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Auditor Report of TechNVision Ventures Ltd.

Mar 31, 2015

We have audited the accompanying Financial Statements of M/s TECHNVISION VENTURES LIMITED, which comprise the Balance Sheet as at March 31, 2015 and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information, which we have signed under reference to this report.

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 standalone financial statements that give a true and fair view of the financial position, financial performance and cash fows 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 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 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 carry on the audit to obtain reasonable assurance whether the Financial Statements are free from any 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, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. 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 accompanying 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 in case of the:

(a) Balance Sheet, of the state of affairs of the Company as at March 31, 2015;

(b) Statement of Profit and Loss, of the Loss for the year ended on March 31, 2015; and

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

Report on Emphasis of Matter(s) (EOM)

There are no specific matters of emphasis to be referred to in this report.

Report on Other Matters.

1. As required by the Companies (Auditor's Report) Order, 2015 ("the Order"), issued by the Central Government of India in terms of Sub-Section (11) of Section 143 of the Companies Act, 2013, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

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

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

Annexure referred to in paragraph 1 of 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 fixed assets.

(b) As explained to us, the management has physically verified a substantial portion of the fixed assets during the year and in our opinion frequency of verification is reasonable having regard to the size of the Company and the nature of its assets. The discrepancies noticed on physical verification of fixed assets as compared to the books of account were not material and have been properly dealt with in the books of accounts.

(ii) In respect of its inventories:

Due to the nature of Company's business of development of Computer Software and exports, the Company does not maintain inventories in terms of generic units. Consequently, provisions of Clause 4(ii) of Companies (Auditor's Report) Order, 2003 are not applicable in relation to its activities.

The company has taken loan during the earlier year from Companies, forms or other parties listed in the register maintained under Section 189 of the Companies Act, 2013 where the rate of interest and other terms and conditions of (iii) loans are not prima facie prejudicial to the interest of the company. The maximum amount involved is Rs, 112.68 Lakhs. The year end balances of such loans granted is Rs, 112.68 Lakhs.

In our opinion and according to the information and explanations given to us, there are adequate internal control systems commensurate with the size of the Company and nature of its business with regard to the purchase of (iv) inventory and fixed assets and also for the sale of goods and services. During the course of our audit, no major weakness has been noticed in the internal control system.

According to the information and explanations given to us, the Company has not accepted deposits from the public within the meaning of Section 73 and 76 or any other relevant provisions of the Companies Act, 2013 and the Rules (v) framed there under, nor as per an order that has been passed by Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other tribunal.

According to the information and explanations given to us, the Central Government has not prescribed for (vi) maintenance of cost records under Clause (d) of Sub-Section (1) of Section 148 of the Companies Act, 2013 for the Company.

(vii) In respect of Statutory dues:

(a) The Company is regular in depositing with appropriate authorities, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employee's State Insurance, Income Tax, Sales Tax, Service Tax, Excise Duty, Cess and other material statutory dues applicable to it. According to the information and explanations given to us, no undisputed amounts payable in respect of such statutory dues were outstanding, at the year end, for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us, there are no outstanding dues of Income Tax, Sales Tax, Service Tax, Excise Duty and Cess on account of dispute.

(c) The Company has not declared any dividend during the year or any of the previous years, and therefore the company is not required to comply with transfer of unpaid dividend amounts to Investor Education and Protection Fund.

The Company does not have accumulated losses as at March 31, 2015. The Company has not incurred cash losses (viii) during the year ended on March 31, 2015.

Based on our audit procedures and as per the information and explanations given by the management, we are of the opinion that the Company has not defaulted in the repayment of dues to banks and financial institutions. The (ix) Company did not have any debentures outstanding as at the year end. Accordingly, Clause 3 (ix) of the Order is not applicable to the Company.

The company has not given any guarantee for loans taken by others from bank or financial institutions, the terms and (x) conditions whereof are not prejudicial to the interests of the company.

According to the information and explanations given to us and the records of the Company examined by us, the (xi) Company has not obtained any term loans during the year.

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

for Ramu & Ravi,

FRN No. 006610S

Chartered Accountants

K.V.R.MURTHY

Partner

Membership No.200021

Place: Hyderabad

Date: 28th May 2015


Mar 31, 2014

We have audited the accompanying Financial Statements of M/s TECHNVISION VENTURES LIMITED, which comprise the Balance Sheet as at March 31, 2014 and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information, which we have signed under reference to this report.

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 sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the Financial Statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

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 carry on the audit to obtain reasonable assurance whether the Financial Statements are free from any 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, but not for the purpose of expressing an opinion on the effectiveness of the entity''s internal control. 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 accompanying 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 in case of the:

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

(b) Statement of Profit and Loss, of the profit for the year ended on March 31, 2014; and

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

Report on Emphasis of Matter(s) (EOM)

There are no specific matters of emphasis to be referred to in this report.

Report on Other Matters.

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

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

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

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

c. the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement dealt with by this Report are in agreement with the books of account and with the documents and statements received from branches not visited by us

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

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

ANNEXURE TO THE AUDITORS'' REPORT

(Referred to As Report on other Matters)

(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 on the basis of available information.

(b) As explained to us and as per the phased programme designed by the company, all the fixed assets have been physically verified by the management at reasonable intervals, which in our opinion is reasonable, having regard to the size of the Company and nature of its assets. No material discrepancies have been noticed in respect of those assets, which have been physically verified.

(c) In our opinion and according to information and explanation given to us the Company has not disposed off any substantial part of its fixed asset during the year and the going concern status of the Company is not affected

(ii) Due to the nature of Company''s business of development of Computer Software and exports, the Company does not maintain inventories. Consequently, provisions of clause 4(ii) of Companies (Auditor''s Report) Order, 2003 are not applicable in relation to its activities.

(iii) The Company has taken loans during the earlier year from Companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956 where the rate of interest and other terms and conditions of loans are not prima facie prejudicial to the interest of the company. The maximum amount involved is Rs. 157.18 Lakhs. The year end balances of such loans granted is Rs. 138.68 Lakhs

(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 purchases of fixed assets and in respect of sale of Computer Software and related services.

(v) Based on the examination of the books of account and related records and according to the information and explanations provided to us, there are contracts or arrangements with Companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956.

(vi) According to the information and explanations given to us, the Company has not accepted any deposits from the public, within the meaning of Sections 58A and 58AA or any other relevant provisions of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975. Therefore, the provisions of clause (vi) of paragraph 4 of the Order are not applicable to the Company.

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

(viii) According to the information and explanations given to us, the Central Government has not prescribed for maintenance of cost records under clause (d) of sub-section (1) of Section 209 of the Companies Act, 1956 for the Company.

(ix) In respect of statutory dues:

(a) According to the information and explanations given to us and the records of the Company examined by us, the Company is generally regular in depositing with appropriate authorities undisputed statutory dues including provident fund, employees'' state insurance, income-tax, service tax, sales-tax, and other material statutory dues applicable to it.

(b) According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, employees'' state insurance, income-tax, service tax, sales-tax, and other material statutory dues were outstanding, at the year end, for a period of more than six months from the date they became payable.

(c) As explained to us, and according to the information and explanations given to us, the disputed Income Tax which have not been deposited with the appropriate authorities are as under.

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

(xi) Based on our audit procedures and according to the information and explanations provided to us, we are of the opinion that the Company has not defaulted in repayment of dues to the banks and financial institutions. The Company has not issued any debentures during the year.

(xii) According to the information and explanations given to us, the Company has not granted loans and advances on the basis of security by the way of pledge of shares, debenture and other securities.

Accordingly, the provisions of clause 4(xii) of the Order are not applicable to the Company.

(xiii) In our opinion and according to the information and explanations given to us, the Company is not a chit fund or a nidhi/mutual benefit fund/society. Accordingly, provisions of clause 4(xiii) of the Order are not applicable to the Company.

(xiv) In our opinion and according to the information and explanations given to us the Company is not dealing in shares, securities and debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Order are not applicable to the Company.

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

(xvi) According to the information and explanations given to us and the records of the Company examined by us, the Company has not obtained any term loans during the year.

(xvii) 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 utilized for long term investments.

(xviii) According to the information and explanations given to us, the Company has not made any preferential allotment of shares to parties and Companies covered in the register maintained under Section 301 of the Companies Act, 1956.

(xix) According to the information and explanations given to us, the Company has not issued any debentures during the period covered by our report. Accordingly, the provisions of clause 4(xix) of the Order are not applicable to the Company.

(xx) The Company has not raised any money by way of public issue during the year.

(xxi) According to the information and explanations given to us and on the basis of the audit procedures applied by us, no fraud on or by the Company has been noticed or reported during the year.

for Ramu & Ravi, FRN No. 006610S Chartered Accountants

K.V.R. MURTHY Partner Membership No.200021 Place: Hyderabad Date: 29th May 2014


Mar 31, 2012

1. We have audited the attached Balance Sheet of Solix Technologies Limited, as at 31st March 2012 and Profit & Loss Account and also the Cash Flow Statement of the Company for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's Management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

3. As required by the Companies (Auditor's Report) Order, 2003 issued by Central Government of India in terms of Sub Section (4A) of Section 227 of the Companies Act, 1956, we enclose herewith a statement as an Annexure, on matters specified in paragraph 4 and 5 of the said Order.

4. Further to our comments referred to in Para 3 above, we report that:

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

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

iii. the Balance Sheet and Profit and Loss Account dealt with by this Report is in agreement with the books of account;

iv. in our opinion, the Balance Sheet and Profit and Loss Account dealt with by this report comply with the accounting standards referred to in Section 211(3C) of the Companies Act, 1956;

v. on the basis of review of written representations received from the Directors, as on 31st March, 2012, and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March, 2012 from being appointed as a Director in terms of Clause (g) of Sub-Section (1) of Section 274 of the Companies Act, 1956.

vi. in our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956; in the manner so required and give a true and fair view in conformity with the accounting prin- ciples generally accepted in India:

a. in the case of the Balance Sheet, of the state of affairs of the Company as at March 31st, 2012; and

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

c. In the case of Cash Flow Statement, of the Cash Flows for the period ended on that date.

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

As per the program designed by the company all tangible fixed assets have been physically verified by the

(b) management at reasonable intervals, and no material discrepancies have been noticed in respect of those assets, which have been physically verified.

(c) The Company has not disposed off substantial part of its fixed asset during the year.

(ii) (a) Due to the nature of Company's business of development of Computer Software and exports, the Company does not maintain inventories. Consequently, provisions of clause 4(ii) of Companies (Auditor's Report) Order, 2003 are not applicable in relation to its activities.

(iii) The Company has taken loans during the earlier years from Companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956 where the rate of interest and other terms and conditions of loans are not prima facie prejudicial to the interest of the company. The maximum amount involved is Rs 191.39 lakhs. the year end balance of such loans taken is Rs 139.61 lakhs.

(iv) 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 fixed assets and in respect of sale of Computer Software and related services. During the course of our audit, no major weakness has been noticed in the internal controls Based on the examination of the books of account and related records and according to the information ( ) and explanations provided to us, we are of the opinion that the company has maintained the contracts or arrangements that need to be entered into the register maintained under Section 301 of the Companies Act, 1956.

(vi)The Company has not accepted any deposits from the public, within the meaning of Sections 58A and 58AA or any other relevant provisions of the companies Act, 1956 and the companies (Acceptance of deposits) Rules, 1975.

(vii) In our opinion the Company has an adequate internal audit system commensurate with the size of the Company and nature of its business.

(vii) According to the information and explanations given to us, the Central Government has not prescribed maintenance of cost records under clause (d) of sub-section (1) of Section 209 of the Companies Act, 1956 for the company.

(ix) (a) According to the information and explanations given to us and the records of the Company examined by us the Company is generally regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education and protection fund, employees' state insurance, income-tax, sales-tax, wealth-tax, service tax, customs duty, excise duty, cess and other material statutory dues applicable to it.

(b) According to the information and explanations given to us, there are no arrears of undisputed statutory dues payable in respect of provident fund, employees' state insurance, income-tax, wealth-tax, service tax, sales-tax, customs duty, cess and other undisputed statutory dues were outstanding, as at 31st March,2012 for a period of more that six months from the date they became payable.

(c) As explained to us and according to the information and explanations given to us, the disputed Income Tax which has not been deposited with the appropriate authorities are as under.

Nature of Amount Amount Forum where disputes are pending Dues Demand Paid Income Tax Rs 125.50 Rs 100.28 (i)income Tax Appellate Tribunal Lakhs Lakhs Mumbai

(ii(commissioner of income Tax (Appeals), Mumbai

(x) The company does not have any accumulated losses nor has incurred any cash losses during the current year and the immediately preceding financial year.

(xi) Based on the examination of the books of account and related records and according to the information and explanations provided to us, the Company has not defaulted in repayment of its dues to the banks. During the year company has not taken any loans from financial institutions nor has it issued any debentures.

(xii) According to the information and explanations given to us, the Company has not granted loans and advances on the basis of security by the way of pledge of shares, debenture and other securities.

(xii) In our opinion and according to the information and explanations given to us, the Company is not a chit fund or a nidhi/mutual benefit fund/society to which the provisions of special statute relating to Chit Funds are applicable

(xiv) In our opinion and according to the information and explanations given to us the Company is not dealing in shares, securities and debentures and other investments.

(xv) 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.

(xvi) According to the information and explanations given to us and the records of the Company examined by us, the company has not obtained any term loans during the year.

(xvii) 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 utilized for long term investment.

(xviii) According to the information and explanations given to us, the Company has not made any preferential allotment of shares to parties and Companies covered in the register maintained under Section 301 of the Companies Act, 1956.

(xix) According to the information and explanations given to us, the Company has not issued any debentures during the period covered by our report.

(xx) The company has not raised any money by way of public issue during the year.

(xxi) According to the information and explanations given to us and on the basis of the audit procedures applied by 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 Ramu & Ravi,

FRN No. 006610S

Chartered Accountants

K.V.R.Murthy

Partner

Membership No.200021

Place: Hyderabad

Date: 25th May 2012


Mar 31, 2010

1. We have audited the atached Balance Sheet of Solix Technologies Limited, as at 31st March 2010 and Profit & Loss Account and also the Cash Flow Statement of the Company for the year ended on that date 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 have conducted our audit in accordance with auditng 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 prepared, in all material respects, in accor- dance with an identified financial reportng framework and are free of material misstatements. An audit includes examining, on a test basis, evidence supportng the amounts and disclosures in the financial statements. An audit also includes assessing the Accounting principles used and significant estmates made by Management, as well as evaluatng the overall financial statement presentaton. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditors Report) Order, 2003 issued by Central Government of India in terms of Sub Section (4A) of Section 227 of the Companies Act, 1956, we enclose in the enclosed Annexure a statement on maters specifed in paragraph 4 and 5 of the said Order.

4. Further to our comments referred to in Para 3 above, we report that:

i. we have obtained all the Information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

ii. in our opinion, proper books of account as required by law have been kept by the Company, so far as appears from our examinaton of those books;

iii. the Balance Sheet and Profit and Loss Account dealt with by this Report is in agreement with the books of account; iv. in our opinion, the Balance Sheet and Profit and Loss Account dealt with by this report comply with the Accounting standards referred to in Section 211(3C) of the Companies Act, 1956;

v. on the basis of review of writen representatons received from the Directors, as on 31st March, 2010, and taken on record by the Board of Directors, we report that none of the Directors is disqualifed as on 31st March, 2010 from being appointed as a Director in terms of Clause (g) of Sub-Section (1) of Section 274 of the Companies Act, 1956.

vi. in our opinion and to the best of our Information and according to the explanations given to us, the said accounts give the Information required by the Companies Act, 1956; in the manner so required and give a true and fair view in conformity with the Accounting prin- ciples generally accepted in India:

a. in the case of the Balance Sheet, of the state of afairs of the Company as at March 31st, 2010; and

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

c. In the case of Cash Flow Statement, of the Cash Flows for the period ended on that date.

ANNEXURE TO THE AUDITORS REPORT (Referred to in paragraph 3 of our report of even date)

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

As per the programme designed by the company all tangible fixed assets have been physically verifed by the

(b) management at reasonable intervals, and no material discrepancies have been Noticed in respect of those assets, which have been physically verifed.

(c) The Company has not disposed ofsubstantial part of its fixed asset during the year.

Due to the nature of Companys business of development of Computer Sofware and exports, the Company does

(ii) not maintain inventories relating to fnished products. Consequently, provisions of Clause 4(ii) of Companies (Auditors Report) Order, 2003 are not applicable in relaton to its actvites.

The Company has taken loans during the earlier year from Companies, frms or other partes listed in the register maintained under Section 301 of the Companies Act, 1956 where the rate of interest and other terms and

(iii) conditons of loans which are not prima facie prejudicial to the interest of the company. The maximum amount involved is Rs.109.37 Lakhs. The year end balances of such loans taken is Rs.108.51 Lakhs.

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 fixed

(iv) assets and in respect of sale of Computer Sofware and related services. During the course of our audit, no major weakness has been Noticed in the internal controls.

Based on the examinaton of the books of account and related records and according to the Information and explanations provided to us, we are of the opinion that the company has maintained the contracts or (v) Arrangements that need to be entered into the register maintained under Section 301 of the Companies Act, 1956.

The Company has not accepted any deposits from the public, within the meaning of Sections 58A and 58AA or (vi) any other relevant provisions of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975.

In our opinion the Company has adequate internal audit system commensurate with the size of the Company (vii) and nature of its business.

According to the Information and explanations given to us, the Central Government has not prescribed (viii) maintenance of cost records under clause (d) of sub-Section (1) of Section 209 of the Companies Act, 1956 for the Company.

According to the Information and explanations given to us and the records of the Company examined by us the Company is generally regular in depositng with appropriate authorites the undisputed statutory dues including (ix) (a) provident fund, investor Education and protecton fund, employees state insurance, income-tax, sales-tax, wealth-tax, customs duty, excise duty, cess and other material statutory dues applicable to it except for Service Tax .

According to the Information and explanations given to us, there are no arrears of undisputed statutory dues payable in respect of Provident Fund, Employees State Insurance, Income-Tax, Wealth-Tax, Sales-Tax, Customs (b) Duty, Cess and other Undisputed Statutory dues were outstanding, as at 31st March 2010 for a period of more than six months from the date they became payable except for Income Tax (TDS)-Rs. 11.79 lakhs and Service Tax- Rs. 2.86 lakhs.

As explained to us, and according to the Information and explanations given to us, the disputed Income Tax which have not been deposited with the appropriate authorites are as under.

(c)

NATURE OF DUES AMOUNT DEMAND AMOUNT PAID FORUM WHERE DISPUTES ARE PENDING

(i)Income Tax Appellate Tribunal Mumbai Income Tax Rs 146.72 Lakhs Rs 96.17 Lakhs

(ii>Commissioner of Income Tax (Appeals), Mumbai

The company does not have any accumulated losses nor has incurred any cash losses during the current year and the immediately preceding financial year.

Based on the examinaton of the books of account and related records and according to the Information and explanations provided to us, the Company has not defaulted in repayment of its dues to the banks. During the year company has not taken any loans from financial insttutons nor has it issued any debentures.

According to the Information and explanations given to us, the Company has not granted loans and advances on the basis of security by the way of pledge of shares, debenture and other securites.

In our opinion and according to the Information and explanations given to us, the Company is not a chit fund or a nidhi/mutual benefit fund/society to which the provisions of special statute relating to Chit Funds are applicable

In our opinion and according to the Information and explanations given to us the Company is not dealing in shares, securites and debentures and other investments.

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 insttutons.

According to the Information and explanations given to us and the records of the Company examined by us, the Company has not obtained any term loans during the year.

According to the Information and explanations given to us, and on an overall examinaton of the Balance Sheet of the Company, funds raised on short term basis have prima facie, not been utlized for long term investment.

According to the Information and explanations given to us, the Company has not made any preferental allotiment of shares to partes and Companies covered in the register maintained under Section 301 of the Companies Act, 1956.

According to the Information and explanations given to us, the Company has not issued any debentures during the period covered by our Report.

(xx) The Company has not raised any money by way of public issue during the year. According to the Information and explanations given to us and on the basis of the audit procedures applied by

(xxi) 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.

K.V.R.MURTHY

Partner

Membership No.200021

For and on behalf of Ramu & Ravi

Chartered Accountants

FRN No. 006610S

Place: Hyderabad Date: 29th May 2010


Jun 30, 2002

1. We have audited the attached Balance Sheet of SOLIX TECHNOLOGIES LIMITED as at 30th June, 2002 and also the Profit and Loss Account for the year ended on that date. 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 Indian auditing standards issued by the Institute of Chartered Accountants of India. Our audit includes an examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates and judgements made by the management in the preparation of financial statements and evaluating the overall financial statement presentation. We planned and performed our audit, so as to obtain all the informations and explanations which we considered necessary in order to provide us the sufficient evidence to give reasonable assurance that the financial statements are free from material misstatements and to provide a reasonable basis for our opinion.

3. As required by the Manufacturing and Other Companies (Auditors Report) Order 1988, issued by the Central Government of India in terms of Section 227 (4A) of the Companies Act, 1956, we give in the Annexure a Statement on the matters specified in paragraph 4 and 5 of the said order.

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

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 the books;

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

d) In our opinion, the Balance Sheet and the Profit and Loss Account dealt with by this report are in compliance with the Accounting Standards referred to in Section 211(3C) of the Company, 1956 in so far as they apply to Company.

e) In our opinion and based on information and explanations given to us, none of the directors are disqualified as on 31st March, 2002 from being appointed as directors in terms of clause (g) of subsection (1) of section 274 of Companies Act 1956.

f) In our opinion and to the best of our information and according to the explanations given to us the said accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:-

i) In the case of the Balance Sheet, of the state of affairs of the Company as at 30th June, 2002

And ii) In the case of the Profit and Loss Account, of the profit of the Company for year ended on 30th June, 2002 .

ANNEXURE TO AUDITORS REPORT Referred to in Paragraph 1 of our Report of even date.

1. The Company has maintained generally proper records showing full particulars, including quantitative details and situation of the fixed assets. These fixed assets have been physically verified by the management at reasonable intervals. According to the information and explanations given to us, no material discrepancies between the book records and physical inventory have been noticed in respect of the assets physically verified.

2. The Company has not revalued any of it assets.

3. The Company had not taken any loans during the year .

4. The Company has not given any loan or advances in the nature of loan during the year.

5. In our opinion and according to 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.

6. In our opinion and according to the explanations given to us, the transaction sale of goods and materials and services made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 aggregating during the year to Rs.50,000/-or more in respect of each party have been made at prices which are reasonable having regard to the prevailing market prices for such services.

7. The company has not accepted any deposit from public during the year.

8. As per the explanations given to us, in the opinion of the management considering the size and nature of its business during the year the company does not require any internal audit system.

9. As informed to us, the company is not required to deduct Provident Fund and Employees State Insurance dues.

10. According to the information and explanations given to us there were no undisputed amounts payable in respect of income tax, wealth tax, sales tax, customs duty and excise duty which have remained outstanding as at 30th June, 2002 for a period of more than six months from the date they become payable.

11. To the best of our knowledge, and on the basis of our examination of the books of accounts and the informations and explanations given to us, no personal expenses have been charged to the revenue account.

12. We are informed that the provisions of Statue applicable to the chit fund, nidhi or mutual benefidt society do not apply to the company.

13. In our opinion, the company has a reasonable system of allocating man-hours utilised to the relative jobs commensurate with its size and nature of its business.

For GANESH & RAJENDRA ASSOCIATES CHARTERED ACCOUNTANTS

Sd/- (GANESH MEHTA) PARTNER

MUMBAI, DATED :

 
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