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Auditor Report of Canopy Finance Ltd.

Mar 31, 2015

We have audited the accompanying standalone financial statements of Kartavya Udyog Viniyog Limited ("the Company"), which comprise the Balance Sheet as at 31st March, 2015, the Statement of Profit and Loss, the Cash Flow Statement for the year ended, and a summary of the significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation and presentation of these Financial Statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express a reasonable 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 thereunder.

We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

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

b) in the case of the Profit and Loss Account and the statement of Cash Flow for the year ended on March 31,2015;

Report on Other Legal and Regulatory Requirements

1. As required by Companies (Auditors Report) Order 2015 ('the order') issued by Central Government of India in terms of subsection (11) of section 143 of the Act, we enclose in the annexure a statement on the matters specified in paragraphs 3 & 4 of the said order, to extent applicable.

2. As required by section 143(3) of the Act, we report that:

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

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

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

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

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

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

I. The Company does not have any pending litigations which would impact its financial position.

II. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

III. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

The Annexure referred to in our report to the members of Kartavya Udyog Viniyog Limited (the Company') for the year ended on 2015. We report that:

i) The company is not having fixed assets and therefore provision of clause 3(i) is not applicable to the company.

ii) Based on our scrutiny of the Company's Books of Account and other records and according to the information and explanations received by us from the management, we are of the opinion that the company has resumed its operation this Financial Year having no inventory and hence no physical verification at reasonable intervals by the management is required under the provision of clause 3(H)-

iii) The company has granted loans & advances, secured or unsecured to companies, firms or other parties covered in the register maintained under section 189 of the Act 2013 and we are of the opinion that the terms and condition of such loans are not prejudicial to the interest of the company, also reasonable steps have been taken for the recovery of overdue of such loans.

iv) The company is not having fixed assets and inventories and therefore provision of clause 3(iv) is not applicable to the company.

In our opinion and according to the information and explanations given to us, there are adequate internal control systems commensurate with the size of the Company and nature of its business. During the course of our Audit, no major material weakness has been noticed in internal controls.

v) in our opinion and according to information & explanation given to us the company has not accepted deposits from the public.

vi) Being a Non Banking Finance Company, the provisions of Clause 3(vi) of the order with regard to the maintenance of Cost records are not applicable to the Company.

vii) According to the information and explanations given to us and on the basis of our examination of the records of the company, amount deducted/accrued in the books of account in respect of undisputed statutory dues including provident fund, income tax, sales tax, wealth tax, service tax, duty of customs, value added tax, cess and other material statutory dues have been regularly deposited during the year by the company with the appropriate authorities. As explained to us, the company did not have any dues on account of employee's state insurance and duty of excise.

According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, income tax, sales tax, wealth tax, service tax, duty of customs, value added tax, cess and other material statutory dues were in arrears as at 31st March,2015 for a period of more than six months from the date they became payable.

viii) The company does not have accumulated losses more than 50% of its networth. The Company has not incurred cash losses during the financial year covered by audit.

ix) In our opinion and according to information & explanation given to us the company have no dues to financial institution or bank.

x) In our opinion and according to the information and the explanations given to us, the Company has not given any guarantee for Loans taken by other from banks or financial institutions; hence clause (x) of Para 3 of the Order is not is not applicable.

xi) According to the records of the company, the company has not obtained any term loans. Hence, comments under the clause are not called for.

xii) Based on the audit procedures performed and information's and explanations given by the management, we report that no fraud on or by the company has been noticed or reported during the course of our audit.

For Gora & Co. Chartered Accountants Firm Registration Number: - 327183E

Place: Kolkata Date: 29th May 2015 Sd/

G.C. Mukherjee Partner Membership no.- 017630


Mar 31, 2014

We have adudited the accompanying financial statements of kartavya Udyog Vinivog limited (Formerly Kown as kanisk viniyog United). which comprise the Balance Sheet as at March 31.2014 and and other explanatory of profit ana the then ended and a summary of significant accounting policies ,and other explanatory information.

management's Responsibility for the Financial Statements

mangement is responsible for foe preparation of these ffinancial statements that give true and fair view of ; and financial performance of the Company In accordance foe Accounting includes the 7" in sub 211 0f the companies Ac. 1056. This responsibility design and manitance of internal control relevant to the preparation and presentation of the fincancial statement He give a true and fair view and are free from material misstatement. whether due to fraud or error

Auditor's Responsibility

our responsibility is to express an opinion on these financial statements based on our audit. We conducted requ tuting he standareds on aditing issued by the of Chartered Accountants of obtain these standards required that we comply with ethical requirments and plan and perform the audit to obtain resonable assurance about whether the financial statements are ee from material misstatement.

an audit involves state audit evidence about the and disclosures in the of the of the procedures selected depend on the auditor's judgment including the assessment those risk ass of material misstatement of the financial statements. whether due to fraud or error, in making ' risk assesments the auditor considers internal control relevant to the Company's preparation and prresetation, of the financial statements in order to design audit procedures that appropriate^!c in 2 resonableness of the o evaluating the appropriteness of accounting policies used and the by management as well as evaluating the overal

we believe that the audit evidencee we have obtained is and appropriate to provide a basis for our

opinion

In our opinion and to the best of our information and according to the explanation give to us the fincancial statements give the information required by the act in the manner so required excepting not charging interest on unsecured loanamounting to Rs. 96,500/- (assuming interes @ 10% p.a), had it been charged the profit would have increase by such ammount.subject to about fincancial statemetnts give a time 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 Profit and Loss Account, of the profit for the year ended on Match 31.2014:

c) in the case Of the Cash flow on statement of the flows for the year ended on March 31,2014

Report on other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order. 2003 issued In the central Government of at terms of sub-sect inn (-IA)of section 22 7 of the Act. we give in the annexure a statement on the mailers specified in paragraphs 4 and 5 of the Order.

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

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

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

c) the Balance Sheet and Statement of Profit and Loss and Cash flow Statement dealt with by Report arc in agreement with the books of account.

d) in our opinion, the Balance Sheet mid Statement of Profit and Loss and Cash Flow Statement comply with the Accounting .Standards referred to in subsection (3C) of section 211 of the Companies Act. 1956 read with the General Circular 15/2013 dated I3rd 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, 20 M. and taken on record by the Board of Dirctosrs. none of the directors is disqualified as on March 31. 2014 . from being appointed as a director in terms of clause (g) of sub-section (I) of section 274 of the Companies Act. 1956. 11

f) Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section -141A of the Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

The Annexure referred to in paragraph 1 of the Our Report of even date to the members of kartavya Udyof Viniyog limited (Formerly Known as Kanisk Udyog Viniyog. Limited)

on the accounts of the company for the year ended 3lst March, 2014.

On the basis of such checks as we considered appropriate and according to the information and explanation given to us during the course of our audit, we report that:

i, Toe company is not having fixed assets and therefore provision of clause 4{i) is not applicable to company

2 The company is not having inventory and therefore provision of clause 4(ii) is not applicable to company.

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

(e) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not taken loans from companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. Thus sub clauses (f) (g) & re not applicable to the company,

4. Since the Company has not purchased any fixed assets and/or inventories therefore the internal control procedure is not applicable to the company.

5. In our opinion and according to information & explanations given to us, there are no such transactions that need to be entered into a register in pursuance of section 301 of the Act.

6. The Company has nut accepted any deposits from the public covered under section 58A and 58AA of the Companies Act, 1956.

/ As per information & explanations given by the management, the Company has an internal audit system commensurate with its sire and the nature of its business.

8. According to information & explanation given to us, the company is nut required to maintain cost records as prescribed by the Central Government under clause (dl of sub-section (1) of section 209 of the Act.

9 (a)According to the records of the company, 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 to the extent applicable and any other statutory dues have generally been regularly deposited with the appropriate authorities. According to the information and explanations given to us there were no outstanding statutory dues as on 31st of March, 2014 for a period of more than six month from the date they became payable.

{b) According to the information and explanations Riven to us, there is no amounts payable in respect of income tax, wealth tax, service tax, sales tax, customs duty and excise duty which have not been deposited on account of any disputes

10. The company is not having accumulated losses more then 50% of its net worth The company has incurred cosh profit during the financial year concerned.

11. Rased on out audit procedures and on the information and explanations given by the management, we are of the opinion that, the Company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

12. According to the information and explanations given 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

13. The Company is not is chit fund of a hindu mutual benefit fund.society, thercforc, the provision of" this clause of the Companies (Auditor's Report) Order, 2003 (as amended) is not applicable to the Company

14. According to information and explanations given to us. the Company is investing in Shares. Mutual funds A other Investments. Proper records & timely entries have been maintained in this regard & for the investments specified are held Id in their own name.

15 according to the information and explanations given to us. the company has not given any guarantees for loan taken by others from a bank or financial institution.

16- Rased on our audit procedures and cm the information given by the management, we report that the company has not raised any term loans during the year.

17. Bused cm the information and explanations given to us and on an overall examination of the Balance Sheet of the Company as at 31st March, 2014. we report that no funds raised on short-term basis have been used for long-term investment by the Company.

15. Based on the audit procedures performed and the information and explanations given to us In the management, we report that the Company has not made any preferential allotment of shares during the year.

19. the company has no outstanding debentures during the period under audit

2D. The Company has not raised any money by public issue during the year.

2I Based on the audit procedures performed and the information and explanations given to us. we report

that no trand on or by the Company has been noticed or reported during the year nor have we been informed of such case by the management.

For Gora & Co. Chartered Accountants FUN No: 327183E

Date: 26th day of May, 2014

G C Mukheritie (Partner) men- No; - 017530


Mar 31, 2013

We have audited the accompanying financial statements of Kanisk Udyog Viniyog Limited ,which comprise the Balance Sheet as at March 31, 2013 and the Statement of Profit and Loss 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 and financial performance of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 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.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit Wc 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 arc appropriate in the circumstances. An audit also includes evaluating the appropriatenes of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give atrue 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; and

b. In the of profit Loss Account, of the profit for the year ended on March 31, 2013

Report on Other Legal and Regulatory Requirements

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

2. As required by section 227(3) ofthe Act, we report that

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

b) 0ur opinion proper of account as required by |aw have been kept by the Company so tar as appears from our examination of those books.

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

d. In our opinion, the Balance Sheet and Statement of Profit and Loss comply with the Act 1956 standards referred to in subscction 3c of section 211 of the Companies.

e) On the basis of written representations received from the directors as on March 31 -13 and taken on record by the Board ol Directors, none of the directors is March 31,2013 fr°J11 being aPPointed as a director in terms of clause (g) of sub-sectton (I) of section 274 of the Companies Act, 1956.

The Annexure referred to in paragraph 1 of the Our Report of even dale to the members of k Udyog Viniyog Limited on the accounts of the company for the year ended 31st March,2013.

On the basis of such checks as we considered appropriate and according to the information and explanation given to us during the course of our audit, we report that:

1. The comPany Is not having fixed assets and therefore provision of clause is not applicable to company.

2 company is not having inventory and therefore provisiion of clause 4(ii) is not applicable

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

e. According to the Information and explanations given to us and on the basis of our examination of the books of account, the Company has not taken loans from companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. thus sub clauses If) & |g) are not applicable to the company

4. Since the Company has not purchased a fixed assets and inventories therefore The internal control procedure is not applicable,to the company.

5. in our opinion and according to information & explanations given to us, there are no such transactions that need to be entered into a register in pursuance of section 301 of the Act,

6. The Campanv has not accepted any deposits from the public covered under section 5SA and 58AA of the Companies Act, 1956.

7. As per information & explanations given by the management, the Company has an Internal audit system commensurate with its size and the nature of its business.

8. According to information & explanation given to us. the company is nol required to maintain cost records as prescribed by the Central Government under clause (d) of sub section (1) of section 209 of the Act.

9. (a) According to the records of the company, 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 to the extent applicable and any other statutory dues have generally been regularly deposited with the appropriate authorities. According to the -information and explanations given to us there were no outstanding statutory dues as on 31st of March, 7013 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 is no amounts payable ir respect of income tax, wealth tax, service tax, sales tax, customs duty and excise duty which have not been deposited on account of any disputes.

10. The company rs not having accumulated losses more then 50% of its net worth The company has incurred cash profit during the financial year concerned.

11. Based on our audit procedures and on the information and explanations given by the management we are of the opinion that, the Company has not defaulted in repayment of dues to a financial institution, bak or debenture holders.

12. According to the information and explanations given to us, the Companv 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 or a nidhi /mutual benefit fund/socicty. Therefore the Provision of this clause of the Companies (Auditor's Report) Order. 2003 (as amended) is not applicable to the Company.

14. According to information and explanations given to us, the Company is investing in Shares Mutual funds further other Investment- Proper records & entries have been maintained in this regard & further investments specified are held in their own name.

15. According to the information and explanations given to us, the Company has not given any guarantees tor loan taken by others from a bank or financial institution.

16. Based our audit procedures and on the information given by the management, we report that the company has not raised any term loans during the year.

17. and explanation tp and on M overall examination of the BalanCe Steel of the Company as at 31st March. 2011. we report that no funds raised on short-term basis have been used for long-term investment by the Company.

18. Based on the audit procedures performance and the information and explanations given to us by the managmentwe report the company not made any preferential allotment of shares during the year.

19. The Company has no outstanding debentures during the period under audit.

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

21. Based on the audit procedures performed and the information and explanations given to us we report that no fraud on or by the Company has been noticed or reported during the year have we been informed of such case by the management.

For C. GHATAK& CO. Place: Kolkata. charted Accountants. Dated: 15/07/2013 FRN No' 302162E

Sd/- Chinmoy Ghalak



(Chinmoy Ghatak) Partner Mem No: 003591


Mar 31, 2012

1 We have audited the attached Balance Sheet cf KANISK UDYOG VINIYOG LIMITED (as a: 31/03/2012 signed by us under reference to this report and the relative Profit & Loss Account of the Company for the year ended 31/03/2012 which is in agreement with, the books of account These financial Statements are the responsibility of the Company's management Our responsibility is to express an opinion on these Financial Statements based on our audit.

2 We conducted our audit in accordance with auditing standards generally accepted in India T hose Standards requirere that we plan and perform the audit and obtain reasonabe assurance about whether the Einancial Statements are free of material misstatement. An audit includes examining, on a test oasis, evidence supporting the amounts and disclosures in tne ; financail statement. An audit also includes assessing the accountng principles used and significant estimates mace by management, as well as evaluating the overall financial statement presentation We believe that our audit provides reasonable basis for our opinion

3 We report as follows:

a We have obta ned a the information and explanations which to the best of cur knowledge and fcel ef, were necessary for the purpose of our Audit,

b. In our opinion proper Books of Accounts as required by Law have been kept by the Company, so fai as appears from our examination of the Books;

c The Balance Sheet and Profit & Loss Account dealt with by the Report are in agreement with the Books of Accounts;

d in our opinion, the profit and Loss Account and Balance Sheet comply with the Accounting standards referred to in Section 211 (3C) of the Companies Act 1956,to the extent applicable;

e. In our opinion none of the Directors are disqualified from being appoited as Director as per clause (g) of sub-section (1) of Section 274 or the Companies Act 1956

4 In our opinion and to the best of cur information and accord'ng to the explanations given to us the Balance Sheet and the Prefit & Loss Account read legetner with Notes thereon as required by the Companies Act 1956 in 1bc manner so required g ve a true and fa r view

i. in the case of the Balance Sheet of the State of affairs of the company as at 31/03/2012 and

ii. in the case cf Profit A Loss Account of the loss for the year ended 31/03/2012.

5 As required oy Companies (Auditors Report) Order 2004 ssued by Central Government or India in 1erms cf section 227 (4A) of the Companies Act, 1956, wo enclose in the annexure a statement or the matters speolied in pa'acraphs 4 S 5 of the sad order to extent applicable.

i) The company is not having fixed assets and therefore provision of clause 4|i) s not applicable to company

ii) The company is not having inventory and therefore provision of clause 4-;iij is not applicable to company

iii) The company nas not grantee or taken any loans. secured or unsecured to/From companies firms or other part.es covered in the register maintained under seel on 301 of the Act and therefore provision of clause 4
iv) The company is net having fixed assets and inventories, therefore provision of clause 4; iv) is not applicable io company

v) tn our opinron and according to information & explanations given to us, there are nc such, transactions that need to be entered into a register n pursuance of section 301 of the Act.

vi) In our opinion and according to information & explanation given to os the company has not accepted deposes from the public

vii) tn our opinion the company has an adequate internal audit system commensurate with its size and nature of its bus ness

viii) According to information & explanation gven to us, the company is not recui'ed to maintain cost records as prescribed by the Centra' Government under clause d) ofsub-section (1) of section 2 09 of the Act

ix) (a) According to information & explanation given to us the company Is genera ly regular in depositing undisputed statutory dues including Income tax and any other material statutory dues with trie appropriate authorities

(b) According to nformation & exp anation given 1o us the company has no disputed dues of sa es lax/income taxvcus'.om tax/wealth tax/exciso duty,'cess

x} The company does net have accumulated losses more than 50% of its networth. The company has Incurred cash losses during the financial year covered hy audri

xi) In our opinion and according to information & explanation gi ven to us the company has no dues to Tnancial institution or bank.

xii) Accord ng to information & explanation given to us, the company has not granted loans and advances on the basis of security by way cf pledge of shares debenture and other documents.

xiii) According to information & explanation given to us, the provisions of mdhi I mutua benefit fund/sooebes is not applicable to company.

xiv) According to information & explanation given to us, the company is investing In shares, securities debentures and other investments The investments made by Ine company have been held by the company, in its own name

xv) According to information & explanation given to us. the company has not given any guarantee for loans taken by others from bank or financial mstitutons.

xvi) According to Information & explanation given to us no term leans were obtained during the year

xvii) According to information explanation given to us a andt cn overall examination o balance sheet no funds raised on short-term basis have beer used for long term investment.

xviii) According to Information & explanation given to us foe company 'ias not made ary preferential allotment of shares to panics and companies covered in the Register maintained under seebon 301 of the Act

xix) According to information 3 explanation given to us no debentures issued during foe year.

xx) According to information and. explanation given to us no public issues have been madeduring foe year

x) According to informatics & explanation oiven to us no fraud on or by'foe company has been nobced or reported during foe year

For C. GHATAK dt CO. Chartered Accountants

FRN No. 302162E

Place: Kolkata Sd/- Chinmoy Ghalak Dated: 18/07/2012 (Chinmoy Ghatak) Partnor Mem No: 003591


Mar 31, 2011

1 We have audited the attached Balance Sheet of KANISK UDYOG VINIYOG LIMITED {as at 31/03/2011 signed by us under reference to this report and the relative profit and Loss Account of the Company for the year ended 31/03/2011 which is in agreement with the books of account. These Financial Statements are the responsibility of the Company a management. Our responsibility Is to express an opinion on these Financial Statements based on our audit.

2 We conducted our audit in accordance with auditing standards generally accepted in India those Standards require that wo plan and perform the audit and obtain reasonable assurance about whether the Financial Statements are free cf material misstatement An audit includes examining, on a test basis, evidence Supporting the amounts and disclosures in the F-nancia. Statement An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation We behove that our audit provides reasonable basis for our opinion.

3 We report as follows:

a We have obgained ned all the information and explanations which to the best cf our knowledge and belief, were necessary for the purpose of our Audit.

b. In our Opinion proper Books of Accounts as required by Law have been kept by the Company, so far as appears from our examination of the Books,

c. The Balance Sheet and Profit & Loss Account dealt with by the Report are in agreement with the Books cf Acco unts;

d In our opinion the Profit and Loss Account and Balance Sheet comply with the Accounting standards referred to in Section 211 (3C) or the Companies Act 1956 ,to the extent applicable;

e In our opinion none of the Directors are disqualified from being appointed as Doctor as per clause (g) of sub-sc-chon (1) of Section 274 of the Companies Act.

4 in our opinion and to the best of our information and according to the explanations given ta us, the Balance Sheet and the profit & Loss Account read together win Notes thereon as required by the Companies Act 1956 In the manner so required give a true and fair view:

i) in the case of the Balance Sheet of the State of affairs,rs of the company as at 31/03/2011 and

ii) in the case of Profit & Loss Account, of the loss for the year ended 31/03/2011.

5 As required by Companies {Auditors Report> Order 2C04 issued by Centra Government Of India in terms of section 227 (4A) of the Companies Act. 1956 we enclose in the annexure a statement on me matters specified in paragraphs A4& 5 of the said order' to extent applicable.

Annexure to auditors report

i) The company s not having fixed assets ana therefore provision of clause 4(r) is rot applicable to company,

ii) The company is not having inventory and therefore provision of clause 4 ii Is not applicable to company.

iii. The company has not granted or taken any Lans secured or unsecured to from companies, firms or other parties covered in the register maintained under section 301 of the Act and therefore provision of clause 4ii) is not applicable to company

iv) The company is not having fixed assets and inventories therefore provision of clause 4 iv) is not applicable to company.

v) In our opinion and according to informal on & explanations given to us, there are no such transactions that need 10 he entered into a register in pursuance of section 301 of the Act

vl) In our opinion and according to information & explanation given to us the company has not accepted deposits from the public

vii) in our opinion the company has an adequate internal audit system commensurate with its size and nature of its business

viii) According to information a explanation given to us, the company is not required to maintain cost records as prescribed by the Central Government under clause d) of sub-section (1) of section 209 of the Act

(x) (a) According to Informat on & explanation given to us the company is generally regular in depositing undisputed statutory dues including ng Income tax. and any other material statutory dues with in the appropriate authorities

(d) According to information and explanation given to us the company has no disputed dues of sales tax/income tax/custom lax/wealth tax/excise duty/cess.

x) The company dees net have accumulated losses more than 50% of its networth. The company has incurred cash losses during the financi3l year covered by audi

xi) In our opinion and according to information & explanation given to us the company has no dues to financial institution or bank

xii.| According to information & explanation given to us the company has not granted loans and advances on the basis of security by way of p edge of shares debenture and other documents

xii) According to information & explanation given to us the provisions cf nidhi l mutual benefit fond/Societies is not applicable to company,

xiv) According to information & explanation given to us, the company is investing in shares, secunt.es debentures and other investments. The investments made by the company have been held by the company in its own name.

xv) According to information & explanation given to us, the company has not given any guarantee for loans taken by others from tank or financial Institutions

xVI) According to information and explanation given to us. no term loans wore obtained during the year.

xviii According to information & explanation given to us and on overall examination of balance sheet no funds raised on short-term basis have been used for long-term Investment.

xviii) According to information & explanation given to us the company has not made any preferential allotment of shares to parties and companies covered in the Reguster maintained under section 301 of the Act

xix) According to information &. explanation given to us no debentures issued during the

xx) According to information & explanation given to us no public issues nave been made during the year.

xx ) According to information' & explanation given to us no fraud on or by the company has been noticed or reported during the year.

For C. GHATAK & CO. Chartered Accountants. FRN No. : 320162E

Place: Kolkata. Sd/-Chlnmo, Ghatak Dated; 20/07/2011

(Chirtmoy Ghatak) Partner Mem No: 003591

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