Tea Time Ltd.की ऑडीटर रिपोर्ट

Mar 31, 2014

1. I have audited the accompanying financial statements of TEA TIME LIMITED ("the Company"), which comprise the Balance Sheet as at March 31.2014, and the Statement of Profit and Loss for the year then ended, and a summary of significant accounting policies and other explanatory information.

2. Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"), which continue to be applicable in respect of Section 133 of the Companies Act, 2013 in terms of General Circular 15/2013 dated 13th September 2013 of Ministry of Corporate Affairs. 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.

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

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

5. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my audit opinion.

6. In my opinion and to the best of my information and according to the explanations given to me, 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 the case of the Balance Sheet, of the state of affairs of the Company as at March 31,2014.

b) in the case of the 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 flow for the year ended on that date.

Subject to the following observation:

No provision has been made in the accounts in respect of Accrued Interest ofRs11,800, which in our opinion is doubtful of recovery.

The above may adversely effect the profit for the year as well as year end net assets to the extent of Rs 11,800

7. 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.

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

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

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

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

d) In my opinion, the Balance Sheet and Statement of Profit and Loss comply with the Accounting Standards notified under the Act, which continue to be applicable in respect of Section 133 of the Companies Act, 2013 in terms of General Circular 15/2013 dated 13th September 2013 of Ministry of Corporate Affairs;

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 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 the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

THE ANNEXURE REFERRED TO IN PARAGRAPH 7 OF OUR REPORT OF EVEN DATE TO THE SHAREHOLDERS OF TEA TIME LIMITED ON THE ACCOUNTS OF THE COMPANY FOR THE YEAR ENDED MARCH 31,2014

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

1. a) The company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets. The fixed assets have been physically verified by the management at reasonable intervals. Material discrepancy was not noticed on such verification. In our opinion the frequency of verification is reasonable.

b) None of the fixed assets have been revalued during the year.

c) The company has not disposed off any substantial part of its fixed assets.

2. The company did not have any physical stock during the year.

3. The company has neither granted nor taken any loan secured or unsecured to/from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Consequently the provisions of sub-clauses b, c, d. f, g of the order are not applicable to the company.

4. The internal control procedure for the purchase of Fixed Assets and Income earned is adequate and commensurate with the size of the company and nature of its business. I have neither come across nor have been informed of any continuing failure to correct major weaknesses in the aforesaid internal control procedure.

5. a) There are no transactions that need to be entered in the register maintained under section 301 of the Companies Act, 1956.

b) There is no transaction made in pursuance of a contract or arrangement entered in the register in pursuance of Section 301 of the Companies Act, 1956.

6. The Company has not accepted deposits from the public as per provisions of Section 58A and 58AA of the Companies Act, 1956.

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

8 I have been informed that maintenance of cost records has not been prescribed by the Central Government under section 209(1)(d) of the Companies Act, 1956 in respect of the company''s activities.

9. a) The Company is regular in depositing the undisputed statutory dues.

b) The Company has not deposited following dues on account of dispute with appropriate authority

Name of Nature of Amount Period to which Forum where Statute Dues Rs the amount dispute is relates pending

Income Tax Income Tax 131,220/- 2001-02 ITAT

Act, 1961 1,105,426/- 2002-03 ITAT

10. The Company has no accumulated losses as on 31st March, 2014 and it has not incurred cash loss during the financial year under review and also in the immediately preceding financial year.

11. The Company has not defaulted in repayment of dues to a financial institution or bank or debenture holders.

12. The Company has not granted any loan or advances on the basis of security by way of pledge of any of shares, debentures and other security.

13. The provisions of any special statute applicable to chit fund/mutual benefit fund/societies are not applicable to the company.

14. The company is not a dealer or trader in share, securities, debenture and other securities.

15. The Company has not given any guarantee for loans taken by others from banks or financial institution.

16. The Company has not obtained any term loan.

17. The Company has not raised any short term funds.

18. The Company has not made any allotment of shares during the year.

19 The Company has not issued any debenture during the year.

20. The Company has not raised any money by public issues during the year.

21. I have neither come across any instance of material fraud on or by the company, noticed or reported during the year nor have I been informed of such case by the management.

For L.B. JHA & CO., CALCUTTA Chartered Accountants FRN 301086E

Amitava Sarkar Place: Kolkata Proprietor Date :29th May, 2014 Membership No.: 050290

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Mar 31, 2013

1. We have audited the accompanying financial statements of TEA TIME LIMITED ("the Company"), which comprise the Balance Sheet as at March 31.2013, and the Statement of Profit and Loss for the year then ended, and a summary of significant accounting policies and other explanatory information.

2. Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("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.

3. 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.

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

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

6. 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 the case of the Balance Sheet, of the state of affairs of the Company as at March 31,2013.

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 flow for the year ended on that date.

Subject to the following observation:

No provision has been made in the accounts in respect of Accrued Interest of Rs 11,800, which in our opinion is doubtful of recovery.

The above may adversely effect the profit for the year as well as year end net assets to the extent of Rs. 11,800

7. 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.

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

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

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

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

d) In our opinion, the Balance Sheet and Statement of Profit and Loss comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956;

e) On the basis of written representations received from the directors as on March 31,2013, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31,2013, 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 the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

THE ANNEXURE REFERRED TO IN PARAGRAPH 7 OF OUR REPORT OF EVEN DATE TO THE SHAREHOLDERS OF TEA TIME LIMITED ON THE ACCOUNTS OF THE COMPANY FOR THE YEAR ENDED MARCH 31,3013

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

1. a) The company has maintained proper records showing full particulars including quantitative details

and situation of its fixed assets. The fixed assets have been physically verified by the management at reasonable intervals. Material discrepancy was not noticed on such verification. In our opinion the frequency of verification is reasonable.

b) None of the fixed assets have been revalued during the year.

c) According to the information and explanations furnished to us, we are of the opinion that the company has not disposed off any substantial parts of its fixed assets.

2. The company did not have any physical stock during the year.

3. The company has neither granted nor taken any loan secured or unsecured to/from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Consequently the provisions of sub-clauses b, c, d. f, g of the order are not applicable to the company.

4. The internal control procedure for the purchase of Fixed Assets and Income earned is adequate and commensurate with the size of the company and nature of its business. We have neither come across nor have been informed of any continuing failure to correct major weaknesses in the aforesaid internal control procedure.

5. a) We are of the opinion there are no transactions that need to be entered in the register maintained

under section 301 of the Companies Act, 1956.

b) We are of the opinion there is no transaction made in pursuance of a contract or arrangement entered in the register in pursuance of Section 301 of the Companies Act, 1956.

6. The Company has not accepted deposited from the public as per provisions of Section 58A and 58AA of the Companies Act, 1956.

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

8 We have been informed that maintenance of cost records has not been prescribed by the Central

Government under section 209(1 )(d) of the Companies Act, 1956 in respect of the company's activities.

9. a) We were of the opinion that the company is regular in depositing the undisputed statutory dues.

b) The Company has not deposited following dues on account of dispute with appropriate authority :-

Name of Statute : Income Tax Act, 1961

Nature of Dues : Income Tax

Amount : 1,31,220/- 11,05,426/-

Period to which the amount relates : 2001-02 2002-03

Forum where dispute is pending : ITAT ITAT

10. The Company has no accumulated losses as on 31st March, 2013 and it has not incurred cash loss during the financial year under review and also in the immediately preceding financial year.

11. The company has not defaulted in repayment of dues to a financial institution or bank or debenture holders.

12. The Company has not granted any loan or advances on the basis of security by way of pledge of any of shares, debentures and other security,

13. The provisions of any special statute applicable to chit fund/mutual benefit fund/societies are not applicable to the company.

14. In our opinion the company is not a dealer or trader in share, securities, debenture and other securities.

15. The Company has not given any guarantee for loans taken by others from banks or financial institution.

16. The Company has not obtained any term loan.

17. The Company has not raised any short term funds.

18. The Company has not made any allotment of shares during the year.

19 The Company has not issued any debenture during the year.

20. The Company has not raised any money by public issues during the year.

21. We have neither come across any instance of material fraud on or by the company, noticed or reported during the year nor have we been informed of such case by the management.

For L.B. JHA & CO., CALCUTTA Chartered Accountants FRN 301086E

Amitava Sarkar Place : Kolkata Proprietor Date : 08.05.2013 Membership No.: 050290

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Mar 31, 2012

1. We have examined the attached Balance Sheet of TEA TIME LIMITED as at 31st March, 2012 and also the Statement of Profit and Loss for the year ended on that date annexed hereto. 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 Standard 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 Companies (Auditor''s Report) Order, 2003 issued by the Central Government of India in terms of sub- section (4A) of Section 227 of the Companies Act, 1956, we enclose as annexure a statement on the matters specified in paragraphs 4 & 5 of the said order.

4. Further to our comments in the Annexure referred to in paragraph 3 above we report that :

i. No provision has been made in the accounts in respsct of Accrued Interest amounting Rs. 11,800/- , which in our opinion is doubtful of recovery.

The above may adversely effect the profit for the year as well as year end net assets to the extent of Rs. 11,800/-.

ii. Subject to what has been stated in 4(i) above -

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 those books.

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

d) In our opinion, the Balance Sheet and the 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 Companies Act, 1956.

e) On the basis of written representation received from the Directors and taken on record by the Board of Directors, we report that none of the Directors are disqualified as on 31.03.2012 from being appointed as a Director in terms of clause (g) of sub-section 274 of the Companies Act, 1956.

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

(i) in the case of Balance Sheet, of the state of affairs of the company as at 31st March, 2012

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

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

ANNEXURE TO THE AUDITORS'' REPORT

(Referred to in paragraph 3 of our report of even date)

1. a) The company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets. The fixed assets have been physically verified by the management at reasonable intervals. Material discrepancy was not noticed on such verification. In our opinion the frequency of verification is reasonable.

b) None of the fixed assets have been revalued during the year.

c) According to the information and explanations furnished to us, we are of the opinion that the company has not disposed off any substantial parts of its fixed assets.

2. The company did not have any physical stock during the year.

3. The company has neither granted nor taken any loan secured or unsecured to/from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

4. In our opinion, formed on the basis of the information and explanations given to us the internal control procedure for the purchase of inventory and Fixed Assets and sale of goods is adequate and commensurate with the size of the company and nature of its business. We have neither come across nor have been informed of any continuing failure to correct major weaknesses in the aforesaid internal control procedure.

5. According to the information and explanations given to us, we are of the opinion there are no transactions that need to be entered in the register maintained under section 301 of the Companies Act, 1956.

6. The Company has not accepted deposits from the public as per provisions of Section 58A and 58AA of the Companies Act, 1956.

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

8. We have been informed that maintenance of cost records has not been prescribed by the Central Government under section 209(1)(d) of the Companies Act, 1956 in respect of the company''s activities.

9. a) According to the information and explanations given to us and the records of the company examined by us, we were of the opinion that the company is regular in depositing the undisputed statutory dues.

b) According to the information and explanations given to us, the Company has not deposited following dues on account of dispute with appropriate authority :-

Name of Nature of Amount Period to which Forum where Statute Dues Rs. the amount dispute is relates pending

Income Tax Income Tax 1,31,220/- 2001-02 ITAT

Act, 1961 11,05,426/- 2002-03 ITAT

10. The Company has no accumulated losses as on 31st March, 2012. The company has not incurred cash loss in the financial year ended 31st March, 2012.The company did not suffer cash loss in the financial year ending on 31st March 2011.

11. The company has not defaulted in repayment of dues to a financial institution or bank or debenture holders.

12. The Company has not granted any loan or advances on the basis of security by way of pledge of any of shares, debentures and other security.

13. The provisions of any special statute applicable to chit fund/mutual benefit fund/societies are not applicable to the company.

14. In our opinion the company is not a dealer or trader in share, securities, debenture and other securities.

15. The Company has not given any guarantee for loans taken by others from banks or financial institution.

16. The Company has not obtained any term loan during the year

17. The Company has not raised any short term funds during the year.

18. The Company has not made any allotment of shares during the year.

19. The Company has not issued any debenture during the year.

20. The Company has not raised any money by public issues during the year.

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







For L.B. JHA & CO., CALCUTTA Chartered Accountants FRN 301086E



Amitava Sarkar Place : Kolkata Proprietor Date : 18th May, 2012 Membership No.: 050290

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Mar 31, 2010

1. We have examined the attached Balance Sheet of TEA TIME LIMITED as at 31 st March, 2010 and also the Profit & Loss Account for the year ended on that date annexed hereto. 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 auditing standards generally accepted in India. Those Standard 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 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 enclosed in annexure a statement on the matters specified in paragraphs 4 & 5 of the said order.

4. Further to our comments in the Annexure referred to in paragraph 3 above we report that:

i. No provision has been made in the accounts in respect of interest accrued amounting Rs. 11,800/- which in our opinion is doubtful of recovery.

The above may adversely effect the profit for the year as well as year end net assets to the extent of Rs. 11,800/-.

ii. Subject to what has been stated in 4 (i) above :

a) We have obtained all the information and explanations which to the best of our know- ledge 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 those books.

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

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.

e) On the basis of written representation received from the Directors as on 31.03.2010 and taken on record by the Board of Directors, we report that none of the Directors are disqualified as on 31.03.2010 from being appointed as a Director in terms of clause (g) of sub-section 274 of the Companies Act, 1956.

AUDITORS REPORT (Contd.)

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

i) in the case of Balance Sheet, of the state of affairs of the company as at 31st March, 2010;

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

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



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



1. a) The company has maintained proper records showing full particulars including quantitative

details and situation of its fixed assets. The fixed assets have been physically verified by the management at reasonable intervals. Material discrepancy was not noticed on such verification. In our opinion the frequency of verification is reasonable.

b) None of the fixed assets have not been revalued during the year.

c) According to the information and explanations furnished to us, we are of the opinion that the company has not disposed off any substantial parts of its fixed assets.

2. The company did not have any physical stock during the year.

3. The company has neither granted nor taken any loan secured or unsecured to / from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

4. In our opinion, formed on the basis of the information and explanations given to us the internal control procedure for the purchase of inventory and Fixed Assets and sale of goods is adequate and commensurate with the size of the company and nature of its business. We have neither come across nor have been informed of any continuing failure to correct major weaknesses in the aforesaid internal control procedure.

5. According to the information and explanations given to us, we are of the opinion there are no transactions that need to be entered in the register maintained under section 301 of the Companies Act, 1956.

6. The Company has not accepted deposits from the public as per provisions of Section 58A and 58AA of the Companies Act, 1956.

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

8. We have been informed that maintenance of cost records has not been prescribed by the Central Government under section 209(1 )(d) of the Companies Act, 1956 in respect of the companys activities.

9. (a) According to the information and explanations given to us and the records of the company

examined by us, we are of the opinion that the company is regular in depositing the undisputed statutory dues.

(b) According to the information and explanations given to us, the Company has not deposited following dues on account of dispute with appropriate authority :-

Name of Nature of Dues Amount (Rs.) Period to Forum where

Statute which the dispute is

amount relates pending Income Tax Income Tax 1,31,220/- 2001-02 ITAT

Act,1961 11,05,426/- 2002-03 ITAT

10. The Company has no accumulated losses as on 31 st March, 2010. The company has not incurred cash loss in the financial year ended 31 st March, 2010. The company did not suffer cash loss in the financial year ending on 31st March, 2009.

11. The Company has not defaulted in repayment of dues to a financial institution or bank or deben- ture holders.

12. The Company has not granted any loan or advances on the basis of security by way of pledge of any of shares, debentures and other security.

13. The provisions of any special statute applicable to chit fund/ mutual benefit fund/ societies are not applicable to the company.

14. In our opinion the company is not a dealer or trader in share, securities, debenture and other securities.

15. The Company has not given any guarantee for loans taken by others from banks or financial institution.

16. The Company has not obtained any term loan during the year.

17. The Company has not raised short term funds during the year.

18. The Company has not made any allotment of shares during the year.

19. The Company has not issued any debenture during the year.

20. The Company has not raised any money by public issues during the year.

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

For L. B. JHA & CO., CALCUTTA

Chartered Accountants

8, Netaji Subhas Road Amitava Sarkar

Kolkata - 700 001 Partner

The 7th May, 2010 Membership No. 50290