We have audited the attached Balance Sheet of COMPULINK SYSTEMS
 LIMITED(the Company) as at 31st March, 2009, the Profit and Loss
 Account of the Company and the Cash Flow Statement of the Company for
 the year ended on that date, annexed thereto. These financial
 statements are the responsibility of the Companys management. Our
 responsibility is to express an opinion on these financial statements
 based on our audit.
 
 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 misstatements. 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.
 
 As required by the Companies (Auditors Report) Order, 2003 (the
 Order), as amended, issued by the Central Government of India in terms
 of sub-section (4A) of Section 227 of the Companies Act, 1956 (the
 Act), we enclose in the Annexure a Statement on the matters specified
 in paragraph 4 & 5 of the said Order, to the extent applicable to the
 Company,
 
 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 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, Profit and Loss Account and the Cash Flow
 Statement dealt with by this report are in agreement with the books of
 account;
 
 d.  In our opinion, the Balance Sheet, Profit and Loss Account and the
 Cash Flow Statement dealt with by this report comply with the
 Accounting Standards referred to in sub-section (3C) of Section 211 of
 the Act, in so far they apply to the Company; and
 
 e.  on the basis of written representations received from the
 directors, as at 31st March 2009 and taken on record by the Board of
 Directors, we report that none of the directors 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 Act.
 
 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 Act, in the manner so required and 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, 2009;
 
 ii.  in the case of the Profit & Loss Account, of the loss of the
 Company for the year ended on that date; and
 
 iii.  in the case of the Cash Flow Statement, of the cash flows for the
 year ended on that date.
 
 Annexure to the Auditors Report
 
 [Referred to in paragraph 3 of our report of even date]
 
 The nature of the Companys business / activities during the year is
 such that clauses (ii), (viii), (xiii), (xiv), (xvi), (xix) specified
 in paragraph 4 and 5 of the Companies (Auditors Report) Order, 2003
 are not applicable to the Company.
 
 1.  in respect of its fixed assets:
 
 a) The Company has maintained proper records showing full particulars,
 including quantitative details and situation of fixed assets.
 
 b) The fixed assets were physically verified during the year by the
 management in accordance with a programme of verification, which in our
 opinion provides for physical verification of all the fixed assets at
 reasonable intervals. According to the information and explanation
 given to us, no material discrepancies were noticed on such
 verification.
 
 c) The fixed assets disposed off during the year, in our opinion, do
 not constitute substantial part of the fixed assets of the Company and
 such disposal, in our opinion, do not affect the going concern
 assumption.
 
 2.  a) According to the information and explanations given to us, the
 Company has not granted any loans, secured or
 
 unsecured to companies, firms or other parties covered in the register
 maintained under Section 301 of the Companies Act, 1956,
 
 Accordingly sub-clauses (b), (c) & (d) of clause (iii) are not
 applicable.
 
 b) According to the information and explanations given to us, the
 Company has not taken any loans, secured or unsecured from companies,
 firms or other parties covered in the register maintained under Section
 301 of the Companies Act, 1956.
 
 Accordingly sub- clauses (f) & (g) of clause (iii) are not applicable.
 
 3.  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 for the purchase of fixed assets and for the sale of services
 and products. The activities of the company do not involve purchase of
 inventory and sale of goods.  During the course of our audit, we have
 not observed any continuing failure to correct major weaknesses in the
 internal control system.
 
 4.  According to the information and explanations given to us, we have
 been informed that there are no such contracts or arrangements that
 needs to be entered in the register to be maintained in pursuance of
 Section 301 of the Companies Act,1956. Accordingly subclause (a) and
 (b) are not applicable.
 
 5.  According to the information and explanations given to us, the
 Company has not accepted deposits from the public and hence, the
 directives issued by the Reserve Bank of India and the provisions of
 Sections 58A and 58AA or any other relevant provisions of the Act and
 rules framed there under, are not applicable to the Company.
 
 6.  In our opinion, the internal audit functions carried out during the
 year by the Company itself is commensurate with the size of the Company
 and the nature of its business.
 
 7.  In respect of statutory dues:
 
 i) As explained to us, the provisions of the Employees State Insurance
 Act do not apply to the Company and as such we are not commenting on
 the payment of dues under the said Act. According to the information
 and explanations given to us, the Company has been generally regular in
 depositing undisputed statutory dues, including Provident Fund, Income
 Tax, Sales Tax, Service Tax, Custom Duty, Excise Duty with appropriate
 authorities during the year.
 
 ii) According to the information and explanations given to us, there
 were no arrears of any undisputed statutory dues outstanding as at
 March 31, 2009 for a period of more than six months from the date they
 become payable.
 
 8.  The Company does not have accumulated losses as at the end of the
 financial year and has not incurred cash losses in the financial year
 and in the immediately preceding financial year.
 
 9.  Based on our audit procedures and on the information and
 explanations given by the management we are of the opinion that the
 Company has not defaulted in the repayment of dues to financial
 institutions and banks. The Company has not issued any debentures.
 
 10. In our opinion and according to the information and explanations
 given to us, the Company has not granted loans and advances on the
 basis of security by way of pledge of shares, debentures and other
 securities.
 
 11. According to the information and explanations given to us, the
 Company has not given any guarantee for loans taken by others from
 banks or financial institutions.
 
 12. On the basis of information and explanations given to us, and on
 the basis of an overall examination of the balance sheet of the
 Company, funds raised on short-term basis have prima facie not been
 used for long-term investment.
 
 13.According to the information and explanations given to us, the
 Company has not made preferential allotment of shares to parties and
 companies covered in the Register maintained under Section 301 of the
 Companies Act, 1956.
 
 14.According to the information and explanations given to us, the
 Company has not raised money by any public issue during the year.
 
 15.To the best our knowledge and belief and according to the
 information and explanations given to us, no fraud on or by the Company
 was noticed or reported during the year.
 
                                         For Sanjay Katkar & Associates
                                                  Chartered Accountants
                                                          Sanjay Katkar
 Pune                                                        Proprietor
 June 27, 2009                                      Membership No 41371