Auditor Report of Olympic Cards Ltd.

Mar 31, 2024

We have audited the financial statements of Olympic Cards Limited ("the Company"), which
comprise the Balance Sheet as at 31^st March, 2024, the Statement of Profit and Loss, the
Statement of Cash Flows and the Statements of Changes in Equity for the year then ended,
and notes to the financial statements, including a summary of material accounting policies
and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to
us, except for the effects of the matter described in the Basis for Qualified Opinion section of
our report, the aforesaid financial statements give the information required by the
Companies Act 2013 ("the Act") in the manner so required and give a true and fair view in
conformity with the Indian Accounting Standards prescribed under section 133 of the Act
read with the Companies (Indian Accounting Standards) Rules, 2015, as amended ("IND AS")
and other accounting principles generally accepted in India of the state of affairs of the
Company as at March 31^st, 2024 and its loss, its cash flows and changes in equity for the
year ended on that date.

Basis for Qualified Opinion

We refer the note 38.11 of the Financial Statements, regarding non confirmation of balances
of Trade receivables, Trade payables, Advances from customers ans Advances to suppliers.
Our audit procedures included requests for direct confirmations of balances of customers
and suppliers to verify the balances owed to/by the Company as at year-end. Flowever, we
were not provided with the details to obtain such confirmations. As a result, we are unable to
conclude whether adjustments to the balances shown thereunder are required. Total
Balances as on 31.03.2024 of Trade Receivables is Rs.337.34 lakhs, Trade Payables is
Rs.1051.20 lakhs, Advance from Customers is Rs.279.59 lakhs and Advance to Suppliers is Rs.
83.68 lakhs, (refer note 38.11).

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under
section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are
further described in the Auditor''s Responsibilities for the Audit of the Standalone Financial
Statements section of our report. We are independent of the Company in accordance with

the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together
with the ethical requirements that are relevant to our audit of the standalone financial
statements under the provisions of the Act and the Rules thereunder, and we have fulfilled
our other ethical responsibilities in accordance with these requirements and the Code of
Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our qualified opinion on the standalone financial statements.

Information Other than the Financial Statements and Auditor''s Report Thereon

The Company''s Board of Directors is responsible for the other information. The other
information comprises the Director''s Report including Annexures to Director''s Report, but
does not include the Standalone Financial Statements and our auditor''s report thereon. The
report containing the other information as above us expected to be made available to us
after the date of this auditor''s report.

Our opinion on the Standalone Financial Statements does not cover the other information
and we do not express any form of assurance conclusion thereon.

In connection with our audit of the Standalone Financial Statements, our responsibility is to
read the other information identified above when it becomes available and, in doing so,
consider whether the other information is materially inconsistent with the Standalone
Financial Statements or our knowledge obtained during the course of our audit, or otherwise
appears to be materially misstated.

When we read the reports containing the other information, if, based on the work performed,
we conclude that there is a material misstatement therein, we are required to communicate
the matter to the Board of Directors and take necessary actions as per applicable laws and
regulations.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the financial statements of the current period. These matters were
addressed in the context of our audit of the financial statements as a whole, and in forming
our opinion thereon, and we do not provide a separate opinion on these matters. We have
determined that there are no key audit matters to communicate in our report.

Responsibilities of Management and Those Charged with Governance for the Financial
Statements

The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of
the Act with respect to the preparation of these Standalone Financial Statements that give a
true and fair view of the financial position, financial performance, changes in equity and cash
flows of the Company in accordance with the accounting principles generally accepted in
India, including the IND AS specified under section 133 of the Act. This responsibility also
includes maintenance of adequate accounting records in accordance with the provisions of
the Act for safeguarding of the assets of the Company and for preventing and detecting
frauds and other irregularities; selection and application of appropriate accounting policies;
making judgments and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls, that were operating
effectively for ensuring the accuracy and completeness of the accounting records, relevant to
the preparation and presentation of the Standalone Financial Statements that give a true and
fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Standalone Financial Statements, the Board of Directors is responsible for
assessing the Company''s ability to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of accounting unless the
Board of Directors either intends to liquidate the Company or to cease operations, or has no
realistic alternative but to do so.

The Board of Directors is also responsible for overseeing the Company''s financial reporting
process.

Auditor''s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor''s report that includes our opinion. Reasonable assurance is a high level of assurance,
but is not a guarantee that an audit conducted in accordance with SAs will always detect a
material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the Standalone Financial
Statements, whether due to fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence that is sufficient and appropriate
to provide a basis for our opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve

collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control.

• Obtain an understanding of internal control relevant to the audit in order to design
audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of
the Act, we are also responsible for expressing our opinion on whether the company
has adequate internal financial controls system in place and the operating
effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management''s use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may cast significant doubt on
the Company''s ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditor''s report to the
related disclosures in the Standalone Financial Statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence
obtained up to the date of our auditor''s report. However, future events or conditions
may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the Standalone Financial
Statements, including the disclosures, and whether the Standalone Financial
Statements represent the underlying transactions and events in a manner that
achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any
significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied
with relevant ethical requirements regarding independence, and to communicate with them
all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those
matters that were of most significance in the audit of the financial statements of the current
period and therefore the key audit matters. We describe these matters in our auditor''s report
unless law or regulation precludes public disclosure about the matter or where, in extremely
rare circumstances, we determine that a matter should not be communicated in our report
because the adverse consequences of doing so would reasonably outweigh the public
interest of such communication.

Other Matter

The financial statements of the Company for the year ended March 31, 2024, were audited
by another auditor who expressed an unmodified opinion on those statements on 29^th May
2024.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2020 ("the Order"), issued by

the Central Government of India in terms of sub-Section (11) of Section 143 of the

Act, we give in the "Annexure A" a statement on the matters specified in paragraphs

3 and 4 of the Order, to the extent applicable.

2. As required by Section 143(3) of the Act, we report that:

a) We have sought and obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of our audit
except for the matters effected in the Basis for Qualified Opinion section.

b) In our opinion, proper books of account as required by law have been kept by the
Company so far as it appears from our examination of those books except for
except for the matters effected in the Basis for Qualified Opinion section and
certain matters in respect of audit trail as stated in the paragraph 2(h)(vi) below;

c) The Standalone Balance Sheet, the Statement of Profit and Loss, the Statement of
Changes in Equity and the Cash Flow Statement dealt with by this report are in
agreement with the books of account;

d) In our opinion, the aforesaid Standalone Financial Statements comply with the
Indian Accounting Standards specified under Section 133 of the Act, read with
Companies (Indian Accounting Standards) Rules, 2015 as amended except for the
matters effected in the Basis for Qualified Opinion section.

e) On the basis of the written representations received from the directors as on 31st
March, 2024 taken on record by the Board of Directors, none of the directors are
disqualified as on 31st March, 2024 from being appointed as a director in terms
of Section 164(2) of the Act;

f) The Qualifications relating to the maintenance of accounts and other matters
connected therewith in respect of audit trail are as stated in the paragraph 2(b)

above on reporting under Section 143(3)(b) of the Act and paragraph 2(i)(v)
below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules,
2014.

g) With respect to the adequacy of the internal financial controls over financial
reporting of the Company and the operating effectiveness of such controls, refer
to our separate report in "Annexure B".

h) With respect to the other matters to be included in the Auditors'' report in
accordance with Section 197(16) of the Act, in our opinion and to the best of
our information and according to the explanations given to us, the
remuneration paid/provided by the Company to its directors during the year is
in accordance with the provisions of Section 197 read with Schedule V to the Act.
The remuneration paid to any director is not in excess of the limit laid down
under Section 197 of the Act; and

i) With respect to the other matters to be included in the Auditor''s Report in
accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014 (as
amended), in our opinion and to the best of our information and according to the
explanations given to us:

(i) The Company does not have any pending litigations which would impact its
financial position, refer note no. 28

(ii) The Company did not have any long-term contracts including derivative
contracts for which there were any material foreseeable losses.

(iii) There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company during the year
ended 31^s'' March 2024.

(iv) With respect to clause (e) of Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, as amended;

a. The management has represented that, to the best of its knowledge and
belief, as disclosed in the Note 38.7 to the accounts, no funds have been
advanced or loaned or invested (either from borrowed funds or share
premium or any other sources or kind of funds) by the company to or in
any other person(s) or entity(ies), including foreign entities
("Intermediaries"), with the understanding, whether recorded in writing
or otherwise, that the Intermediary shall, directly or indirectly lend or
invest in other persons or entities identified in any manner whatsoever
by or on behalf of the company ("Ultimate Beneficiaries") or provide any
guarantee, security or the like on behalf of the Ultimate Beneficiaries.

b. The management has represented, that, to the best of its knowledge
and belief, as disclosed in the Note 38.7 to the accounts, no funds have
been received by the company from any person(s) or entity(ies),
including foreign entities ("Funding Parties"), with the understanding,
whether recorded in writing or otherwise, that the company shall,
whether, directly or indirectly, lend or invest in other persons or entities
identified in any manner whatsoever by or on behalf of the Funding
Party ("Ultimate Beneficiaries") or provide any guarantee, security or the
like on behalf of the Ultimate Beneficiaries; and

c. Based on such audit procedures performed that have been considered
reasonable and appropriate in the circumstances, nothing has come to
our notice that has caused us to believe that the representations under
sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above,
contain any material misstatement.

(v) The company has not declared/paid any dividend during the year, hence
reporting under this clause is not applicable.

For Elias George & Co
Chartered Accountants
FRN: 000801S

Solomon Jimmy Choolackal
Partner

Place: Chennai Membership No.245458

Date: 29-05-2024 UDIN: 2424548BKHISE1674

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Mar 31, 2016

INDEPENDENT AUDITORS'' REPORT

The Members of Olympic Cards Limited Report on the Financial Statements

We have audited the accompanying financial statements of M/s. Olympic Cards Limited ("the Company"), which comprise the Balance Sheet as at March 31,2016, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation and presentation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, 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..

Auditors'' Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit.

We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to include in the audit report under the provisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified under Section 143 (10) of the Act. 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.

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 financial control relevant to the Company''s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company''s Directors, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.

Opinion

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, 2016;

(b) in the case of the Profit and Loss Account, of the loss 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.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2016 ("the Order") issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure A, a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

2. As required by section 143 (3) of the Act, we report that:

a) we have sought and 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 it appears from our examination of those books [and proper returns adequate for the purposes of our audit have been received from branches not visited by us];

c) the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account [and with the returns received from branches not visited by us];

d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Account) Rule, 2014

e) On the basis of written representations received from the directors as on March 31, 2016, and taken on record by the Board of Directors, none of the Directors is disqualified as on March 31, 2016, from being appointed as a Director in terms of Section 164 (2) of the Act.

f) with respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in " Annexure B"; and

g) With respect to the other matters to be included in the auditors'' report in accordance with the rule 11 of the Companies (Audit and Auditors) Rule, 2014, in our opinion and to the best of our information and according to the explanations given to us:

i. The company does not have any pending litigations and therefore disclosing impact on its financial positions in its financial statements does not arise.

ii. The company does not have material foreseeable loss if any, on long term contracts including derivative contracts.

iii. There has been no delay in transferring amounts, required to be transferred, to the investor education and protection fund by the company.

1. As required by the Companies (Auditor''s Report) Order, 2016 issued by the Central Government in terms of Section 143 (11) of the Companies Act, 2013 we enclose in the annexure a statement on the matters specified in the paragraph 3 & 4 of the said order and on the basis of the information and explanations given to us and the books and records examined by us in the normal course of our audit and to the best of our knowledge and belief, we report that:

i) In respect of 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 phased programme of Verification, which, in our opinion, provides for physical Verification of all fixed assets at reasonable intervals having regard to the size of the Company, nature and value of its assets. According to the information and explanations given to us, no material discrepancies were noticed on such verification.

(c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the title deeds of immovable properties are held in the name of the company.

ii) Inventory:

(a) As explained to us, inventories were physically verified during the year by the management at reasonable intervals.

(b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventory followed by the Management were reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) In our opinion and according to the information and explanations given to us, The Company has generally maintained proper records of its inventories and no material discrepancies were noticed on physical verification.

iii) Loans Granted:

The Company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the Register maintained under Section 189 of the Companies Act, 2013 and accordingly, the provisions of Clause (iii) of paragraph 3 of the Order are not applicable to the Company.

iv) Loans, Investments, Guarantees & Securities:

In our opinion and according to the Information and Explanations given to us, provisions of Section 185 and 186 of the Companies Act, 2013 are not applicable to the Company with respect to the Loans, Investments, Guarantees & Securities made. Reporting on the matters specified in Clause 3 (iv) of the Companies (Auditor''s Report) Order 2016 are not applicable to the Company.

v) Deposits from Public:

According to the information and explanations given to us, the Company has not accepted any deposits from the public during the financial year under report within the meaning of sections 73 to 76 or any other relevant provision of the Companies Act, 2013 and rules framed there under.

vi) Cost Records:

We have broadly reviewed the books of accounts maintained by the company pursuant to the rules made by the Central Government for the maintenance of cost records under section 148 of the Companies Act, 2013 and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained. We have however not made a detailed examination of the cost records with a view to determine whether they are accurate and complete.

vii) Statutory dues:

a) According to the information and explanations given to us and the records of the Company examined by us, the Company is generally regular in depositing undisputed statutory dues, including Provident Fund, Employees'' State Insurance, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Cess and any other material statutory dues.

b) We are informed that there are no dues of Sales tax, VAT, Income tax deducted at source, which have not been deposited on account of any dispute.

viii) Default in repayment of dues:

Based on our audit procedures and according to information and explanation given to us, we are of the opinion that the Company has not defaulted in repayment of dues to Financial Institutions and banks, Government.

ix) Initial Public Offer/Further Public Offer and Term Loans:

a) Company has not made any Initial Public Offer / Further Public Offer and as such the question of their application dues does not arise.

b) In our opinion and according to the information and explanations given to us, the term loans have been applied by the Company during the year for the purpose for which they were obtained.

x) Frauds:

To the best of our knowledge and belief, and according to the information and explanations given to us, and considering the size and nature of the Company''s operations, no fraud of material significance on the Company or no fraud by the Company has been noticed or reported during the year.

xi) Managerial Remuneration:

According to the information and explanations given to us and based on our examination of the records of the Company, the Company has paid/provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Act.

xii) Nidhi Company

Since the Company is not a Nidhi Company, reporting on the matters specified in clause 3 (xii) of the Companies (Auditor''s Report) Order, 2016 are not applicable to the Company.

xiii) Related Party Transactions

According to the information and explanations given to us and based on our examination of the records of the Company, transactions with the related parties are in compliance with sections 177 and 188 of the Act where applicable and details of such transactions have been disclosed in the financial statements as required by the applicable Accounting Standards.

xiv) Preferential Allotment

Since the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under audit, hence reporting on the matters specified in clause 3 (xiv) of the Companies (Auditor''s Report) Order, 2016 are not applicable to the Company.

xv) Non Cash Transactions

Since the Company has not entered into any non-cash transactions with Directors or persons connected with them, reporting on the matters specified in Clause 3 (xv) of the Companies (Auditor''s Report) Order, 2016 are not applicable to the Company.

xvi) Registration under section 45-1A

Since there is no requirement for the Company of being registered under section 45 - IA of Reserve Bank of India Act, 1934, reporting on the matters specified in clause 3 (xvi) of the Companies (Auditor''s Report) Order, 2016 is not applicable to the Company.

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")

We have audited the internal financial controls over financial reporting of OLYMPIC CARDS LIMITED ("the Company") as of 31 March 2016 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.

Management''s Responsibility for Internal Financial Controls

The Company''s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (''ICAI''). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditors'' Responsibility

Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the "Guidance Note") and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. 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.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company''s assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31 March 2016, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India

For C.S. HARIHARAN & CO.,

CHARTERED ACCOUNTANTS

Firm''s Registration No: 001086S

C.S.HARIHARAN

Partner

Membership Number: 216277

Chennai, 25^th May 2016

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Mar 31, 2015

We have audited the accompanying financial statements of M/s.Olympic Cards Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2015, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matter stated in Section 134 (5) of the Companies Act, 2013 ('the Act') with respect to the preparation and presentation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with rule 7 of the Companies (Account) Rule, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; sections and application of appropriate accounting policies; making judgements and estimates that are reasonable and prudence; and design, implementation and maintenance of internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, 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.

Auditors' Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit.

We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to include in the audit report under the provisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified under Section 143 (10) of the Act. 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.

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 financial control relevant to the Company's preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company's Directors, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.

Opinion

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 31,2015;

(b) in the case of the Profit and Loss Account, of the profit 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.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2015 ("the Order") issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

2. As required by section 143(3) of the Act, we report that:

a) we have sought and 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 it appears from our examination of those books [and proper returns adequate for the purposes of our audit have been received from branches not visited by us];

c) the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account [and with the returns received from branches not visited by us];

d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Account) Rule, 2014

e) on the basis of written representations received from the directors as on March 31,2015, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31,2015, from being appointed as a director in terms of Section 164 (2) of the Act.

ANNEXURE TO AUDITORS' REPORT OF M/s. OLYMPIC CARDS LIMITED FOR THE YEAR ENDED 31-03-2015

1. As required by the Companies (Auditor's Report) Order, 2015 issued by the Central Government in terms of Section 143 (11) of the Companies Act, 2013 we enclose in the annexure a statement on the matters specified in the paragraph 3 & 4 of the said order and on the basis of the information and explanations given to us and the books and records examined by us in the normal course of our audit and to the best of our knowledge and belief, we report that:

i) In respect of 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 phased programme of Verification, which, in our opinion, provides for physical Verification of all fixed assets at reasonable intervals having regard to the size of the Company, nature and value of its assets. According to the information and explanations given to us, no material discrepancies were noticed on such verification.

ii) Inventory:

(a) As explained to us, inventories were physically verified during the year by the management at reasonable intervals.

(b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventory followed by the Management were reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) In our opinion and according to the information and explanations given to us, The Company has generally maintained proper records of its inventories and no material discrepancies were noticed on physical verification.

iii) Loans Granted:

The Company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained under Section 189 of the companies act, 2013 and accordingly, the provisions of Clause (iii) of paragraph 3 of the Order are not applicable to the Company.

iv) Internal Control:

In our opinion and according to the information and explanations given to us, there is a generally an adequate internal control system commensurate with the size of the Company and the nature of its business, for the purchase of inventories and fixed assets and for the sale of goods and services, and During the course of our audit, we have not observed any continuing failure to correct major weakness in such internal control system.

v) Deposits from Public:

According to the information and explanations given to us, the Company has not accepted any deposits and accordingly, the provisions of clause (v) of paragraph 3 of the Order are not applicable to the Company.

vi) Cost Records:

We have broadly reviewed the books of account maintained by the company pursuant to the rules made by the Central Government for the maintenance of cost records under section 148 of the Companies Act, 2013 and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained. We have however not made a detailed examination of the cost records with a view to determine whether they are accurate and complete.

vii) Statutory dues:

(a) According to the information and explanations given to us and the records of the Company examined by us, the Company is generally regular in depositing undisputed statutory dues, including Provident Fund, Employees' State Insurance, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Cess and any other material statutory dues. The details of disputed Income Tax that have not been deposited with the appropriate authorities are us under:

Amount Forum where dispute Nature of Dues (f in Lakhs) in pendjng

NIL NIL NIL

(b) There is no pending amount required to be transferred To investor education and protection fund.

viii) Accumulated Losses/Cash Losses:

The Company does not have accumulated losses at the end of the financial year and the Company has not incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year.

ix) Default in repayment of dues:

Based on our audit procedures and according to information and explanation given to us, we are of the opinion that the Company has not defaulted in repayment of dues to Financial Institutions and banks.

i) Guarantee for loans:

The Company, to the extent of available records, has not given any guarantee for loans taken by others from bank or financial institutions, the terms and conditions whereof are prejudicial to the interest of the Company.

ii) Term Loans:

In our opinion and according to the information and explanations given to us, the term loans have been applied by the Company during the year for the purpose for which they were obtained

iii) Frauds

To the best of our knowledge and belief, and according to the information and explanations given to us, and considering the size and nature of the Company's operations, no fraud of material significance on the Company or no fraud by the Company has been noticed or reported during the year.

Place : CHENNAI for C.S. HARIHARAN & CO.,

Date : 27th May 2015 CHARTERED ACCOUNTANTS

(Firm Regn. No.001086S)

(CS.HARIHARAN) M. NO. 216277

---

Mar 31, 2014

We have audited the accompanying financial statements of M/s.Olympic Cards Limited ("the Company"), which comprise the Balance Sheet as at March 31,2014, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the

financial position, financial performance and cash flows 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.

Auditors'' Responsibility

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

Opinion

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 31,2014;

(b) in the case of the Profit and Loss Account, of the profit/loss 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.

Report on Other Legal and Regulatory Requirements

1. 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.

2. 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 [and proper returns adequate for the purposes of our audit have been received from branches not visited by us];

c) . the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in

agreement with the books of account [and with the returns received from branches not visited by us];

d) . in our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the

Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956;

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.

ANNEXURE TO AUDITORS'' REPORT OF M/s. OLYMPIC CARDS LIMITED FOR THE YEAR ENDED 31-03-2014

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 management at reasonable intervals has physically verified fixed assets as per the information and explanations given to us, no material discrepancies were noticed on such verification.

(c) No substantial part of fixed assets has been disposed of during the year, and hence the question of going concern is not affected on this account.

2. In respect of its Inventories:

(a) As explained to us, inventories were physically verified during the year by the management at reasonable intervals.

(b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventory followed by the Management were reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) The Company is maintaining proper record of inventories. As explained to us, there were no material discrepancies noticed on physical verification, of inventory when compared to the book records.

3. In respect of Loans, secured or unsecured, granted or taken by the Company:

(a) The Company has not taken any loans from Parties covered in the registers maintained under Section 301 of the Companies Act, 1956.

(b) The Company has not granted any loans to Parties covered in the register maintained under Section 301 of the Companies Act, 1956.

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 inventory and fixed assets and for the sale of goods and services. During the course of audit we have not observed any major weakness in internal controls.

5. In respect of contracts or arrangements entered in the register maintained in pursuance of Section 301 of the Companies Act, 1956:

i) In our opinion and to the information and explanations given to us, there are no transactions that need to be entered into the register maintained under Section 301 of the Companies Act, 1956.

6. According to the information and explanations given to us, the Company has not accepted any deposits from the public to which the provisions of Section 58 A and 58 AA of the Companies Act, 1956 and the rules framed thereunder are not applicable for the Company.

7. The Company, in our opinion, has an internal audit system commensurate with its size and the nature of its business.

8. We have broadly reviewed the books of account maintained by the company pursuant to the rules made by the Central Government for the maintenance of cost records under section 209(1)(d) of the Companies Act, 196 and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained. We have however not made a detailed examination of the cost records with a view to determine whether they are accurate and complete.

9. In respect of statutory dues:

According to the information and explanations given to us and the records of the Company examined by us, the Company

is generally regular in depositing undisputed statutory dues, including Provident Fund, Employees'' State Insurance, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Cess and any other material statutory dues. The details of disputed Income Tax that have not been deposited with the appropriate authorities are us under:

Amount Forum where dispute Nature of Dues (Rs. In Lakhs) in pending

NIL NIL NIL

10. There are no accumulated losses at the end of the financial year and the company has not incurred cash losses in the financial year under audit, or in the financial year immediately preceding the current financial year.

11. Based on our audit procedures and according to information and explanation given to us, we are of the opinion that the Company has not defaulted in repayment of dues to Financial Institutions and banks.

12. In our opinion and according to 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.

13. In our opinion the company is not a chit fund or nidhi mutual benefit fund/society.

14. In our opinion and according to the information and explanations given to us, the Company is not dealing in or trading in shares, securities, debentures and other investments.

15. The Company, to the extent of available records, has not given any guarantee for loans taken by others from bank or financial institutions, the terms and conditions whereof are prejudicial to the interest of the Company.

16. According to the information and explanations given to us and on overall review of the Balance Sheet of the Company, in our opinion, the funds raised on short-term basis have not been used for long-term investments. No long-term funds have been used to finance short-term assets except towards permanent working capital.

17. 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.

18. The Company has not issued any debentures.

19. The Company has not raised any money through public issues during the year.

20 As per the information and explanations given to us, no material fraud on or by the Company has been noticed to report during the year.

Place : CHENNAI for C.S. HARIHARAN & CO., Date : 13th May 2014 CHARTERED ACCOUNTANTS (Firm Regn. No.001086S)

(C.S.HARIHARAN) M. NO. 216277 Partner.

---

Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of M/s.Olympic Cards Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2013, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows 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.

Auditor''s Responsibility

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

Opinion

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 Profit and Loss Account of the profit/loss forthe 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.

Report on Other Legal and Regulatory Requirements

1. 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.

2. 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 [and proper returns adequate for the purposes of our audit have been received from ''Sales outlets'' not visited by us];

c). the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account [and with the returns received from ''Sales outlets'' not visited by us];

d). in our opinion, the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement comply with the Accounting Standards referred to in subsection (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.

ANNEXURE TO AUDITORS'' REPORT OF M/s. OLYMPIC CARDS LIMITED

FOR THE YEAR ENDED 31-03-2013

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 management at reasonable intervals has physically verified fixed assets as per the information and explanations given to us, no material discrepancies were noticed on such verification.

(c) No substantial part of fixed assets has been disposed of during the year, and hence the question of going concern is not affected on this account.

2. In respectof its Inventories:

(a) As explained to us, inventories were physically verified during the year by the management at reasonable intervals.

(b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventory followed by the Management were reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) The Company is maintaining proper record of inventories. As explained to us, there were no material discrepancies noticed on physical verification, of inventory when compared to the book records.

3. In respect of Loans, secured or unsecured, granted or taken by the Company:

(a) The Company has not taken any loans from Parties covered in the registers maintained under Section 301 of the Companies Act, 1956.

(b) The Company has not granted any loans to Parties covered in the register maintained under Section 301 of the Companies Act, 1956.

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 inventory and fixed assets and for the sale of goods and services. During the course of audit we have not observed any major weakness in internal controls.

5. In respect of contracts or arrangements entered in the register maintained in pursuance of Section 301 of the Companies Act, 1956:

i) In our opinion and to the information and explanations given to us, there are no transactions that need to be entered into the register maintained under Section 301 of the Companies Act, 1956.

6. According to the information and explanations given to us, the Company has not accepted any deposits from the public to which the provisions of Section 58 A and 58 AA of the Companies Act, 1956 and the rules framed thereunder are not applicable for the Company.

7. The Company, in our opinion, has an internal audit system commensurate with its size and the nature of its business.

8. Maintenance of Cost records has been prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Act. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.

9. In respect of statutory dues:

(a) According to the information and explanations given to us and the records of the Company examined by us, the Company is generally regular In depositing undisputed statutory dues, Including Provident Fund, Employees'' State Insurance, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Cess and any other material statutory dues. The details of disputed Income Tax that have not been deposited with the appropriate authorities are us under:

Amount Forum where dispute Nature of Dues (Rs |n Lakhs) in pendjng

Income Tax demand of Commissioner of Assessment year 2009-10. 10.31 income Tax (Appeals)

Income Tax demand of Commissioner of Assessment year 2010-11. 108.20 Income Tax (Appeals)

10. There are no accumulated losses at the end of the financial year and the company has not incurred cash losses in the financial year under audit, or in the financial year immediately preceding the current financial year.

11. Based on our audit procedures and according to information and explanation given to us, we are of the opinion that the Company has not defaulted in repayment of dues to Financial Institutions and banks.

12. In our opinion and according to 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.

13. In our opinion the company is not a chit fund or nidhi mutual benefit fund/society.

14. In our opinion and according to the information and explanations given to us, the Company is not dealing in ortrading in shares, securities, debentures and other investments.

15. The Company, to the extent of available records, has not given any guarantee for loans taken by others from bank or financial institutions, the terms and conditions whereof are prejudicial to the interest of the Company.

16. According to the information and explanations given to us and on overall review of the Balance Sheet of the Company, in our opinion, the funds raised on short-term basis have not been used for long-term investments. No long-term funds have been used to finance short-term assets except towards permanent working capital.

17. 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.

18. The Company has not issued any debentures.

19. The Company has not raised any money through public issues during the year.

20. As per the information and explanations given to us, no material fraud on or by the Company has been noticed to report during the year.



Place : CHENNAI for C.S. HARIHARAN & CO.,

Date : 1st May 2013 CHARTERED ACCOUNTANTS

(Firm Regn. No.001086S)

(C.S.HARIHARAN)

M. NO. 216277

Partner.

---

Mar 31, 2012

1. We have audited the attached Financial Statements of M/s. OLYMPIC CARDS LIMITED (the company) comprising of the Balance sheet as at 31st March 2012, Profit and Loss Account Statement, and also the Cash How Statement for the year ended on that date annexed thereto, which have signed under reference to this report. 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 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 tree 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 the Companies (Auditor's Report) Order, 2003 and amended by the Companies (Auditor's Report) (Amendment) Order 2004 issued by the Central Government of India in terms of Sub-section (4A) of Section 227 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.

4. Further to our comments in the Annexure referred to above, we report that-

i) 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.

ii) 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.

iii) The Balance Sheet, Profit & Loss statement and Cash Flow statement, dealt with by this report, are in agreement with the books of accounts.

iv) In our opinion, the Balance Sheet, Profit & Loss statement and the Cash Row statement dealt with by this report comply with the Accounting Standards referred in sub-section 3 (C) of Section 211 of the Companies Act, 1956.

v) Based on representation received from Directors and taken on record by the Board, we report that none of the Directors are disqualified u/s. 274(1)(g) of the Companies Act, 1966.

vi) We refer to point Mo. K of notes on accounts and we state that the accounting policy has been changed in respect of accounting of gratuity and subject to this, the said accounts 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

(a) in the case of the Balance Sheet, of the state of affairs of the Company as on 31st March, 2012 and

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

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

ANNEXURE TO AUDITOR'S REPORT OF M/s. OLYMPIC CARDS LIMITED FOR THE YEAR ENDED 31-03-2012

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 management at reasonable intervals has physically verified fixed assets as per the information and explanations given to us, no material discrepancies were noticed on such verification.

(c) No substantial part of fixed assets has been disposed of during the year, and hence the question of going concern is not affected on this account.

2. In respect of its Inventories:

(a) As explained to us, inventories were physically verified during the year by the management at reasonable intervals.

(b) In our opinion and according to the information and explanations given to us. the procedures of physical verification of Inventory followed by the Management were reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) The Company is maintaining proper record of inventories. As explained to us, there were no material discrepancies noticed on physical verification, of inventory when compared to the book records.

3. In respect of Loans, secured or unsecured, granted or taken by the Company:

(a) The Company has not taken any loans from Parties covered in the registers maintained under Section 301 of the Companies Act, 1956.

(b) The Company has not granted any loans to Parties covered in the register maintained under Section 301 of the Companies Act, 1956.

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 inventory and fixed assets and for the sale of goods and services. During the course of audit we have not observed any major weakness in internal controls.

5. in respect of contracts or arrangements entered in the register maintained in pursuance of Section 301 of the Companies Act, 1956;

i) In our opinion and to the information and explanations given to us, there are no transactions that need to be entered into the register maintained under Section 301 of the Companies Act, 1956.

6. According to the information and explanations given to us, the Company has not accepted any deposits from the public to which the provisions of Section 58A and 58AA of the Companies Act, 1956 and the rules framed there under are not applicable for the Company.

7. The Company, in our opinion, has an internal audit system commensurate with its size and the nature of its business.

8. Maintenance of Cost records has not been prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Act.

9. In respect of statutory dues:

(a) According to the information and explanations given to us and the records of the Company examined by us, the Company is generally regular in depositing undisputed statutory dues, including Provident Fund, Employees' Stale Insurance,

Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Cess and any other material statutory dues. The details of disputed Income Tax that have not been deposited with the appropriate authorities are us under:

Nature of Dues Amount Forum where dispute (Rs. in in pending Lakhs)

Income Tax demand 10.31 Commissioner of of Assessment year Income Tax (Appeals) 2009-10

10. There are no accumulated losses at the end of the financial year and the company has not incurred cash losses In the financial year under audit, or in the financial year immediately preceding the current financial year.

11. Based on our audit procedures and according to information and explanation given to us, we are of the opinion that the Company has not defaulted in repayment of dues to Financial Institutions and banks.

12. In our opinion and according to 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

13. In our opinion the company is not a chit fund or nidhi/mutual benefit fund/society.

14. In our opinion and according to the information and explanations given to us, the Company is not dealing in or trading in shares. securities, debentures and other investments.

15. The Company, to the extent of available records, has not given any guarantee tor loans taken by others from bank or financial institutions, the terms and conditions whereof are prejudicial to the interest of the Company.

16. According to the information and explanations given to us and on overall review of the Balance Sheet of the Company, in our opinion, the funds raised on short-term basis have not been used for long-term investments. No long-term funds have been used to finance short-term assets except towards permanent working capital.

17. 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.

18. The Company has not issued any debentures.

19. The Company has raised money through public issues during the period. During the year the Company has issued 7,789,800 shares of Rs. 10/- at each at a premium of Rs. 20/- per share, for a total public issue of Rs. 233,694,000/-.

20. As per the information and explanations given to us, no material fraud on or by the Company has been noticed to report during the year.



for C. S. HARIHARAN & CO., CHARTERED ACCOUNTANTS (Firm Regn. N0. 001086S)

(C. S. HARIHARAN) M. NO. 216277 Partner

Place: CHENNAI Date : 09-08-2012

---

Mar 31, 2010

We have audited the attached Balance Sheet of M/s. OLYMPIC CARDS LIMITED as on 31st March 2010 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's management. Our responsibility is to express an opinion on these financial statements based on our audit.

We 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 Management, as well as evaluating the over all financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

As required by the Companies (Auditor's Report) Order, 2003 and amended by the Companies (Auditor's Report) (Amendment) Order 2004 issued by the Central Government of India in terms of Sub-section (4A) of Section 227 of the Companies Act, 1956, we enclose in the Annexure, a statement on the matters scarified in paragraphs 4 and 5 of the said Order.

Further to our comments in the Annexure referred to above, we report That:

i) 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.

ii) 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.

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

iv) In our opinion, the Balance Sheet and Profit & Loss Account dealt with by this report comply with the Accounting Standards referred in sub-section 3(C) of Section 211 of the Companies Act, 1956.

v) Based on representation received from Directors and taken on record by the Board, we report that none of the Directors are disqualified u/s. 274(1 )(g) of the Companies Act, 1956.

In our opinion, the said accounts 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.

(a) in the case of the Balance Sheet, of the state of affairs of the Company as on 31st March 2010 and

(b) in the case of the Profit and Loss Account of the Profit for the year ended on that date.

(C) in the case of the cash flow statement of the cash flows for the year ended on that 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.

(b) The management at reasonable intervals has physically verified fixed assets as per the information and explanations given to us, no material discrepancies were noticed on such verification.

(c) No substantial part of fixed assets has been disposed of during the year, and hence the question of going concern is not affected on this account.

2. In respect of its Inventories:

(a) As explained to us, inventories were physically verified during the year by the management at reasonable intervals.

(b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventory followed by the Management were reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) The Company is maintaining proper record of inventories. As explained to us, there were no material discrepancies noticed on physical verification, of inventory when compared to the book records.

3. In respect of Loans, secured or unsecured, granted or taken by the Company:

(a) The Company has taken loans deposits from Parties covered in the registers maintained under Section 301 of the Companies Act, 1956. The maximum amount involved during the year is Rs. 21,66,195/- and the year-end balance of the loans taken from such parties was Rs. 21,66,195/-.

(b) The Company has not granted loans to Parties covered in the register maintained under Section 301 of the Companies Act, 1956.

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 inventory and fixed assets and for the sale of goods and services. During the course of audit we have not observed any major weakness in internal controls.

5. In respect of contracts or arrangements entered in the register maintained in pursuance of Section 301 of the Companies Act, 1956:

i) In our opinion and to the information and explanations given to us, there are no transactions that need to be entered into the register maintained under Section 301 of the Companies Act, 1956.

6. According to the information and explanations given to us, the Company has not accepted any deposits from the public to which the provisions of Section 58 A and 58 AA of the Companies Act, 1956 and the rules framed thereunder are not applicable for the Company.

7. The Company, in our opinion, has an internal audit system commensurate with its size and the nature of its business.

8. Maintenance of Cost records has not been prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Act.

9. In respect of statutory dues:

(a) According to the information and explanations given to us and the records of the Company examined by us, the Company is generally regular in depositing undisputed statutory dues, including Provident Fund, Employees' State Insurance, Income Tax, Sales Tax, Custom Duty, Excise Duty, Cess and any other material statutory dues. According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at 31st March 2009, for a period of more than six months from the date of becoming payable.

10. There are no accumulated losses at the end of the financial year and the company has not incurred cash losses in the financial year under audit, or in the financial year immediately preceding the current financial year.

11. Based on our audit procedures and according to information and explanation given to us, we are of the opinion that the Company has not defaulted in repayment of dues to Financial Institutions and banks.

12. In our opinion and according to 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.

13. In our opinion the company is not a chit fund or nidhi mutual benefit fund I society.

14. In our opinion and according to the information and explanations given to us, the Company is not dealing in or trading in shares, securities, debentures and other investments.

15. The Company, to the extent of available records, has not given any guarantee for loans taken by others from bank or financial institutions, the terms and conditions whereof are prejudicial to the interest of the Company.

16. According to the information and explanations given to us and on overall review of the Balance Sheet of the Company, in our opinion, the funds raised on short-term basis have not been used for long-term investments. No long-term funds have been used to finance short-term assets except towards permanent working capital.

17. The Company has made preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Companies Act, 1956.

18. The Company has not issued any debentures.

19. The Company has not raised money through public issues during the period.

20. As per the information and explanations given to us, no material fraud on or by the Company has been noticed to report during the year.

Place : CHENNAI for C.S. HARIHARAN & CO.,

CHARTERED ACCOUNTANTS

Date : 25-06-2010

(C.S.HARIHARAN)

M. No.216277

Partner.