and personal supervision by the Directors, the same is considered to be adequate and commensurate with its size and nature of its business.

8. The Central Government has not prescribed the maintenance of cost records under Section 209(1 )(d) of the Companies Act, 1956.

9. a) According to the information and explanations given to us and on the basis of records of the Company, the Company is regular in depositing with appropriate authorities undisputed statutory dues, including Provident Fund, Investor Education Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Cess and other statutory dues applicable to it.

b) According to the information and explanations given to us, there are no dues of Sales Tax, Income Tax, Customs Duty, Wealth Tax, Excise Duty and Cess which has not been deposited on account of any dispute.

10. The Company does not have any accumulated losses and has not incurred cash losses in the current financial year and in the immediately preceing financial year.

11. The Company has not defaulted in repayment of dues to Financial Institutions or Banks or Debenture holders.

12. According to the information and explanations given to us, the Company has not granted any loans or advances on the basis of security by way of pledge of Shares, Debentures and other Securities.

13. The Company is not a chit fund or a nidhi/mutual benefit fund / society.

14. According to the information and explanations given to us in respect of its activity in dealing in shares, securities and other investments, the Company has maintained proper records of the transactions and contracts and timely entries have been made therein, and also the shares and securities have been held in its own name.

15. The Company has not given any guarantee for loans taken by others from banks or financial institutions.

16. According to the information and explanations given to us, there are no term loans raised by the Company during the year.

17. According to the information and explanations given to us and on an overall examintion of the Balance Sheet of the Company, in our opinion, no funds raised on short-term basis have been used for long-term investment and vice versa.

18. According to the information and explanations given to us, during the year 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.

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

20. According to the information and explanations given to us, the Company has not raised any money through public issues during the year.

21. 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 BANKIM V. SHAH Chartered Accountants

BANKIM SHAH Proprietor Membership No. 31800

Place : NAGPUR Dated : 24.08.2004


Mar 31, 2002

We have audited the attached Balance Sheet of Tashi India Limited as on 31st March, 2002 and also the Profit and Loss Account of the Company for the year ended on that date annexed thereto. These financial statements are the responsibility of Companys mangement. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India. 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 assesing the accounting principle 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. We report as under:

1. As required by the Manufacturing and other Companies (Auditors Report) Order, 1988 issued under the Companies Act, 1956, and on the basis of the such checks as we consider appropriate we enclose in the Annexure a statement on the matters specified in paragraph 4 and 5 of the said Order.

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

a) We have obtained all the 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 has been kept by the Company so far as appears from our examination of books.

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

d) In our opinion, the Balance Sheet and the Profit & Loss Account comply with the Accounting Standards reffered to in Sub-Section (3C) of Section 211 of the Companies Act, 1956, to the extent applicable and

e) On the basis of the written representation received from the Directors and taken on record by the Board of Directors, we report that none of the Directors are disqualified as on 31 st March, 2002 from being appointed as Directors in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

f) In our opinion and to the best of our information and according to the explanation given to us, the said account together with the notes thereon and in particular note 1 of Schedule 9 regarding non-provision of diminution in value of investments and note 3 in respect of leasing business where the income/asset is not accounted as recommended under the guidance note issued by the Institute of Chartered Accountant of India, give the information required and give a true and fair view:

I. In case of the Balance Sheet, of the state of the Companys affairs as at 31st March, 2002 and,

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

ANNEXURE TO THE AUTHORS REPORT

Annexure reffered to in paragraph 1 of our report of even date on the accounts of TASHI INDIA LIMITED for the year ended on 31 st March, 2002.

1. The Company has maintained proper records of fixed assets showing full particulars including quantitative details and situation thereof. The management during the year has physically verified the fixed assets of the Company and as informed to us, no signifi- cant discrepancies were noticed on such verification.

2. The fixed assets of the Company have not been revalued during the year.

3. Physical verification have been conducted by the mangement at reasonable intervals in respect of stocks. As informed to us, no discrepancies have been noticed on such physical verification between physical stocks and book records. The procedures fol- lowed by the management for such physical verification are, in our opinion, reasonable and adequate in relation to the size of Company and the nature of its business. On the basis of our examination, we are satisfied that the valuation of these stocks, is fair and proper and in accordance with the normally accepted accounting principles.

4. The company has not taken loans from companies, firms and/or other parties listed in the registers maintained under Section 301 of the Companies Act, 1956. we are informed that there are no Companies under the same management.

5. The Company has not granted unsecured loans to the parties listed in the registers maintained under Section 301 of the Companies Act, 1956. We are informed that there are no companies under the same management.

6. The parties to whom loans or advances in the nature of loans have been given by the Company are repaying the principal amount regularly were stipulated and are also regular in payment of interest.

7. In our opinion and according to the information and explanations given to us there are adequate internal control procedures commensurate with the size of the Company and the nature of its business for the purchase of stores, raw materials including components, plant and machinery, equipment and other assets and for the sales of goods.

8. There are no transactions of purchase of goods and materials and sale of goods, materials and services made by the Company and in pursuance of contracts or arrangements as reffered to in Section 301 of the Companies Act, 1956 aggregating during the year to Rs. 50, 000/- or more in respect of each party.

9. The Company has not accepted any deposits from the public.

10. The Company has no formal system of Internal Audit. However, in our opinion, considering the size and the nature of its business and personal supervision by Directors the same is consider to be adequate and commensurate with its size and nature of its business.

11. As informed to us provisions of Provident Funds and Employees State Insurance Act are not applicable to the Company.

12. According to the information and explanations given to us and the books and records examined by the us, there are no undisputed amounts, payable in respect of Income Tax, Sales Tax, Custom Duty and Excise Duty outstanding as at 31 st March, 2002 for a period exceeding six months from the date they become payable.

13. There are no personal expenses debited to the Profit & Loss Account.

14. There were no damaged goods in respect of the trading activity of the Company.

15. The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

16. The Provision of any special statue in respects of Chit Fund, Nidhi or Mutual Benifit Society were not applicable to the Company.

17. Shares and Debentures are held by the Company in its own name.

18. The nature of the Companies activities is such that in our opinion clauses (xiv), (xvi), (xx) of Para 4A of the aforesaid order are not applicabe to the Company for the year under review.



For BANKIM V. SHAH Chartered Accountants

BANKIM SHAH Proprieter

Place: NAGPUR Dated: 17. 08. 2002

 
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