We have audited the attached Balance Sheet of Globsyn Infotech Limited
 as at March 31,2011, the Profit and Loss Account and also the Cash Flow
 Statement for the year 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.
 
 1.  We have conducted our audit in accordance with auditing standards
 generally accepted in India. These Standards require that we plan and
 perform the auditto 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 weil as evaluating the overall financial statement
 presentation We believe that our audit provides a reasonable basis for
 our opinion.
 
 2.  As required by the Companies (Auditor''s Report) Order, 2003 issued
 by the Central Government of India 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.
 
 3.  Further to ourcomments in the Annexure referred to in paragraphs 1
 and 2 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 bylaw have been
 kept by the Company so far as appears from our examination of those
 books and proper returns adequate for the purpose of our audit have
 been received from branches not visited by us.
 
 c.  The Balance Sheet, Profit and Loss Account and Cash Flow Statement
 dealt with in this report are in agreement with the books of account
 and the returns.
 
 d.  In our opinion, the Balance Sheet, Profit and Loss Account and Cash
 Flow Statement dealt with by this report comply with mandatory
 Accounting Standards referred to in sub section (3C) of section 211 of
 the Companies Act, 1956, except non-provision for diminution in the
 value of investment as perAS-13.
 
 e.  On the basis of written representations received from the directors
 as on March 31,2011 and taken on record by the Board of Directors, we
 report that none of the directors is disqualified as on March 31,2011
 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 para 1.4 of Notes to Accounts,
 relating to non provision for diminution in the value of Investments,
 the said accounts together with the other 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 principles generally accepted in India:
 
 i.  in the case of the Balance Sheet, of the state of affairs of the
 Company as at March 31,2011;
 
 ii.  in the case of Profit and Loss account, of the profit for the year
 ended on that date; and
 
 iii.  in case of Cash Flow Statement, of the cash flows for the year
 ended on that date.
 
 Annexure To The Auditors'' Report
 (Referred to in paragraph 1 of our report of even date)
 
 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 on the
 basis of available information.
 
 b.  As explained to us, the fixed assets have been physically verified
 by the management during the year in a phased periodical manner, which
 in our opinion is reasonable, having regard to the size if the Company
 and nature of its assets. No material discrepancies were noticed on
 such physical verification.
 
 c.  In our opinion, the Company has not disposed off a substantial part
 of fixed assets during the year and the going concern status of the
 Company is not affected.
 
 2.  The Company does not have any inventory and consequently the
 clauses 4(ii)(a) to (c) of the Order are not applicable.
 
 3.  a.  The company has granted unsecured loan to one company covered
 in the register maintained under Section 301 of
 
 the Companies Act, 1956. The maximum amount involved during the year
 was Rs. 20.44 lacs and the year-end balance of loans granted to such
 party was Rs. 20.44 lacs.
 
 b.  In our opinion, the rate of interest and other terms and conditions
 of such loans are not, prima facie, prejudicial to the interest of the
 company.
 
 c.  Since the loan has been given at the year end, there is no
 repayment of principal and payment of interest.
 
 d.  There are no overdue amounts in excess of Rs. 1 lakh in respect of
 loan granted to company, listed in the register maintained under
 Section 301 of the Companies Act, 1956.
 
 e.  The company has taken any loans, secured or unsecured to/from
 companies covered in the register maintained u/s 301 of the Companies
 Act, 1956. Hence the comments required under sub-clauses (e) to (g) are
 not applicable.
 
 4.  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 also for the sale of
 goods. During the course of our audit, we have not observed any major
 weakness in internal controls.
 
 5.  Inrespect of transactions covered under section 301 of the
 Companies Act, 1956:
 
 a.  In our opinion and according to the information and explanations
 given to us, the transactions made in pursuance of contracts or
 arrangements, that needed to be entered into in the register maintained
 under section 301 of the Companies Act, 1956 have been so entered.
 
 b.  In our opinion and according to the information and explanations
 given to us, transactions made in pursuance of contracts or
 arrangements entered in the register maintained under section 301 of
 the Companies Act, 1956 and exceeding the value of rupees five lakhs in
 respect of any party during the year have been made at prices which are
 reasonable having regard to prevailing market prices at the relevant
 time.
 
 6.  The Company has not accepted any deposits from the public.
 
 7.  Although the company had no formal system of internal audit, the
 internal control and procedures followed by the Company, in our
 opinion, are adequate considering the size of the company and nature of
 its business.
 
 8.  The Central Government has not prescribed maintenance of cost
 records under section 209(1) (d) of the Companies Act, 1956.
 
 9.  In respect of statutory dues:
 
 a.  According to the records of the Company, undisputed statutory dues
 including employees'' state insurance, provident fund, income tax, sales
 tax and other applicable statutory dues have been generally regularly
 deposited with the appropriate authorities.
 
 b.  According to the information and explanations given to, no
 undisputed amounts payable in respect of income tax, sales tax, service
 tax were in arrears, as at March 31, 2011 for a period of more than six
 months from the date of becoming payable.
 
 c.  Disputed statutory dues aggregating to Rs. 876.88 lakhs, that have
 not been deposited on accounts of matters pending before appropriate
 authorities are as under:
 
 SI  Name of the statute    Nature of the dues   Forum where
 No                                              dispute is pending
 
 1   Income Tax Act, 1961   TDS on salaries      High Court
 
 2   Income Tax Act, 1961   Assessment dues      High Court
 
 3   Income Tax Act, 1961   Assessment dues      High Court
 
 4   Income Tax Act, 1961   Assessment dues      ITAT
 
 5   Income Tax Act, 1961   Assessment dues      ITAT
 
 6   Income Tax Act, 1961   Assessment dues      ITAT
 
 7   Income Tax Act, 1961   Assessment dues      ITAT
 
 8   Income Tax Act, 1961   Assessment dues      ITAT
 
 9   Income Tax Act, 1961   Assessment dues      CIT(A)
 
 
 Name of the Statute    Period to which         Amount
                        amount relates   (Rs. in lakhs)
 
 Income Tax Act, 1961   AY 1997-98 and 
                           1998-99                9.94
 
 Income Tax Act, 1961   AY 1995-96               106.67
 
 Income Tax Act, 1961   AY 1997-98                10.37
 
 Income Tax Act, 1961   AY 1998-99               181.05
 
 Income Tax Act, 1961   AY 2002-03               262.22
 
 Income Tax Act, 1961   AY 2001-02               109.41
 
 Income Tax Act, 1961   AY 2003-04               123.27
 
 Income Tax Act, 1961   AY 2004-05                42.75
 
 Income Tax Act, 1961   AY 2007-08                31.17
 
 10.  The Company has no accumulated loss as at March 31, 2011. The
 Company has not incurred cash loss for the year covered by our audit
 and in the immediately preceding financial year.
 
 11.  Based on our audit procedures and according to the information and
 explanations given to us, we are of the opinion that the Company has
 not defaulted in repayment of dues to banks. There are no debenture
 holders.
 
 12.  In our opinion and according to the explanations given to us, no
 loans or advances have been granted by the Company on the basis of
 security by way of pledge of shares, debentures and other securities.
 
 13.  In our opinion, the Company is not a chit fund or a nidhi/mutual
 benefit fund/society. Therefore, clause 4(xiii) of the Companies
 (Auditor''s Report) Order 2003 is not applicable to the Company.
 
 14.  In our opinion, the Company is not dealing in shares, securities,
 debentures and other investments and hence the question of maintenance
 of proper records of the transactions and contracts does not arise.
 
 15.  The Company has not given guarantees for loans taken by others
 from banks or financial institutions.
 
 16.  According to the records of the Company, the Company has not
 obtained any term loans during the year under review.  Therefore,
 clause 4(xvi) of the Companies (Auditor''s Report) Order 2003 is not
 applicable to the Company.
 
 17.  According to the information and explanations given to us and on
 an overall examination of the Balance Sheet of the Company, we are of
 the opinion that the funds raised on short term basis, prima facie not
 been used during the year for long term investment and vice versa.
 
 18.  During the year, the Company has not made any preferential
 allotment of shares to parties and companies covered in the register
 maintained under section 301 of the Companies Act, 1956.
 
 19.  The Company has not issued any debentures during the year and
 hence the question of creating any security thereof does not arise.
 
 20.  The Company has not raised any money by way of public issue during
 the year.
 
 21.  In our opinion and according to the information and explanations
 given to us, no fraud on or by the Company has been noticed by us or
 reported during the year that causes the financial statements to be
 materially misstated.
 
                                                 For R DEVARAJAN & CO
                                                Chartered Accountants 
                                                         FRN: 102415W
 
 
                                                      S V SUBRAMANIAM
                                                              Partner
                                                         M.No.:036157
 
 Place : Mumbai 
 Dated : 26th May, 2011