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Auditor Report of Viji Finance Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of Viji Finance Limited! A Company I Registered Address 1 l/2,UshaGanj, Jaora Compound Indore [Madhya Pradesh), which comprise the Balance Slicel as at March 31, JO 15, and the Statement of Profit and Loss and Cash Flow Statement for the year ended March 31, 2015 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 Ihc Companies Act, JO 13 ("the Act*1] with respect to the preparation and presentation of these financial statements that give a true and fair view of the financial positron, financial performance and cash flows of the Company in accordance xvith 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 o! 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 fairview and are free from material misstatement, whether due to fraud or error

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit We have taken into account the provisions of the Act, the accounting and auditing standards and matters which arc required to be included in the audit report under ii i the provisions of the Act and (be Rules made t hereu nder.

We conducted our avid it m accordance with the Standards on Auditing specified under Section 143110) of the Act Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial Statements, whether due to fraud or error In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of the financial statements that give a true auti fair view in order to design audit procedures that arc 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 repotting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies vised 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 lo provide a basis for our audit opinion on the financial statements.

Opinion

In bur opinion and to the best of pur 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 I rue anti fair view in conformity wit h the accounting principles generally accepted in India:

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

(b) 1 n t he case of the Statement of Profit and Loss. o f i h e profit for the year ended on t hat 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: I.

1. As required by the Companies (Auditor's Report) Order. 201 5 ("the Order") issued by the Central Government oflndia in terms of sub-section (11) of section 143 of the Act, wc give in the Anncxure a statement on the matters specified in the paragraph 3 and 4 of the Order, to the extent applicable.

2. As required 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 I he purposes of our audit.

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

(c)the balance sheet, the statement of profit and loss and the cash How statement dealt with by this Report are in agreement with 1 he books of account;

(d) in our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act. tend with Rule 7 of the Companies (Accounts| Rules, 2014;

(e) on the basis of the written representations received from the directors as on 31 March 2015 taken on record by the Board of Directors, none of the directors is dlsqua 1 i fied as cm 31 March 2015 from being appointed as a director in terms of Section 104 |2| of the Act; and

(f) with respect to the other matters to be included in the Auditors Report in accordance with Rule I 1 of the Companies (Audit and Auditors] Rules. 2014. in our opinion and to the best of our information and according to the explanations given to us:

i. the Company has disclosed the impact of pending litigations on its financial position in its financial statements

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

The Annexure referred to our Independent Auditors Report to the members of the Company on the financial statements for the year ended 31 March 2015, we report that

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

b) The Company has a regular programme of physical verification of its fixed assets by which fixed assets are verified in a phased manner over a period of three years In accordance with this programme, certain fixed assets were verified during the year and no material discrepancies were noticed on such verification In our opinion, this periodicity of physical verification is reasonable having regard to the size of the Company and the nature of iis assets.

iii) The Company is a service company, primarily rendering financial services. Accordingly, ii does not hold any physical inventories- Thus, paragraph 3fii] of the Order is not applicable.

(iv) [a| The Company has granted loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 189 of the Companies Act, 2013 ( the Act1), The maximum balances in respect of the said loans was Rs. 16,22 Lacs, and closing balance as on 3 3 - Mar-15 is 16.22 Lacs

(b) The receipt of the principal amount and interest are also regulai

[c) There arc no overdue amounts of more than rupees one lakh in res peer of the loans granted to the bodies corporate listed in I he register maintained under section 189 of the Act.

(iv) In our opinion and according lo the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and i he nature of its business with regard to purchase of fixed assets ant! sale of services The activities of the Company do not involve purchase of inventory and the sale of goods. We have not observed any major weakness in the internal control system duri ng l he course of t he audi I.

(v) The Company has not accepted any deposits from the public.

(vi) The Central Government has not prescribed the maintenance of cosi records under sect ion I 1) of the Act, for any of the set vices rendered by the Company,

(vii) (a| According the information and explanations given to us and on the basis of.our exam mat ion of [ he records of t he Company .amounts deducted / accrued in t he books of account in respect, of undisputed statutory dues including provident fund, income tax. sales tax. wealth tax. service lax. duly of customs, value added tax, cess and other material statutory dues have been regularly deposited during the year by the Company With the appropriate authorities As explained to us. The Company did noi have any dues on account of employees' slate insurance and duty of excise. According to the information and explanations given to us. no undisputed amounts payable in respect of provident fund, income tax. sales tax, wealth tax. service tax, duty of customs, value added tax, cess and other matt-rial statutory dues were in arrears as at 31 March 2013 for a period of more than six months from rhe date They became payable.

[b) According to the information and explanations given to us. there are no material dues of wealth tax. duty of customs and cess which have not been deposited with the appropriate authorities on account of any dispute. However, according to information and explanations given to us, the following dues of income tax, sales tax, service lax and value added tax have not been deposited by the Company on account of disputes:

(c) According to the information and explanations given to us ifie amounts which were required to be transfeiTcd to the investor education and protection hind in accordance with the relevant provisions of the Companies Act, 1956 |1 of 1956] and rules there under has been transferred to such fund within lime,

(viii) The Company has no accumulated losses at the end of the financial year nor incurred cash losses in the financial year and m the immediately preceding financial year .

(ix) The Company did not have any outstanding dues to financial institutions, banks or debenture holders during the year,

(x) our opi nion and according to the Information and tile explanation s given US us, the Company has not given any guarantee for loans taken by others from banks or financial institutions,

(xi) The Company did not have any term loans on I standing during the year.

(xii) According to the information and explanations given to us. no material fraud on or by the Company has Ix-cn noticed or reported during the course of our audit.

For: Spark H Associates Chartered Accountants RRN:005313C



Pankaj Gupta Partner Membership No. 404644

Place: Indore Date: May 29th 2015


Mar 31, 2014

We have audited the accompanying financial statements of Viji Finance Limited ("A Company"] Registered Address 11/2, UshaGanjJaora Compound Indore (Madhya Pradesh), which comprise the Balance Sheet as at March 31, 2014, and the Statement of Profit and Loss and Cash Flow Statement for the year ended March 31,2014 and a summary of significant accounting policies and other explanatory information.

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.

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.

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

[a] In the case of the Balance Sheet, of the state of affairs of the Company as at March 31,2014;

[b] In the case of the Statement of Profit and Loss, of the profit for the year ended on that date; and

[c] I n 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 [and proper returns adequate for the purposes ofouraudithave 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;

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

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

Annexure to the Auditor''s Report as referred in paragraph first of our report of even date to the members of Viji Finance Limited for the year ended 31st March 2014.

As required by the Companies (Auditor''s Report] Order issued by the Central Government in the terms of Section 227 [4A] of the Companies Act, 1956, we further report that:-

(1) Fixed Assets: -

[a] The company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets.

[b] As explained to us, fixed assets have been physically verified by the management at reasonable intervals; no material discrepancies were noticed on such verification.

[c] In our opinion and according to the information and explanations given to us, no fixed asset has been disposed during the year and therefore does not affect the going concern assumption.

(2) Inventories:-

The company did not have any inventory during the year.

(3) Loans taken from and given to parties covered under Section 301 of the Act:

According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has granted loans to one party listed in the register maintained under Section 301 of the Companies Act, 1956.The maximum balances in respect of the said loans was Rs. 25 Lacs. And closing balance as on 31-Mar-14 is Nil.

The rate of interest and other terms and conditions of such loans are prima facie not prejudicial to the interest of the company.

Also According to the information and explanation given to us, the Company has obtained unsecured loan from one party covered in the register maintained under Section 301 of The Companies Act, 1956; The maximum balances in respect of the said loans was Rs. 116.22 Lacs. And closingbalance as on 31-Mar-14 is 70.56 Lacs.

The rate of interest and other terms and conditions of such loans are prima facie not prejudicial to the interest of the company.

(4) Internal Control Procedure: -

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 During the course of our audit, we have not observed any major weakness or continuingfailuretocorrectmajorweaknessintheinternalcontrolsystem of the company in respect of these areas.

(5) Transaction with Parties u/s 301:-

[a] As explained and informed to us, Company has entered all transaction, which are required to be entered in the register maintained in pursuant of the section 301 of the Companies Act, 1956.

[b] As per information and explanation and other relevant record provided before us these transaction have been entered at prevailing market prices.

(6) Public Deposit: -

In our opinion and according to the information and explanation given to us, the company has neither accepted nor invited any deposit from public within the provision of Section 58A, 58AA of Companies Act, 1956 and rules made there under.

(7) Internal Audit System: -

In our opinion & according to the information & explanation given to us, there are adequate internal control procedures commensurate with the size of the company & the nature of its business. [Paragraph 4(vii).]

(8) Cost Record: -

As informed to us, the Central Government has not prescribed the maintenance of cost record under Section 209 [1] [d] of the Companies Act, 1956.

(9) Statutory Dues:-

[a] According to the records of the company, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income-tax, Wealth Tax, Service Tax, cess to the extent applicable and any other statutory dues have generally been regularly deposited with the appropriate authorities. According to the information and explanations given to us there were no outstanding statutory dues of Professional Tax for Rs. 10752/- as on 31st of March, 2014 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 amounts payables in respect of income tax, wealth tax, service tax, which have not been deposited on account of any dispute.

(10) Accumulated Cash Losses: -

The Company has accumulated losses. However, the Company has not incurred any cash losses during the period covered by the report and immediately preceding the financial year.

(11) Default in repayment of dues to Financial Institutions or Banks: -

According to information and explanation given to us, the company has not defaulted in repayment of any dues to any Financial Institution or Bank or Debenture holders.

(12) Granting of Loans and Advances:-

According to the information & explanation given to us, the company has not given any Loans & Advance on the basis of security by way of pledge of shares, debentures and other securities.

(13) Chit Fund/Nidhi/Mutual benefit/Society Activities: -

According to the information & explanation given to us, provisions relating to any special statute applicable to chit fund are not applicable to the company.

Company not being Nidhi/Mutual Benefit Fund/Society hence this clause is not applicable.

[14) Dealing or Trading in Shares: -

In our opinion, the Company has maintained proper records of the transactions of the Investments, in shares and other investments, dealt by the Company and timely entries have been made therein. The investments made by the Company are held in its own name.

[15) Guarantee given by the Company for Loan taken by others: -

As informed and explained to us, the company has not given any guarantees for loans taken by others from banks or financial institutions; hence this clause is not applicable to the company.

[16) Utilization of Terms Loans: -

According to information and explanation given to us, no term loan has been obtained by the company either in current financial year or in preceding financial years; hence the clause is not applicable.

[17) Application for short terms fund utilized for long terms investment: -

According to the information and explanation given to us and books and records examined by us during the course of audit of the company, we report that no fund has been raised on short term basis have been used for long term investment by the company.

[18) Preferential Allotment of Shares: -

We are informed that, the company has made preferential allotment of equity shares to certain parties covered in the register maintained under section 301 of Act.

[19) Creation of Securities for Debentures issue: -

According to the information and explanation given to us and the record examined by us, the company has not issued any debentures; hence this clause is not applicable to the company.

[20) Money raised by Public Issue:-

The Company has not raised any money by public issue of shares during the period.

[21) Fraud Noticed or Recorded:-

To the best of our knowledge and belief according to the information & explanation given to us, no fraud on or by the Company was noticed or recorded duringthe period.

For: Spark & Associates

Chartered Accountants F.R.N.:005313C

CA. Pankaj Gupta

Partner

Membership No. 404644

Place: Indore

Date : MAY 23rd, 2014


Mar 31, 2013

To, The Members, of VIJI FINANCE LIMITED

JAORA COMPOUND Indore-452001 (Madhya Pradesh)

We have audited the accompanying financial statements of Viji Finance Limited ("A Company") Registered Address 11/2, Usha Ganj Jaora Compound Indore (Madhya Pradesh), which comprise the Balance Sheet as at March 31, 2013, and the Statement of Profit and Loss and Cash Flow Statement for the year ended March 31, 2013 and a summary of significant accounting policies and other explanatory information.

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.

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.

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

(a) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2013;

(b) In the case of the 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 [and proper returns 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;

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

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

Annexure to the Auditor''s Report as referred in paragraph first of our report of even date to the members of Viji Finance Limited for the year ended 31st March 2013.

As required by the Companies (Auditor''s Report) Order issued by the Central Government in the terms of Section 227 (4A) of the Companies Act, 1956, we further report that:-

(1) Fixed Assets: -

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

(b) As explained to us, fixed assets have been physically verified by the management at reasonable intervals; no material discrepancies were noticed on such verification.

(c) In our opinion and according to the information and explanations given to us, no fixed asset has been disposed during the year and therefore does not affect the going concern assumption.

(2) Inventories: -

The company did not have any inventory during the year.

(3) Loan Granted

1. a) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not granted any loans, secured or unsecured, to companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. Consequently, the provisions of clauses iii (b), iii(c) and iii (d) of the order are not applicable to the Company.

Loan Taken: -

(a) According to the information and explanation given to us, the Company has obtained any secured and/or unsecured loan from parties covered in the register maintained under Section 301 of The Companies Act, 1956; hence this clause is not applicable. [Paragraph 4 (iii) (e)].

(b) The rate of interest and other terms and conditions of such loans are not prima facie prejudicial to the interest of the company. [Paragraph 4 (iii) (f)]

(c) As per the terms of the agreement provided to us the repayment of principal and interest are as per the terms of the agreement. [Paragraph 4 (iii) (g)]

(4) Internal Control Procedure: -

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 During the course of our audit, we have not observed any major weakness or continuing failure to correct major weakness in the internal control system of the company in respect of these areas. [Paragraph 4 (iv)]

(5) Transaction with Parties u/s 301: -

(a) As explained and informed to us, Company has entered all transaction, which are required to be entered in the register maintained in pursuant of the section 301 of the Companies Act, 1956. [Paragraph 4 (v) (a)].

(b) As per information and explanation and other relevant record provided before us these transaction have been entered at prevailing market prices. [Paragraph 4 (v) (b)]

(6) Public Deposit: -

In our opinion and according to the information and explanation given to us, the company has neither accepted nor invited any deposit from public within the provision of Section 58A, 58AA of Companies Act, 1956 and rules made there under. [Paragraph 4 (vi)]

(7) Internal Audit System: -

In our opinion & according to the information & explanation given to us, there are adequate internal control procedures commensurate with the size of the company & the nature of its business. [Paragraph 4(vii).]

(8) Cost Record: -

As informed to us, the Central Government has not prescribed the maintenance of cost record under Section 209 (1) (d) of the Companies Act, 1956. [Paragraph 4 (viii)]

(9) Statutory Dues: -

(a) According to the records of the company, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income-tax, Wealth Tax, Service Tax, cess to the extent applicable and any other statutory dues have generally been regularly deposited with the appropriate authorities. According to the information and explanations given to us there were no outstanding statutory dues as on 31st of March, 2013 for a period of more than six months from the date they became payable. . [Paragraph 4 (ix) (a)]

(b) According to the information and explanations given to us, there is no amounts payable in respect of income tax, wealth tax, service tax, which have not been deposited on account of any disputes:-[Paragraph 4 (ix) (b)]

(10) Accumulated Cash Losses: -

The Company has accumulated losses. However, the Company has not incurred any cash losses during the period covered by the report and immediately preceding the financial year. [Paragraph 4 (x)]

(11) Default in repayment of dues to Financial Institutions or Banks: -

According to information and explanation given to us, the company has not defaulted in repayment of any dues to any Financial Institution or Bank or Debenture holders. [Paragraph 4 (xi)]

(12) Granting of Loans and Advances: -

According to the information & explanation given to us, the company has not given any Loans & Advance on the basis of security by way of pledge of shares, debentures and other securities. [Paragraph 4 (xii)]

(13) Chit Fund/Nidhi/Mutual benefit/Society Activities: -

According to the information & explanation given to us, provisions relating to any special statute applicable to chit fund are not applicable to the company.

[Paragraph 4 (xiii) first part]

Company not being Nidhi/Mutual Benefit Fund/Society hence this clause is not applicable.

[Paragraph 4 (xiii) second part]

(14) Dealing or Trading in Shares: -

In our opinion, the Company has maintained proper records of the transactions of the Investments, in shares and other investments, dealt by the Company and timely entries have been made therein. The investments made by the Company are held in its own name. [Paragraph 4 (xiv)]

(15) Guarantee given by the Company for Loan taken by others: -

As informed and explained to us, the company has not given any guarantees for loans taken by others from banks or financial institutions; hence this clause is not applicable to the company.

[Paragraph 4 (xv)]

(16) Utilization of Terms Loans: -

According to information and explanation given to us, no term loan has been obtained by the company either in current financial year or in preceding financial years; hence the clause is not applicable.

[Paragraph 4 (xvi)].

(17) Application for short terms fund utilized for long terms investment: -

According to the information and explanation given to us and books and records examined by us during the course of audit of the company, we report that no fund has been raised on short term basis have been used for long term investment by the company. [Paragraph 4 (xvii)]

(18) Preferential Allotment of Shares: -

We are informed that, the company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of Act. [Paragraph 4 (xviii)].

(19) Creation of Securities for Debentures issue: -

According to the information and explanation given to us and the record examined by us, the company has not issued any debentures; hence this clause is not applicable to the company. [Paragraph 4 (xix)]

(20) Money raised by Public Issue: -

The Company has not raised any money by public issue of shares during the period. [Paragraph 4 (xx)]

(21) Fraud Noticed or Recorded: -

To the best of our knowledge and belief according to the information & explanation given to us, no fraud on or by the Company was noticed or recorded during the period. [Paragraph 4 (xxi)]

For: Shyam Nagori & Company

Chartered Accountants

F.R. N.: 04573C

CA. Shyam Nagori

Proprietor

Membership No. 073609

Place: Indore

Date: MAY 10, 2013


Mar 31, 2012

To The Members,of M/S PANJON FINANCE LIMITED 11/2, USHA GANJ JAORA COMPOUND INDORE-542001

1. We have audited the attached Balance Sheet of M/S PANJON FINANCE LIMITED, INDORE as on 31st March, 2012 and the profit & loss account & cash flow statement of the company for the year ended on that date, annexed there to .These financial statements are the responsibility of the company''s management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

3. As required by the companies (Auditors Report) Order, 2003 issued by the company law Board in terms of section 227(4A) of the companies act 1956, we annex hereto a statement on the matters specified in paragraph 4 and 5 of the said order.

4. We also give in Annexure a statement on the matters specified in para 3 (A) & (C) of the Non Banking Financial companies Auditor Report (Reserve Bank) Direction 1998 issued in terms of sub- section (1A ) of section 45 MA of the Reserve Bank of India Act,1934. (2 of 1934)

Further to our comments in the Annexure referred to 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 those books.

c) In our opinion the Profit and Loss account, Balance Sheet and cash flow statement dealt with by this report are in agreement with the books of account.

d) The Balance Sheet, Profit & Loss account and cash flow statement comply with the accounting standards referred to in section 211(3C) of the companies Act 1956 to the extent applicable.

e) On the basis of written representation received from directors ,as on 31st March 2012 and taken on record by the board of directors, we report that none of the directors is disqualifying as on the 31st March 2012 from being appointed as directors in terms of clause (g) of subsection (1) of section 274 of the companies Act. 1956.

f) In our opinion and to the best of our information and according to the explanation give to us, the said, Balance Sheet ,Profit and Loss account, and cash flow statement read together with notes thereon give the information as required by the companies Act. 1956 in the manner so required and give a true and fair view:-

(i) In the case of Balance Sheet, of the state of affairs of the company as on 31st March 2012

(ii) In the Case of the Profit & Loss account, of the profit of the company for the year ended on that date.

(iii) In the case of the cash flow statement of the company for the year ended on that date.

Referred to in paragraph (1) of our report of even date attached

(I) (a) In our opinion and according to information and explanations give to us, the company has maintained proper record showing full particulars including quantitative details and situation of its fixed assets.

(b) According to the information and explanation given to us, the fixed assets of the company have been physically verified by the management at reasonable intervals during the year and no material discrepancies are stated to have been noticed on such verification as compared to books of account.

(c) In our opinion and according to information and explanations given to us no fixed assets have been disposed off during the year, which could affect the going concern status of the company.

(II) The company did not have any inventory during the year.

(III) (a) The rate of interest and terms and conditions of the loans granted to the companies, firms or other parties listed in the register maintained under section 301 of the companies Act. 1956 and to the companies under the same management within the meaning of sub section (IB) of the section 370 of the companies act, 1956 are not prima facie prejudicial to the interest of the company.

(b) The company has taken loan from the companies, firms, or other parties listed in the register maintained under section 301 of the companies Act. 1956 and/or the companies under the same management within the meaning of section 370(IB) of the companies act, 1956 are prima facie not prejudicial to the interest of the company.

(IV) In our opinion and according to information and explanations give to us, there are adequate internal control procedures commensurate with the size of the company and nature of its business. During the course of our audit we have not observed any continuing failure to correct majer weakness in internal controls.

(V) According to the information and explanation given to us, there are no transactions that need to be entered in the register in pursuance of section 301 of the companies Act, 1956.

(VI) According to the information and explanation given by to us, the company being a Non Banking financial company and it has not accepted any deposits from the public. Hence provisions of section 58A of the companies Act, 1956 are not applicable regarding compliance of directives issue by the RBI for NBFCS

(VII) The company does not have internal audit system commensurate with its size and nature of its business.

(VIII) According to the information and explanation given to us, the maintenance of cost records has not been prescribed by the central government under section 209 (1) (d) of the companies Act. 1956 for any of the activities of company.

(IX) (a) The company is regular in depositing with appropriate authorities undisputed statutory dues applicable to it.

(b) According to the information and explanation given to us, no undisputed statutory dues were in arrears as at 31.03.2012 for a period of more than six months from the date they become payable.

(c) According to the information and explanation given to us, there were no statutory dues outstanding on account of any dispute.

(X) In our opinion according to information and explanations given to us, the company has not taken any loan from financial institution or Banks.

(XI) According to the information and explanation given to us, the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities, hence the maintenance of adequate documents and records is not applicable.

(XII) In our opinion the company is not a chit fund, or a Nidhi/Mutual benefit fund/society. Therefore the provision of clause 4 (xiii) are not applicable to the company.

(XIII) In our opinion the company has maintained proper records and has mad timely entries thereon of the transactions of dealing in share & other securities. The share, securities, debentures and other securities have been held by the company in its own name.

(XIV) According to the information and explanation given to us, the company has not given guarantee for loans taken by others from bank or financial institution.

(XV) No term loans have been applied during the year.

(XVI) According to the information and explanation given to us, on overall examination of the Balance Sheet of the company, we report that the no funds raised on the short-term basis have been used for long-term investment. No long-term funds have been used to finance short-term assets expect permanent working capital.

(XVII) In our opinion and according to information and explanations given to us, the company has not made any preferential allotment of shares during the financial year to parties and companies cover in register maintained under section 301 of the act.

(XVIII) The company has not issued any debenture, hence the provisions of clause 4 (xix) are not applicable to the company.

(XIX) During the financial year, company has not raised any money by the public issues.

(XX) According to the information and explanations given to us by the management and checks carried out by us, any fraud on or by the company has not been noticed or reported during the year under report.

AS PER OUR REPORT OF EVEN DATE

FOR SHYAM NAGORI & COMPANY

Chartered Accountants

FRN: 04573C

(Shyam Nagori)

Proprietor

Membership No. 73609

PLACE: INDORE

DATE: 25.05.2012


Mar 31, 2011

1. We have audited the attached Balance Sheet of M/S VIJI FINANCE LIMITED, INDORE as on 31st March, 2011 and the profit & loss account & cash flow statement of the company for the year ended on that date, annexed there to .These financial statements are the responsibility of the company''s management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

3. As required by the companies (Auditors Report) Order, 2003 issued by the company law Board in terms of section 227(4A) of the companies act 1956, we annex hereto a statement on the matters specified in paragraph 4 and 5 of the said order.

4. We also give in Annexure a statement on the matters specified in para 3 (A) & (C) of the Non Banking Financial companies Auditor Report (Reserve Bank) Direction 1998 issued in terms of sub- section (1A ) of section 45 MA of the Reserve Bank of India Act,1934. (2 of 1934)

Further to our comments in the Annexure referred to 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 those books.

c) In our opinion the Profit and Loss account, Balance Sheet and cash flow statement dealt with by this report are in agreement with the books of account.

d) The Balance Sheet, Profit & Loss account and cash flow statement comply with the accounting standards referred to in section 211(3C) of the companies Act 1956.

e) On the basis of written representation received from directors ,as on 31st March 2011 and taken on record by the board of directors, we report that none of the directors is disqualifying as on the 31st March 2011 from being appointed as directors in terms of clause (g) of subsection (1) of section 274 of the companies Act. 1956.

f) In our opinion and to the best of our information and according to the explanation give to us, the said, Balance Sheet ,Profit and Loss account, and cash flow statement read together with notes thereon give the information as required by the companies Act. 1956 in the manner so required and give a true and fair view:-

(i) In the case of Balance Sheet, of the state of affairs of the company as on 31st March 2011

(ii) In the Case of the Profit & Loss account, of the loss of the company for the year ended on that date.

(iii) In the case of the cash flow statement of the company for the year ended on that date.

Referred to in paragraph (1) of our report of even date attached

(I) (a) In our opinion and according to information and explanations give to us, the company has maintained proper record showing full particulars including quantitative details and situation of its fixed assets.

(b) According to the information and explanation given to us, the fixed assets of the company have been physically verified by the management at reasonable intervals during the year and no material discrepancies are stated to have been noticed on such verification as compared to books of account.

(c) In our opinion and according to information and explanations given to us no fixed assets have been disposed off during the year, which could affect the going concern status of the company.

(II) The company did not have any inventory during the year.

(III) (a) The rate of interest and terms and conditions of the loans granted to the companies, firms or other parties listed in the register maintained under section 301 of the companies Act. 1956 and to the companies under the same management within the meaning of sub section (IB) of the section 370 of the companies act, 1956 are prima facie prejudicial to the interest of the company, as no interest is being received.

(b) The company has not taken any loan from the companies, firms, or other parties listed in the register maintained under section 301 of the companies Act. 1956 and/or the companies under the same management within the meaning of section 370(IB) of the of the companies act, 1956 during the year.

(IV) In our opinion and according to information and explanations give to us, there are adequate internal control procedures commensurate with the size of the company and nature of its business. During the course of our audit we have not observed any continuing failure to correct majer weakness in internal controls.

(V) According to the information and explanation given to us, there are no transactions that need to be entered in the register in pursuance of section 301 of the companies Act, 1956.

(VI) According to the information and explanation givebn to us, the company being a Non Banking financial company and it has not accepted any deposits from the public. Hence provisions of section 58A of the companies Act, 1956 are not applicable regarding compliance of directives issue by the RBI for NBFCS

(VII) The company does not have internal audit system commensurate with its size and nature of its business.

(VIII) According to the information and explanation given to us, the maintenance of cost records has not been prescribed by the central government under section 209 (1) (d) of the companies Act. 1956 for any of the activities of company.

(IX) (a) The company is regular in depositing with appropriate authorities undisputed statutory dues applicable to it.

(b) According to the information and explanation given to us, no undisputed statutory dues were in arrears as at 31.03.2011 for a period of more than six months from the date they become payable.

(c) According to the information and explanation given to us, there were no statutory dues outstanding on account of any dispute.

(X) In our opinion the accumulated losses of the company are more than fifty present of its net worth the company has incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year.

(XI) In our opinion according to information and explanations given to us, the company has not taken any loan from financial institution or Banks.

(XII) According to the information and explanation given to us, the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities, hence the maintenance of adequate documents and records is not applicable.

(XIII) In our opinion the company is not a chit fund, or a Nidhi/Mutual benefit fund/society. Therefore the provision of clause 4 (xiii) are not applicable to the company.

(XIV) In our opinion the company has maintained proper records and has mad timely entries thereon of the transactions of dealing in share & other securities. The share, securities, debentures and other securities have been held by the company in its own name.

(XV) According to the information and explanation given to us, the company has not given guarantee for loans taken by others from bank or financial institution.

(XVI) No term loans have been applied during the year.

(XVII) According to the information and explanation given to us, on overall examination of the Balance Sheet of the company, we report that the no funds raised on the short-term basis have been used for long-term investment. No long-term funds have been used to finance short-term assets expect permanent working capital.

(XVIII) In our opinion and according to information and explanations given to us, the company has not made any preferential allotment of shares during the financial year to parties and companies cover in register maintained under section 301 of the act.

(XIX) The company has not issued any debenture, hence the provisions of clause 4 (xix) are not applicable to the company.

(XX) During the financial year, company has not raised any money by the public issues.

(XXI) In our opinion and according to the information and explanations given to us, fraud on or by the company was noticed or reported during the year.

AS PER OUR REPORT OF EVEN DATE

FOR SHYAM NAGORI & COMPANY

Chartered Accountants

FRN: 04573C



(Shyam Nagori)

Proprietor

Membership No. 73609

PLACE: INDORE

DATE: 30.05.2011

 
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