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Auditor Report of Swastik Safe Deposit & Investments Ltd.

Mar 31, 2014

We have audited the accompanying financial statements of The Swastik Safe Deposit & Investments Ltd. which comprise the Balance Sheet as at 31st March, 2014 and the Statement of Profit and Loss and Cash Flow Statement for the year then ended and the summary of significant accounting policies and other explanatory information.

Managements Responsibility for the Financial Statements

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

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 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 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 opinion on the effectiveness of the company''s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the 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 a true and fair view in conformity with the accounting principles generally accepted in India:

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

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

(c) In 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 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 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 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 and Statement of Profit and Loss and Cash Flow Statement comply with the Accounting Standards notified under Companies Act, 1956 ("the Act") read with General Circular 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act, 2013;

e. On the basis of written representations received from the Directors as on 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;

f. Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any Rules under said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

Annexure

Re : Swastik Safe Deposit & Investments Ltd.

Referred to in paragraph 1 of our Report of even date on Other Legal and Regulatory Requirements:

(i) The Company does not have any fixed assets.

(ii) The Company did not have any inventory & hence the question of maintenance of book records & its physical verification did not arise

(iii) (a) No loans have been taken or given during the year from the parties registered U/s. 301.

(b) The Company has not entered into any contract with any party mentioned in Section 301 of the Act.

(iv) The Company does not have fixed assets and hence the question of having adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchase and sale of the fixed assets does not arise. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

(v) We are informed that the Company has not entered into any contracts or arrangements with any party mentioned in Section 301 of the Act.

(vi) In our opinion and according to the information and explanations given to us, the company has not accepted deposits from public in terms of the RBI directives.

(vii) The company did not have formal internal audit system.

(viii) Maintenance of cost records under section 209 (1) (d) of the Companies Act, 1956 pursuant to the Rules made by the Central Government is not applicable.

(ix) (a) The company is regular in depositing with appropriate authorities undisputed statutory dues including Income tax and other Statutory dues, applicable to it.

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

(x) The company does not have accumulated losses. The company has not incurred cash losses during the financial year covered by our audit as well as during the immediately preceding financial year.

(xi) During the year under audit the company has not borrowed from a financial institution, bank or debenture holders and hence the question of default in the repayment does not arise.

(xii) We are informed that the company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) In our opinion, the company is not a chit fund and therefore, the provisions of clause 4(xiii) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

(xiv) In our opinion, the company is not dealing in, or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

(xv) We are informed that the company has not given guarantees for loans taken by others from banks or financial institutions.

(xvi) The company has not borrowed any funds as Term Loans during the year.

(xvi) The Company has not borrowed any funds on a short term basis during the year.

(xvii) According to the information and explanations given to us, 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.

(xviii) According to the information and explanations given to us, during the period covered by our audit report, the Company has not issued any debentures.

(xix) The Company has not raised money by way of public issue.

(xx) 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 KULKARNI & KHANOLKAR Chartered Accountants Firm Regn. No. 105407W

P.D.Joshi Partner M. no.15279

Place: Mumbai Date : 27th May 2014


Mar 31, 2010

1. We have audited the attached balance sheet of Swastik Safe Deposit & Investments Ltd., as at 31st March 2010, the profit and loss account and also the Cash Flow Statement for the year ended on 31st March, 2010 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, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

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, profit and loss account and cash flow statement dealt with by this report are in agreement with the books of accounts

(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 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.

(vi) 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 31st March 2010 -

(b) in the case of the profit and loss account, of the profit for the year ended on 31st March 2010, and

(c) in the case of the cash flow statement, of the cash flows for the year ended on 31st March,2010.

Annexure

Re : Swastik Safe Deposit & Investments Ltd. Referred to in paragraph- 3 of our report of even date

(i) The Company does not have any fixed assets.

(ii) The company did not have any inventory & hence the question of maintenance of book records & its physical verification did not arise.

(iii) The Company had given interest-free loan to its subsidiary, Savoy Finance and Investment P. Ltd. The balance outstanding as on 31st March, 2010 was NIL.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchase and sale of fixed assets. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

(v) We are informed that the Company has not entered into any transaction with the companies in which directors are interested.

(vi) In our opinion and according to the information and explanations given to us, the company has not accepted deposits from public in terms of the RBI directives.

(vii) The company did not have formal internal audit system.

(viii) Maintenance of cost records under section 209 (1) (d) of the Companies Act, 1956 pursuant to the Rules made by the Central Government is not applicable.

(ix)(a)The company is regular in depositing with appropriate authorities undisputed statutory dues including Income tax and other Statutory dues applicable to it.

(b) According to the information and explanations given to us, there are no dues of sales tax, income tax, customs duty, wealth tax, excise duty and cess which have not been deposited on account of any dispute, except demand from income tax authorities of Rs.33.00 lacs for A.Y. 2004-05 against which, appeal is pending before C.I.T.(A).

(x) The company does not have accumulated losses. The company has incurred cash losses during the financial year covered by our audit and the immediately preceding financial year.

(xi) In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

(xii) We are informed that the company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) In our opinion, the company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditors Report) Order, 2003 are not applicable to the company.

(xiv) In our opinion, the company is not dealing in, or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditors Report) Order, 2003 are not applicable to the company.

(xv) We are informed that the company has not given guarantees for loans taken by others from banks or financial institutions.

(xvi) The Company has borrowed .Short Term funds by way of loans whose outstanding balance as on 31 March, 2010 is Rs.75 Crores. The Company has invested a part of the funds in Long Term Investments. However, the exact quantum of use of Short term funds for Long Term Investments cannot be quantified.

(xvii) According to the information and explanations given to us, 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.

(xviii) According to the information and explanations given to us, during the period covered by our audit report, the company has not issued any debentures.

(xix) The company has not raised money by way of public issue.

(xx) 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 KULKARNI & KHANOLKAR

Chartered Accountants

Firm Regn. No. 105407W

P.M.Parulekar

Partner

M. no.36362

Place :Mumbai KULKARNI & KHANOLKAR

Date : 27th May, 2010 (REGISTERED)

CHARTERED ACCOUNTANTS.

BELL BUILDING,

SIR PHIROZSHAH MEHTA ROAD,

FORT, MUMBAI-400 001.


Mar 31, 2009

1. We have audited the attached balance sheet of Swastik Safe Deposit & Investments Ltd., as at 31st March 2009, the profit and loss account and also the Cash Flow. Statement for the year ended on 31st March, 2009 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, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

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, profit and loss account and cash flow statement dealt with by this report are in agreement with the books of accounts

(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 31st March 2009 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st 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.

(vi) 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 31st March 2009

(b) in the case of the profit and loss account, of the loss for the year ended on 31st March 2009, and

(c) in the case of the cash flow statement, of the cash.flows for the year ended on 31st March,2009.

Annexure

Re : Swastik Safe Deposit & Investments Ltd. Referred to in paragraph-3 of our report of even date

(i) The Company does not have any fixed assets. Trade marks which are grouped under fixed assets are valued at a nominal value of Re.1 /-.

(ii) The company did not have any inventory & hence the question of maintenance of book records & its physical verification did not arise.

(iii) a. The company had taken loan from PHL Holdings P. Ltd., holding company, which was repaid during the year. The terms and conditions of the said loan were not prejudicial to the interests of the Company.

b. The Company has given interest-free loan to its subsidiary, Savoy Finance . and Investment P. Ltd. The balance outstanding as on 31st March, 2009 was Rs. 189.34 lacs.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchase and sale of fixed assets. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

(v) We are informed that the Company has not entered into any transaction with the companies in which directors are interested.

(vi) In our opinion and according to the information and explanations given to us, the company has not accepted deposits from public in terms of the RBI directives.

(vii) The company did not have formal interna! audit system.

(viii) Maintenance of cost records under section 209 (1) (d) of the Companies Act, 1956 pursuant to the Rules made by the Central Government is not applicable.

(ix) (a)The company is regular in depositing with appropriate authorities undisputed statutory dues including Income tax and other Statutory dues applicable to it.

(b) According to the information and explanations given to us, there are no dues of sales tax, income tax, customs duty, wealth tax, excise duty and cess which have not been deposited on account of any dispute, except demand from income tax authorities of Rs.33.00 lacs for A.Y. 2004-05 against which, appeal is pending before C.I.T.(A).

(x) The company does not have accumulated losses. The company has incurred cash losses during the financial year covered by our audit and the immediately preceding financial year.

(xi) In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

(xii) We are informed that the company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) In our opinion, the company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditors Report) Order, 2003 are not applicable to the company.

(xiv) In our opinion, the company is not dealing in, or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditors Report) Order, 2003 are not applicable to the company.

(xv) We are informed that the company has not given guarantees for loans taken by others from banks or financial institutions.

(xvi) The Company has borrowed Short Term funds by way of loans whose outstanding balance as on 31 March, 2009 is Rs.87.14 Crores. The Company has invested a part of the funds in Long Term Investments. However, the exact quantum of use of Short term funds for Long Term Investments cannot be quantified.

(xvii) According to the information and explanations given to us, 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.

(xviii) According to the information and explanations given to us, during the period covered by our audit report, the company has not issued any debentures.

(xix) The company has not raised money by way of public issue.

(xx) 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 KULKARNI & KHANOLKAR Chartered Accountants

P.M.Parulekar Partner M. no.36362

Place : Mumbai, KULKARNI & KHANOLKAR Date : 30 June, 2009 (REGISTERED) CHARTERED ACCOUNTANTS. BELL BUILDING, SIR PHIROZSHAH MEHTA ROAD, FORT, MUMBAMI -400 001.

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