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Auditor Report of Tyche Industries Ltd.

Mar 31, 2016

INDEPENDENT AUDITORS REPORT

TO THE MEMBERS OF TYCHE INDUSTRIES LIMITED REPORT ON THE FINANCIAL STATEMENTS

We have audited the accompanying financial statements of Tyche Industries Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2016, the Profit and Loss Statement, the 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 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.

AUDITORS'' 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 misstatements.

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 financial control relevant to the Company''s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Company''s directors, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is 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 March 31, 2016, and its profits and its Cash Flows for the year ended on that date.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the Companies (Auditors'' Report) Order, 2016 ("The Order"), as amended issued by the Central Government of India in terms of sub-section 11 of Section 143 of the Act, we give in the Annexure-"A" a Statement on the matters specified in Paragraph 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, the Profit and Loss Statement, 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 March 31, 2016, taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2016, from being appointed as a director in terms of Section 164 (2) of the Act.

f) With respect to the adequacy of the internal financial controls over financial reporting of the company and the operating effectiveness of such controls, refer to our separate Report in Annexure B".

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

(i) The Company has disclosed the impact of pending litigations on its financial position in its financial statements-Refer to Note No.1(q) to the financial statements.

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

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

With reference to the annexure referred to in our Independent Auditors Report to the members of the Company on the financial statements for the year ended 31-03-2016, we report that:

i. a) The Company has maintained proper records showing broad particulars including quantitative details and situation of fixed assets, on the basis of available information. However, the fixed assets register is to be updated.

b) As explained to us by the management, majority the fixed assets have been physically verified in a broad manner by the management in a phased periodical manner, which in our opinion is reasonable, having regard to the size of the Company and nature of its assets. We are informed that no material discrepancies were noticed on such physical verification.

c) According to the information and explanations given to us and on the basis of our examination of the records of the company the title Deeds of Immovable properties of the company are held in the name of the company.

ii. The Inventories have been physically verified during the year by the management, in respect of majority of the high value items at reasonable intervals. In our opinion, the frequency of such verification is reasonable. The discrepancies, if any, have been properly dealt with in the books of account.

iii. The company had granted in the earlier year an unsecured loan to a limited company, outstanding at Rs.0.41 Crores (Previous year Rs.0.55 Crores), coming under the purview of Section 189 of the Companies Act, 2013. No specific repayment program had been fixed earlier for the repayment of the said Unsecured Loan and the interest on the same is repaid on a yearly basis in a regular manner. The company has not granted any loans, secured or unsecured to firms, limited liability partnerships or other parties covered in the register maintained U/s 189 of the companies Act.

iv. The company has not given any loans; made investments; given guarantees to the parties to which the provisions of section 185 and 186 of the Companies Act, 2013 are applicable.

v. According to the information and explanations given to us, the Company has not accepted any deposit from the public. Therefore, the provisions of Clause (v) of paragraph 3 of the CARO, 2016 are not applicable to the Company.

vi. The Company has maintained cost records, which, prima facie, appear to broadly meet the requirements prescribed by the Central Government U/s.148(1) of the Companies Act, 2013 read with Companies (Cost Records and Audit) Rules, 2014. However, the contents of these accounts and records have not been examined by us in detail.

vii. a) According to the records of the Company, undisputed statutory dues including Provident Fund, Employees'' State Insurance, Income Tax, Sales Tax, Service Tax, duty of Customs, Duty of Excise, Value Added Tax, Cess and other statutory dues have been generally regularly deposited with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at 31-03-2016 for a period of more than six months from the date they became payable.

b) We have been informed by the management that there are no pending disputes with the appropriate authorities relating to Statutory Dues and those dues outstanding for a period of more than six months from the date they became payable other than these shown below:

Financial Years (Asst year)

Nature

Amount (Rs in lakhs)

Forum where dispute is Pending with

2013-2014(2014-2015)

Refund of Excise duty

23.33

Appeal with CCE ( Appeals)

2009-2010 (2010-2011)

Income Tax demand

13.08

Representation for rectification filed with DCIT.

2011-2012(2012-2013)

Income Tax Demand

17.11

Appeal lying with CIT( Appeals)

viii. As per the information and explanations given to us, the company has not defaulted in repayment of dues to the Banks or Government. The Company has not made any borrowings from the financial institutions or debenture holders.

ix. During the year under review, the company has not raised any moneys by way of initial public offer or further public offer (including debt instruments). The company has not availed any fresh term loans.

x. On the basis of our examination and according to the information and explanations furnished to us by the management, no fraud by the company or on the company by its officers or employees has been noticed or reported.

xi. As per the information and explanations furnished to us, the managerial remuneration has been paid / provided in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V of the companies Act.

xii. The company is not a Nidhi Company and accordingly provisions of clause (xii) of Para 3 of the order are not applicable to the company.

xiii. As per the information and explanations furnished to us and based on our audit, in our opinion, all the transactions with the related parties are in compliance with provisions of section 177 and 188 of the companies Act, 2013 and the details have been disclosed in the financial statements as required by the applicable accounting standards.

xiv. The company has not made any preferential allotment or private placement of share or fully or partly convertible debentures during the period and accordingly the provisions of clause (Xiv) of para 3 of the order are not applicable to the company.

xv. As per the information and explanations given to us and based on our audit , the company has not entered into any non- Cash transactions with directors or persons connected with him. Hence, compliance with provisions of clause (xv) of para 3 of the order are not applicable to the company.

xvi. As per the information and explanations given to us and based on our audit, the company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.

We have Audited the Internal Financial controls Over financial Reporting of M/s TYCHE INDUSTRIES LIMITED ("the company") as of March 31st 2016 in conjunction with our audit of the standalone financial statements of the company for the year ended on that date.

1) Managements Responsibility for Internal financial controls

The company Management is responsible for establishing and maintaining Internal financial controls based on "the internal control Over financial reporting criteria established by the company considering the essential components of internal control stated in the Guidance Note on audit of Internal Financial controls over Financial Reporting issued by the Institute of chartered accountants of India"( ICAI). These responsibilities include the design, implementation and Maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

2) Auditors Responsibility

Our responsibility is to express an opinion on the company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial controls Over financial reporting (" the Guidance Note") and the standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of Internal financial controls, both applicable to an audit of internal financial controls and, both issued by ICAI of India. Those standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the company''s Internal financial controls system over financial reporting.

3) Meaning of Internal Financial controls over Financial reporting

A company''s Internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that

i) Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;

ii) Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and

iii) Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company''s assets that could have a material effect on the financial statements.

4) Inherent limitations of Internal financial controls over Financial Reporting

Because of the inherent limitations of Internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedure may deteriorate.

5) Opinion

In our opinion, the company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31st March, 2016, based on the internal control over financial reporting criteria established by the company considering the essential components of internal financial control stated in the Guidance Note on Audit of Internal financial controls over financial reporting issued by the institute of Chartered Accountants Of India.

For PS.N.RAVISHANKER & ASSOCIATES

Chartered Accountants (FRN: 003228S)

Sd/-

(P. RAVI SHANKER)

Place : Hyderabad, Partner

Date : 30-05-2016. ICAI M.No.025288


Mar 31, 2015

We have audited the accompanying financial statements of Tyche Industries Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2015, the Profit and Loss Statement, the 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 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, whetherdue to fraud or error.

AUDITORS' 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 misstatements.

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 financial control relevant to the Company's preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of 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 March 31, 2015, and its profits and its Cash Flows for the year ended on that date.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

As required by the Companies (Auditors' Report) Order, 2015 ("The Order"), issued by the Central Government of India in terms of sub-section 11 of Section 143 of the Act, we give in the Annexure a Statement on the matters specified in Paragraph 3 and 4 of the Order, to the extent applicable.

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

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

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

c) The Balance Sheet, the Profit and Loss Statement, 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 March 31, 2015, taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 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, formaterial foreseeable losses, if any, and as required on long-term 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 INDEPENDENT AUDITORS' REPORT With reference to the annexure referred to in our Independent Auditors Report to the members of the Company on the financial statements for the year ended 31-03-2015, we report that :

i. In respect of its fixed assets:

a) The Company has maintained proper records showing broad particulars including quantitative details and situation of fixed assets, on the basis of available information. However, the fixed assets register is to be updated.

b) As explained to us by the management, majority the fixed assets have been physically verified in a broad manner by the management in a phased periodical manner, which in our opinion is reasonable, having regard to the size of the Company and nature of its assets. We are informed that no material discrepancies were noticed on such physical verification.

ii. In respect of its inventories:

a) The inventories have been physically verified during the year by the management, in respect of majority of the high value items at reasonable intervals. In our opinion, the frequency of such verification is reasonable.

b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the management, appears to be generally reasonable and adequate in relation to the size of the Company and the nature of its business.

c) The Company is maintaining proper records of inventories. As per the information and explanation given to us, no material discrepancies were noticed on such verification.

iii. In respect of the loans :

The company had granted an unsecured loan to a limited company, in which MD and WTD's Relative is a Director, outstanding at Rs.0.55 Crores (Previous year Rs.0.54 Crores), granted in the earlier years and continuing in the current year, coming under the purview of Section 189 of the Companies Act, 2013. No specific repayment program had been fixed earlier for the repayment of the said Unsecured Loan and the interest on the same is repaid on an yearly basis in a regular manner.

iv. In our opinion and according to the information and explanations given to us, the Company has an adequate internal control system which, Prima facie, appear to be commensurate with its size and the nature of its business for the purchase of inventory and fixed assets and for the sale of goods.

v. According to the information and explanations given to us, the Company has not accepted any deposit from the public. Therefore, the provisions of Clause (v) of paragraph 3 of the CARO, 2015 are not applicable to the Company.

vi. The Company has maintained cost records, which, prima facie, appear to broadly meet the requirements prescribed by the Central Government U/s.148(1) of the Companies Act, 2013 read with Companies (Cost Records and Audit) Rules, 2014. However, the contents of these accounts and records have not been examined by us in detail.

vii. In respect of statutory dues :

a) According to the records of the Company, undisputed statutory dues including Provident Fund, Employees' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, duty of Customs, Duty of Excise, Value Added Tax, Cess and other statutory dues have been generally regularly deposited with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at 31-03-2015 for a period of more than six months from the date they became payable.

b) We have been informed by the management that there are no pending disputes with the appropriate authorities relating to Statutory Dues and those dues outstanding for a period of more than six months from the date they became payable.

c) According to the records of the Company, information and explanations given to us, there are no amounts that are due to be transferred to the Investor Education and Protection Fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules made thereunder.

viii. The Company is registered for a period of more than 5 years, there are no accumulated losses in the company as at 31-03-2015 and the Company has not incurred cash losses during the financial year covered by the audit and in the immediately preceding financial year.

ix. We are of the opinion that the Company has not defaulted in repayment of dues to the Banks. The company has not made any borrowings from the financial institutions or debenture holders.

x. As per the information and explanations furnished to us, the Company has not given any guarantee for loans taken by others from bank or financial institutions.

xi. During the year the company has not availed any term loans.

xii. According to the information and explanations given to us, there was no fraud on or by the company that has been noticed or reported during the year by the Management.

For PS.N.RAVISHANKER & ASSOCIATES Chartered Accountants FRN : 003228S

Sd/-

(P. RAVI SHANKER)

Place : Hyderabad, Partner

Date : 29-05-2015. ICAI M.No.025288


Mar 31, 2014

We have audited the accompanying financial statements of TYCHE INDUSTRIES LIMITED which comprise of the Balance Sheet as at March 31st2014, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, 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") read with the General circular 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the companies Act 2013. 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 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 effectives of the company''s internal control . An auditalso 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 31st 2014;

(b) in the case of the statement of Profit and Loss , 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 ("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.

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

d. in our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956 read with the General Circular 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act 2013 and,

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

STATEMENT REFERRED TO IN THE AUDITORS REPORT

1 a) The Company is maintaining proper records which show broad particulars including quantitative details and situation in respect of the fixed assets. However the fixed Assets register is to be updated.

b) The fixed assets of the company have been broadly verified during the year by the management at reasonable intervals we are informed that no material discrepancies were noticed on such verification.

c) The company has not disposed off substantial part of its fixed assets so as to affect the going concern concept.

2 a) As explained to us, Physical verification of inventory has been conducted by the management during the year in respect of majority of the high value items at reasonable intervals.

b) The procedures of physical verification of inventory followed by the management appear to be generally reasonable and adequate in relation to the size of the company and the nature of its business.

c) The company is maintaining proper records of inventory and we are informed that no material discrepancies were noticed on Physical verification.

3. As per the information and explanations furnished to us by the management during the year the company has not granted any loans, secured or unsecured, to the parties covered in the register maintained under Section 301 of the Act. The Company has accepted unsecured loan from the managing director of the company, covered in the register maintained u/s 301 of the Act, amounting to Rs 102.00 Lacs( P.Y 102.00 Lacs). we are informed that the said unsecured loan does not carry any interest and no specific repayment period is fixed in this regard and the other terms and conditions prima facie do not appear to be prejudicial to the interests of the company.

4. In our opinion and according to the information and explanations given to us, the internal control procedures existing in the company with regard to purchase of Inventory and Fixed Assets and for the sale of goods including processing charges, prima facie, appear to be commensurate with the size of the company and the nature of its business.

5. As per the information and explanations furnished to us by the management during the year, there are no transactions that need to be entered into the register in pursuance of Section.301of the Act.

6. As per the information and explanations furnished to us, the Company has not accepted any deposits from the Public during the year to which the directives issued by the Reserve Bank of India and the provisions of Sec.58A and 58AA of the Act and the Rules framed there under apply.

7. The company does not have any formal internal audit system during the year. It has been explained to us that the internal control systems existing in the company cover some of the internal audit aspects also.

8. The company has maintained the records, which broadly meet the requirements of the Cost Records U/s.209 (1) (d) of the Companies Act, 1956. However, we have not examined the contents of these accounts and records in detail.

9. The undisputed dues including Provident fund, Investor education and protection fund, Employees State Insurance, Income-Tax, Sales tax, Wealth tax, Custom duty, Excise duty, Cess and other statutory dues have been deposited generally by the company during the year with the appropriate authorities.

10. The company has been registered for period not less than 5 years and there are no accumulated losses in the company as at 31.03.2014. The company has not suffered cash losses during the current financial year and in the immediately preceding financial year.

11. The company has not defaulted in repayment of dues to banks. The company has not raised any funds from financial institutions/debenture holders.

12. During the year the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. In our opinion and according to the information and explanations given to us, the company is not a chit fund, Nidhi/ mutual benefit fund/ society.

14. The company is not dealing or trading in shares, securities, debentures and other investments.

15. As per the information and explanations furnished to us the company has not given any guarantee for loans taken by others from banks or financial institutions.

16. During the year the company has not obtained any term loans.

17. The funds raised on short-term basis do not prima-facie appear to have been used for long-term investment and vice versa.

18. 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 Act.

19. The company has not issued any debentures.

20. The company has not raised money through public issue during the year.

21. According to the information and explanations furnished to us, during the year, there was no fraud on or by the company that has been noticed or reported by the management..

For P.S.N. RAVISHANKER & ASSOCIATES Chartered Accountants Firm Reg No: 003228S

Sd/- Place: Hyderabad (P. RAVISHANKER) Date : 30-05-2014 Partner


Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of TYCHE INDUSTRIES LIMITED which comprise of the Balance Sheet as at March 31st2013, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, 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 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 31st 2013;

(b) in the case of the statement of Profit and Loss , 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 ("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.

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

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

e. on the basis of written representations received from the directors as on March 31st 2013, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31st2013, 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.

STATEMENT REFERRED TO IN THE AUDITORS REPORT

1 a) The Company is maintaining proper records which show broad particulars including quantitative details and situation in respect of the fixed assets. However the fixed Assets register is to be updated.

b) The fixed assets of the company have been broadly verified during the year by the management at reasonable intervals: we are informed that no material discrepancies were noticed on such verification.

c) The company has not disposed off substantial part of its fixed assets so as to affect the going concern concept.

2 a) As explained to us, Physical verification of inventory has been conducted by the management during the year in respect of majority of the high value items at reasonable intervals.

b) The procedures of physical verification of inventory followed by the management appear to be generally reasonable and adequate in relation to the size of the company and the nature of its business.

c) The company is maintaining proper records of inventory and we are informed that no material discrepancies were noticed on Physical verification.

3. As per the information and explanations furnished to us by the management during the year the company has not granted any loans, secured or unsecured, to the parties covered in the register maintained under Section 301 of the Act. During the year the Company has accepted unsecured loan from the managing director of the company, covered in the register maintained u/s 301 of the Act, amounting to Rs 102.00 Lacs( P. Y 102.00 Lacs) we are informed that the said unsecured loan does not carry any interest and no specific repayment period is fixed in this regard and the other terms and conditions primafacie do not appear to be prejudicial to the interests of the company.

4. In our opinion and according to the information and explanations given to us, the internal control procedures existing in the company with regard to purchase of Inventory and Fixed Assets and for the sale of goods including processing charges, prima facie, appear to be commensurate with the size of the company and the nature of its business.

5. As per the information and explanations furnished to us by the management during the year, there are no transactions that need to be entered into the register in pursuance of Section.301of the Act.

6. As per the information and explanations furnished to us, the Company has not accepted any deposits from the Public during the year to which the directives issued by the Reserve Bank of India and the provisions of Sec.58A and 58AA of the Act and the Rules framed there under apply.

7. The company does not have any formal internal audit system during the year. It has been explained to us that the internal control systems existing in the company cover some of the internal audit aspects also.

8. The company has maintained the records, which broadly meet the requirements of the Cost Records U/s.209 (1) (d) of the Companies Act, 1956. However, we have not examined the contents of these accounts and records in detail.

9. The undisputed dues including Provident fund, Investor education and protection fund, Employees State Insurance, Income-Tax, Sales tax, Wealth tax, Custom duty, Excise duty, Cess and other statutory dues have been deposited generally by the company during the year with the appropriate authorities.

10. The company has been registered for period not less than 5 years and there are no accumulated losses in the company as at 31.03.2013. The company has not suffered cash losses during the current financial year and in the immediately preceding financial year.

11. The company has not defaulted in repayment of dues to banks. The company has not raised any funds from financial institutions/debenture holders.

12. During the year the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. In our opinion and according to the information and explanations given to us, the company is not a chit fund, Nidhi/ mutual benefit fund/ society.

14. The company is not dealing or trading in shares, securities, debentures and other investments.

15. As per the information and explanations furnished to us the company has not given any guarantee for loans taken by others from banks or financial institutions.

16. During the year the company has not obtained any term loans.

17. The funds raised on short-term basis do not prima-facie appear to have been used for long-term investment and vice versa.

18. 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 Act.

19. The company has not issued any debentures.

20. The company has not raised money through public issue during the year.

21. According to the information and explanations furnished to us, during the year, there was no fraud on or by the company that has been noticed or reported by the management.

For P.S.N.RAVISHANKER & ASSOCIATES Chartered Accountants

Firm Reg No: 003228S

Sd/-

Place : Hyderabad, (P. RAVI SHANKER)

Date : 30-05-2013 Partner


Mar 31, 2012

We have audited the attached Balance Sheet of M/s TYCHE INDUSTRIES LTD as at 31st March, 2012, the statement of Profit and Loss and cash flow statement 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.

We have conducted our audit in accordance with audit standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance 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 the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

I. As required by the Companies (Auditors Report) Order, 2003, issued by the Central Government of India in terms of sub-Section (4A) of Section 227 of the Companies Act, 1956, we have enclosed a Statement on the matters specified in paragraphs 4 and 5 of the said order.

II. Further to our statement referred to in paragraph 1 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 purposes of our audit.

b) In our opinion, proper books of accounts as referred by law have been kept by the Company, so far as it 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 the cash flow statement dealt with by this report comply with the Accounting Standards referred to in Sub-Section (3C) of Section 211 of the Companies Act, 1956.

e) On the basis of written representations received from the directors, as on 31-03-2012, and taken on record by the Board of directors, we report that none of the directors is disqualified as on 31.03.2012 from being appointed as a director 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 accounts give the information required by 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 so far as it relates to the Balance Sheet of the state of affairs of the company as at 31st March, 2012; and

ii) In so far as it relates to the statement of Profit & Loss of the Profit for the year ended on that date.

iii) In so far as it relates to the cash flow statement, of the cash flows for the year ended on that date.

STATEMENT REFERRED TO IN THE AUDITORS REPORT

1. a) The Company is maintaining proper records which show broad particulars including quantitative

details and situation in respect of the fixed assets. However the fixed Assets register is to be updated.

b) The fixed assets of the company have been broadly verified during the year by the management at reasonable intervals: we are informed that no material discrepancies were noticed on such verification.

c) The company has not disposed off substantial part of its fixed assets so as to affect the going concern concept.

2. a) As explained to us, Physical verification of inventory has been conducted by the management

during the year in respect of majority of the high value items at reasonable intervals.

b) The procedures of physical verification of inventory followed by the management appear to be generally reasonable and adequate in relation to the size of the company and the nature of its business.

c) The company is maintaining proper records of inventory and we are informed that no material discrepancies were noticed on Physical verification.

3. As per the information and explanations furnished to us by the management during the year the company has not granted any loans, secured or unsecured, to the parties covered in the register maintained under Section 301 of the Act.

During the year the Company has accepted unsecured loan from the managing director of the company, covered in the register maintained u/s 301 of the Act, amounting to Rs 102.00 Lacs ( P. Y NIL) we are informed that the said unsecured loan does not carry any interest and no specific repayment period is fixed in this regard and the other terms and conditions. Prima facie, do not appear to be prejudicial to the interests of the company.

4. In our opinion and according to the information and explanations given to us, the internal control procedures existing in the company with regard to purchase of Inventory and Fixed Assets and for the sale of goods including processing charges, prima facie, appear to be commensurate with the size of the company and the nature of its business.

5. As per the information and explanations furnished to us by the management during the year, there are no transactions that need to be entered into the register in pursuance of Section. 301 of the Act.

6. As per the information and explanations furnished to us, the Company has not accepted any deposits from the Public during the year to which the directives issued by the Reserve Bank of India and the provisions of Sec. 58A and 58AA of the Act and the Rules framed there under apply.

7. The company does not have any formal internal audit system during the year. It has been explained to us that the internal control systems existing in the company cover some of the internal audit aspects also.

8. The company has maintained the records, which broadly meet the requirements of the Cost Records U/s.209 (1) (d) of the Companies Act, 1956. However, we have not examined the contents of these accounts and records in detail.

9. The undisputed dues including Provident fund, Investor education and protection fund, Employees State Insurance, Income-Tax, Sales tax, Wealth tax, Custom duty, Excise duty, Cess and other statutory dues have been deposited generally by the company during the year with the appropriate authorities.

10. The company has been registered for period not less than 5 years and there are no accumulated losses in the company as at 31.03.2012. The company has not suffered cash losses during the current financial year and in the immediately preceding financial year.

11. The company has not defaulted in repayment of dues to banks. The company has not raised any funds from financial institutions/debenture holders.

12. During the year the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. In our opinion and according to the information and explanations given to us, the company is not a chit fund, Nidhi/mutual benefit fund/society.

14. The company is not dealing or trading in shares, securities, debentures and other investments.

15. As per the information and explanations furnished to us the company has not given any guarantee for loans taken by others from banks or financial institutions.

16. During the year the company has not obtained any term loans.

17. The funds raised on short-term basis do not prima-facie appear to have been used for long-term investment and vice versa.

18. 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 Act.

19. The company has not issued any debentures.

20. The company has not raised money through public issue during the year.

21. According to the information and explanations furnished to us, during the year, there was no fraud on or by the company that has been noticed or reported by the management.

For P.S.N. RAVISHANKER & ASSOCIATES Chartered Accountants Firm Reg No: 003228S

Sd/- (P. RAVISHANKER) Partner Place: Hyderabad Date : 30-05-2012


Mar 31, 2010

We have audited the attached Balance Sheet of M/s TYCHE INDUSTRIES LTD as at 31st March, 2010, the Profit and Loss Account and the cash flow statement 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.

We have conducted our audit in accordance with audit standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance 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 the by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

I. As required by the Companies (Auditors Report) Order, 2003, issued by the Central Government of India in terms of sub-Section (4A) of Section 227 of the Companies Act, 1956, we have enclosed a Statement on the matters specified in paragraphs 4 and 5 of the said order.

II. Further to our statement referred to in paragraph 1 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 purposes of our audit.

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

c) The Balance Sheet and Profit and Loss account 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 Profit and Loss Account and the cash flow statement dealt with by this report comply with the Accounting Standards referred to in Sub-Section (3C) of Section 211 of the Companies Act, 1956.

e) On the basis of written representations received from the directors, as on 31-03- 2010, and taken on record by the Board of directors, we report that none of the directors is disqualified as on 31.03.2010 from being appointed as a director^ 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 accounts give the information required by 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 so far as it relates to the Balance Sheet of the state of affairs of the company as at 31st March, 2010; and ii) In so far as it relates to the Profit & Loss Account of the Profit for the year ended on that date. iii) In so far as it relates to the cash flow statement, of the cash flows for the year ended on that date.

STATEMENT REFERRED TO IN THE AUDITORS REPORT

1 a) The Company has maintained proper records to show full particulars including quantitative details and situation in respect of the fixed assets.

b) The fixed assets of the company have been broadly verified during the year by the management and we are informed that no material discrepancies were noticed on such verification.

c) The company has not disposed off substantial part of its fixed assets.

2 a) As explained to us, Physical verification of inventories has been conducted by the management during the year in respect of majority of the high value items at reasonable intervals.

* b) The procedures of physical verification of inventory followed by the management appear to be generally reasonable and adequate in relation to the size of the company and the nature of its business.

c) The company is maintaining proper records of inventory and we are informed that no material discrepancies were noticed on such Physical verification.

3. During the year the company has not granted or taken secured/ unsecured loans to/from the parties covered in the register maintained under Section 301 of the Act.

4. In our opinion and according to the information and explanations given to us, the internal control procedures existing in the company with regard to purchase of Inventory and Fixed Assets and for the sale of goods prima facie appear to be commensurate with the size of the company and the nature of its business.

5. During the year, there are no transactions that need to be entered into the register in pursuance of Section.301 of the Act.

6. As per the information and explanations furnished to us, the Company has not accepted any deposits from the Public during the year to which the directives issued by the Reserve Bank of India and the provisions of Sec.58A and 58AA of the Act and the Rules framed there under apply.

7. The company does not have any formal internal audit system during the year. However the internal control systems existing in the company cover some of the internal audit aspects also.

8. The company has maintained the records, which broadly meet the requirements of the Cost Records U/s.209 (1)(d) of the Companies Act, 1956. However, we have not examined the contents of these accounts and records in detail.

9. The undisputed dues including Provident fund, Investor education and protection fund, Employees State Insurance, Income-Tax, Sales tax, Wealth tax, Custom duty, Excise duty, Cess and other statutory dues have been deposited by the company during the year with the appropriate authorities.

10. The company has been registered for more than 5 years and there are no accumulated losses in the company as at 31.03.2010. The company has-not suffered cash losses during the year and in the preceding financial year.

11. The company has not defaulted in repayment of loans taken from banks. The company has not raised any funds from financial institutions/debenture holders.

12. During the year the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. The provisions of the special statute applicable to Chit Funds, Nidhi /mutual benefit fund / societies are not applicable to the company.

14. The company is not dealing or trading in shares, securities, debentures and other investments.

15. As per the information and explanations furnished to us the company has not given any guarantee for loans taken by others from banks or financial institutions.

16. During the year the company has not obtained any term loans.

17. The funds raised on short-term basis do not prima-facie appear to have been used for long- term investment and vice versa.

18. 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 Act.

19. The company has not issued any debentures.

20. The company has not raised money through public issue during the year.

21. According to the information and explanations furnished to us, during the year, there was no fraud on or by the company that has been noticed or reported by the management.

For P.S.N.RAVISHANKER & ASSOCIATES

Chartered Accountants

Sd/-

Place : Hyderabad, (P. RAVI SHANKER)

Date :31 /05/2010 Partner

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