Shell Infotech Ltd.की ऑडीटर रिपोर्ट

Mar 31, 2015

We have audited the accompanying financial statements of SHELL INFOTECH LIMITED ("the Company"), which comprise the Balance Sheet as at March 31, 2015,the Statement of Profit and Loss, and a summary of the significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

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

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone financial statements based on our audit.

We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) 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 the 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 the 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 standalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March, 2015, and its profit/loss 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 Companies Act, 2015, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

2. As required by Section 143 (3) 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 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 it appears from our examination of those books.

c) The Balance Sheet and the Statement of Profit and Loss 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 the written representations received from the directors as on 31st March, 2015 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2015 from being appointed as a director in terms of Section 164 (2) of the Act

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

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

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

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

The Annexure referred to in paragraph 1 of Our Report on "Other Legal and Regulatory Requirements

We report that:

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

(b) As explained to us, fixed assets have been physically verified by the management at reasonable intervals; no material discrepancies were noticed on such verification.

ii. (a) As explained to us, the Company does not hold any inventories and hence clause (a), (b) and

(c) are not applicable.

Hi. According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not granted any loans, secured or unsecured, to companies, firms or other parties listed in the register maintained under Section 189 of the Companies Act, 2013. Consequently, the provisions of clauses iii (a) and iii (b) of the order are not applicable to the Company.

iv. in our opinion and according to the information and explanations given to us, there is generally an adequate internal control procedure commensurate with the size of the company and the nature of its business, for the purchase of inventories & fixed assets and for sale of goods and services. During the course of our audit, no major instance of continuing failure to correct any weaknesses in the internal controls has been noticed.

v. The Company has not accepted any deposits from the public covered under sections73 to 76 of the Companies Act, 2013.

vi. As per information & explanation given by the management, maintenance of cost records has not been specified by the Central Government under sub-section (1) of section 148 of the Companies Act, 2013.

vii. (a) According to the records of the company, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees' State Insurance, Income-tax, Sa/es-tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, value added tax, cess and any other statutory dues to the extent applicable, have generally been regularly deposited with the appropriate authorities. According to the information and explanations given to us there were no outstanding statutory dues as on 31st of March, 2015 for a period of more than six months from the date they became payable, except income Tax liability for AY 2014-15 ofRs. 43,014 is outstanding.

(b) According to the information and explanations given to us, there is no amount payable in respect of income tax, wealth tax, service tax, sales tax, customs duty, excise duty, value added tax and cess whichever applicable, which have not been deposited on account of any disputes.

(c) The provision of clause (vii)(c) of the order is not applicable on the company.

viii. The Company does not have accumulated losses at the end of financial year more than fifty percent of its net worth and has not incurred cash loss during the financial year and in the immediately preceding financial year.

ix. In our opinion and according to the information and explanations given by the management, we are of the opinion that, the Company has not defaulted in repayment of dues to a financial institution, bank or debenture holders, as applicable to the company.

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

xi. Based on our audit procedures and on the information given by the management, the company has not taken any term loan during the year.

xii. According to the information and explanations given to us, we report that no fraud on or by the Company has been noticed or reported during the year, nor have we been informed of such case by the management.

For RAVI A. SHAH & CO. Chartered Accountants FRN: 136957W

Sd/- Vace. AHMED AB AD RAVI ASHOK SHAH late: 26/08/2015 PROPRIETOR Membership No. 152549

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Mar 31, 2014

We have audited the accompanying financial statements of SHELL INFOTECH LIMITED ("the Company"), which comprise the Balance Sheet as at March 31, 2014, and the Statement of Profit and Loss and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

1. Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and s 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

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

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to iraud 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 indudes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

Opinion

a) In our opinion and to the best of our information and according to the explanations given to us, subject to the effect on the financial statements of the matter referred to in the para 4 point no.f, the said accounts give the information required by the Companies Act, 1956, in the manner so required the said accounts give a true and fair view In conformity with the accounting principles generally accepted in India;

b) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2014;

c) in the case of the Profit and Loss Account, of the profit for the year ended on that date;

Report on Other Legal and Regulatory Requirements

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 and 5 of the Order.

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

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

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

c) The Balance Sheet, 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, comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Act;

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

f) As stated in Schedule 6 to the financial statements, the Depreciation provided by the company for the period is Rs.90,000/-This is contrary to Accounting Standard (AS) 6 on "Depredation Accounting" issued by the ICAI and the accounting policy being followed by the entity according to which depreciation is provided on straight line basis. Had this accounting policy been followed, the provision for depreciation for the period would have been Rs.3,30,003/- This short provisioning for depreciation has resulted in the profit for the year, fixed assets and Reserves and Surplus being over stated by Rs.2,40,003/-. Further the profit and loss account and Deferred Tax Liability has been over charged with Deferred Tax to an extent of Rs.74,161/-

Annexure Referred to in Paragraph 3 our Report of even date to the members of Shell Infotech Limited

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

2.

(b) During the year certain items of fixed assets have been physically verified by the management and the program of verification, in our opinion, is reasonable, having regard to the size of the Company and the nature of fixed assets. We have been informed that no material discrepancies were noticed on such verifications as compared to book records.

Substantial part of fixed assets has not been disposed off during the year and, therefore, does not affect the going concern assumption.

3. (a) The Company does not hold any inventories and hence the clause is not applicable.

4. (a) As informed, the company has not taken loans from companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956.

(b) As informed, the company has not granted loans to companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956.

5. In our opinion and according to the information and explanations given to us, generally there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchase of inventories and fixed assets and for the sale of goods. During the course of our audit, we have not observed any major weakness in the internal controls.

6. (a) To the best of our knowledge and belief and according to the information and explanations given to us, we are of the opinion that there were no transactions that need to be entered into the register maintained under Section 301 of the Companies Act, 1956. Hence clause (b) is not applicable.

7. In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from "public" attracting the provisions of Section 58A and 58AA of the Companies Act, 1956 or the rules framed there under.

8. In our opinion, the company has an adequate internal audit system commensurate with its size and nature of its business.

9. The Central Government has not prescribed the Company under Section 209(l)(d) of the Companies Act, 1956.

10 (a) According to the information and explanation provided to us, the Company Is generally regular in depositing undisputed statutory dues including provident fund, investor education and protection fund, employee''s state insurance, sales tax, wealth tax, customs duty, excise duty, cess and other applicable statutory dues, with the appropriate authority.

b) In our opinion and according to the information and explanation given to us, no undisputed amounts payable in respect of income tax, sales tax, wealth tax, customs duty, excise duty, cess were in arrears, as at March 31, 2014 for a period of more than six months from the date they became payable.

11 The company does not have accumulated losses as at the end of the financial year. The company has not incurred cash losses in the current financial year and immediately preceding financial year.

12. According to the information and explanations provided to us, the Company has not defaulted in repayment of dues to financial institutions, banks or debenture holders.

13. According to the information and explanations provided to us, the Company has not granted advances on the basis of security by way of pledge of shares, debentures and other securities.

14. The Company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions of clause 4 (xiii) of the Order are not applicable to the Company.

15. In our opinion, the Company is not dealing or trading in shares, securities, debentures and other investments. Therefore, the provisions of clause 4 (xiv) of the Order are not applicable to the Company.

16. According to the information and explanations provided to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

17. In our opinion and according to the Information and explanations provided to us the Company has not raised any term loans during the year.

18.In our opinion and according to the information and explanations given to us, and on an overall examination of the Balance Sheet of the Company, we report that no funds raised on short term basis have been utilized for long term investment and vice versa.

19. According to the information and explanations provided to us, the Company has not made any preferential allotment of shares to any parties or companies covered in the register maintained under section 301 of the Companies Act, 1956.

20. The company has not issued any secured debentures during the period covered by our report. Accordingly, the provisions of clause (xix) of the Order are not applicable to the Company.

21. The Company has not raised any money through public issue during the period covered by our report

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

Date: 31-05-2014 For Shabbir & Associates Race: Chennai Chartered Accountants FRN:011594S



Shabbir Kakosiwala N Proprietor Membership No: 217421

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Mar 31, 2011

1. We have audited the attached Balance Sheet of Shell InfoTech Limited as at 31st March 2011 and the Profit & Loss Account for the period 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 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 test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As stated in Para 1 © of Schedule 9 to the financial statements, the Depreciation provided by the company for the period is Rs.1,20,000/-.This is contrary to Accounting Standard (AS) 6 on "Depreciation Accounting" issued by the ICAI and the accounting policy being followed by the entity according to which depreciation is provided on straight line basis. Had this accounting policy been followed, the provision for depreciation for the period would have been Rs.3,30,003/-.This short provisioning for depreciation has resulted in the profit for the year, fixed assets and Reserves and Surplus being over stated toy Rs.2,10,003/-. Further the profit and loss account and Deferred Tax Liability has been over charged with Deferred Tax to an extent of Rs.57217/-.

4. As required by the Companies (Auditor's Report) Order, 2003("the Order") issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956, we annex hereto a statement on the matters specified in paragraphs 4 and 5 of the said Order.

5.Further to our comments in the annexure referred to above, we report that:

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

b) In our opinion, proper books of accounts as required by law have been kept by the company, so far as appears from our examination of the books;

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

d) In our opinion, the Balance Sheet and Profit & 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 to the extent they are applicable to the company;

e) On the basis of the written representations received from the Directors of the company as on 31st March 2011, and taken on record by the Board of Directors of the company, we report that none of the directors is disqualified as on 31st March 2011 from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956

f) in our opinion and to the best of our information and according to the explanations given to us, subject to the effect on the financial statements of the matter referred to in the preceding paragraph no.3 , the said accounts give the information required by the Companies Act, 1956, in the manner so required the said accounts 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 2011 and

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

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

Annexure Referred to in Paragraph 3 our Report of even date to the members of Shell InfoTech Limited

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

(b) During the year certain items of fixed assets have been physically verified by the management and the program of verification, in our opinion, is reasonable, having regard to the size of the Company and the nature of fixed assets. We have been informed that no material discrepancies were noticed on such verifications as compared to book records.

(C) Substantial part of fixed assets has not been disposed off during the year and, therefore, does not affect thfe going concern assumption.

2. (a) The Company does not hold any inventories and hence the clause is not applicable.

3. (a) As informed, the company has not taken loans from companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956.

(b) As informed, the company has not granted loans to companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956.

4. In our opinion arid according to the information and explanations given to us, generally there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchase of inventories and fixed assets and for the sale of goods. During the course of our audit, we have not observed any major weakness in the internal controls.

5. (a) To the best of our knowledge and belief and according to the information and explanations given to us, we are of the opinion that there were no transactions that need to be entered into the register maintained under Section 301 of the Companies Act, 1956. Hence clause (b) is not applicable.

6. In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from "public" attracting the provisions of Section 58A and 58AA of the Companies Act, 1956 or the rules framed mere under.

7. In our opinion, lie company has an adequate internal audit system commensurate with its size and nature of its business.

8. The Central Government has not prescribed the Company under Section 209(1 )(d) of the Companies Act 1956.

9. (a) According to the information and explanation provided to us, the Company is generally regular in depositing undisputed statutory dues including provident fund investor education and protection fund, employee's state insurance, sales tax, wealth tax, customs duty, excise duty, cess and other applicable statutory dues, with the appropriate authority.

b) In our opinion and according to the information and explanation given to us, no undisputed amounts payable in respect of income tax, sales tax, wealth tax, customs duty, excise duty, cess (were in arrears, as at March 31, 2011 for a period of more than six months from the date they became payable.

10. In our opinion, the accumulated losses of the company are not more than fifty percent of its net worth as at the lend of the financial year. The company has not incurred cash losses in the current financial year and immediately preceding financial year.

11. According to the information and explanations provided to us, the Company has not defaulted in repayment of dues to financial institutions, banks or debenture holders.

12. According to the information and explanations provided to us, the Company has not granted advance^ on the basis of security by way of pledge of shares, debentures and other securities,

13. The Company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions of clause 4 (xiii) of the Order are not applicable to the Company.

14. In our opinion, the Company is not dealing or trading in shares, securities, debentures and other investments. Therefore, the provisions of clause 4 (xiv) of the Order are not applicable to the Company.

15. According to the; information and explanations provided to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

16. In our opinion and according to the information and explanations provided to us the Company has not raised any term loans during the year.

17. In our opinion and according to the information and explanations given to us, and on an overall examination of the Balance Sheet of the Company, we report that no funds raised on short term basis have been utilized for long term investment and vice versa.

18. According to the information and explanations provided to us, the Company has not made any preferential allotment of shares to any parties or companies covered in the register maintained under section 301 of the Companies Act, 1956.

19. The company has not issued any secured debentures during the period covered by our report. Accordingly, the provisions of clause (xix) of the Order are not applicable to the Company.

20. The Company has not raised any money through public issue during the period covered by our report.

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

Date: 01/09/2011 For Shabbir & Associates

Place: Chennai Chartered Accountants

Shabbir Kakosiwala N

Proprietor

Membership No: 217421

FRN:011594S

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Mar 31, 2010

1. We have audited the attached Balance Sheet of Shell Infotech Limited as at 31st March 2010 and the Profit & Loss Account for the period 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 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 test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditor's Report) Order, 2003("the Order") issued by the Central Government of India in terms of Section 227(4A) of (he Companies Act, 1956, we annex hereto 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:

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 accounts as required by law have been kept by the company, so far as appears from our examination of the books;

c) The Balance Sheet and Profit & Loss Account dealt with by this report are in agreemenl with the books of account;

d) In our opinion, the Balance Sheet and Profit & Loss Account dealt with by this report comply with the accounting standards referred to in sub-section (3C) of Seclion 211 of the Companies Act, 1956 to the extent they are applicable to the company;

e) On the basis of the written representations received from the Directors of the company as on 31st March 2010, and taken on record by the Board of Directors of the company, 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

f) 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 the said accounts 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 2010 and

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

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

Annexure Referred to in Paragraph 3 our Report of even date to the members of Shell Infotech Limited

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

(b) During the year certain items of fixed assets have been physically verified by the management and (he program of verification, in our opinion, is reasonable, having regard to the size of the Company and the nature of fixed assets. We have been informed that no material discrepancies were noticed on such verifications as compared to book records.

(c) Substantial part of fixed assets has not been disposed off during the year and, therefore, does not affect the going concern assumption.

2. (a) The Company does not hold any inventories and hence the clause is not applicable.

3. (a) As informed, the company has not taken loans from companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956.

(b) As informed, the company has not granted loans to companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956.

4. In our opinion and according to the information and explanations given to us, generally there ace adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchase of inventories and fixed assets and for the sale of goods. During the course of our audit, we have not observed any major weakness in the internal controls.

5.(a) To the best of our knowledge and belief and according to the information and explanations given to us, we are of the opinion that there were no transactions that need to be entered into the register maintained under Section 301 of the Companies Act, 1956. Hence clause.(b) is not applicable.

6. In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from "public" attracting the provisions of Section 58A and 58AA of the Companies Act,1956 or the rules framed there under.

7. In our opinion, the company has an adequate internal audit system commensurate with its size and nature of its business.

8. The Central Government has not prescribed the Company under Section 209(1)(d) of the Comparies Act, 1S56.

9. (a) According to the information and explanation provided to us, the Company is generally regular in depositing undisputed statutory dues including provident fund, investor education and protection fund, employee's slate insurance, sales tax, wealth tax, customs duty, excise duty, cess and other applicable statutory dues, with the appropriate authority. Except the following

b) In our opinion and according to the information and explanation given to us, no undisputed amounts payable in respect of incone tax, safes tax, wealth tax, customs duty, excise duty, cess were in arrears, as at March 31. 2010 for a period of more than six months from the date they became payable.

10. In our opnion the accumulated losses of the company are not more than fifty percent of its networth as at the end of the financial year. The company has no; incurred cash losses in the current financial year and immediately preceding financial year.

11. According to the information and explanations provided to us, the Company has not defaulted in repayment of dues to financial institutions, banks or debenture holders.

12. According to the information and explanations provided to us, the Company has not granted advances on the basis of security by way of pledge of shares, debentures and other securities.

13. The Company is not a chit fund or a nidhi/mutua! benefit fund/society. Therefore, the provisions of ciause 4 (xiii) of the Order are not appicable to the Company.

14. In our opinion, the Company is not dealing or trading in shares, securities, debentures and other investments. Therefore, the provisions of clause 4 (xiv) of the Order are not applicable to the Company.

15. According to the information and explanations provided to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

16. In our opinion and according to the information and explanations provided to us the Company has not raised any term loans during the year

17. (In our opinion and according to the information and explanations given to us, and on an overall examination of the Balance Sheet of the Company, we report that no funds raised on short term basis have been utilized for long term investment and vice versa.

18. According to the information and explanations provided to us, the Company has not made any preferential allotment of shares to any parties or companies covered in the register maintained under section 301 of the Companies Act, 1956

19. The company has not issued any secured debentures during the period covered by our report. Accordingly, the provisions of clause (xix) of the Order are not applicable to the Company.

20. The Company has not raised any money through public issue during the period covered by our report.

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

For Shabbir & Associates Chartered Accountants



Shabbir Kakosiwala N Pioprietor Membership No: 217421 FRN:011594S

Date : 2/9/2010 Place : Chennai