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Auditor Report of Wires and Fabriks (S.A.) Ltd.

Mar 31, 2015

We have audited the accompanying standalone financial statements of WIRES AND FABRIKS (S.A) LIMITED, which comprise the Balance Sheet as at 31st March, 201S, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information.

MANAGEMENT'S RESPONSIBILITY FOR THE STANDALONE FINANCIAL STATEMENTS

The Company's Board of Directors is responsible for the matters stated in Section 134(S) of the Companies Act, 2013 ("the Act") with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies(Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies making judgments and estimates that are reasonable and prudent and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

AUDITOR'S RESPONSIBILITY

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

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

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

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

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

OPINION

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March, 201S, and its profit and its cash flows for the year ended on that date.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the Companies (Auditor's Report) Order, 201S issued by The Central Government, in terms of Sub-Section 143 of the Act we give in the Annexure a statement of the matters specified in paragraph 3 and 4 of the order.

2. As required by Section143(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 Statements of Profit and Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.

(d) In our opinion, the aforesaid standalone financial statement comply with the Accounting Standard specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules,2014.

(e) On the basis of the written representations received from the directors as on 31st March, 201S taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 201S from being appointed as a director in terms of Section 164 (2) of the Act.

(f) To the best of our knowledge and belief and according to the information and explanations given to us, in our opinion, the company has adequate internal financial controls over financial reporting of the company and the operating effectiveness of such control.

(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 does not have any pending litigation which would impact its financial position.

ii. the Company did not have any long-term contract including derivatives contract 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.

Referred to in paragraph I under the heading "Report on Other Legal and Regulatory Requirements" of our report of even date.

As required by the Companies (Auditor's Report) Order, 201S (as amended) issued by the Central Government of India in terms of Sub-Section (II) of Section 143 of the Companies Act, 2013 and on the basis of such checks as we considered appropriate and the information and explanations given to us, we further report that:

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

b) The Company has a programme of physical verification of its fixed assets which, in our opinion, is reasonable having regard to the size of the Company and the nature of its business. In accordance with such programme, the management has physically verified fixed assets during the year and no material discrepancies were noticed on such verification.

2. a) The inventory lying at all locations except in transit and with third parties have been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

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

c) In our opinion and according to the information and explanations given to us, the Company has maintained proper records on inventories and the discrepancies noticed on the physical verification of inventories as compared to book records were not material and have been properly dealt with in the books of account.

3. The Company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the Register maintained under section 189 of the Companies Act, 2013.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchases of inventories and fixed assets and for the sale of goods and services. During the course of our audit, we have not observed any major weaknesses in internal control system.

5. The Company has not accepted any deposits from the public and consequently, the directives issued by the Reserve Bank of India and the provisions of Section 73 to 76 or any other relevant provisions of the Companies Act, 2013 and the rules framed there under are not applicable.

6. We have broadly reviewed the books of account maintained by the company pursuant to the rules made by the Central Government for the maintenance of cost records under section 148(11) of the companies Act, 2013 in respect of the products of the Company and are of the opinion that, prima-facie, the prescribed accounts and records have been made and maintained. However, we have not made any detailed examination of cost records, to ascertain the accuracy and completeness thereof.

7. 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 generally been regular in depositing with appropriate authorities undisputed statutory dues including provident fund, employees' state insurance, income-tax, sales-tax, custom duty, wealth tax, service tax, value added tax, cess and any other material statutory dues applicable to it and there is no outstanding as on 31st March, 201S 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 dues in respect of Income-tax, sales-tax, wealth tax, service tax, custom duty, excise duty and cess that have not been deposited with the appropriate authorities on account of any dispute except: :-

Nature Amount Period to which Forum where dispute is pending of Dues Rs. the amount relates

Sales Tax 295184 2004-0S West Bengal Commercial Taxes Appellate and Revisional Board, Kolkata

Sales Tax 192731 2006-07 West Bengal Commercial Taxes Appellate and Revisional Board, Kolkata

Sales Tax 154817 2007-08 Senior Joint Commissioner of Sales Tax, Dharamtala Circle, Kolkata Sales Tax 39001 2008-09 West Bengal Commercial Taxes Appellate and Revisional Board, Kolkata

Sales Tax 200650 2009-10 West Bengal Commercial Taxes Appellate and Revisional Board, Kolkata

Sales Tax 217636 2010-11 West Bengal Commercial Taxes Appellate and Revisional Board, Kolkata

Sales Tax 623805 2011-12 West Bengal Commercial Taxes Appellate and Revisional Board, Kolkata

Sales Tax 1406167 2011-12 The Appellate Authority-Ill, Commercial Taxes, Jaipur

Sales Tax 1775202 2012-13 The Appellate Authority-Ill, Commercial Taxes, Jaipur

Excise 520230 2010-11 Central Excise & Service Tax Appellate Tribunal, Kolkata

c) According to the information and explanations given to us the amount which are required to be transferred to investor education and protection fund in accordance with the relevant provision of the Companies Act, 1956 and rules there under has been transferred to such funds within time.

8. The Company has neither accumulated losses as at 31st March, 2015 nor incurred any cash losses during the financial year ended on that date or in the immediately preceding financial year.

9. The Company has not defaulted in repayment of dues to financial institution or bank or debenture holders as may be ascertained from the examination of the books of account and other records of the Company.

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

11. To the best of our knowledge and belief and according to the information and explanations given to us, term loans availed by the Company were applied for the purpose for which the loans were obtained.

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

For S.S.KOTHARI &CO. Centre Point Chartered Accountants 21, Old Court House Street, Firm's Registration No. 302034E Kolkata - 700 001 R N BARDHAN Partner The 27th day of May, 2015 M. No. 017270


Mar 31, 2014

We have audited the accompanying financial statements of Wires & Fabriks (S.A.) Limited, which comprise the Balance Sheet as at March, 31,2014, the Statement of Profit and Loss and Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information.

MANAGEMENT''S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and Cash Flows of the Company in accordance with the accounting standard generally accepted in India including Accounting Standards referred to in Section 211(3C) of the Companies Act, 19S6 ("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.

AUDITORS'' RESPONSIBILITY

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those standards require that we comply with 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 judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the entity''s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

OPINION

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

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

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

(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 stated by the Companies (Auditor''s Report) Order, 2003 ("the Order") issued by the Central Government of India in terms of Section 227 (4A) of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 & 5 of the Order.

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

a. We have obtained all 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, the Statement of Profit and Loss and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.

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

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

ANNEXURE TO THE AUDITORS'' REPORT

(Referred to in Paragraph I under the heading "Report on other Legal and Regulatory Requirements" of our report of even date)

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

(b) The Company has a programme of physical verification of fixed assets in a phased manner so as to cover all the assets over a period of three years, which in our opinion is reasonable having regard to the size of the Company and the nature of its assets. In accordance with the said programme, fixed assets other than Furniture & Fixtures were physically verified during the year and according to the information and explanations given to us, no material discrepancies were noticed on such verification.

(c) During the year, the company has not disposed off substantial part of fixed assets.

2. (a) The inventory lying at all locations except in transit and with third parties has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

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

(c) On the basis of our examination of the records of inventory, we are of the opinion that the company is maintaining proper records of inventory.

(d) The discrepancies noticed on physical verification were not material and the same have been properly dealt with in the books of account.

3. (a) According to the information and explanations given to us, the Company has not granted loans, secured or unsecured from companies, firms or other parties covered in the Register maintained under Section 301 of the Companies Act, 19S6. Hence, clauses (iii) (b), (c) & (d) of the order are not applicable.

(b) According to the information and explanations given to us, the Company has not taken any loans, secured or unsecured from companies, firms or other parties covered in the Register maintained under Section 301 of the Companies Act, 19S6. Hence, clauses (iii) (f) & (g) of the order are not applicable

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business for purchases of inventory, fixed assets and for the sale of goods and service. During the course of our audit, no major weakness has been noticed in the internal controls.

5. (a) On the basis of representation made by the management and scrutiny of books of accounts carried out by us, the particulars of contracts or arrangements that need to be entered in the Register in pursuance of Section 301 of the Companies Act, 19S6 have been so entered.

(b) In our opinion and according to the information and explanations given to us, transactions made in pursuance of contracts or arrangements required to be entered in the Register u/s 301 of Companies Act, 19S6 have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

6. According to the information and explanations given to us and on the basis of our checking during the course of audit, the Company has not accepted any deposits from the public during the year.

7. In our opinion, the internal audit of Company carried out during the year by firms of Chartered Accountants appointed by the Company have been commensurate with the size of the Company and the nature of its business.

8. The Central Government has prescribed maintenance of cost records under Section 209 (1)(d) of the Companies Act, 19S6 for the products of the company and such accounts and records have been made and maintained by the company. However we have not made a detailed examination of the records with a view to determine whether they are accurate.

9. (a) According to the records of the Company, the Company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education and protection fund, employees state insurance, income tax, wealth tax, service tax, sales tax, customs duty, excise duty, cess and other statutory dues applicable to it. According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, sales tax, wealth tax, service tax, customs duty, excise duty and cess were outstanding as at 31.03.2014 for a period of more than six months from the date they become payable.

(b) According to the records of the Company, there are no dues of income tax, wealth tax, service tax, sales tax, customs duty, excise duty and cess which have not been deposited on account of any dispute except: :-

Nature Amount Period to which of Dues the amount relates

Sales Tax 295183 2004-05 192731 2006-07 295782 2007-08

39001 2008-09

200650 2009-10

230066 2010-11

1092282 2011-12 4328280 2011-12

833939 2010-11

Entry Tax 1389401 2006-07, 2007-08 & 2008-09

379100 2009-10

538640 2010-11

Excise 520230 2010-11

Nature Forum where dispute is pending of Dues

Sales Tax West Bengal Commercial Taxes Appellate & Revisional Board, Kolkata

West Bengal Commercial Taxes Appellate & Revisional Board, Kolkata

West Bengal Commercial Taxes Appellate & Revisional Board, Kolkata

West Bengal Commercial Taxes Appellate & Revisional Board, Kolkata

West Bengal Commercial Taxes Appellate & Revisional Board, Kolkata

Senior Joint Commissioner of Sales Tax, Dharamtala Circle, Kolkata

Senior Joint Commissioner of Sales Tax, Dharamtala Circle, Kolkata The Appellate Authority-Ill, Commercial Taxes, Jaipur

The Appellate Authority-Ill, Commercial Taxes, Jaipur

Entry Tax Hon''ble High Court, Jaipur Dy. Commissioner (Appeals)-lll, Jaipur

Dy. Commissioner (Appeals)-lll, Jaipur Excise Central Excise &Service Tax Appellate Tribunal,Kolkata

10. The Company has not incurred any cash loss during the financial year covered by our audit and the immediately preceding financial year and has no accumulated loss.

11. The Company has not defaulted in repayment of dues to financial institution or bank or debenture holders.

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

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

14. The Company has maintained proper records of the transactions and contracts in respect of dealing in shares & securities and timely entries have been made therein. All shares & securities have been held by the Company in its own name.

15. The Company has not given any guarantee for loan taken by others during the year.

16. According to the information and explanations given to us, term loans availed by the Company were, prima facie, applied during the year for the purposes for which the loans were obtained.

17. According to the cash flow statement and other records examined by us and the information and explanations given to us, on an overall basis, funds raised on short term basis have prima facie, not been used during the year for long term investment.

18. The Company has not made any issue of shares during the year.

19. The Company has not issued debenture during the year.

20. The Company has not made any public issue during the year.

21. Based upon the audit procedures performed and information and explanations given by the management, no fraud on or by the company has been noticed or reported during the course of audit.

"INDIA STEAMSHIP HOUSE" For S.S.KOTHARI &CO 21, Old Court House Street Chartered Accountants Kolkata - 700 001 R N BARDHAN Partner The 17th day of May, 2014 M. No.17270 Firm Reg. No. 302034E


Mar 31, 2013

REPORT ON THE FINANCIAL STATEMENTS

We have audited the accompanying financial statements of WIRES & FABRIKS (S.A.) LIMITED, which comprise the Balance Sheet as at March, 31, 2013, the Statement of Profit and Loss and Cash Flow Statement for the year 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 osition, financial performance of the Company in accordance with the accounting principles generally accepted in India including

Accounting Standards referred to in Section 211(3C) of the Companies Act, 1956. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

AUDITORS'' RESPONSIBILITY

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those standards require that we comply with 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 judgement, 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 aforesaid financial statements subject to our comments/observations given hereunder, 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;

(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 stated by the Companies (Auditor''s Report) Order, 2003 ("the Order") issued by the Central Government of India in terms of Section 227 (4A) of the Act, we give in theAnnexure a statement on the matters specified in paragraphs 4 & 5 of the Order.

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

a. We have obtained all 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, the Statement of Profit and Loss and the Cash Flow Statement dealt with by this Report are in agreement with the books of account;

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

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

ANNEXURE TO THE AUDITORS'' REPORT

(Referred to in Paragraph 1 under the heading "Report on other Legal and Regulatory Requirements" of our report of even date)

1. (a) The company''s has maintained proper records showing full particulars including quantitative details and situation of

fixed assets.

(b) The Company has a programme of physical verification of fixed assets in a phased manner so as to cover all the assets over a period of three years, which in our opinion is reasonable having regard to the size of the Company and the nature of its assets. In accordance with the said programme, fixed assets other than Furniture & Fixtures were physically verified during the year and according to the information and explanations given to us, no material discrepancies were noticed on such verification.

(c) During the year, the company has not disposed off substantial part of fixed assets.

2. (a) The inventory lying at all locations except in transit and with third parties has been physically verified during the year

by the management. In our opinion, the frequency of verification is reasonable.

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

(c) On the basis of our examination of the records of inventory, we are of the opinion that the company is maintaining proper records of inventory.

(d) The discrepancies noticed on physical verification were not material and the same have been properly dealt with in the books of account.

3. (a) According to the information and explanations given to us, the Company has not granted loans, secured or unsecured

from companies, firms or other parties covered in the Register maintained under Section 301 of the Companies Act, 1956. Hence, clauses (iii) (b), (c) & (d) of the order are not applicable.

(b) According to the information and explanations given to us, the Company has not taken any loans, secured or unsecured from companies, firms or other parties covered in the Register maintained under Section 301 of the Companies Act, 1956. Hence, clauses (iii) (f) & (g) of the order are not applicable.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business for purchases of inventory, fixed assets and for the sale of goods and service. During the course of our audit, no major weakness has been noticed in the internal controls.

5. (a) On the basis of representation made by the management and scrutiny of books of accounts carried out by us, the particulars of contracts or arrangements that need to be entered in the Register in pursuance of Section 301 of the Companies Act, 1956 have been so entered.

(b) In our opinion and according to the information and explanations given to us, transactions made in pursuance of contracts or arrangements required to be entered in the Register u/s 301 of Companies Act, 1956 have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

6. According to the information and explanations given to us and on the basis of our checking during the course of audit, the Company has not accepted any deposits from the public during the year.

7. In our opinion, the internal audit of Company carried out during the year by firms of Chartered Accountants appointed by the Company have been commensurate with the size of the Company and the nature of its business.

8. The Central Government has prescribed maintenance of cost records under Section 209 (1)(d) of the Companies Act, 1956 for the products of the company and such accounts and records have been made and maintained by the company. However we have not made a detailed examination of the records with a view to determine whether they are accurate.

9. (a) According to the records of the Company, the Company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education and protection fund, employees state insurance, income tax, wealth tax, service tax, sales tax, customs duty, excise duty, cess and other statutory dues applicable to it. According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, sales tax, wealth tax, service tax, customs duty, excise duty and cess were outstanding as at 31.03.2013 for a period of more than six months from the date they become payable.

(b) According to the records of the Company, there are no dues of income tax, wealth tax, service tax, sales tax, customs duty, excise duty and cess which have not been deposited on account of any dispute except :-

10. The Company has not incurred any cash loss during the financial year covered by our audit and the immediately preceding financial year and has no accumulated loss.

11. The Company has not defaulted in repayment of dues to financial institution or bank or debenture holders.

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

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

14. The Company has maintained proper records of the transactions and contracts in respect of dealing in shares & securities and timely entries have been made therein. All shares & securities have been held by the Company in its own name.

15. The Company has not given any guarantee for loan taken by others during the year.

16. According to the information and explanations given to us, term loans availed by the Company were, prima facie, applied during the year for the purposes for which the loans were obtained.

17. According to the cash flow statement and other records examined by us and the information and explanations given to us, on an overall basis, funds raised on short term basis have prima facie, not been used during the year for long term investment.

18. The Company has not made any issue of shares during the year.

19. The Company has not issued debentures during the year.

20. The Company has not made any public issue during the year.

21. Based upon the audit procedures performed and information and explanations given by the management, no fraud on or by the company has been noticed or reported during the course of audit.

"INDIA STEAMSHIP HOUSE"

For S.S.KOTHARI & CO.

21, Old Court House Street Chartered Accountants

Kolkata - 700 001 R N BARDHAN

Partner The 30,h day of May, 2013 M. No. 17270

Firm Reg. No. 302034E


Mar 31, 2012

We report that we have audited the Balance sheet of WIRES AND FABRIKS (S.A.) LIMITED as at 31st March, 2012 and the statement of Profit & Loss of the Company for the year ended on that date and Cash Flow Statement for the year ended on that date as attached hereto which are in agreement with the Company's books of account, as submitted to us. 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 conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statements presentation. We believe that our audit provides a reasonable basis for our opinion.

On the basis of the written representations received from the directors, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on March 31, 2012 from being appointed as a director under clause (g) of sub section (1) of Section 274 of the Companies Act, 19S6.

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

In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with Accounting Policies and Notes appearing there in, comply with the applicable accounting standards referred to in sub section (3C) of section 211 of the Companies Act, 19S6 and give the information required by the Companies Act, 19S6 in the manner so required and the Balance Sheet gives a true and fair view of the state of the Company's affairs as at 31st March, 2012. Profit and Loss Account gives a true and fair view of the profit for the year ended on that date and the Cash Flow Statement gives a true and fair view of the cash flows of the Company for the year ended on that date.

As required by the Companies (Auditor's Report) Order, 2003 as amended by Companies (Auditor's Report) (Amendment) Order, 2004 issued by the Central Government of India in terms of section 227 of Companies Act, 19S6 and on the basis of such checks of the books and records of the Company as we considered appropriate and the information and explanations given to us during the course of audit, we state that in our opinion:-

i. a. The Company is maintaining proper records showing full particulars including quantitative details and situation of fixed assets.

b. The Company has a programmed of physical verification of fixed assets in a phased manner so as to cover all the assets over a period of three years, which in our opinion is reasonable having regard to the size of the Company and the nature of its assets. In accordance with the said programme, fixed assets other than Office Equipments were physically verified during the year and according to the information and explanations given to us, no material discrepancies were noticed on such verification.

c. During the year, the Company has not disposed off a substantial part of fixed assets.

ii. a. The inventories lying at all location except in transit and with third parties has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

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

c. On the basis of our examination of the records we are of the opinion that the Company is maintaining proper records of inventory.

d. The discrepancies noticed on physical verification were not material and the same have been properly dealt with in the books of accounts.

iii. a. According to the information and explanations given to us, the Company has not granted loans, secured or unsecured from companies, firms or other parties covered in the Register maintained under Section 301 of the Companies Act, 19S6. Hence, clauses (iii) (b),(c) & (d) of the order are not applicable. b. According to the information and explanations given to us, the Company has not taken any loans, secured or unsecured from companies, firms or other parties covered in the Register maintained under Section 301 of the Companies Act, 19S6. Hence, clauses (iii) (f) & (g) of the order are not applicable.

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

v. a. On the basis of representative made by the management and scrutiny of books of accounts carried out by us, the particulars of contracts or arrangements that need to be entered in the Register in pursuance of Section 301 of the Companies Act, 19S6 have been so entered. b. In our opinion and according to the information and explanations given to us, transactions made in pursuance of contracts or arrangements required to be entered in the Register U/s 301 of Companies Act, 19S6 have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

vi. According to the information and explanations given to us and on the basis of our checking during the course of audit, the Company has not accepted any deposits from the public during the year.

vii. In our opinion, the internal audit of Company carried out during the year by firms of Chartered Accountants appointed by the Company have been commensurate with the size of the Company and the nature of its business.

viii. According to the information given to us, the Central Government has prescribed maintenance of cost records under Section 209 (1)(d) of the Companies Act, 19S6 for products of the Company. We have broadly reviewed the accounts and records of the Company in this connection and are of the opinion, that prima-facie, the prescribed accounts and records have been made and maintained. We have not, however, carried out a detailed examination of the same to determine whether they are accurate and complete.

ix. a. According to the records of the Company, the Company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education and protection fund, employees state insurance, income tax, wealth tax, service tax, sales tax, customs duty, excise duty, cess and other statutory dues applicable to it. According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, sales tax, wealth tax, service tax, customs duty, excise duty and cess were outstanding as at 31.03.2012 for a period of more than six months from the date they become payable.

b. According to the records of the Company, there are no dues of income tax, wealth tax, service tax, sales tax, customs duty, excise duty and cess which have not been deposited on account of any dispute except as follows:-

Nature Amount Period to which Forum where dispute is of Dues the amount relates pending

Income Tax 1,66,108 2007-08 The Asstt. Commissioner of Income Tax, Circle-3, Esplanade East, Kolkata

3,39,424 2009-10 The Asstt. Commissioner of Income Tax, Circle-3, Esplanade East, Kolkata

Sales Tax 1,13,551 2004-05 West Bengal Commercial Taxes Appellate and Revisional Board

1,92,731 2006-07 West Bengal Commercial Taxes Appellate and Revisional Board

2,9S,782 2007-08 West Bengal Commercial Taxes Appellate and Revisional Board

65,27,996 2008-09 Senior Jt. Commissioner of Sales Tax, Dharmatala Circle, Kolkata

10,11,146 2008-09 Dy. Commissioner (Appeal) - III, Jaipur

17,71,594 2009-10 Dy. Commissioner (Appeal) - III, Jaipur

x. The company has not incurred any cash loss during the financial year covered by our audit and the immediately preceding financial year and has no accumulated loss.

xi. The company has not defaulted in repayment of dues to financial institution or bank or debenture holders.

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

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

xiv. The Company has maintained proper records of the transactions and contracts in respect of dealing in shares & securities and timely entries have been made therein. All shares & securities have been held by the Company in its own name.

xv. The Company has not given any guarantee for loan taken by others during the year.

xvi. According to the information and explanation given to us, term loans availed by the Company were, prima facie, applied during the year for the purposes for which the loans were obtained.

xvii.According to the cash flow statement and other records examined by us and the information and explanations given to us, on an overall basis, funds raised on short term basis have prima facie, not been used during the year for long term investment.

xviii. The Company has not made any issue of shares during the year.

xix. The Company has not issued debenture during the year.

xx. The Company has not made any public issue during the year.

xxi. Based upon the audit procedures performed and information and explanations given by the management, no fraud on or by the company has been noticed or reported during the course of audit.

"INDIA STEAMSHIP HOUSE" For S.S.KOTHARI & CO. 21, Old Court House Street Chartered Accountants Kolkata - 700 001 R N BARDHAN Partner The 9th day of August, 2012 M. No.17270 Firm Reg. No. 302034E


Mar 31, 2011

We report that we have audited the Balance Sheet of WIRES AND FABRIKS (S.A.) LIMITED as at 31st March, 2011 and the Profit & Loss Account of the Company for the year ended on that date and Cash Flow Statement for the year ended on that date as attached hereto which are in agreement with the Company's books of account, as submitted to us. 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 conducted our audit in accordance with the auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management as well as evaluating the overall financial statements presentation. We believe that our audit provides a reasonable basis for our opinion.

On the basis of the written representations received from the directors and taken on record by the Board of Directors, we report that none of the directors is disqualified as on March 31, 2011 from being appointed as a director under clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956.

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

In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with Accounting Policies and Notes appearing there in, comply with the applicable accounting standards referred to in sub section (3C) of section 211 of the Companies Act, 1956 and give the information required by the Companies Act, 1956 in the manner so required and the Balance Sheet gives ? true and fair view of the state of the Company's affairs as at 31st March, 2011. Profit and Loss Account gives a true and fair view of the profit for the year ended on that date and the Cash Flow Statement gives a true and fair view of the cash flows of the Company for the year ended on that date.

As required by the Companies (Auditor's Report) Order, 2003 as amended by Companies (Auditor's Report) (Amendment) order, 2004 issued by the Central Government of India in terms of section 227 of Companies Act, 1956 and on the basis of such checks of the books and records of the Company as we considered appropriate and the information and explanations given to us during the course of audit, we state that in our opinion:-

i) a. The Company is maintaining proper records showing full particulars including quantitative details and situation of fixed assets.

b. The Company has a programme of physical verification of fixed assets in a phased manner so as to coverall the assets over a period of three years, which in our opinion is reasonable having regard to the size of the Company and the nature of its assets. In accordance with the said programme, fixed assets other than Office Equipments were physically verified during the year and according to the informations and explanations given to us, no material discrepancies were noticed on such verification.

c. During the year, the Company has not disposed off a substantial part of fixed assets.

ii) a. The inventories lying at all location except in transit and with third parties has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

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

c. On the basis of our examination of the records we are of the opinion that the Company is maintaining proper records of inventory.

d. The discrepancies noticed on physical verification were not material and the same have been properly dealt with in the books of accounts.

iii) a. According to the information and explanations given to us, the Company has not granted loans, secured or unsecured from companies, firms or other parties covered in the Register maintained under Section 301 of the Companies Act, 1956. Hence, clauses (iii) (b), (c) & (d) of the order are not applicable.

b. According to the information and explanations given to us, the Company has not taken any loans, secured or unsecured from companies, firms or other parties covered in the Register maintained under Section 301 of the Companies Act, 1956. Hence, clauses (iii) (f) & (g) of the order are not applicable.

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

v. a. On the basis of representation made by the management and scrutiny of books of accounts carried out by us, the particulars of contracts or arrangements that need to be entered in the Register in pursuance of Section 301 of the Companies Act, 1956 have been so entered

b. In our opinion and according to the information and explanations given to us transactions made in pursuance of contracts or arrangements required to be entered in the Register u/s 301 of Companies Act. 1956 have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

vi. According to the information and explanations given to us and on the basis of our checking during the course of audit, the Company has not accepted any deposits from the public during the year,

vii. In our opinion, the internal audit of Company carried out during the year by firms of Chartered Accountants appointed by the Company have been commensurate with the size of the Company and the nature of its business.

viii. The Central Government has prescribed maintenance of cost records under Section 209 (1)(d) of the Companies Act, 1956 in respect of generation of electricity from wind power and such accounts and records have been made and maintained by the company. However, we have not made a detailed examination of the records with a view to determine whether they are accurate.

ix. a. According to the records of the Company, the Company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education and protection fund, employees state insurance, income tax, wealth tax, service tax, sales tax. customs duty, excise duty, cess and other statutory dues applicable to it. According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, sales tax, wealth tax, service tax, customs duty, excise duty and cess were outstanding as at 31.03.2011 for a period of more than six months from the date they become payable.

b. According to the records of the Company, there are no dues of income tax, wealth tax. service tax, sales tax, customs duty, excise duty and cess which have not been deposited on account of any dispute except :-

(i) Sales tax demand of Rs. 1,13.551/- for the year 2004-05, Rs. 6,44.801/- for the year 2007-08 and Rs. 10,47,164/- for the year 2008-09 for which appeals are pending before the West Bengal Commercial Taxes Appellate and Revisional Board, Senior Joint Commissioner of Sales Tax, Dharamtala Circle, Kolkata and Dy. Commissioner (Appeal) - III, Jaipur respectively.

(ii) Service tax demand of Rs.2,65,643/- for the period from 16.06.2005 to 31.12.2005 for which appeals are pending before The Appellant Tribunal, Customs, Excise and Service Tax, New Delhi.

(iii) Excise duty demand of Rs. 14,07,362/- for the period from April, 2002 to March, 2005 for which appeal is pending before Commissioner (Appeal) - II of Central Excise, Kolkata.

x. The Company has not incurred any cash loss during the financial year covered by our audit and the immediately preceding financial year and has no accumulated loss.

xi. The Company has not defaulted in repayment of dues to financial institution or bank or debenture holders.

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

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

xiv. The Company has maintained proper records of the transactions and contracts in respect of dealing in shares & securities and timely entries have been made therein. All shares & securities have been held by the Company in its own name.

xv. The Company has not given any guarantee for loan taken by others during the year.

xvi. According to the information and explanation given to us, term loans availed by the Company were, prima facie, applied during the year for the purposes for which the loans were obtained.

xvii. According to the cash flow statement and other records examined by us and the information and explanations given to us, on an overall basis, funds raised on short term basis have prima facie, not been used during the year for long term investment.

xviii. The Company has not made any issue of shares during the year.

xix. The Company has not issued debenture during the year.

xx. The Company has not made any public issue during the year.

xxi. Based upon the audit procedures performed and information and explanations given by the management, no fraud on or by the company has been noticed or reported during the course of audit.

For S.S. KOTHARI & CO. Chartered Accountants R N BARDHAN Partner M. No. 17270 Firm Reg. No. 302034E

"INDIA STEAMSHIP HOUSE" 21, Old Court House Street Kolkata - 700 001

The 27th day of May, 2011






Mar 31, 2010

We report that we have audited the Balance Sheet of WIRES AND FABRIKS (S.A) LIMITED as at 31st March, 2010 and the Profit & Loss Account of the Company for the year ended on that date and Cash Flow Statement for the year ended on that date as attached hereto which are in agreement with the Companys books of account, as submitted to us. 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 conducted our audit in accordance with the auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statements presentation. We believe that our audit provides a reasonable basis for our opinion.

On the basis of the written representations received from the directors, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on March 31, 2010 from being appointed as a director under clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956.

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

In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with Accounting Policies and Notes appearing there in, comply with the applicable accounting standards referred to in sub section (3C) of section 211 of the Companies Act,1956 and give the information required by the Companies Act, 1956 in the manner so required and the Balance Sheet gives a true and fair view of the state of the Companys affairs as at 31st March, 2010, Profit and Loss Account gives a true and fair view of the profit for the year ended on that date and the Cash Flow Statement gives a true and fair view of the cash flows of the Company for the year ended on that date.

As required by the Companies (Auditors Report) Order, 2003 as amended by Companies (Auditors Report) (Amendment) order, 2004 issued by the Central Government of India in terms of section 227 of Companies Act, 1956 and on the basis of such checks of the books and records of the Company as we considered appropriate and the information and explanations given to us during the course of audit, we state

that in our opinion :

i. a. The Company is maintaining proper records showing full particulars including quantitative details and situation of fixed assets.

b. The Company has a programme of physical verification of fixed assets in a phased manner so as to cover all the assets over a period of three years, which in our opinion is reasonable having regard to the size of the Company and the nature of its assets. In accordance with the said programme, fixed assets other than Furniture and Fixtures were physically verified during the year and according to the informations and explanations given to us, no Tnaterial discrepancies were noticed on such verification.

c. During the year, the Company has not disposed off a substantial part of fixed assets.

ii. a. The inventories lying at all location except in transit and with third parties has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

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

c. On the basis of our examination of the records we are of the opinion that the Company is maintaining proper records of inventory.

d. The discrepancies noticed on physical verification were not material and the same have been properly dealt with in the books of accounts.

iii. a. According to the information and explanations given to us, the Company has not granted loans, secured or unsecured from companies, firms or other parties covered in the Register maintained under Section 301 of the Companies Act, 1956. Hence, clauses (iii) (b), (c) & (d) of the order are not applicable.

b. According to the information and explanations given to us, the Company has not taken any loans, secured or unsecured from companies, firms or other parties covered in the Register maintained under Section 301 of the Companies Act, 1956. Hence, clauses (iii) (f) & (g) of the order are not applicable.

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

v. a. On the basis of representation made by the management and scrutiny of books of accounts carried out by us, the particulars of contracts or arrangements that need to be entered in the Register in pursuance of Section 301 of the Companies Act, 1956 have been so entered.

b. In our opinion and according to the information and explanations given to us, transactions made in pursuance of contracts or arrangements required to be entered in the Register u/s 301 of Companies Act, 1956 have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

vi. According to the information and explanations given to us and on the basis of our checking during the course of audit, the Company has not accepted any deposits from the public during the year.

vii. In our opinion, the internal audit of Company carried out during the year by firms of Chartered Accountants appointed by the Company have been commensurate with the size of the Company and the nature of its business.

viii. The Central Government has prescribed maintenance of cost records under Section 209 (l)(d) of the Companies Act, 1956 in respect of generation of electricity from wind power and such accounts and records have been made and maintained by the company. However we have not made a detailed examination of the records with a view to determine whether they are accurate.

ix. a. According to the records of the Company, the Company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education and protection fund, employees state insurance, income tax, wealth tax, service tax, sales tax, customs duty, excise duty, cess and other statutory dues applicable to it. According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, sales tax, wealth tax, service tax, customs duty, excise duty and cess were outstanding as at 31.03.2010 for a period of more than six months from the date they become payable.

b. According to the records of the Company, there are no dues of income tax, wealth tax, service tax, sales tax, customs duty, excise duty and cess which have not been deposited on account of any dispute except:

(i) Sales tax demand of Rs. 1,13,551/- for the year 2004-05 and Rs. 10,63,988 for the year 2005-06 for which appeals are pending before the West Bengal Commercial Taxes Appellate and Revisional Board and Senior Joint Commissioner of Sales Tax, Dharamtala Circle, Kolkata respectively.

(ii) Service tax demand of Rs.2,63,054/- for the period from 16.06.2005 to 31.12.2005 and Rs. 4,29,175/- for the period March,2007 to January,2009 for which appeals are pending before The Commissioner (Appeal)-I, Central Excise, Jaipur-I.

(iii) Excise duty demand of Rs 14,07,362/- for the period from April, 2002 to March, 2005 for which appeal is pending before Commissioner (Appeal) -II, of Central Excise, Kolkata.

x. The Company has not incurred any cash loss during the financial year covered by our audit and the immediately preceding financial year and has no accumulated loss.

xi. Tha Company has not defaulted in repayment of dues to financial institution or bank or debenture holders.

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

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

xiv. The Company has maintained proper records of the transactions and contracts in respect of dealing in shares & securities and timely entries have been made therein. All shares & securities have been held by the Company in its own name.

xv. The Company has not given any guarantee for loan taken by others during the year.

xvi. According to the information and explanation given to us, term loans availed by the Company were, prima facie, applied during the year for the purposes for which the loans were obtained.

xvii. According to the cash flow statement and other records examined by us and the information and explanations given to us, on an overall basis, funds raised on short term basis have prima facie, not been used during the year for long term investment.

xviii.The Company has not made any issue of shares during the year.

xix. The Company has not issued debenture during the year.

xx. The Company has not made any public issue during the year.

xxi. Based upon the audit procedures performed and information and explanations given by the management, no fraud on or by the company has been noticed or reported during the course of audit.



"INDIA STEAMSHIP HOUSE" for S.S.KOTHARI & CO. 21,Old Court House Street Chartered Accountants Kolkata-700 001 Partner The 27th day of May,2010 Membership No.177270 Firm Reg.No.302034E

 
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