| 1. We have audited the attached Balance Sheet of KAASHYAP TECHNOLOGIES
LIMITED as at March 31, 2011 and also the Profit and Loss Account for
the year ended on that date annexed thereto. These financial statements
are the responsibility of the company management. Our responsibility is
to express an opinion on these financial statements based on our audit.
2. We have conducted our audit in accordance with 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 from material misstatement. An audit also
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 management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis
for our opinion.
3. The Financial Statements of Overseas Branch were at United States
of America in the name of Kaashyap Technologies ltd Inc audited by
other auditor whose report has been furnished to us. Our opinion is
based solely report of the other auditors.
4. As required by the Companies (Auditor's Report) Order, 2003 (CARO
2003) issued by the Company Law Board in terms of Section 227(4A) 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.
5. Further to our comments in the Annexure referred to in paragraph 1
above, we state 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 such
books.
c. The Balance Sheet and Profit & Loss Account referred to in this
report are in agreement with the books of account.
d. In our opinion, the profit and loss account and the balance sheet
comply with the Accounting Standards referred to in Subsection (3C) of
section 211 of the Companies Act, 1956.
e. As per the information and explanations given to us, none of the
directors of the company are disqualified from being appointed as a
director under clause (g) of sub-Section (1) of Section 274 of the
Companies Act, 1956.
f. In our opinion and according to the explanations given to us, the
said Balance Sheet and the Profit & Loss Account read together with the
notes thereon give the information required by the Companies Act, 1956
in the manner so required and give a true and fair view in conformity
with the accounting principle generally accepted in India :
a. in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2011 and
b. in the case of the Profit and Loss Account of the Loss of the
Company for the year ended on that date.
c. in the case of the Cash Flow Statement, of the Cash Flows of the
Company for the year ended on that date.
For R. Ravindran & Associates
Chartered Accountants
Firm Registration No. 003222S
Sd/-
R. Ravindran
Proprietor
M. No. 023829
Date: May 30, 2011
Place: Chennai
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