Auditor Report of P M Telelinks Ltd.

Mar 31, 2014

We have audited the accompanying financial statements of P.M.TELELINKS 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 the significant accounting policies and other explanatory information.

Management Responsibility for the Financial Statements

The Company''s 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") and in accordance with the accounting principles generally accepted in India. These responsibilities inclua. s the design, implementation and maintenance of internal control relevant to the preparation and presentation of 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 - 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 nhtoin 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 risk 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 the accounting policies used and the reasonableness of accounting estimates made by the Management, as well as evaluating the overall presentation of the financial statements.

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

Basis of Qualified opinion

The company has not charged depreciation on Factory building in the current year considering the fact that the same was not used during the year. This constitutes a departure from the Accounting Standard 6 Depreciation Accounting referred to in sub section (3C) of section 211 of the Act. The Company s records

ANNEXTURE TO AUDITORS'' REPORT

(Referred to in paragraph 1 under ''Report on Other Legal and Regulatory Requirements'' section of our report of even date)

1. In respect of its fixed assets:

(a) The Company is maintaining proper records showing full particulars including quantitative details and situation of the fixed assets. However, no separate fixed asset register is maintained.

(b) The fixed assets are physically verified by the management according to a phased program designed to cover all the items over a period, which in our opinion is reasonable having regard to the size of the company and the nature of its assets. Pursuant to the program, a portion of the fixed assets have been physically verified by the management during the year and no material discrepancies were noticed on such physical verification. However no written report is available.

(c) The Company has not disposed off any fixed asset during the year.

2. In respect of its inventories:

(a) The inventory has been physically verified by management during the year, in our opinion, the frequency of verification is reasonable.

(b) In our opinion, the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to size of company and nature of business.

(c) On the basis of our examination of the inventory records, in our opinion, the company is maintaining proper records of inventory. The discrepancies noticed on physical verification of inventory as compared to book records were not material.

3. In respect of the loans, secured or unsecured, granted ordaken by the Company to / from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956:

(a) The company has granted loan to one party covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year was '' 67,48,016/- and the year-end balance of loan taken from such parties was '' 62,80,029/-.

(b) In our opinion, the rate of interest and other terms and conditions of loans given by the company are prima facie, not prejudicial to the interest of the company.

(c) In our opinion, the company is regular in receipt of principal amount and interest.

(d) There is no overdue amount

(e) The Company has not taken loan from any party covered in the register maintained under section 301 of the Companies Act, 1956. Therefore, the provisions of sub clause (f) St (g) of clause (iii) of paragraph 4 of the Order are not applicable to the Company.

4. In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business for the purchase of inventory and fixed assets and for the sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control system indicate that had the management charged depreciation''on Factory buildingtt would have been 7,04,362.

Accordingly, net profit and shareholders'' funds would have been reduced by Rs. 7,04,362.

Opinion

In our opinion and to the best of our information and according to the explanations givers to us, except for the effects of the matter described in the Basis for Qualified Opinion the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

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

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

(c) in the case of the Cash Flow Statement, of the cash flows of the Company 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, as amended by the Companies (Auditor''s Report) (Amended) Order, 2004 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956 (hereinafter referred as to the "order"), and on the basis of such checks of the books and record of the Company as we considered appropriate and according to the information and explanation given to us, we give in the Annexure a statement on the matters specified in paragraphs 4 & 5 of the order.

2. As required by the 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 the law have been kept by the Company so far as it appears from our examination of those books;

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

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

(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 Act.

5.''In''oar-optaton ''arwhacconttig''to thednfamwrtton and''explanations given to us, tto transactions''have been made in pursuance to contracts or arrangements to which Section 297 or Section 2.99 of the Companies Act, 1956 applies. Therefore, provisions of sub clause (a) & (b) of Clause (v) of paragraph 4 of the Order are not applicable to the Company.

6. The company has not accepted any deposits from the public of the nature which attracts the provisions of sections 5SA and 5SAA of the Companies Act, 1956 and the rules made there under. Therefore, the provisions of clause (vi) of paragraph 4 of the Order are not applicable to the Company.

7. There is no internal audit, done by external auditor. However the company is maintaining internal control system commensurate with its size & nature of its business.

8. As per the information and explanations given to us, in respect of the class of industry in which the Company falls, the maintenance of cost records has not been prescribed by the Central Government under section 209 (1) (d) of the Companies Act, 1956. Therefore, the provisions of clause (viii) of paragraph 4 of the Order are not applicable to the Company.

9. In respect of statutory dues:

(a) The company is regular in depositing with appropriate authority undisputed statutory dues including provident fund, income tax, sales tax, service tax, and other statutory dues applicable to it except i) in certain cases where there were minor delays in payment ofTDS. Further, since the Central Government has till date not prescribed the amount of cess payable under section 441A of the companies Act, 1956, we are not in a position to comment upon the regularity or otherwise of the company in depositing the same.

(b) According to the information and explanations given to us, there are no dues of sales, tax, custom duty, income tax, wealth tax, excise duty or cess, which have not been deposited on account of any dispute.

10. The company is registered for a period of more than 5 years and its accumulated losses at the end of the financial year are not more than fifty percent of its net worth. The company has incurred cash losses during the financial year under review but not in the immediately preceding financial year.

11. In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to bank / financial institutions.

12. The company has not granted any advances in the nature of loans on the basis of Security by way of pledge of shares or other securities. Therefore, the provisions of clause (xii) of paragraph 4 of the Order are not applicable to the Company.

13. The Company is not a chit fund or a nidhi mutual benefit fund/society. Therefore, provisions of sub clause

(a), (b), (c) and (d) of clause (xiii) of paragraph 4 of the order are not applicable to the Company.

14. According to the.information and explanations given to us, the company has not done dealing in shares, securities and other investments during the year under review. Therefore provisions of clause (xiv) of paragraph 4 of the order are not applicable to the company.

15. In our opinion and according to the information and explanations given to us, the company has not given any guarantees for loans taken by others from banks or financial institutions. Therefore, the provisions of clause (xv) paragraph 4 of the Order are not applicable to the Company.

16. According to the information & explanation given to us, the company has not taken any term loan there. Therefore, the provisions of clause (xvl) paragraph 4 of the Order are not applicable to the Company.

17. According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that the no funds raised on short-term basis have been used for long- term investment.

18. The company has not made preferential allotment of shares to parties and companies covered in the registered maintained under section 301 of the companies Act, 1956. Therefore, the provisions of clause (xviii) of paragraph 4 of the order are not applicable to Company.

19. The company has not issued any debentures during the year. Therefore, the provisions of clause (xix) of paragraph 4 of the order are not applicable to the Company

20. The company has not raised any money through a public issue during the year. Therefore, the provisions of clause (xx) of paragraph 4 of the order are not applicable to the company.

21. To the best of our knowledge and 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.

FOR N.K. JALAN & CO. CHARTERED ACCOUNTANTS FIRM NO. 104019W

Sd/-

PLACE: MUMBAI DATED: 31st May, 2014 (N.K. JALAN) PROPRIETOR Membership No.O 11878

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Mar 31, 2013

We have audited the accompanying financial statements of M/s P M TELELINNKS LIMITED ("the Company"), which comprise the Balance sheet as at 31st March, 2013, 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, 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 of India (the "Act"). These responsibilities includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of financial statements that gives a true and fair view and are free from material misstatements, whether due to fraud or error.

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by 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 procedure selected depends on the auditor''s judgment, including the assessment of the risk 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 accounting estimates made by the Management, as well as evaluating the overall presentation of the financial statements.

We believe that, the audit evidence that 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 accompanying financial statements give the information required by the Act in the manner so required and give true and fair view in conformity with the accounting principles generally accepted in India:

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

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

(c) In the case of the Cash Flow statement, of the Cash Flows for the year ended on that date. Report on other Legal and Regulatory Requirements:

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

2. As required by the 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 the 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 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 dealt with by this report comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Act;

(e) on the basis of written representations received from the directors, as on 31st March, 2013 and taken on record by the Board of Directors, none of the director is disqualified as on 31st March 2013, from being appointed as a director in terms of clause (g) of Sub-section (1) of section 274 of the Act.

For GRamamohan & Co Chartered Accountants

Sd/- Place : Hyderabad (GRama Mohana Rao) Date: 2-09-2013 Propritor

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Mar 31, 2012

We have audited the Balance Sheet of M/s. P.M.TELELINNKS LIMITED , as at March 31, 2012 and also the Profit and Loss Account for the year ended on the 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 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.

The provisions of the Companies (Audit Report) Order, 2003 issued by the Central Government of India in terms of sub-section(4A) of section 227 of the Companies Act 1956 (herein after called the Act) and on the basis of such checks as we considered appropriate and according to the information and explanation given to us, We set out in the annexure a statement on the matters of the said order.

Further to our comments in the annexure referred to above, I 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 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 3(C) of section 211 of the Companies Act, 1956.

(i) On the basis of written representations received from the directors, as at March 31, 2012, and taken on record by the Board of Directors, We report that none of the directors are disqualified as on March 31, 2012 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

(ii) In our opinion and to the best of our information and according to the explanations given to us, the said accounts 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 March 31, 2012

b. in the case of the Profit and Loss Account of the Profit for the year ended on that date and

c. In case of Cash Flow statement, of the cash flows for the year ended on that date. ANNEXURE REFFRED IN PARAGRAPH (3) OF OUR REPORT OF EVEN DATE TO THE MEMBERS OF P.M.TELELINKS LIMITED ON THE AGGOUNTS FOR THE YEAR ENDED 31 MARCH 2012

i. The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. The Fixed assets of the company have been physically verified by the Management during the year, which in our opinion is reasonable having regard to the size of the company and nature of the fixed assets. No material discrepancies were noticed as explained to us.

ii. None of the fixed assets have been revalued during the year.

iii. The Company has not accepted any deposits to which provisions of Section 58A of the Companies Act, 1956 are applicable.

iv. As the values of scrap generated is not significant, no quantitative records have been maintained. The Company has no by-products.

v. The Internal Audit is in existence and is commensurate with the transactions of the Company.

vi. The maintenance of cost records under section 209(1 )(d) has not been prescribed by the Central Government for the Company.

vii. According to the information and explanations given to us no personal expenses of employees or Directors have been charged to revenue account other than those payable under contractual obligations or in accordance with generally accepted business practice.

For G. Ramamohan & Co Chartered Accountants

Sd/-

Place : Hyderabad (G.Rama Mohana Rao)

Date: 04-09-2012 Propritor

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Mar 31, 2010

1. We have audited the attached Balance Sheet of M/s. P.M.TELELINKS LIMITED as at 31st March 2010 and also the Profit and Loss account and the cash flow statement 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 have 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. On the basis of written representation received from the Directors, as at 31st March 2010 and taken on record by the Board of Directors, we report that none of the Directors are 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;

4. As required by the Manufacturing and other Companies (Auditors Report) Order, 1988 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 as we considered appropriate and according to the information and explanation given to us, we set out in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

5. Further, we report that:

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

6. In our opinion, and to the best of information and explanations given to us the said accounts read with the notes thereon the going concern assumption of preparation of accounts does hold good.

7. In our opinion and to the best of cur information and according the explanations given to us, the said accounts 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 accepted in India.

1. In case of Balance Sheet, of the state of affairs of the company as at 31st March 2010.

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

3. In the case of Cash flow statement, of the cash flows tor the year ended on that date.

ANNEXURE REFFRED IN PARAGRAPH (3) OF OUR REPORT OF EVEN DATE TO THE MEMBERS OF P.M.TELELINKS LIMITED ON THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2010

i. The company has maintained proper records showing lull particulars

including quantitative details and situation of fixed assets. The Fixed assets of the company have been physically verified by the Management during the year, which in our opinion is reasonable having regard to the size of the company and nature of the fixed assets. No material discrepancies were noticed as explained to us.

ii. None of the fixed assets have been revalued during the year,

iii. The Company has not accepted any deposits to which provisions of Section 58A of the Companies Act, 1956 are applicable.

iv. As the values of scrap generated is not significant, no quantitative records have been maintained. The Company has no by-products.

v. The Internal Audit is in existence and is commensurate with the transactions of the Company.

vi. The maintenance of cost records under section 209(1)(d) has not been prescribed by the Central Government for the Company.

vii. According to the information and explanations given to us no personal expenses of employees or Directors have been charged to revenue account other than those payable under contractual obligations or In accordance with generally accepted business practice.



For G.Ramamohan & Co Chartered Accountants

Sd/- (G.Rama Mohana Rao) Propritor

Place : Secunderabad Date : 2nd-09-2010

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Mar 31, 2009

1. We have audited the attached Balance Sheet of M/s. P.M.TELELINKS LIMITED as at 31st March 2009 and also the Profit and Loss account and the cash flow statement 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 have 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. On the basis of written representation received from the Directors, as at 31st March 2009 and taken on record by the Board of Directors, we report that none of the Directors are disqualified as on 3 lst March 2009 from being appointed as a Director in terms of Clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956;

4. As required by the Manufacturing and other Companies (Auditors Report) Order, 1988 issued by the central Government of India in terms of Sub-section (4 A) of section 227 of the Companies Act, 1956 and on the basis of such checks as we considered appropriate and according to the information and explanation given to us, we set out in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

5. Further, we report that: 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, proper books of account as required by law have been kept by the company so far as appears from our examination of those books.

6. In our opinion, and to the best of information and explanations given to us the said accounts read with the notes thereon the going concern assumption of preparation of accounts does Hold good.

7. In our opinion and to the best of our information and according the explanations given to us, the said accounts 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 accepted in India.

1. In case of Balance Sheet, of the state of affairs of the company as at 31st March 2009.

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

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

ANNEXURE REFFRED IN PARAGRAPH (3) OF OUR REPORT OF EVEN DATE TO THE MEMBERS OF P.M.TELELINKS LIMITED (FORMERLY SURANA STRIPS LIMITED) ON THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2009

i. The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. The Fixed assets of the company have been physically verified by the Management during the year, which in our opinion is reasonable having regard to the size of the company and nature of the fixed assets. No material discrepancies were noticed as explained to us.

ii. None of the fixed assets have been revalued during the year.

iii. The Stock of finished goods, stores, spare parts and raw material have been physically verified by the management during the year.

iv. In our opinion and according to the information given to us the procedures of verification of stocks followed by the management are reasonable and adequate in relation to the size of the company and nature of its business

v. In our opinion the valuation of the stocks is fair and proper in accordance with the normally

accepted accounting principles in India.

vi. The Company considers all stores, raw materials and finished goods are in good conditions and are usable or serviceable.

vii. The Company has not accepted any deposits to which provisions of Section 58A of the Companies Act, 1956 are applicable.

viii. As the values of scrap generated is not significant, no quantitative records have been maintained. The Company has no by-products.

ix. The Internal Audit is in existence and is commensurate with the transactions of the Company.

x. The maintenance of cost records under section 209( 1 )(d) has not been prescribed by the

Central Government for the Company.

xi. As per the records of the Company, the provident fund and Employees State Insurance dues have generally been deposited regularly during the year with appropriate authorities.

xii. According to the information and explanations given to us no personal expenses of employees or Directors have been charged to revenue account other than those payable under contractual obligations or in accordance with generally accepted business practice.

For G.Ramamohan & Co Chartered Accountants

Sd/- Place : Secunderabad ( G.Rama Mohana Rao) Date : 30-08-2009 Propritor