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Auditor Report of Yarn Syndicate Ltd.

Mar 31, 2014

Report on the Financial Statements

We have audited the accompanying financial statements of YARN SYNDICATE LIMITED ("the Company"), which comprise of the Balance Sheet as at March 31, 2014, and the Statement of Profit and Loss, the Cash Flow Statement , significant accounting policies and other notes for the year ended on that date.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in section 211 (3C) of the Companies Act, 1956 ("the Act") read with the General Circular 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

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 misstatement.

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

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

Basis for Qualified Opinion

I. Attention is invited to the following Notes regarding:

a. Certain debts from overseas buyers are overdue and have not been confirmed. However the extent of amount recoverable out of the balance and provision there against if any as presently not ascertainable. (Note 12)

b. Non-provisioning of certain balances in loan given to companies, advance to others, sundry deposits, tax deducted at source. (Note 26.6)

II. We further report that impact with respect to the Notes given in paragraph I above cannot be ascertained and commented by us.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, except for the effects of the matter described in the Basis for Qualified Opinion paragraph, 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 of the company 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

As required by the Companies (Auditor''s Report) Order, 2003 as amended by the Companies (Auditor''s Report Order, 2004) (the Order) issued by the Central Government of India in terms of Section 227 (4A) of the Act and according to the information and explanations given to us and also on the basis of such checks as we considered appropriate, we enclose in the Annexure a statement on the matters specified in the said order.

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 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 appears from our examination of those books;

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

d. In our opinion, except for the effects of the matter described in the Basis for Qualified opinion paragraph, the Balance Sheet, the Statement of Profit and Loss and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in Section 211 (3C) of 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.

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 section 274 (1) (g) of the Act.

YARN SYNDICATE LIMITED

Annexure referred to in paragraph 6 of our report of even date.

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

(b) All the assets have not been physically verified by the management during the year but there is regular program of verification, which, in our opinion is reasonable having regard to the size of the Company and the nature of its assets. Discrepancies noticed on such verifications were not material.

(c) The company has not disposed off a substantial part of its fixed assets during the year, which affect its going concern status.

ii. (a) The Company is trading in textile yarn. Orders for procurement are directly dispatched to customers and goods are generally dispatched from the place of procurement itself. Hence inventory only represents goods in transit for which sales has not been completed keeping in view the same, the inventory is not verified by the management.

(b) Read with our comments in Para (a) above, the procedure of physical verification of inventories followed by the management is reasonable and adequate in relation to the size of the Company and nature of its business.

(c) Read with our comments in Para (a) above, the Company is maintaining proper records of inventories and no discrepancies were noticed on physical verification.

iii. (a) According to the information and explanations given to us the company has not granted any loans, secured or unsecured, to Companies, firms or other parties covered in the register maintained under Section 301 of the Act. Therefore the provisions of the clause 4 (iii) (b) of the order, 2004 are not applicable to the company.

(b) According to information and explanations given to us, interest amounting to Rs.31,507 in respect of loans granted earlier where principal has been repaid is outstanding.

(c) As informed to us, having regard to the terms and conditions to the loans granted in earlier years overdue interest is outstanding in respect of such loan.

(d) As informed to us, the Company has taken interest free unsecured loans from a company and the directors, which is covered in the register maintained under section 301 of the Act. The maximum amount of such loans during the year was Rs. 22,21,130 lacs and Rs. 1,83,43,584 lacs whereas the year-end balances were Rs. 22,12,130 lacs and Rs. 1,26,10,044 lacs respectively.

(e) In our opinion, the loan is interest free and other terms and conditions of such loan are not prima facie prejudicial to the interest of the company.

(f) The above interest free loan was not due for repayment during the year.

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

v. In our opinion and according to the information and explanations given to us, we are of the opinion that the transactions that need to be entered into a register in pursuance of Section 301 of the Companies Act, 1956 have been so entered.

vi. The Company has not accepted any deposits from the public during the year within the meaning of the provisions of Section 58A, 58 AA or any other relevant provision of the Act and rules made thereunder.

vii. There is no internal audit system in the company.

viii. As informed, the Central Government has not prescribed maintenance of cost records under Section 209 (1) (d) of the Act, for the product of the company. Accordingly provision of the Para (vii) of the order is not applicable to the company.

ix. (a) According to the information and explanations given to us and as per 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, Sales Tax, Wealth tax, Service Tax, Custom Duty, Excise Duty, Cess and any other statutory dues applicable to it. According to the information and explanations given to us, there are no material undisputed statutory dues payable in respect of aforesaid dues 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 of Service Tax, Sales Tax, Income Tax, Wealth Tax, Custom Duty, Excise Duty and Cess that has not been deposited as on 31.03.2014 on account of dispute

x. The Company has accumulated losses at the end of the financial year which has not exceeded fifty percent of its Networth. However, the effect of the unqualified qualification has not been taken into consideration for the purpose of making our comments in this clause. The Company has not incurred cash losses during the financial year covered by our audit. However the Company had incurred cash loss in the immediately preceding financial year.

xi. In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to financial institutions, banks or debenture holders..

xii. According to the information and explanations given to us, and based on the documents and records produced 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.

xiii. The Company is not a Chit fund or a Nidhi / Mutual benefit fund / society. Accordingly, the provisions of the clause 4(xiii) of the Order are not applicable to the Company.

xiv. According to the information and explanation to us, the Company is not dealing or trading in shares, securities, debentures and other investments. Accordingly the provisions of clause 4 (xiv) of the Order are not applicable to the company.

xv. According to the information and explanations given to us, the company has not given any guarantees for loans taken by others from bank or financial institution.

xvi. In our opinion and according to the information and explanations given to us, the Company has not availed fresh term loan during the year.

xvii. According to the information and explanations given to us and on overall examination of the balance sheet of the Company, we have not come across any cases where fund raised on short-term basis have been utilized for long-term investments.

xviii. The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act.

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

xx. The Company has not raised any money by public issue during the year.

xxi. During the course of our examination of the books of account carried out in accordance with generally accepted auditing practices in India, we have neither come across any incidence of fraud on or by the Company nor have we been informed of any such case by the Management.

For LODHA & CO. Chartered Accountants Firm ICAI Registration No. 301051E H. K. VERMA Partner Place : Kolkata Membership No. 055104 Dated : 30th May, 2014.


Mar 31, 2012

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

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

1. As required by the Companies (Auditor's Report) Order, 2003 ("the order') as amended by the Companies (Auditor's Report)(Amendment) Order, 2004 issued by the Central Government of India in terms of Section 227 (4A) of the Companies Act, 1956 ("the Act") and on the basis of such checks of the books of records of the Company as we considered appropriate and according to the information and explanations given to us, we report that;

i) a) The Company has maintained proper records to show full particulars including quantitative details and situation of its fixed assets.

b) All the fixed assets have not been verified by the management during the year but according to the information and explanation given to us, there is a regular program of verification, which in our opinion is reasonable having regard to the size of the Company and nature of its' business. No material discrepancies in respect of the assets verified during the year were noticed.

c) During the year, the Company has not disposed off substantial part of its fixed assets, which could effect the going concern status of the Company.

ii) a) The company is trading in textile yarn. Orders for procurement are directly dispatched to customers and goods are generally dispatched from the place of procurement itself. Hence inventory only represents goods in transit for which sales has not been completed keeping in view the same, the inventory is not verified by the management.

b) Read with our comments in Para (a) above, the procedure of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

c) Read with our comments in Para (a) above, the Company is maintaining proper records of inventories and no discrepancies was noticed on physical verification..

iii) a) According to information and explanations given to us the company had not granted any loans, secured and unsecured, from/to companies, firms or other parties covered in the register maintained under Section 301 of the Act. Accordingly, Para 4 (iii) b) of the Order are not applicable.

c) According to information and explanation give to us, interest amounting to Rs. 115 (000) in respect of loans granted earlier were principal has been repaid is outstanding.

d) As inform to us, having regards to terms and condition to the loans granted in earlier year overdue interest is outstanding in respect of such loan.

e) The company has taken interest free unsecured loan from a director which is covered in the register maintained under section 301 of the Act.

f) The loan is interest free and other terms and conditions of the aforesaid loans, are prima facie not prejudicial to the interest of the company.

g) The above interest free loan was not due for repayment during the year.

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 with regard to purchases of inventory, fixed assets and for sale of good. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal control system. v) To the best of our knowledge and belief and according to the information and explanations given to us, we are of the opinion that there is no transaction that needs to be entered into the register maintained under section 301 of the Act. vi) The Company has not accepted any deposits under section 58A,58AA or other relevant provisions of the Act. vii) There is no internal audit system in the Company.

viii) As informed, the Central Government has not prescribed maintenance of cost record under Section 209 (1)(d) of the Act, for the product of the company. Accordingly provision of the Para (viii) of the order is not applicable to the company.

ix) a) According to information and explanations given to us, Company is generally regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees' State Insurance, Income Tax, Sales Tax, Wealth tax, Service Tax, Custom Duty, and other material statutory dues applicable to it. According to the information and explanation given to us, there is no undisputed amounts payable in respect of aforesaid dues for a period of more than six months from the date they became payable.

b) According to information and explanations given to us, there are no dues of Sales Tax, Income Tax, Service tax, Customs Duty, Wealth Tax, Excise duty and Cess that have not been deposited with the appropriate authorities on account of any dispute.

x) The Company has accumulated losses at the end of the financial year. The company has incurred cash losses during the financial year but not incurred the same in the immediately preceding financial year. The effect of unqualified qualification has not been taken into consideration for the purpose of making comment in respect of this clause.

xi) According to the information and explanation given by the management, the Company has not defaulted in repayment of dues to the financial institutions and banks. There were no debenture holders during the year.

xii) According to the information and explanation given to us, and based on the documents and records produced to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

xiii) In our opinion, the company is not a chit fund or a nidhi mutual benefit fund/society. Accordingly the provisions of clause 4(xiii) of the order are not applicable to the company.

xiv) The company is not dealing/trading in securities.

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

xvi) According to the information and explanations given to us, no fresh term loans have been taken during the year.

xvii) According to the information and explanations given to us and on overall examination of the Balance Sheet of the Company, we have not come across any cases where fund raised on short term basis have been utilized for long term investments.

xviii) The company has not made any preferential allotment of shares during the year to parties or companies covered in the register maintained under section 301 of the Act.

xix) According to the information and explanations given to us the company has not issued any debentures during the year. Accordingly, the provision of clause 4(xix) of the order is not applicable to the company.

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

xxi) During the course of our examination of books of accounts carried out in accordance with generally accepted auditing practices in India, we have neither come across any incidence of fraud on or by the company nor have been informed of any such case by the management.

2. Attention is invited to the following Notes regarding:

(a) Certain debts from overseas buyers are overdue. However, the extent of amount recoverable out of the balance and provision there against if any is presently not ascertainable (Note 13)

(b) Confirmation and reconciliation in respect of long term trade receivable (Note 13) and certain cash and bank balances (Note 16) are not available.

(c) Non provision of certain unmoved balances in loan given to companies, advance to others, sundry deposits, tax deducted at source. (Note 29)

3. We further report that overall impact with respect to the notes given in para 2 above cannot be ascertained and as such cannot be commented upon by us.

4. Further to the 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) The Balance Sheet, the Profit & Loss Account and Cash Flow Statement dealt with by this Report are in agreement with the books of account;

(c) Except as given in Note 11.1 regarding non ascertainment and consequential adjustments regarding impairment of fixed assets and Note 1 (I) (ii) regarding accounting of sales on the date of negotiation/collection and accordingly the foreign exchange fluctuation remaining included in sales, the Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report comply with the accounting standards referred to in Sub- section 3 ( c) of Section 211 of the Act.

(d) On the basis of written representations received from the directors as on 31st March, 2012 and taken on record by the Board of Directors, we report that none of the directors of the Company is disqualified as on 31st March 2012 from being appointed as a director of the Company in terms of clause (g) of sub section (1) of Section 274 of the Act;

(e) In our opinion and to the best of our information and according to the explanations given to us, subject to our remarks as given in Para 2 above whereby excepting as given in Para 3 above we are unable to ascertain the impact on these accounts and Note 8 regarding non availability of details regarding Micro, Small and Medium

Enterprises Development Act, 2006 and read together with the other notes thereon, these accounts 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:

(i) in the case of Balance Sheet, of the State of Affairs of the Company as at 31st March, 2012

(ii) in the case of Profit & Loss Statement, of the loss for the year ended on that date; and

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

For LODHA & CO

Chartered Accountants

Firm's ICAI Registration Number : 301051E

Place:Kolkata H.S.JHA

Dated:The 30th day of May, 2012. Partner

Membership No. 55854


Mar 31, 2010

We have audited the attached Balance Sheet of YARN SYNDICATE LIMITED (the Company) as at 31st Marcn, 2010, the Profit and Loss Account and also the Cash Fiow Statement for the year ended on the date annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

1. As required by the Companies (Auditors Report) Order, 2004 ("the order") issued by the Central Government of India in terms of section 227(4A) of the Companies Act, 1956. ("the Act") and on the basis of such checks of the books of records of the Company as we considered appropriate and according to the information and explanations given to us, we report that:

V) a) The Company has maintained proper records showing lull particulars, including quantitative details and situation of fixed assets.

b) Aii the fixed assets have not been verified by the management during the year but according to the information and explanation given to us, there is a regular programme of verification which, in our opinion, is reasonable having regara to the size and the nature of its assets. In respect of assets verified during the year, no material discrepancies have been noticed.

c) During the year the Company has not disposed off substantial part of its fixed assets which could affect the going concern status of the Company.

ii) a) The company is trading is textile yarn. Order for procurement are directly dispatched to customers and goods are generally dispatched from the place of procurement itself. Hence inventory only represents goods in transit for which sales has not been completed keeping in view the same, the inventory is not verified by the management.

b) Read with cur comments in para (a) above, the procedures of physical verification of inventory followed by the management are reasonable and adeauate in relation to the size of the company and the nature of its business.

c) Read with our comments in para (a) above, the company is maintaining proper records of inventories and discrepancies notified on physical verification of inventory, as explained, were not material as compared to the book records.

iii) a) According to information and explanations given to us the company had given unsecured loans to companies listed in register maintained under Section 301 of the Act. The maximum amount involved during the year was Rs. 17000 (000) and the year-end balance of such loans was Rs. 5000 (000)

b} In our opinion, the rate of interest and other terms and conditions on which the unsecured loans as mentioned tn(a) above were given are prima facie not prejudicial to the interest of the Company.

c) According to the information and exolanations given to us, the principal amount and interest in respect of loans granted as mentioned in (a) above are repayable on demand. These loans are being repaid as and when recalled.

d) As informed to us, having regards to terms and conditions to the loan as mentioned above, there is no overdue amount outstanding is respect of such loan and interest there on,

e) The company has not taken any secured and/or unsecured loan from companies, firms or the other parties covered in the register maintained under section 301 of the Act. Accordingly para "e" to "g" 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 with regard to purchase of inventory, fixed assets and for sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal control system.

v) To the best of our knowledge and belief and according to information and explanations provided to us we are of the opinion that there is no transaction that needs to be entered into the register maintained under section 301 of the Act.

vi) The Company has not accepted any deposits under Section 58A, 58AA or other relevant provisions of the Act.

vii) There is no iniemal audit system in the company.

viii) As informed, the Central Government has not prescribed maintenance of Cost records under Section 209(1)(d) of the Act, for the product of the Company. Accordingly provisions of Para (viii) of the order is not applicable to Company.

ix) a) According to the information and explanations given to us. the Company is generally regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Investor Education & Protection Fund. Employees State Insurance dues, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty and other material statutory dues as applicable to it. According to the information and explanation given to us. there are no undisputed amounts payable in respect of aforesaid dues for a period of more than six months from the date they became payable.

b) According to the information and explanation given to us. there are no dues of Sales Tax, Income Tax, Custom Duty, Wealth Tax, Service Tax, Excise Duty and Cess that have not been deposited with the appropriate authorities on account of any dispute.

x) The company has accumulated losses at the end of the financial year. The company has not incurred cash losses during the financial year but had incurred cash losses in the immediately preceeding financial year. The effect of unqualified qualification has not been taken into consideration for the purpose of making comment in respect of this clause.

xi) According to the information and explanations given by the management, the Company has not defaulted in the repayment of dues to the financial institutions and banks. There were no debenture holders during the year.

xii) According to the information and explanations given to us and based on the documents and records produced to us, the company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

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

xiv) The Company is dealing and trading in shares, securities and other investments. According to the information and explanation given to us and based on the documents and records produced to us, proper records have been maintained of transactions and contracts and timely entries have been made therein. The share, securities and other investments 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 any guarantee for loans taken by others from banks or financial institutions

xvi) According to information and explanations given to us, no fresh term loans have been taken during the year.

xvii) According to the information and explanation given to us and on an overall examination of the Balance Sheet, we have not come across any cases where fund raised on short term basis have been utilized for the long term investments.

xviii) The company has not made any preferential allotment of shares during the year to parties or companies covered in the register maintained under section 301 of the Act.

xix) According to the information and explanations given to us. the Company has not issued any debentures during the year. Accordingly, the provisions of clause 4 (xix) of the Order is not applicable to the Company,

xx) The Company has not raised any money by public issues during the year.

xxi) During the course of our examination of the Bocks of Accounts carried out in accordance with generally accepted auditing practices in India, we have neither come across any instances of fraud on or by the Company nor have we been informed of any such case oy the management.

2. Attention is invited to the following Notes of Schedule 14 regarding :

a. Certain old debts from overseas buyers amounting to Rs. 10021 thousand, the extent of amount recoverable and provision there against if any is presently not ascertainable. (Note No. 4)

b. Confirmations and reconciliation in respect of Sundry Debtors. Sundry Creditors, certain bank balances and Loans and Advances are not available. (Note No.5)

c. Non provision of certain unmoved balances in loan given to companies, advance to others, sundry deposits, tax deducted at source. (Note No. 6 )

3 We further report that, in respect of the Notes mentioned in Paragraph 2 above, the impact thereof cannot be ascertained and therefore cannot be commented upon by us.

4 Further 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) The Balance Sheet, the Profit and Loss Account alongwith Cash Flow Statement are in agreement with the books of account;

c) In our opinion books of accounts as required by law have been kept by the company so far as appears from our examination of those books.

d) Except as given in Note No 3 of Schedule 14 ragarding non ascertainment and consequential adjustments and impairment of fixed assets and Note No. 1 (7j (ii) of Schedule 14 regarding accouni;i;b it tales on the date of negotiation I collection and accordingly the foreign exchanger fluctuation remaining included in sales, the Profit and Loss Account, Balance Sheet and Cash Flow Statement comply with the Accounting Standards referred to in Sub-Section 3(C) of Section 211 of the Act, to the extent applicable.

e) On the basis of written representations from the Directors as on 31st March, 2010 and taken on record by the Board of Directors, we report that none of the directors of the Company is disqualified as on 31st March, 2010 from being appointed as a director of the Company in terms of Clause (g) of Sub-Section (1) of Section 274 of the Act;

f) In our opinion and to the best of our information and according to the explanations given to us, subject to our remarks as given Para 2 above whereby as given in Para 4 above, we are unable to ascertain and indicate the impact thereof on these accounts and Note 8 of Schedule 14 regarding non-availability of details relating to Micro, Small and Medium Enterprises Development Act, 2006 and read together with the other notes thereon, these accounts give the information required by the Act, in the manners so required and give true and fair view in conformity with the accounting principles generally accepted in India :

i) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2010; and

ii) in case of the Profit and Loss Account, of the profit of the Company for the year ended on that date.

iii) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.



For LODHA & CO Chartered Accountants Firms ICAI Registration Number: 301051E



Place : Kolkata H. S. JHA

Dated : The 31s1 day of May, 2010. Partner

Membership No. 55854

 
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