1995 PRESIDENCY SHOE INTERNATIONAL LIMITED AUDITOR'S REPORT We have audited the attached Balance Sheet of PRESIDENCY SHOE INTERNATIONAL LIMITED as at 31 st March 1995 and also the annexed Profit and Loss Account of the Company for the period ended on the date, annexed thereto and report that: a. We have obtained all the information and explanations which, to the best of our knowledge, 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 it appears from our examination of the books. c. The Balance Sheet and Profit and Loss Account dealt with by the report are in agreement with the books of accounts. d. In our opinion and to the best of our information and according to the explanations given to us, the said accounts read with the notes thereon, give the information required by the companies act, 1956 in the manner so required and give a true and fair view: i. In case of Balance Sheet, of the state of affairs of the Company as at 31st March 1995 ; and ii. In the case of the Profit and Loss Account of the profit for the period ended on that date. For SELVAM & SUKU Chartered Accountants E. PANNEERSELVAM Partner Place: MADRAS, Dated: 15th June, 1995.