Quintegra Solutions

We have audited the attached Balance Sheet of M/s. QUINTEGRA SOLUTIONS
 LIMITED (the Company) as at 31st March 2009, the Profit & Loss
 account and the cash flow statement 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 the financial statements based on our audit.
 
 We have conducted our audit in accordance with the 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 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 the management, as well as evaluating the overall financial
 statement presentation. We believe that our audit provides a reasonable
 basis of our opinion.
 
 As required by the Companies (Auditors Report) Order, 2003 as amended
 by the Companies (Auditors Report) Amendment Order 2004 (the order)
 issued by the Central Government of India in terms of sub-section (4A)
 of the Section 227 of the Companies Act, 1956 (the Act), we give in the
 annexure a statement on the matters specified in paragraphs 4 and 5 of
 the said Order.
 
 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 the
 those books.
 
 c.  The Balance Sheet, Profit & Loss Account and 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 Cash
 Flow Statement dealt with by this report comply with the accounting
 standards referred to in Section 211(3C) of the Companies Act, 1956 to
 the extent applicable.
 
 e.  On the basis of written representations received from the directors
 as on 31st March, 2009 and taken on record by the Board of Directors we
 report that none of the Directors is disqualified as on 31 st March,
 2009 from being appointed as a Director in terms of Section 274(1 )(g)
 of the Companies Act, 1956; and
 
 f.  In our opinion and to the best of our information and according to
 the explanations given to us, the said accounts together with the notes
 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 31 st March, 2009.
 
 b.  In the case of Profit & Loss account, of the Loss of the Company
 for the year ended on that date; and
 
 c.  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.
 
 1.  a.  The Company has maintained proper records to show full
 particulars including quantitative details and situation of its fixed
 assets.
 
 b.  The Fixed Assets of the Company have been physically verified by
 the Management at reasonable intervals and this revealed no material
 discrepancies.
 
 c.  Fixed Assets disposed off during the year were not substantial and
 therefore does not affect the going concern assumption.
 
 2.  The company does not have any physical inventory.
 
 3.  a.  The Company has not granted any loans, secured or unsecured
 to/from companies, firms, or other parties covered in the register
 maintained under Section 301 of the act.
 
 b.  The Company has taken any loans, secured or unsecured to/from
 companies, firms, or other parties covered in the register maintained
 under Section 301 of the act except from Trusted Aerospace Engineering
 Private Limited amounting to 12.38 Crores as on year end as per said
 register.
 
 c.  Recurring transactions during the course of business are classified
 under advances. No interest is applicable to such types of inter
 company advances. Repayment of principal and interest are not
 applicable as they are not in the nature of loan.
 
 d.  There is no amount overdue on the loans.
 
 4.  There is an adequate internal control procedure commensurate with
 the size of the Company and nature of its business with regard to
 purchases of fixed assets and for the sale of solutions and services.
 During the course of our audit no major weakness has been noticed in
 the above controls and therefore reporting of the same does not arise.
 
 5.  There are no transactions during the period that need to be entered
 into a register in pursuance of Section 301 of the Act.
 
 6.  The Company has not accepted any deposits from the public under the
 provisions of Section 58A and Section 58AA of the Act and rules framed
 there under.
 
 7.  The Company has an internal audit system commensurate with its size
 and nature of its business.
 
 8.  The Central Government has not prescribed the maintenance of cost
 records by the Company under Section 209(1 )(d) of the Companies Act,
 1956 for any of its products.
 
 9.  a.  The Company is regular in depositing undisputed statutory dues
 including Provident Fund, Investors Education and Protection Fund,
 Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Service
 Tax, Customs Duty, Excise Duty, Cess and any other Statutory Dues with
 the appropriate authorities wherever applicable. The Company has
 undisputed TDS dues on various counts as at 31.03.2009 amounting to Rs.
 18,442,010.
 
 b. The following Income Tax dues have not been deposited on account of
 dispute as detailed under the statute Income Tax Act, 1961.
 
 
                                                             Rs. Lacs
 
 Actual/               Amount          Period AY             Forum
 Reassessed                                               where dispute
 Demand                                                   is pending
 
    16.54              15.18          2001-02           Not appealed
    94.73                -            2002-03           CIT (Appeals)
 2,258.21                -            2003-04           CIT (Appeals)
     6.53                -            2004-05           CIT (Appeals)
   148.17              15.88          2005-06           CIT (Appeals)
   474.69              24.48          2006-07           CIT (Appeals)
 
 Of the above, Rs. 15,161,000 has since been paid towards various
 assessment years.
 
 10. The Company has no accumulated losses at the end of the financial
 year as on March 31 2009 and has not incurred any cash losses during
 the financial year ended on that date and the immediately preceding
 financial year.
 
 11. The Company has not defaulted in repayment of dues to any financial
 institution or bank or debenture holders.
 
 12. The Company has not granted any loans and advances on the basis of
 security by way of pledge of shares, debentures and other investments.
 
 13.  Provisions of any special statute applicable Chit Fund is not
 applicable to this Company.
 
 14.  The Company is not dealing or trading in shares, securities,
 debentures and other financial institutions.
 
 15. The Company has not given any guarantee for loans taken by others
 from bank or financial institutions.
 
 16. Term Loans were applied for the purpose for which the loans were
 obtained.
 
 17.  Funds raised on short-term basis have not been used for long term
 investment.
 
 18. The Company has not made any preferential allotment of shares to
 parties and companies covered in register maintained under Section 301
 of The Companies Act, 1956.
 
 19. There is no debentures against which securities have to be created.
 
 20.  Disclosure on the end use of money raised by public issue is not
 applicable.
 
 21.  No fraud on or by the Company has been noticed or reported during
 the year.
 
 
                                               For Gopikumar Associates
                                                  Chartered Accountants
 
                                                            S Gopinath
 Place : Chennai                                               Partner
 Date  : 31.08.2009                              Membership No: 023854