CHEMOX SECURITIES LIMITED
We have audited the attached Balance Sheet of Chemox Securities Limited, as
at 31st March, 1996 and Profit & Loss Account for the year ended on that
date and report that:
1) We have obtained all the information and explanations which to the best
of our knowledge and belief were necessary for the purpose of audit.
2) In our opinion proper books of account as required by law have been kept
by the Company so far as appears from our examination of such books.
3) The said Balance Sheet and Profit and Loss Account are in agreement with
the books of accounts.
4) In our opinion and to the best of our information and according to the
explanations given to us, the said accounts read together with other Notes
on accounts and significant Accounting Policies as per schedule "M" give
the information required by the Companies Act, 1956 in the manner so
required and give a true and fair view:
a) In the case of the Balance Sheet of the state of affairs of the Company
as at 31st March, 1996 and
b) In the case of Profit and Loss Account of the profit of the Company for
the year ended on that date.
For M.G. BHANDARI & CO.
Place : Mumbai
Date : 29th June, 1996.