Indo-Maxwell Ltd.

1996 INDO-MAXWELL LIMITED AUDITORS' REPORT 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. AND 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 Chartered Accountants K. AJAY KUMAR Partner Place : Bhubaneswar Date : 28th June, 1996.