We have audited the attached Balance Sheet of M/s. INDO-MAXWELL LIMITED as
at 31.03.96 and the Profit and Loss Account for the year ended on that date
annexed thereto and 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 such books.
c. The Balance Sheet and Profit and Loss Account referred to in this report
are in agreement with the books of account.
d. In our opinion and to the best of our information and according to the
explanations given to us, the said accounts read together with the notes
thereon gives the information required by the Companies Act, 1956 in the
manner so required and give a true and fair view:
i) In so far as it relates to the Balance Sheet, of the state of affairs of
the company as at 31.03.1996.
ii) In so far as it relates to the Profit and Loss account of the loss of
the company for the year ended on that date.
For KARVY & COMPANY
K. AJAY KUMAR
Place : Bhubaneswar
Date : 28th June, 1996.