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Auditor Report of Innovassynth Investments Ltd.

Mar 31, 2016

To the Members of Innovassynth Investments Limited,

Report on the Financial Statements

We have audited the accompanying financial statements of Innovassynth Investments Limited (‘the Company’) which comprise the Balance Sheet as at 31st March 2016, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements

The Company’s Board of Directors is responsible for the matters stated in sub-section (5) of Section 134 of the Companies Act, 2013 (“the Act”) with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including 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 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 misstatements, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which 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 sub-section (10) of section 143 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 disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company’s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Company’s Directors, as well as evaluating the overall presentation of the financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March, 2016, of its loss 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, 2016 (“the Order”), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us during the course of the audit, we give in the Annexure , a statement on the matters specified in paragraphs 3 and 4 of the Order.

2. As required by sub-section (3) of section 143 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 purpose of our audit.

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

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

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

e. On the basis of written representations received from the directors, and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March 2016 from being appointed as a director in terms of sub-section

(2) of section 164 of the Act.

f. The company has adequate internal financial controls system in place and the same are generally operating effectively.

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

(i) The Company has no pending litigations which has impact on 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.

Annexure to the Independent Auditor’s report of even date

(Referred to in paragraph 1 under ‘Report on Other Legal and Regulatory Requirements’ section of our report to the members of Innovassynth Investments Limited (the Company))

The Clause No.3 (i), 3 (ii) and 3 (xii) of the Order is not applicable to the Company

(i) The Company has not granted any loans secured or unsecured to Companies, Firms, Limited Liability Partnerships or other parties covered in the register maintained under Section 189 of the Act, therefore sub-clause (a), (b), (c) of clause (iii) of the Order are not applicable.

(ii) During the year the Company has neither granted any loans nor made any investments nor has it given any guarantee or provided security in connection with loan to others.

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

(iv) The Central Government has not prescribed maintenance of cost records under section 148(1) of the Companies Act, 2013 for the activities of the Company.

(v) a) The Company is generally regular in depositing undisputed statutory dues including Service tax, Profession tax and Income tax deducted at source with the appropriate authority. There are no arrears of undisputed statutory dues which remained outstanding as at March 31, 2016 for a period of more than six months from the date they became payable.

b) According to the records made available to us and the information and explanations given by the management, there are no dues of income tax, sales tax, wealth tax, service tax, custom duty, excise duty, value added tax or cess that have not been deposited on account of any dispute.

(vi) The Company has not defaulted in repayment of loans or borrowings to any financial institution, banks, Government or debenture holders.

(vii) The Company did not raise any money by way of initial public offer or further public offer (including debt instrument) or term loans during the year.

(viii) During the year, no fraud by the Company or any fraud on the Company by its officers or employees has been noticed or reported, during the course of our audit.

(ix) During the year the Company has not paid any managerial remuneration. Accordingly, clause (xi) of the Order is not applicable.

(x) All the related party transactions are in compliance with the Section 177 & 188 of the Act, and the details have been disclosed in the Financial Statement as required by the applicable accounting standards.

(xi) The Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.

(xii) The Company has not entered into non-cash transactions with directors or persons connected with them.

(xiii) The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.

For N. M. RAIJI & CO.

Chartered Accountants

Firm Registration No: 108296W

CA. Y. N. THAKKAR

Place : Mumbai Partner

Date : 24.05.2016 Membership No: 33329


Mar 31, 2015

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

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in sub-section (5) of Section 134 of the Companies Act, 2013 ("the Act") with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including 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 judgements and estimates that are reasonable and prudent and design, implementation and maintenance of 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 misstatements, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which 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 specified under sub-section (10) of section 143 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 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 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 effectiveness of such controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Company's Directors, as well as evaluating the overall presentation of the financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March, 2015, of its loss 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, 2015 ("the Order"), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us during the course of the audit, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order.

2. As required by sub-section (3) of section 143 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 purpose of our audit.

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

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

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

e. On the basis of written representations received from the directors, and 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 sub-section (2) of section 164 of the Act.

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

(i) The Company has no pending litigations which has impact on 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.

Annexure to the Independent Auditor's report of even date (Referred to in paragraph 1 under 'Report on Other Legal and Regulatory Requirements' section of our report to the members of Innovassynth Investments Limited (the Company))

The Clause No.3 (i), 3 (ii), 3(iv), 3(ix), 3(x) and 3(xi) of the Order is not applicable to the Company

I) 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 Act, therefore sub-clause (a), (b), (c) of clause (iii) of the Order are not applicable.

ii) The Company has not accepted any deposits to which the provisions of sections 73 to 76 or any other relevant provisions of the Companies Act, 2013 apply.

iii) According to the information and explanation given to us, the Central Government has not prescribed the maintenance of cost records under section 148(1) of the Companies Act, 2013 for the products of the Company.

iv) a) The Company is not regular in depositing applicable undisputed statutory dues and cess in respect of Service tax, Profession tax and Income tax deducted at source. Amount of service tax, profession tax and Income tax deducted at source outstanding as at the date of Balance Sheet for a period of more than six months from the date they became payable are Rs.6,798/-, Rs.20,000/-, Rs.337/- respectively.

b) According to the records made available to us and the information and explanations given by the management, there are no dues of income tax, sales tax, wealth tax, service tax, custom duty, excise duty, value added tax or cess that have not been deposited on account of any dispute.

c) There are no amounts which are required to be transferred by the Company, to the investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules made there under.

v) The Company has accumulated losses at the end of the financial year and its accumulated losses at the end of the financial year are less than fifty percent of its net worth and it has incurred cash losses in the financial year and in the year immediately preceding such financial year.

vi) During the year, no fraud on or by the Company has been noticed or reported during the course of our audit.

For N. M. RAIJI& CO. Chartered Accountants Firm Registration No: 108296W

CA. Y. N. THAKKAR

Place : Mumbai Partner

Date: 29th May, 2015 Membership No: 33329A


Mar 31, 2014

Report on the Financial Statements:

We have audited the accompanying financial statements of INNOVASSYNTH INVESTMENTS LIMITED (''the Company), which comprise the Balance Sheet as at 31st March 2014, the statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of 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 misstatements 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 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 opinion.

Opinion

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

i. in the case of the Balance Sheet, of the State of affairs of the Company as at 31st March 2014;

ii. in the case of Statement of Profit and Loss, of the Loss for the year ended on that date; and

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

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003("the Order"),as amended, issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, and on the basis of such checks of the books /and records of the Company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order to the extent applicable.

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 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, the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement dealt with by this report comply with the Accounting Standards prescribed by the Companies (Accounting Standards) Rules,2006 as sub-section (3C) of section 211 of the Companies Act, 1956;

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

Annexure to the Auditors'' Report

The Annexure referred to in our report to the members of INNOVASSYNTH INVESTMENTS LIMITED (''the Company'') for the year ended March 31,2014. We report that:

The Clause No.4 (i), 4 (ii), 4 (iv), 4(viii), 4(xi), 4(xii), 4(xv), 4(xix), 4(xx) of the Order is not applicable to the Company

i. During the year, 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 hence sub-clause (b),(c) and(d) of clause 4(iii) of the Order are not applicable.

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 Act hence sub-clause (e),(f) and (g) of clause 4(iii) of the Order are not applicable.

ii. There are no particulars of contracts or arrangements referred to in Section 301 of the Companies Act, 1956 that need to be entered into the register maintained in pursuance of section 301. Accordingly, sub-clause (b) of clause 4(v) is not applicable.

iii. The Company has not accepted any deposits from the public.

iv. The Company has an internal audit system commensurate with the size and nature of its business.

v. (a)According to the records of the Company, the Company is generally regular in depositing with appropriate authorities undisputed applicable statutory dues and, cess except Income Tax deducted at source wherein certain delays were observed. Based on our audit procedures and according to the information and explanations given to us, there are no arrears of undisputed statutory dues which remained outstanding as at 31st March, 2014 for a period of more than six months from the date they became payable.

(b)According to the records made available to us and the information and explanations given by the management, there are no dues of income tax, wealth tax, cess that have not been deposited on account of any dispute.

vi. The Company has accumulated losses at the end of the financial year and its accumulated losses at the end of the financial year are less than fifty percent of its net worth and it has incurred cash losses in the financial year and in the year immediately preceeding such financial year.

vii. The Company is not a chit/ nidhi/mutual benefit fund/society.

viii. The Company has maintained the proper records for dealing in shares and timely entries therein have been made therein. The shares are held by the company in its own name.

ix. The term loans were applied for the purpose for which the loans were obtained.

x. Funds raised on short term basis have not been used for long term investment.

xi. 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.

xii. According to the information and explanations given to us, no fraud on or by the Company, has been noticed or reported during the course of our audit.

ForN.M.RAIJI&CO., Chartered Accountants Firm Registration No.: 108296W

CA.Y.N.THAKKAR Partner Place: Mumbai Membership No: 33329 Date: 29/05/2014


Mar 31, 2012

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

2. 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 misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditor's Report) Order, 2003, issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956 and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us during the course of the audit, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order to the extent applicable.

4. Further to our comments in the Annexure referred to above, we report that:

(i) We have obtained all the information and explana- tions, which to the best of our knowledge and belief were necessary for the purposes of our audit;

(ii) 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;

(iii) The Balance Sheet and the Profit and Loss Account dealt with by this report are in agreement with the books of account;

(iv) In our opinion, the Balance Sheet and Profit and Loss Account dealt with by this report comply with the accounting standards referred to in sub- section (3C) of section 211 of the Companies Act, 1956;

(v) 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 is disqualified as on 31st March, 2012 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956 on the said date;

(vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the notes thereon give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(a) In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2012; and

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

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

ANNEXURE TO THE AUDITORS' REPORT (Referred to in paragraph 3 of our report of even date)

Clause No. 4 (i), 4(ii), 4(iv), 4(viii), 4(x), 4(xi), 4(xii), 4(xiii), 4(xv), 4(xvi), 4(xvii), 4(xviii), 4(xix), 4(xx),of the Order is not applicable to the Company.

i. The Company has neither granted nor taken any loans, secured or unsecured to Companies, firms or other parties listed in the Register maintained under Section 301 of the Companies Act, 1956. Accordingly, subclause (b),(c), (d), (f), and (g) of clause 4 (iii) of the Order is not applicable;

ii. There are no transactions that need to be entered into the register maintained in pursuance of Section 301 of the Act ; consequently sub-clause 4(v)(b) of the Order is not applicable;

iii. The Company has not accepted any deposits from Public;

iv. The Company has an Internal Audit System commensurate with its size and nature of its business;

v. (a) According to the records of the Company, and as per information and explanations given to us, the Company is generally regular in depositing with the appropriate authorities undisputed Statutory Dues of Tax Deducted at Source which is Statutory Due to the Company. Based on our audit procedures, there are no arrears of Tax Deducted at Source which is remaining outstanding as at 31st March, 2012 for a period of more than six months from the date they became payable.

(b) According to the records made available to us and information and explanations given by the management, there are no dues of Income Tax / Sales Tax / Wealth Tax / Service Tax / Custom Duty, on account of any dispute.

vi. The Company has maintained proper records for dealing in shares, and timely entries have been made therein. The shares are held by the Company in its own name;

vii. The Company has made preferential allotment of shares to companies, which are not covered in the register maintained under section 301 of the Companies Act, 1956.

viii. According to the information and explanations given to us, no fraud on or by the Company, has been noticed or reported during the year.

For N. M. RAIJI & CO.,

Chartered Accountants

Firm Registration No. 108296 W

CA. Y. N. THAKKAR

Place : Mumbai Partner

Date : 15th May, 2012 Membership No. 33329


Mar 31, 2010

1. We have audited the attached Balance Sheet of INNOVASSYNTH INVESTMENTS LIMITED, as at 31st March, 2010, the Profit and Loss Account for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. 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 misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditors Report) Order, 2003, issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956 and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us during the course of the audit, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order to the extent applicable.

4. Further to our comments in the Annexure referred to above, we report that:

(i) 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;

(ii) 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;

(iii) The Balance Sheet and the Profit and Loss Account dealt with by this report are in agreement with the books of account;

(iv) In our opinion, the Balance Sheet and Profit and Loss Account dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956;

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

(vi) Subject to the foregoing, in our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the notes therepn give the information required by the- Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(a) In the case of the Balance Sheet, of the state of affairs of the Company as at 31s March, 2010; and

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

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

ANNEXURE TO THE AUDITORS REPORT (Referred to in paragraph 3 of our report of even date) Clause No. 4 (i), 4(ii), 4(iv),4(vii),4(viii),4(ix),4(x),4(xi), 4(xii),4(xiii),4(xv), 4(xvi), 4(xviii), 4{xix), 4(xx),of the Order is not applicable to the Company.

i. The Company has neither granted nor taken any loans, secured or unsecured to Companies, firms or other parties listed in the Register maintained under Section 301 of the Companies Act, 1956.Accordingly,subclause (b),(c), (d), (f), and (g) of clause 4 (iii) of the Order is not applicable;

ii. There are no transactions that need to be entered into the register maintained in pursuance of Section 301 of the Act ; consequently sub-clause 4(v)(b) is not applicable;

iii. The Company has not accepted any deposits from Public;

iv. The Company has maintained proper records for dealing in shares, and timely entries have been made therein.

The shares are held by the Company in its own name;

v. The Company has raised funds on Short-term basis that have not been used for long-term investment;

vi. According to the information and explanations given to us, no fraud on or by the Company, has been noticed or reported during the year.

For N. M. RAIJI & CO.

Chartered Accountants Firm Registration No. 108296 W

CA. Y. N. THAKKAR

Place : Mumbai Partner

Date ; 16th August, 2010 Membership No. 33329


Mar 31, 2009

1. We have audited the attached Balance Sheet of INNOVASSYNTH INVESTMENTS LIMITED, as at 31st March, 2009, the Profit and Loss Account for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys management, Our responsibility is to express an opinion on these financial statements based on our audit.

2. 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 misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditors Report) Order, 2003, issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956 and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us during the course of the audit, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order to the extent applicable.

4. Further to our comments in the Annexure referred to above, we report that :

(i) 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;

(ii) 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 such books;

(iii) The Balance Sheet, Profit and Loss Account and Cash Flow Statements dealt with by this report are in agreement with the books of account;

(iv) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956;

(v) On the basis of written representations received from the directors as on March 31, 2009 and taken on record by the Board of Directors, we report that none of the directors are disqualified as on March 31, 2009 from being appointed as a director in terms of Clause (g) of sub- section (1) of Section 274 of the Companies Act 1956 on the said date;

(vi) Subject to the foregoing, in our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the notes thereon give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in confirmity 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 March 31, 2009;

ii. In the case of the Profit and Loss Account, of the Loss for the year ended on that date; and

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

ANNEXURE TO THE AUDITORS REPORT (Referred to in paragraph 3 of our report of even date) Clause No. 4(i), 4(ii), 4(iii), 4(vii), 4(viii), 4(ix), 4(x), 4(xi), 4xvii) of the Order is not applicable to the Company.

i. The Company has adequate internal control systems which is commensurate with the size of the Company;

ii. There were no transactions entered into the register maintained under Section 301 of the Companies Act, 1956;

iii. The Company has not accepted any deposits from Public.

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

v. The Company is not a chit/nidhi/mutual benefit fund/society;

vi. In respect of the Companys dealings in shares, securities, debentures and other investments, proper records have been maintained of the transactions and contracts and timely entries have been made therein. The shares, debentures and other investments are held by the Company in its own name;

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

viii. The Company has not taken any term loan during the year.

ix. The Company has not made preferential allotment of shares to parties covered in the register maintained under section 301 of the Companies Act, 1956;

x. The Company has not issued any debentures.

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

xii. During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year, nor have we been informed of such case by the management.

For N. M. RAIJI & CO.

Chartered Accountants

CA. Y. N. THAKKAR

Place : Mumbai Partner

Date : 1.09.2009 Membership No. 33329

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