6 June 2015 Dear Mr Mishra, Further to your letter received by email on 21 May 2015 (the “Letter”), the responses of http://www.legallyindia.com (“Legally India” or “LI”) on behalf of the addressees Kian Ganz (“Kian”) and Prachi Shrivastava (“Prachi”) are set out below. For the avoidance of doubt, your Letter, which you have circulated to at least 147 addressees by email, including journalists, and purportedly to all Hon'ble Judges of the Supreme Court of the high courts, the Prime Minister of India and many others, is riddled with factual errors, patent absurdities, unsubstantiated allegations and damaging imputations that are highly defamatory and appear either motivated by ignorance of the facts, malice or worse. The Bar Council of India (BCI) is a great and respected institution that will always command respect by virtue of the vital role it has in supporting and advancing the legal profession. Your allegation that Legally India has ever set out to malign the image of the BCI is patently false and an attempt to distract from the fact that, if anything, it have been your actions as the BCI's elected chairman that have tarnished the image of the institution. Legally India's response will first set out the facts, which are fundamentally at odds with the allegations made in your Letter, and second, rebut the legal claims raised by you. Every allegation against Kian, Prachi and/or Legally India is denied unless specifically admitted. Table of Contents (I) Chronology......................................................................................................................................3 (II) The Facts........................................................................................................................................6 (A) Legally India is not a part of Rainmaker, its agent, associated with it, or vice versa...............6 (B) The ITES tender process was neither fair nor transparent from the start..................................7 (B.i) ITES appears to have missed the tender deadline, according to the BCI's minutes, which appear to have been doctored......................................................................................................7 (B.ii) ITES did not comply with the terms of the tender to submit a demand draft...................8 (B.iii) The losing bidders were rejected for vague and illogical reasons....................................8 (C) ITES was not qualified to assist the BCI in holding the AIBE and appears to have misrepresented its revenues and experience..................................................................................14 (C.i) The ITES promoter had only joined the company in 2010..............................................14 (C.ii) ITES Horizon was a non-operational company for the majority of its claimed '13-year' lifespan, and never had Rs 5.4 crore of turnover......................................................................15 (C.iii) ITES did not appear to have a website for most of its life.............................................17 (C.iv) The last AIBEs had enough defects to warrant investigation.........................................20 (C.v) Breach of data privacy.....................................................................................................21 (D) Even compared to the first AIBE tender, the ITES tender is suspect......................................21 (D.i) The contract you entered into with ITES was unadvantageous to the BCI......................23 (D.ii) You increased the cost of the AIBE by nearly 100% despite supposedly having saved money on the contract...............................................................................................................25 (D.iii) Another wrong, which has already been reported on, does not make you right............26 (E) Your tenure at the BCI has been nothing but opaque..............................................................29 (F) Bar exam prep courses are 100% legal....................................................................................31 Page 1 of 46 (G) LI's stories about the BCI are fair and factual.........................................................................35 (H) Kian is not a foreign agent......................................................................................................36 (III) The Law......................................................................................................................................38 (A) You have failed to provide evidence for even a single instance of defamation other those instances committed by you...........................................................................................................38 (IV) Conclusion..................................................................................................................................39 Annexure 1 – BCI's Tender Notice dated June 2012..........................................................................41 Annexure 2 - BCI 2012 meeting minutes relating to AIBE...............................................................42 Annexure 3 – ITES accounts..............................................................................................................43 Annexure 4 – ITES directorship histories..........................................................................................44 Annexure 5 – ITES Horizon archived website...................................................................................45 Annexure 6 – ITESHorizon.com domain name registration records.................................................46 Page 2 of 46 (I) Chronology 29 May 2012 Bar Council of India (“BCI”), under then-solicitor general and chairman Gopal Subramanium, signs letter of intent with Rainmaker Pvt Ltd (“Rainmaker”) to hold the first All India Bar Exam (“AIBE”)1. 2 June 2010 BCI formally announces collaboration with Rainmaker, the AIBE and new BCI website2. 6 March 2011 AIBE 1 is held by BCI and Rainmaker3. 9 July 2011 Gopal Subramanium resigns as solicitor general of India, which means he can't be BCI chairman anymore4. 24 July 2011 AIBE 2 is held by BCI and Rainmaker5. 24 July 2011 Ashok Parija elected BCI chairman6. 8 January 2012 AIBE 3 is held by BCI and Rainmaker7. 15 April 2012 Manan Kumar Mishra (“MK Mishra”) takes over as BCI chairman8. 22 June 2012 BCI issues request for tenders for new AIBE contract by deadline of 30 June 20129. 28 July 2012 BCI holds meeting and states that it has received bids from four agencies – Rainmaker, Pearson VUE (“Pearson Vue”), Aspiring Minds (“Aspiring Minds”), and Manupatra Information Services together with Universal Law Publishing (“Universal”)10. 1 2 3 4 5 6 7 8 9 10 http://www.legallyindia.com/Graduates-Bar-Exam/revealed-rainmaker-had-entered-into-wide-letter-of-intendedjvs-with-bci-but-most-never-took-off http://www.legallyindia.com/20100602910/Law-schools/rainmaker-might-run-bar-exam-relaunchesbarcouncilofindiaorg-today http://www.legallyindia.com/201103061881/Law-schools/bci-claims-96-attendance-but-unrest-derails-chennai-barexam http://www.legallyindia.com/201107112204/Bar-Bench-Litigation/gopal-subramanium-no-show-today-as-sg-postquit-could-lose-bci-chairmanship-but-bench-ambitions-rumoured http://www.legallyindia.com/Graduates-Bar-Exam/mass-advocate-protests-reported-in-chennai-over-todays-barexam http://www.legallyindia.com/201107252229/Bar-Bench-Litigation/bci-elects-orissas-ashok-parija-as-chairman-tocontinue-with-bar-exam http://www.legallyindia.com/Graduates-Bar-Exam/bci-ramps-up-bar-exam-difficulty-grads-fail-to-finish-aibeprotests-in-tn http://www.legallyindia.com/201204172750/Bar-Bench-Litigation/new-bci-chair-mishra-vows-to-start-compulsorytraining-lawyer-insurance-continue-hrd-fight http://www.legallyindia.com/Graduates-Bar-Exam/bci-sticks-with-august-aibe-date-formally-tenders-oldrainmaker-contract and http://web.archive.org/web/20120625083842/http://www.barcouncilofindia.org/notificationfor-holding-next-all-india-bar-examination-to-be-held-in-the-month-of-august-2012-through-bar-council-of-india/ http://www.legallyindia.com/Graduates-Bar-Exam/all-india-bar-exam-aibe-unlikely-before-october-4-agencies-inrunning Page 3 of 46 30 July 2012 BCI interviews prospective bidders. The name of a fifth bidder, ITES Horizon Pvt Ltd (“ITES”), appears for the first time on the minutes. 26 August 2012 BCI rejects the bids of Rainmaker, Pearson Vue, Aspirings Minds and Manupatra, and decides to award the AIBE contract to ITES. 26 August 2012 BCI chairman Manan Kumar Mishra enters into “binding MOU” with ITES (the “MOU”). 9 December 2012 AIBE 4 held by BCI and ITES11. 25 August 2013 AIBE 5 held by BCI and ITES12. 19 January 2014 AIBE 6 held by BCI and ITES13. 17 April 2014 Manan Kumar Mishra's term as BCI chairman expires, replaced by BCI member Biri Singh Sinsinwar14. 7 September 2014 AIBE 7 held by BCI and ITES15. 20 October 2014 Legally India reporter Prachi Shrivastava, who is an Indian citizen, files a right to information (RTI) request with the BCI. 9 November 2014 Manan Kumar Mishra re-elected as BCI chairman16 12 December 2014 Document inspection appointment confirmed. Prachi Shrivastava and Legally India publishing editor Kian Ganz attend BCI. MK Mishra denies request to take photographs of documents made available for inspection. 15 December 2014 Legally India publishes story about failed inspection and lodges formal request for supply of copies of documents17. 16 December 2014 Prachi Shrivastava files an appeal to the BCI's RTI appelllate authority along with three lawyers who file identical RTI requests with the BCI18. 20 January 2015 11 12 13 14 15 16 17 18 19 BCI agrees to supply documents in hardcopy19. Requests Rs 3,172 from Prachi to cover costs of copies. http://www.legallyindia.com/Graduates-Bar-Exam/aibe-day-only-mild-chaos-as-possibly-32000-students-breezethrough-4th-bar-exam http://www.legallyindia.com/Graduates-Bar-Exam/how-was-the-all-india-bar-exam-aibe-for-you-today http://www.legallyindia.com/Graduates-Bar-Exam/bar-exam-2013-postponed-to-2014-january http://www.legallyindia.com/201404114601/Bar-Bench-Litigation/next-bci-chairman-likely-to-be-rajasthanmember-biri-singh-sinsinwar http://www.legallyindia.com/Graduates-Bar-Exam/bar-exam-7-registration-date-extended-to-13-august http://www.legallyindia.com/201411115288/Bar-Bench-Litigation/mk-mishra-back-as-bci-chairman-with-madrassenior-s-prabakaran-as-co-chair http://www.legallyindia.com/201412155428/Bar-Bench-Litigation/li-mischievously-asks-bci-chairman-mk-mishrawhy-he-s-trying-to-hide-bci-minutes-listen-to-his-response http://www.legallyindia.com/201412175442/Bar-Bench-Litigation/2-lawyers-file-rtis-for-bci-minutes-li-filesappeal-over-mishra-s-decision-to-hide-bci-documents http://www.legallyindia.com/201501285530/Bar-Bench-Litigation/bci-legally-india-rti-appellate-order Page 4 of 46 20 April 2015 Prachi Shrivastava obtains photocopies of requested minutes under RTI20. 19 May 2015 LI publishes minutes of meetings related to BCI's 2012 AIBE tender in an article entitled “RTI’d minutes of BCI reveal how multi-crore bar exam contract was awarded to mystery 5th bidder ITeS Horizon #longread”21 (the “19 May 2015 Article”). 21 May 2015 MK Mishra emails the Letter to Kian Ganz and Prachi Shrivastava and at least 146 other addressees22. 24 May 2015 AIBE 8 held by BCI and ITES23. 31 May 2015 MK Mishra sends an unsolicited email to Kian Ganz, asking LI to be “positive” in its coverage of the BCI, while stating that “nobody can prove any sort of malpractice or any incident of corruption” in the last three to four years24. 20 21 22 23 24 http://www.legallyindia.com/Bar-Bench-Litigation/six-months-after-li-s-mischief-rti-bci-finally-shares-1-600pages-of-meeting-minutes http://www.legallyindia.com/Pre-law-student/rti-d-minutes-of-bci-reveal-how-multi-crore-bar-exam-contract-wasawarded-to-mystery-5th-bidder-ites-horizon-longread http://www.legallyindia.com/Bar-Bench-Litigation/bci-sends-legally-india-6-page-defamation-notice-over-barexam-rti-story-cc-s-pm-all-judges-journalists http://www.legallyindia.com/Graduates-Bar-Exam/surprise-council-decides-to-postpone-bar-exam-aibe-by-twomonths-to-24-may-2015 http://ww.legallyindia.com/Bar-Bench-Litigation/bci-mishra-emails-li-to-be-positive Page 5 of 46 (II) The Facts (A) Legally India is not a part of Rainmaker, its agent, associated with it, or vice versa 1. You repeatedly, variably and vaguely claimed in your Letter: a. that Rainmaker is LI's “agency”; b. that LI published articles about the BCI at Rainmaker's behest; c. “the fact that being part of M/s Rainmakers” … “of which you are still a part”; d. the fact that (i) you were a part and parcel of M/s Rainmakers is admitted and known to all”; 2. Your allegations of any such nexus between LI and Rainmaker are utterly and categorically untrue on all counts. Your repetition of these falsehoods that you claim are “known to all” does not make your statements any less defamatory, ridiculous and completely devoid of any evidence other than your repetition. 3. Neither LI nor any of LI's connected parties are or have ever been connected to Rainmaker in any way that you allege. While Rainmaker, as many other companies and organisations has been an advertiser on LI since 2013, LI has always transparently disclosed this fact on any story where this is even remotely relevant. LI's relationship with Rainmaker is arms-length and the same as it is with any of dozens of other advertisers such as Pearson Vue, that use or have used LI to reach out to the legal community and more than 2 lakh visitors per month. Rainmaker also advertises on several other legal portals but that does not make them each others' agents, just as a company advertising in a newspaper does not make the newspaper an agent of that company. Making extraordinary claims such as yours without any evidence, suggests either a reckless disregard for the truth, or malice. Your allegation is therefore clearly defamatory because it alleges a compromise of LI's, Kian's and Prachi's integrity, which are all fundamental to LI's brand that has been built up over more than six years by solid and unbiased reportage of the legal profession. 4. And while previous LI stories, as well as the rest of this response, will contain facts that could support the bids of Rainmaker and companies other than ITES for the AIBE contract, these are objective truths based on publicly available information that are not influenced by LI's arms-length relationship with Rainmaker, Pearson Vue or any other advertisers, companies or persons. Page 6 of 46 (B) The ITES tender process transparent from the start was neither fair nor 5. You wrote in your Letter: “The Bar Council of India has acted in a more fair and transparent manner and then decided to allot the work to M/s ITES Horizon Pvt Ltd as back as in the year 2012, finding it to be most suitable for the Council and for the lawyers of the country.” (emphasis LI's) The only possible explanation for you calling the 2012 tender “fair and transparent” is if you are unaware of what these words mean. The BCI's minutes raise serious concerns about the 2012 bidding process for the AIBE project, right from the start. (B.i) ITES appears to have missed the tender deadline, according to the BCI's minutes, which appear to have been doctored 6. The deadline to receive applications with a demand draft of Rs 2,000 was 30 June 2012 25, with the invitation on the BCI website stating (Annexure 1 – BCI's Tender Notice dated June 2012): “Tenders are invited from the consultant expert agencies to hold next All India Bar Examination (AIBE) through Bar Council of India. Agencies will have to be abide by the terms and conditions of the sub-committee of the Bar Council of India. In the matter of selection of agency, decision of the Bar Council of India (and the High Level Committee) shall be final and shall not be questioned before any forum or any court of law. AIBE is to be held under the control and supervision of High Level Committee of Council consisting of Hon’ble Judges of Supreme Court of India and High Court (viz. the Board of Directors for this purpose), Legal Luminaries, Members of the Bar Council of India and State Bar Councils. Agencies are required to submit full details of ways and means to hold the examination along with the draft of rupees two thousand (2,000/-) in favour of Secretary, Bar Council of India payable at New Delhi on or before 30th June, 2012. The past experience, reputation, performance, infrastructure of the agencies would be the criteria for selection of the agencies.” (emphasis LI's) 7. On 28 July 2012, your minutes only recorded four bidders – Rainmaker, Pearson Vue, Aspiring Minds and Manupatra26 (see Annexure 2 - BCI 2012 meeting minutes relating to AIBE). 8. By 30 July 2012, your minutes (Annexure 2 - BCI 2012 meeting minutes relating to AIBE) included only the same four names in a numbered list, with a printed sentence stating “Subsequently ITES Horizon Pvt. Ltd was represented by Ms. Rubab Khan”. However, this sentence is completely out of alignment with the preceding sentence, which is nearly 25 26 http://web.archive.org/web/20120625083842/http://www.barcouncilofindia.org/notification-for-holding-next-allindia-bar-examination-to-be-held-in-the-month-of-august-2012-through-bar-council-of-india/ http://www.legallyindia.com/Pre-law-student/rti-d-minutes-of-bci-reveal-how-multi-crore-bar-exam-contract-wasawarded-to-mystery-5th-bidder-ites-horizon-longread Page 7 of 46 impossible to achieve in a Word Processor or by printing error. The only possible explanation could be an alteration of the minutes after they were printed and first signed by the other bidders: it appears that this sentence was printed out separately, cut out with scissors and inexpertly pasted manually to the end of the minutes after the page was printed. 9. Was this line added after the first set of minutes of 30 July 2012 were finalised? If so, when and why were the minutes, that were signed by all other bidders, apparently doctored? 10. Only the second set of minutes relating to the 30 July 2012 meeting included ITES as one of the five bidders in a numbered list. Despite those minutes being dated 30 July, this set of minutes could only have been prepared after 30 July, since it included revised bids requested and received by companies after the initial tender between 30 July and 2 August 2012, according to those minutes. 11. This really leaves one massive question that must be answered if you wish to claim fairness and transparency in the 2012 tendering process: was ITES' application ever received before the deadline? If not, did you extent the deadline for ITES alone? Were the other bidders aware that this had happened? (B.ii) ITES did not comply with the terms of the tender to submit a demand draft 12. The 26 August 2012 minutes also noted that ITES was the only bidder to have supplied the BCI with an “account payee cheque” as opposed to a demand draft, as was explicitly required under the tender terms (see Annexure 1 – BCI's Tender Notice dated June 2012). 13. What was the date on ITES' cheque? When did the BCI receive ITES' cheque? And why did the BCI accept the tender despite not complying with the tender terms? Are you aware that banks will refuse to issue backdated demand draft while a cheque can easily be backdated? 14. Contrary to what you assert, the process followed by the BCI in 2012 was far from transparent and even after seeing the minutes, which you were so loathe to share for fear that LI would cause “mischief”27, you are miles away from a satisfying answer to whether ITES was even legitimately part of the bid at all. (B.iii) The losing bidders were rejected for vague and illogical reasons 15. According to the 26 August 2012 minutes, you awarded the contract to ITES, rejecting all four other bidders. But some of the reasons for the rejections are either opaque or premised on faulty logic. 16. Rainmaker was criticised in the minutes for having reduced its price from the first three AIBEs in the new tender: 27 http://www.legallyindia.com/201412155428/Bar-Bench-Litigation/li-mischievously-asks-bci-chairman-mk-mishrawhy-he-s-trying-to-hide-bci-minutes-listen-to-his-response Page 8 of 46 “It is surprising how this agency [Rainmaker] which was charging Rs 900/- [in the first three AIBEs] has gone down to Rs 650/- suddenly, while the Hon’ble Members asked about this, the representative kept mum.” 17. In your Letter you also stated: “In the year 2010 M/s Rainmakers was awarded the work to conduct AIBE @ Rs 900 per candidate and in the year 2012 when fresh tenders were invited, M/s Rainmakers expressed its readiness to do it @ only Rs 560/- per candidate. Meaning thereby, that it had cheated the candidates for 2 years. And this was also one of the reason for non-grant of work to your agency.” 18. Other than some dubious logic this actually appears to be a mischaracterisation of the bid received and a basic lack of understanding about how the AIBE actually works, which can only be deliberate if it is not incompetent (your Letter also misstates Rainmaker's bid as Rs 560 per candidate, when in fact it bid Rs 650, according to the meeting minutes). 19. First off, here's a table summarising all the bids received, according to your minutes (see Annexure 2 - BCI 2012 meeting minutes relating to AIBE): Initial bid with materials (Rs / candidate) Rainmaker Manupatra Pearson Vue Aspiring Minds ITES Initial bid without materials 900 500 st 850 (1 exam) 800 (2nd exam) 700 (3rd exam) 400 590 (1st year) 640 (2nd year 670 690 (3rd year) 675 500 695 675 Final bid with materials 650 Final bid without materials 500 600 without materials / 500 for repeat candidates 650 20. In the first three AIBEs, Rainmaker had also charged the BCI Rs 900 per candidate, having agreed to prepare and dispatch to candidates printed study materials28. According to the minutes of the 2012 tender, in the first round Rainmaker again offered to conduct the exam for Rs 900 for each fresh candidate, including study materials. In the same bid, Rainmaker offered Rs 500 for repeat candidates. Because repeat candidates generally do not require preparatory materials because they would still have study materials in the last exam, the Rs 500 bid can only be read as a bid without study materials. In the second round, in which you appear to have specifically solicited quotes without study materials, Rainmaker again quoted Rs 500 without materials for fresh and repeat candidates according to your minutes. This is in fact the same quote as their initial 2012 quote for 28 http://www.legallyindia.com/201103071886/Interviews/subramanium-full-bar-exam-marks-in-a-week-rainmakerfees-revealed-exam-decentralisation-future-plans Page 9 of 46 repeat candidates. The BCI minutes state that “an increase of Rs 150/- has been proposed by its representative for study materials in course of interview”, which would have taken Rainmaker's bid to Rs 650 per candidate including study materials. The argument that Rainmaker reducing its price is evidence of it having “cheated the candidates for 2 years” and being “also one of the reason for non-grant of work” to it is a failure to understand the realities of competitive bidding (as will be explained in more detail below). 21. Furthermore, if objectively examining the other tenders it is obvious that preparing and dispatching study materials to candidates could reasonably cost several hundred rupees per candidate and does not necessarily have to be evidence of cheating. One of the bidders, Manupatra, offered to do the first exam for Rs 850 with creating completely new study materials, reducing to Rs 800 for the second exam and Rs 700 for the third exam. Bidding jointly with one of India's largest law book publishers Universal Law Publishing Pvt Ltd, the Manupatra bid had arguably very good experience out of all bidders to judge the costs of printing, creating and distributing new preparation materials. Did you know how Manupatra's quality of study materials would have compared to Rainmaker's or any of the other bidders? Did you ask them about that during the tender? If so, what did they say? 22. The BCI's records of the other bids are not entirely clear as to whether study materials are included and if the bidders would be required to create those themselves, or merely print and distribute old materials. • Aspiring Minds, for instance, quoted Rs 675 per fresh candidate (which presumably includes study materials since its quote for repeat candidates was only Rs 500, but this is not spelled out in the minutes). • Pearson Vue in its first bid quoted from Rs 590 to Rs 690 with online “model test papers”, and Rs 670 “if study material provided” according to the minutes. Why the minutes would record a lower quote from the company with study materials is not clear. The winning bidder, ITES Horizon Pvt Ltd, quoted Rs 650 with study material and Rs 500 without study materials. 23. Particularly in light of the BCI's decision recorded in the 26 August 2012 minutes that no study materials would be provided for the upcoming exam due to a scarcity of time, there appeared to have been a general lack of clarity in the bids recorded in the minutes about whether study materials were required, and if so, whether a company would be expected to produce those itself or whether it could re-use the materials prepared by the BCI and Rainmaker in the first three AIBEs. Page 10 of 46 As reported in the Mint feature written by Kian in December 201229, one issue surrounding preparation materials was that Rainmaker and the BCI held joint copyright to the preparatory materials, which Rainmaker was unwilling to surrender after it lost the contract. The article noted: “Chairman Mishra said the BCI was not influenced by the copyright issue but had internally decided not to issue study materials in August for the open book exam because this would test students’ knowledge of law better.” When, if at all, were bidders told about any potential copyright issues? Did the BCI make it clear to all bidders whether they would be expected to produce new materials from scratch or whether they could just distribute the old ones? 24. In addition to any of the above, there is another perfectly reasonable explanation for why Rainmaker would have “expressed its readiness to do it @ only Rs 560 (sic) per candidate”: you held a competitive tender with at least three other bidders. As you may be aware, the nature of competitive tenders is that bidders face competition and undercut each other so that the BCI ends up with a better deal. 25. As such it is surprising that in a competitive tender, in which you admitted you disqualified Rainmaker primarily on the basis of their previous price having been too high compared to their new lower price, whom you rejected. For instance, you rejected Pearson Vue, which was ready to do the exam for you at Rs 545 per candidate in the first year, Rs 595 in the second year, and Rs 645 in the third year. In aggregate, even over three years, that works out at less than the winning bid of Rs 600 by ITES. Also, did you know that Pearson Vue is one of the biggest global companies in the field of learning and examinations, which has conducted regular law school entrance tests for thousands in India? Surely you must have been aware, since they must have told you about themselves quite a bit during the tender, or at least you would have asked, right? It would also have been reasonable to assume that holding the AIBE would have been a fairly easy exercise for a company such as Pearson. So why didn't you give it to them? It would have been difficult for anyone to have been able to question such a decision. Others too certainly must have looked promising on price and credentials. Aspiring Minds, a company that told you it generates “over 22 crores in the field of assessment”, bid Rs 675 per new candidate and Rs 500 for repeat candidates. It is not clear from your minutes whether the Rs 675 amount includes study materials though it would be logical to assume it did. That's only Rs 25 more than the winning bidder ITES wanted with study materials, or Rs 100 less than ITES without study materials. It also seems as though Aspiring Minds, seeing as it specialises in assessment, would have had the experience to do the job and their bid 29 http://www.livemint.com/Politics/Z9HH7jg4q8Any5PILN9FfP/The-India-bar-exam-a-regulators-rocky-road.html Page 11 of 46 would have deserved a second look. And did you even look at the final price offered by Manupatra and Universal without study materials? They offered Rs 400. That would have meant an extra Rs 200 per candidate that the BCI could have used for the “welfare of lawyers”, which the 26 August 2012 minutes note about what the BCI and state bar councils would do with the AIBE proceeds. Instead, those additional Rs 200 per candidate went to ITES (which works out to more than Rs 1.1 crore from AIBE 4 and 5 alone from 58,000 candidates – a figure you disclosed under an RTI filed by an advocate in 2014 30 - and probably at least Rs 1 crore again over AIBE 6, 7 and 8 for which you never disclosed the number of candidates). (Alternatively, you could have also contributed to the “welfare of lawyers” by reducing the price of the AIBE to Rs 1,700, saving young struggling lawyers at the beginning of their careers some money they could have spent on their personal welfare.) 26. However, in your Letter you wrote: “One thing more is important to be noted that Hon'ble Apex Court has held it on so many occasions that it is not necessary to award the contract always to the lowest tendered and it is upon the organization (seeking work from the different contractors/agencies) to examine and decide the overall suitability and many other aspects before awarding work or contract to any agency.” While this is a misunderstanding of the law on the issue, please explain what was the deciding factor if it was not cost. 27. According to your minutes dated 26 August 2012: “representatives of M/s Aspiring Minds, M/s Pearson Vue and M/s Manupatra Information Solutions Pvt Ltd. flatly refused to give a place to a representative/staff of Bar Council of India for proper coordination and answer the queries of the candidates which has been a big problem for the Council during the last two years. They declined to have their offices in the premised of Bar Council of India even for the purpose of liaisoning” (emphasis LI's) and “M/s ITES Horizon Pvt Ltd has agreed to set-up its one small liaisoning office in the premises of Bar Council of India for the purpose of proper coordination with the candidates and its employees. Moreover the rate quoted by it appears to be reasonable and practical. The proper liaisoning between Bar Council of India and the agency was felt necessary during the last two years.” (emphasis LI's) First of all, it is hard to believe that those three companies that spent time and effort bidding for the AIBE tender, would knowingly lose a multi-crore contract by deciding to “flatly refuse” what doesn't seem like a very onerous request to depute some of its staff to the BCI offices and vice versa. 30 http://www.legallyindia.com/Graduates-Bar-Exam/rti-reveals-bci-contractor-made-record-rs-10-cr-out-of-2-barexams-in-2012-13-as-pass-rates-rose-to-highest-ever-levels Page 12 of 46 Did they know that this would be the main criteria that you seem to have based your final decision on (other than a “reasonable and practical” rate)? Rainmaker must presumably have known about this condition, since they had partly worked from the BCI's offices in the last three AIBEs and the minutes don't seem to mention any flat refusal from Rainmaker. But were Aspiring Minds, Pearson Vue and Manupatra informed before the tender that this would be a critical condition to their winning the contract? At what stage of the tender were they asked about this? What were their exact responses? What was ITES told? In the second set of minutes prepared about the 30 July 2012 tender at a later date, after companies had submitted their revised bids, you don't mention anything about flat refusals by the other three vendors, despite it apparently having been such a critical condition to winning the contract. Yet those minutes mention that ITES CEO Robab Khan “has personally appeared and expressed her willingness to conduct the exam, saying that she can run her office in the premises of Bar Council of India itself”. Did the BCI request Robab Khan to confirm that she would run her office at the BCI or did she volunteer that information herself? Did ITES have information that the other three bidders did not? 28. About the fairness of the process, you also wrote in your Letter: “That it was because of the frequent allegations being set-up by some of the unsuccessful agencies particularly M/s Rainmakers through some unknown persons (who started making frivolous and motivated allegations) that the Bar Council of India had to resolve to refer the matter of allotment of work of All India Bar Exam to be enquired through a former Hon'ble Judge of Supreme Court of India in the year 2013 itself. The enquiry committee has examined everything and has found the allotment perfectly fair. Therefore, the Council does not require a 'CERTIFICATE OF FAIRNESS' from a unwanted/undesirable media like 'Legally India' in this regard.” (emphasis yours) That is indeed interesting. First of all, this statement of yours seems to imply that these are “frequent allegations” were made by someone other than LI? Do you have any proof that such “frivolous and motivated allegations” were made by “unsuccessful agencies” such as Rainmaker, Manupatra, Pearson Vue or Aspiring Minds? What was the substance of those complaints? Moreover, if the allegations were “frivolous” as you put them, why did the BCI see the need to create an inquiry headed by a Supreme Court judge? Could the BCI not have ignored frivolous complaints, of which it must receive hundreds? The inquiry you refer to is presumably the inquiry by Hon'ble Justice Deepak Verma (retd)? Why have you not shared a copy of this with advocates, the media or anyone else if it gave the BCI a clean chit? Page 13 of 46 LI understands that as of 15 January 2015, Justice Verma's inquiry was still pending. When exactly did Justice Verma issue this “certificate of fairness”? And what exactly did it say? And what was the scope of his inquiry? 29. Purely from the minutes and the information you have shared in your Letter, it appears that the process that ended up selecting ITES was anything but fair and transparent, and this is a conclusion that is obvious even without looking at ITES' suitability for the role. (C) ITES was not qualified to assist the BCI in holding the AIBE and appears to have misrepresented its revenues and experience 30. You claim that the BCI “decided to allot the work to M/s ITES Horizon Pvt Ltd as back as in the year 2012, finding it to be most suitable for the Council and for the lawyers of the country”. 31. In the binding MOU that ITES signed with you, it undertook to create and distribute study materials for the AIBE 5, for effectively Rs 50 per candidate (Rs 650 in total per candidate). Did you not ask yourself the question whether a software outsourcing company without any apparent legal or testing experience to speak of, could promise to create materials that can prepare lawyers for their entry into the profession? What was it exactly that made you think ITES was qualified when compared to four companies that specialised either in running this very exam, other competitive exams and/or had major experience of dealing with the legal profession? 32. According to your minutes, ITES quoted a revenue of “around Rs 5.4 crores” when tendering, with experience of 13 years according to its website. You also stated in an interview with legal website Bar & Bench31, when asked how ITES was appointed: “ITES has been in service for the past 13 years and they have the relevant expertise in conducting such exams. We are satisfied with the way they are doing it and now everything is both online and offline. The number of candidates has increased and is around 35,000. It has become very easy for the candidates and the BCI through the bank challan system. Have you ever had a look at ITES' accounts that are available via the Ministry of Corporate Affairs (MCA), even online? If such elementary due diligence had been carried out, it would have been obvious that ITES was a company with a paperthin history. You not having carried out such basic checks is strong evidence of negligence, at the very least. (C.i) The ITES promoter had only joined the company in 2010 33. According to the company documents publicly available with the Ministry of Corporate 31 http://web.archive.org/web/20121128185236/http://barandbench.com/brief/2/2989/conversation-with-bci-chairmanmanan-kumar-mishra-aibe-foreign-law-firms-legal-education Page 14 of 46 Affairs, ITES Horizon Pvt Ltd was founded on 11 November 1999 by Puneet Tandon and Sheetal Sachdeva, who each held 49.5% equity shares in the company (see Annexure 4 – ITES directorship histories). Robab Khan, who fronted the tender as ITES' CEO on 30 July 2012, only became a director of ITES in on 5 August 2010 alongside Alamgir Mohammed Khan. Robab Khan held 99.9% of issued shares in the company; Alamgir Khan held 0.1%. On 27 August 2012, one day after you awarded the contract to ITES and entered into the binding MOU with Robab Khan, the company's original founders, Puneet Tandon and Sheetal Tandon (as Sheetal Sachdeva was then called, presumably after marriage to her cofounder Puneet Tandon) resigned from the board of directors. Alamgir Khan, who became co-director with Robab Khan in 2010, resigned from the company's board of directors on 29 September 2012, only one month after the AIBE contract was awarded. (C.ii) ITES Horizon was a non-operational company for the majority of its claimed '13-year' lifespan, and never had Rs 5.4 crore of turnover 34. ITES Horizon Pvt Ltd's financial statements available with the Ministry of Corporate Affairs throw up what should have been red flags in any due diligence of an IT company that claimed “around Rs 5.4 crores” in revenues and to have been operating for 13 years. Find below a tabulation of ITES' revenue, profits, losses and assets, extracted from the publicly available financial accounts where such figures where available (table and all original financial statements also in Annexure 3 – ITES accounts ): 2013 N/A N/A N/A N/A 1,542,005 Revenue Expenses Profit / Loss ASSETS & LIABILITIES Expenses payable Other payables Unsecured loans from directors Directors' current account Profit and loss account balance Cash and Bank Balances Trade receivables 702,775 4,383,893 1,121,682 1,001,361 3,745,312 2,387,645 Fixed Assets: Furniture & Fixture Fixed Assets: Office equipment Fixed Assets: Computers Total Fixed Assets 101,397 88,788 55,794 245,979 2012 (19,760) 2011 0 48,802 (48,802) 2010 0 2,500 (2,500) 2009 0 4,000 (4,000) 2008 0 4,000 (4,000) 2007 0 4,000 (4,000) 2006 0 3,700 (3,700) 2005 0 3,700 (3,700) 2004 0 1,79,753 (1,79,753) 2003 4,85,000 N/A 6,78,000 N/A (1,93,310) N/A 2002 51,900 421,682 397,082 372,082 342,932 342,932 342,932 342,932 342,932 342,932 919,524 (540,645) 5,745 0 (520,884) 5,785 (472,082) 0 (469,582) 0 (465,882) 0 (462,182) 0 (458,482) 0 (454,782) 0 (451,082) 0 (271,329) 63,314 (85,451) 307,600 29,772 33,364 40,744 464,302 528,713 138,698 230,873 231,163 340,217 17,280 9,912 8,600 3,013 27,192 11,613 0 0 0 0 0 0 A summary of the historical financial data, before the AIBE tender: • Between 2004 and 2011, ITES had zero revenues. • Between 2005 and 31 March 2010, ITES was essentially a non-operational company, with its only expenses being its auditing and related fees ranging from Rs 2,500 to Rs Page 15 of 46 4,000 per year. • Between 2005 and 2010, ITES had no assets, according to its balance sheets, with a bank balance of zero. • ITES recorded a loss every year for which records are available, from 2003 until 2012. Its only source of funds appears to have come from directors' loans in 2003. As at 31 March 2012, four months before it was bidding for the AIBE tender and two years after Robab Khan became a director of the company: • The 2011-12 financial year accounts were confirmed by the board, including Robab Khan, on 27 August 2012 (that is, one day after entering into the AIBE MOU with you). • ITES had total fixed assets of only Rs 27,192 and not even computer equipment on its books, according to its balance sheets of that year. It owned only Rs 17,280 worth of “furniture and fixtures”, and Rs 9,912 worth of “office equipment”. • “No person was employed by the company hence Provisions of Gratuity Act, Provident Fund Act and ESI are not applicable”, according to item number 5 in the “other notes” section to its balance sheet dated 31 March 2012. • ITES was running a loss of Rs 19,760 that year, while still carrying forward historical losses of Rs 540,645 from previous years. A full profit and loss account for that year, including the company's revenues, have not been published in the accounts. As at 31 March 2013, after ITES had conducted the first AIBE, the picture looks radically different: • The company turned its first profit since 2003, and perhaps since its incorporation in 1999: it made profits of Rs 15.4 lakh. • It's bank account balance jumped from Rs 5,745 the previous year to Rs 37.5 lakh. • ITES finally owned computers on its balance sheets again, for the first time since 2004, holding Rs 55,794 worth of computers as fixed assets. ITES also bought furniture & fixtures worth around Rs 1.01 lakh, and office equipment worth Rs 89,788. The value of its fixed assets were nearly 10 times the value of its total fixed assets a year earlier. It is clear that your minutes' desription of ITES' tender, as well as your later public statements about ITES, were an utterly unrealistic portrayal of the company that does not tally with publicly available financial data. In 10 years, ITES had never had revenues that even approached “around Rs 5.4 crores” - in fact, revenues were zero for the majority of the company's life. Furthermore, there is no way that the company's financial history can support your and ITES' claim that it had 13 years of relevant experience. In fact, the financial statements leave precious little, if any, room to imagine that the company had any relevant experience at the time of the tender. Page 16 of 46 (C.iii) ITES did not appear to have a website for most of its life 35. ITES' website at http://www.iteshorizon.com/ stated in September 2012: “We are ITES Horizon Private Limited, an organisation founded in 1999 well grounded in IT implementation and delivery for nearly 13 years.” 32 (see Annexure 5 – ITES Horizon archived website). ITES' website stated in September 2012: “Our area of operation involves Website Designing Website Development, Automation of Office via Internet or Intranet, Financial Software Development, Inventory Management and also Graphic Designing including printing and publishing.” 36. For an IT company that claimed “website designing” and “website development” as its top areas of operation, revenues of Rs 5.4 crores and a track record of 13 years, it is conspicuous that it did not appear to have a website at the http://www.iteshorizon.com/ domain between May 200233 until perhaps as late as September 2012, according to the Internet Archive's Wayback Machine, which preserves websites for posterity. 37. Historical domain name registration records of iteshorizon.com, which are available for a small fee via the website domaintools.com, show that the domain name expired around 2001 (Annexure 6 – ITESHorizon.com domain name registration records). The domain appears to have been without an owner until 2004, with records from 2008 stating that the domain name was owned by a design company based in Taiyuan, China. On 14 July 2012, ITES Horizon via Rakesh Neelam appears to have registered the domain name. LI and Kian reported on the obviously short-lived domain ownership history of ITESHorizon.com as early as 20 November 201234 after the official allindiabarexamination.com website went offline for three days. The article stated: The internet Whois database, which records the details of web domains’ registrants, states that the company’s website at iteshorizon.com was registered in July 2012, and lists the name, telephone number and email address of Rakesh Neelam, based in Noida. Neelam told Legally India he had entered into a franchise agreement with the owners of ITES Horizon around July 2012 for only one month. “After that I found it was not a reputed company I can work with”, he said, adding that he has since founded his own web and mobile technology company. The person Neelam had liaised with in buying ITES’ domain was Alamgir Khan, who heads up another technology company in Hyderabad according to his Linked-in profile. However, Alamgir Khan told Legally India that he was not involved in ITES at all. 32 33 34 https://web.archive.org/web/20130626073409/http://www.iteshorizon.com/ https://web.archive.org/web/20020524232514/http://www.iteshorizon.com/ http://www.legallyindia.com/Graduates-Bar-Exam/bar-exam-website-offline-for-3-days-til-tonight-as-ites-horizonremains-a-mystery Page 17 of 46 ITES’ current director Robab Khan had left Alamgir Khan’s company before joining ITES, but Alamgir Khan declined to confirm the date of her departure. He said: “Information [about when she left] I can not provide you. I can not give any sort of explanation. We are not in touch with her. We have our own stuff.” 38. Even ITES' September 2012 website contained reams of meaningless placeholder text, and links to its “Projects”, “Clients” and “Testimonials” pages were not functional according to the Internet Archive's historical copy of its website. It's “Contact Us” page35, for instance, had the following text under “Stories and Testimonials”: We live in a rational, left brain world with global technology at our fingertips. Yet as human beings, our soul is still fired by color and imagination. Our minds are storehouses of images and memories and through them God works in our hearts. Praying with our imaginations can create a deeper and more personal intimacy with Jesus, Mary, the disciples and others written about in scripture. We can take the familiar stories we know and let them flow through our own imagination and see where the Lord guides it. Some text towards the bottom of ITES' contact us page stated: It consectetur adipisicing elit Now we begin to imagine the scene we read about. Who is in it? What conversation takes place? What is the mood – tense? joyful? confused? angry? Both pieces of text have been plagiarised from a religious university website in Nebraska, USA36. 39. In December 2001, when the ITES website was last properly operational before September 2012, according to the Internet Archive37, the domain hosted a website that provided “medical transcription services”, describing itself as a: “Technology leader of Internet-based healthcare information services, ITES Horizon has intimate knowledge of state-of-the-art medical transcription technology and a vision for the future. We provide cost effective support to medical professionals.” Did you try Googling ITES Horizon Pvt Ltd when they submitted their tender? Did you ask them for a portfolio of websites or projects they had managed over the past 13 years? Interestingly, even now, ITES' website's portfolio section only lists that it has38: a. “developed software for Logistics Company”, which is unnamed; b. “developed software for schools” to “easily maintain all the details of school like as attendance detail, fee detail, student detail, transport detail, library detail, holidays detail, 35 36 37 38 https://web.archive.org/web/20120913053342/http://iteshorizon.com/contact.html http://onlineministries.creighton.edu/CollaborativeMinistry/Imagination/Intro.html https://web.archive.org/web/20011211135931/http://www.iteshorizon.com/aboutus.htm http://iteshorizon.com/Portfolio.aspx Page 18 of 46 functions detail, events detail or many more” (sic). The school's web site linked to at http://school.saisodaking.com/ was not operational as of today; c. “developed software for university”, which is unnamed, but “is successfully running for previous five years” and maintains “all the records of university”; d. “developed a amazing software for restaurants” that “calculate the sales and purchase of restaurants and inform owner of restaurnnt” (sic); e. “developed a reliable software for hotels”, which seems to do the same as the above restaurant software and again lists no company names; f. “Exporters Software developed for an Brazil client”, having “build the backend Dashboard that can easily calculate total sale purchase of compnay” (sic). This does contain a functioning web link to http://hosindia.in/, though rather than a Brazilian company that is a company with an address in Delhi. g. “developed a software for dental hospitals.This software made for an US Client.Use of this software user can manage whole work of hospital on fingers.” (sic). No client name supplied. and h. Built “Quickflixer.com is an free post classified web application.We use microsoft technology to build this Web application.” That website is not operational as of today. Its work on the AIBE with the BCI, which should clearly be ITES' biggest and most complex project to date, is conspicuous by its absence in its portfolio section, as is the work ITES claimed to have done with Global Open University. 40. In its tender as recorded in the 30 July 2012 minutes, ITES claimed that its “experience of holding examination other than AIBE” was that it had “conducted exam of Global Open University”. According to news reports from December 2013, a Global Open University in Nagaland was probed by the police for allegedly issuing fake certificates39, and in April 2015 the prochancellor of the college was reportedly arrested for an alleged “fake degree racket”40. Of course, those news items only surfaced after you award the tender, but they do cast doubt on the credibility of ITES experience in conducting exams. Did you receive detailed information at the time of ITES' tender about exactly what its exam at Global Open University entailed? Did you do any due diligence of or try to verify ITES' claims to examination experience? 41. To clear up any doubt, you must publish the complete tender documentation and all correspondence relating to the tender of all bidding companies, including ITES, on the BCI's website. 39 40 http://www.thehindu.com/todays-paper/tp-national/tp-andhrapradesh/fake-certificates-case-takes-aturn/article5464784.ece http://www.hindustantimes.com/bathinda/punjab-police-bust-fake-degree-racket-of-nagaland-varsity/article11334038.aspx Page 19 of 46 In light of ITES' nearly non-existent prima facie credentials and track record, disclosing everything is the only way that remains to explain why, according to the BCI's minutes, ITES was the “most suitable for the Council and for the lawyers of the country” to run the AIBE when surely there must be thousands of technology companies in India that must be more professional, experienced and competent. (C.iv) The last AIBEs had enough defects to warrant investigation 42. You gave several examples, claiming that since 2012 the AIBE has been conducted “without any complaint or grievance from any corner and except a person / the so-called media like you, up till now, nobody else has found any sort of defect in the functioning” of ITES, and give several justifications for repeated delays and postponements. This is not supported by evidence. The BCI has been running the AIBE for five years now and it still can't seem to find a date first time around that does not interfere with LLB exams or otherwise conflict with something else. The BCI can not fix a date and simply stick to it, without postponing it every single exam in the last three years? Postponements cause hardship to practising advocates and students, who may be completing master's degrees abroad and need to reschedule trips due to last minute changes to the schedule by the BCI. That belies a serious lack of organisation or competence, either on the side of the BCI or of the contractor or both. You never adequately explained the reason for the fee hike from Rs 1,300 during AIBE 1, 2 and 3, to Rs 1,900 and now Rs 2,500. Why is it necessary, other than the BCI needing increased funds because it does not receive money from the Centre? If you are claiming that the court has exonerated the price rise, please provide a case citation and reference of such an order. Why did you backtrack on your plans to provide useful study materials to students from AIBE 5? The “provisional permission” to practice was introduced to deal with the delay between AIBEs. According to its minutes, the BCI undertook to hold three AIBEs per year. The only 12 month period that has ever seen three exams were AIBE 1, 2 and 3, conducted by Rainmaker. The only ITES-conducted AIBE that was held within five months of the previous one, was AIBE 6. The others faced delays of 11, 8, 8 and 7 months. Why have you and ITES not been able to hold the AIBEs more regularly to reduce the hardship of young advocates and the dependence on temporary practicsing certificates? Those are only the tip of the iceberg of problems with the most recent AIBEs but those are sufficient to establish the main, unanswered point: the BCI has been conducting the exam for five years now, surely these problems should have been solved by now in order to reduce the hardship and inconvenience of young practising lawyers. Page 20 of 46 (C.v) Breach of data privacy 43. There are further question marks about the effective conduct of the exam. When you met with Kian on 30 October 2014, shortly after your term as chairman came to an end and just before you were elected by the other BCI members again in November 201441, you told Kian that an individual contractor of the BCI was caught red-handed emailing 6,000 AIBE candidates to get them to purchase study materials in a scam operation. You said that the contractor's access to the candidate database was immediately blocked and the contractor was removed, though no criminal action had been taken. Your conduct in not pursuing legal action against the parties concerned regarding serious breach as explained above casts serious doubts over the integrity of the examination process conducted by the BCI. Additionally, the opaque regime perpetrated by you at the BCI ensured that the candidates to the bar exam weren’t aware of any breach committed by those contractors who were engaged by the BCI. 44. Kian also told you at that meeting that he had been contacted by an anonymous party via email, asking him to buy a database of AIBE candidates. You said that you were not aware of this specific incident having happened but did not seem overly concerned. 45. That person going by what was presumably a pseudonym - Lloyd Brinkley - had offered Kian the purchase of 18,638 applicant names of AIBE 7 on 8 July 2014, including candidates' email addresses, date of birth, full address, phone number and whether they were fresh or repeat applicants, at a cost of US$0.50 per contact ($500 for 1000 advocates) requesting payment to a Paypal account. The person was able to supply a small number of candidates' sample data that appeared to have been genuine and even claimed to have been able to procure data of AIBE candidates who had applied for the exam after 8 July. The information offered either suggested that someone close to the BCI was leaking the information to them, or that they had compromised the security of the AIBE's internet servers. This episode demonstrates either a lack of operational or information security by ITES and/or the BCI in dealing with confidential information entrusted to them by AIBE candidates, and calls into question the suitability of ITES and/or the BCI to conduct the tender. (D) Even compared to the first AIBE tender, the ITES tender is suspect 46. You claim in your Letter: “In the year 2010 M/s Rainmakers was awarded the work to conduct AIBE @ Rs 900 41 http://www.legallyindia.com/201411115288/Bar-Bench-Litigation/mk-mishra-back-as-bci-chairman-with-madrassenior-s-prabakaran-as-co-chair Page 21 of 46 per candidate and in the year 2012 when fresh tenders were invited, M/s Rainmakers expressed its readiness to do it @ only Rs 560/- per candidate. Meaning thereby, that it had cheated the candidates for 2 years. And this was also one of the reason for non-grant of work to your agency.” 47. Are you seriously claiming that Rainmaker and the BCI, which awarded the contract to Rainmaker, were cheating candidates for two years between 2010 and 2012? You were a member of the BCI when the first AIBE contract was awarded to Rainmaker, were you not? Why did you not raise your voice then? Do you bear responsibility for 'cheating candidates' or who else was responsible, if not you? Have you made any investigation into that tender? What did you conclude? 48. In your letter, you appear to refer to the email Kian wrote to you on Friday, 15 May 2015, requesting a comment on why ITES was picked in the tender. You alleged in your Letter: “In the letter written to me vide your email dated 15.05.2015 in which you had made several queries and had sought certain answers from me with regard to allotment of work to M/s ITES Horizon Ltd. in the year 2012. It is relevant to point out, at the very outset, that while you have quoted the names of M/s Aspiring Minds, M/s Pearson VUE and M/s Manupatra Information Solutions Pvt. Ltd, you have deliberately and purposely left the name of your agency i.e. M/s Rainmakers which was also one of the aspirant for the work of All India Bar Exam in the year 2012. Certainly, since, you were/are a part of M/s Rainmakers and you know it fully well that if this fact is known to the viewers, they will immediately realize the truth of your misdeeds and mischief and your oblique motive with which you have been publishing your stories against Bar Council of India from July, 2012 onwards.” (emphasis yours) Your statement is a defamatory and gross misreading of Kian's email and the logic of your argument or how your conclusion follows from your premise is non-existent. In any case, this is what Kian actually wrote to you on Friday, 15 May by email, that had copied in Prachi: Dear Mr Mishra, I hope you are well. We just had a few quick questions about the AIBE contract that was awarded in 2012. According to the BCI meeting minutes of 30 July 2012: “representatives of M/s Aspiring Minds, M/s Pearson Vue and M/s Manupatra Information Solutions Pvt Ltd. flatly refused to give a place to a representative/staff of Bar Council of India for proper coordination and answer the queries of the candidates which has been a big problem for the Council during the last two years. They declined to have their offices in the premised of Bar Council of India even for the purpose of liaisoning… “M/s ITES Horizon Pvt Ltd has agreed to set-up its one small liaisoning office in the Page 22 of 46 premises of Bar Council of India for the purpose of proper coordination with the candidates and its employees. Moreover the rate quoted by it appears to be reasonable and practical.” Was this requirement communicated to all other four contractors before they applied for tender? When were the companies asked to give a place to the BCI or have an office in the BCI premises? Also, Pearson Vue had lower quotes than ITES but arguably had much more real world experience and credentials than ITeS in carrying out an exam, also in the legal field why were they not selected, other than the office issue? Finally, was ITeS part of the original 4 tendering companies? We reported at the time in several stories, that the four were rejected and ITeS came in later. Did they submit their tender and payment by the 30 July deadline? We'll be publishing a story on the minutes soon - please email me if you have any queries or call me on 0900 405 6651. Best regards, Kian It should be perfectly obvious why Rainmaker was not mentioned in Kian's email: the minutes specified that Rainmaker was willing to work in the BCI offices (as indeed it had done during the first three AIBEs) but that the BCI had rejected Rainmaker because they had decreased their quoted cost from Rs 900 to Rs 650 / 500. As subjective as your decision to disqualify Rainmaker may have been, the questions posed to you pertained to why the BCI rejected the other three bidders, which allegedly “flatly refused” to work out of the BCI office. Needless to say, despite giving you ample time and opportunity to clarify your position, you did not respond. We published the following article four days later, on Tuesday 19 May 2015, on the minutes and the 2012 tender: RTI’d minutes of BCI reveal how multi-crore bar exam contract was awarded to mystery 5th bidder ITeS Horizon #longread Nevertheless, the questions of Kian's email are worth reiterating since you have provided no rebuttal of the facts or satisfactory explanation to the question: were all the bidders told that working at the BCI's office was critical or apparently the most important criteria to winning the contract? (D.i) The contract you entered into with ITES was unadvantageous to the BCI 49. That said, purely as a matter of common commercial sense, conceptualising and setting up an AIBE for the first time must have been a far riskier and expensive endeavour for a Page 23 of 46 company and the BCI back then. For the cost of Rs 900, on top of what is now the normal AIBE procedure, the BCI (and candidates) got from Rainmaker: a. a new BCI website at http://www.barcouncilofindia.org , b. a complete set of printed study materials running to several hundred pages for each candidate, c. a set of practice questions, d. a commercial entity taking the risk that the AIBE would never happen due to the numerous legal challenges of it and other obstacles a first-time AIBE faces. 50. Now please compare that to the bargain you struck with ITES Horizon Pvt Ltd (“ITES”), the contractor that you selected to replace Rainmaker for the fourth and subsequent AIBEs from 2012 onwards. According to the binding memorandum of understanding (the “MOU”) that you personally entered into with ITES on 26 August 2012, as disclosed to us via RTI by the BCI, you agreed to pay ITES Rs 600 per candidate. This is what the BCI and candidates got from ITES (or, in fact, didn't get): a. No new BCI website to date, no updates at all to the BCI website's functionality (despite ITES undertaking in the MOU to build one), b. No study materials, printed or otherwise to date (despite ITES undertaking to provide such materials in the MOU from AIBE 5), c. No practice questions for candidates to date (despite ITES undertaking to upload five model question banks on the BCI website by the time that AIBE 4 admit cards were supplied), d. ITES taking over a tried-and-tested AIBE that had already been held three times, where most of the legal risk had been dealt with, and that was a guaranteed cash cow to any winning contractor. e. According to your MOU, ITES and the BCI would share copyright in the preparation materials (these are the same copyright restrictions that Rainmaker and the BCI had, which had earlier resulted in the unfortunate position of the BCI not being able to re-use Rainmaker's study materials and having to ask for contractors to re-create those materials. You were aware of this issue and the problems 42 it caused, so why did you surrender joint copyright to the contractor again?). 51. Almost nothing in the bargain struck with ITES seems like you, the BCI or the legal profession got a particularly great deal, particularly when you had four other companies with a wealth of experience of the legal profession or in conducting competitive examinations on42 www.livemint.com/Politics/Z9HH7jg4q8Any5PILN9FfP/The-India-bar-exam-a-regulators-rocky-road.html Page 24 of 46 and off-line. (D.ii) You increased the cost of the AIBE by nearly 100% despite supposedly having saved money on the contract 52. Continuing on the topic of 'cheating candidates' out of money at the start of their careers when they need it most, as you alleged when faced with Rainmaker's audacity to reduce their bids, you might like to remind yourself of the following. Under Rainmaker the AIBE cost candidates Rs 1,300, including the printed test materials and all the other things mentioned under above. After you awarded the AIBE 4 contract to ITES, candidates paid Rs 1,900 each, despite ITES apparently charging Rs 300 less than Rainmaker used to. Please explain why this price rise was necessary and how you did not 'cheat the candidates' by hiking the cost? In November 2012, you said in an interview43, when asked why the price was raised: The students have raised no objections. Otherwise the number of candidates appearing for the upcoming exam would not have increased to about 35,000. Only some particular elements with vested interests are raising bogus allegations and objections. You see the entire expenditure of the Council, right from the BCI up to State Bar Councils, the advertisements; the cost of the staff etc. have increased. The BCI has also decided that a part of this income from the AIBE will go for the welfare of the lawyers. Now, the candidates who are going to join the profession will also be benefited. This income is not for any particular individual. This is an institution and we have certain duties under the Advocates Act, which includes welfare of lawyers for which we don’t receive any grant or aid from the government. Therefore, this increase cannot be questioned. See, for writing the CLAT the total fee is Rs. 3,500, but nobody is raising his or her voices against this. All this hue and cry is being made for the AIBE fee of Rs. 1,900. Only a few persons who could not succeed in the tender are doing this. They are setting up persons and making these bogus objections through the media. We were ignoring it, but now they are crossing the limit. None of the above, or any other reasons you have listed so far, are valid or fair. Also, please then explain why for AIBE 6 you increased the price yet again to Rs 2,500 each, despite presumably ITES' charges remaining the same. You do realise that candidates now pay nearly 100 per cent more than what they used to while, as you alleged, Rainmaker was 'cheating candidates', right? You may claim that the increased fees went straight to the BCI and the state bar councils who used the money for the “welfare of lawyers”, according to the minutes you shared with us via RTI (at Rs 1,900 per candidate, that translated to Rs 800 for the BCI, Rs 650 to ITES, 43 http://web.archive.org/web/20121128185236/http://barandbench.com/brief/2/2989/conversation-with-bci-chairmanmanan-kumar-mishra-aibe-foreign-law-firms-legal-education Page 25 of 46 and Rs 550 for the state bar councils). Notwithstanding the apparent arbitrariness of the price hikes, it goes without saying that at the very least you must then provide a full itemisation of how the funds from the AIBE have been utilised by the BCI and the state bar councils for the “welfare of lawyers” or otherwise. The lawyers who voted for you in state bar council elections and the young lawyers who paid increased AIBE fees have a right to be informed of this information, other than your general duty of accountability as the chairman of a body created by statute. (D.iii) Another wrong, which has already been reported on, does not make you right 53. You write: “So far your attempt regarding the manner of allotment of work to your agency (M/s Rainmakers), I don't want to say anything else, except the fact that the allotment of work to M/s ITES Horizon Pvt. Ltd. is much more fair and transparent than that of M/s Rainmakers. And apparently it was due to this reason that you did not ask for the minutes of Bar Council of India of the year 2010 containing the allotment of work to M/s Rainmakers and you have deliberately asked for and published the copies of minutes (through your RTI application only after June, 2012. This itself speaks volumes. The comparative study of the processes adopted by the Bar Council of India in the year 2010 and 2012 will reveal the truth.” Are you admitting to wrongdoing by the BCI in the tenders awarded in 2010 to Rainmaker? If so, what action have you or the BCI taken against those who acted in a "less fair and transparent manner" during the tender? And who are you accusing of not having been fair in 2010, seeing as you were also a member of the BCI at the time? And why did you say in a November 2012 interview44 that: The agreement with Rainmaker actually concluded in March 2012. The BCI simply decided not to extend the agreement with Rainmaker because several questions were being raised about some irregularities with regard to Rainmaker although there was in fact no irregularity. Was this, in fact, not a fact at the time? And have you received any new information since then? 54. Second, it is surprising that you seem to have such selective memory about LI's reporting. You must remember that LI reported many stories about the difficulties experienced by AIBE 1-3 under Rainmaker and then-chairman Gopal Subramanium, whom LI repeatedly questioned about the lack of a tender process in selecting Rainmaker. In fact, LI wrote around three times as many articles about AIBEs 1, 2 and 3, as it did about AIBEs 4, 5, 6, 7 and 8. 44 http://web.archive.org/web/20121128185236/http://barandbench.com/brief/2/2989/conversation-with-bci-chairmanmanan-kumar-mishra-aibe-foreign-law-firms-legal-education Page 26 of 46 To aid your memory, here are just a few of the dozens of stories LI did between 2010 and 2012 that highlighted some of the problems with the first three AIBEs (full archives available at http://www.legallyindia.com/bar-exam?lang=en&limit=25&limitstart=75 ): a. Bar exam RTI appeal: BCI flip-flops on service provider tenders; still no financials b. BCI deflects RTI on bar exam fees, admits no process to select Rainmaker c. 82% of 2010 grads want bar exam dead d. BCI members postpone bar exam to 2011, subject to Subramanium sign-off; Rainmaker off next exam (UPDATE-1) e. A fine mess: Bar exam cases still in limbo as 4 of 6 respondents inactive in apex court f. State bar councils speak out against bar exam, to support writ petitions g. BCI replies to more LI readers' bar exam FAQs h. Bar exam Q&A with Gopal Subramanium: Postponing exam 'disastrous'; Concession being discussed 55. Notwithstanding the above, you do make one correct point: the process to select Rainmaker for the first AIBE was far from transparent. That said, in light of the process disclosed by the BCI's minutes, the bids received and how difficult it was to get those minutes from the BCI via RTI, it is hard to take your assertion at face value that your 2012 tender was more transparent or fair than the 2010 tender. Addressing 2010 first: in September 2010 the BCI admitted in an RTI response filed by advocate and academic Anup Surendranath, which was published on LI at the time, that “no public notification was issued inviting proposals” to conduct the AIBE. Strangely, by January of 2011 Surendranath's RTI appeal that was also published on LI yielded a different response from the BCI, claiming that Tata Consultancy Services, Sify and Imaging Solutions had been contacted for tenders. To any reasonable mind, the mystery that remains around the 2010 tender is far smaller and has been extensively reported on already. Furthermore, Subramanium has always provided fairly candid answers on the issue, even if they did suggest that the process was not transparent or broad-based enough. And as set out in point above, if, as you allege, the 2010 tender was so terrible, why didn't you do something about it and launch an investigation when you became chairman? 56. There's another simple answer for why LI only requested minutes from 2012 onwards: you have been running the most opaque and secretive BCI in years. Subramanium was committed to publishing the BCI's minutes on the website, which he did several times before he left office due to ceasing to be solicitor general. His brief successor and your predecessor, Ashok Parija, promised in April 2012 that that Page 27 of 46 meeting minutes would be published again soon45. And in fact, when you took office as chairman in 2012, you may recall that LI, Kian and Prachi asked you several times to publish the minutes of various committees on the BCI's website, which you promised you would do but never did. One reader's comment on LI46 asked this following in November 2012: “Also, the next time you meet with [Manan Kumar Mishra], would you please ask him why the Legal Education Committee meeting minutes haven't been updated in almost two years on the BCI website. He talks about 5-10 colleges being de-recognized, but the general public has no way of knowing if the minutes are not published. Is there a special reason why? If BCI doesn't have the technical acumen to put up copies of minutes online, the least they could do is to give LI a paper copy, and you guys can post it. Of course, I mean that in a silly way, but really, why the delay. The last minutes from the LE committee are from April 2011?? Kian, could you please take this up with BCI. The last time you interviewed then BCI chairman Parija, he said the minutes will be up on the BCI website "soon." Here is what he said "The Bar Council of India (BCI) is set to get a new chairman, as current chair Ashok Parija has said that he would not run for a second term in the 16 April elections, as Parija said that the BCI closed 100 colleges since former chairman Gopal Subramanium’s tenure and that it would publish its meeting minutes again." Why the delay?” Kian responded in the comments, after having talked to you about it many times: We have asked, and asked, and asked for the minutes at least have a dozen times, and kept being told, yes, we'll upload them soon. We're filing an RTI to get them, we'll see what happens. Well, Prachi did file an RTI in April 2013 for the minutes, which you successfully managed to delay by asking us to come to the BCI for an inspection without ever confirming a concrete time. We got distracted at the time and our application lapsed. You might also recall that even this latest RTI request (that restricted itself only to the last three years) took six months to succeed, mostly due to delay at your end and promising inspection of documents but then refusing to allow Kian and Prachi to take copies. And since you mentioned transparency in the Letter, why did the BCI in January 2015 contractually try to force AIBE takers from waiving their statutory rights under the RTI Act? ( Thin ice: BCI forces bar exam takers to waive RTI rights & pay BCI's costs if losing legal challenge47 ). Why can you not be transparent in what you do in your elected position at the BCI? Don't you think the lawyers who voted for you don't deserve to know what it is that you do in 45 46 47 http://www.legallyindia.com/201204132737/Bar-Bench-Litigation/outgoing-bci-chair-parija-says-100-more-lawschools-been-shut-young-lawyers-trained http://www.legallyindia.com/201211273276/Bar-Bench-Litigation/bci-chairman-mishra-slams-academics-remainsanti-foreign-firm-shutting-more-law-schools-several-plans-on-ice#comment-36046 http://www.legallyindia.com/201501075475/Bar-Bench-Litigation/bci-aibe-undertaking Page 28 of 46 Delhi? 57. And just because you claim without any evidence that the 2012 tender was fairer than the 2010 tender, does not absolve the 2012 tender from scrutiny but actually puts the onus on you to investigate both tenders. It does not put any obligation on LI or anyone else to investigate potential historical wrongdoing at the BCI and your vague attempts to point towards 2010 appears like a diversionary tactic to shift blame from what happened on your watch. 58. Anyone with half a brain was shocked when the award of the tender to ITES was announced in August 2012 as only cursory web searches and common sense cast serious doubt over the qualifications of the company you entrusted to carry out a national exam that affects the futures of lakhs of young advocates. It was every lawyer's and journalist's professional duty to cover the award of the tender critically, despite your obvious resistance to such coverage. (E) Your tenure at the BCI has been nothing but opaque 59. You write: “You are wrong in saying that Bar Council of India cannot disclose the pass-rate or the number of candidates. In fact, in order to avoid the multiple and large number of litigations throughout the country, the Bar Council of India has taken certain resolutions.” Everyone understands that BCI budgets are limited and the BCI is a heavy target for litigation, but the pass rate needs to be available to the public at large and candidates for scrutiny. Furthermore, if you conducted the exam more transparently with better technology, giving all candidates instant electronic access to answer sheets without any additional charge, for instance, that would no doubt considerably reduce the litigation and RTI requests that you currently have to deal with. 60. The BCI, despite being a statutory body, has under your tenure as its chairman never voluntarily published any of its minutes, audited accounts or any other information about what you do with the AIBE or other funds in any accessible or transparent manner. This is in stark contrast to BCI chairman and then-solicitor general Gopal Subramanium, who between 2010 and 2011 made it a point to publish minutes of important BCI committees on the BCI's website. 61. The Times of India reported that you complained at a national seminar on the RTI Act 2005 at Patna Law College that “the BCI's examination department has to deal with at least 10 RTI cases, relating to all India bar examination, every week ever since it has been introduced.”48 48 http://timesofindia.indiatimes.com/city/patna/RTI-Act-being-misused-by-some-says-BCI- Page 29 of 46 That is not surprising, since under your tenure you have voluntarily released as good as no information about the AIBE, leaving candidates and advocates in an information vacuum. The Central Information Commission (CIC) too directed the BCI to proactively disclose AIBE question papers and answer keys on its website, in accordance with its obligations under RTI, as reported by the Press Trust of India49. The CIC held in its order50 dated 17 March 2015: The Commission observes that it was not proper on the part of Bar Council of India for not providing the copies of AIBE IIII question papers on the excuse that they were not handed over by Rainmaker. It is the bounden duty of the Bar Council of India to make all the previous question papers available to the young lawyers. If the firm which conducted tests has not handed over the copies of examination papers, the Bar Council of India should have initiated legal action to recover them. The Commission requires the Public Authority to collect the copy of question papers with key for first three years from the Rainmaker firm which conducted examination, and keep the same on official website for the use of young lawyers. The Commission also requires the Bar Council of India to provide question paper along with the key on the official website immediately after completion of every Examination, which will avoid exploitation of young lawyers by the commercial elements through selling the question papers with key at exorbitant rates. The Commission directs the Bar Council of India to report the compliance within one month of the orders above. The appeal is disposed of. Needless to say, that order has not been complied with by the BCI, more than two months after that order. And in January 2015, you changed the terms and conditions for AIBE candidates, requiring them to waive their statutory RTI rights and to promise to pay the BCI's costs if they filed a legal challenge against the BCI and lost51. Under your chairmanship, the BCI also had a regular track record of ignoring, avoiding or misreading RTI requests, such as this one filed by a lawyer on 28 February 2014 about the AIBE, which the BCI chose to answer in what was at best a lackadaisical manner52. There are many more examples of advocates who elected you and to whom you should owe a duty of accountability, being refused reasonable information. 62. In light of your statements and track record, the only reasonable explanation is that keeping the BCI as secretive and opaque as possible is a deliberate policy decision that intentionally violates the BCI's statutory and moral obligations. 49 50 51 52 chief/articleshow/46809135.cms http://www.business-standard.com/article/pti-stories/post-bar-examination-question-papers-keys-on-website-cic115032300365_1.html#top http://www.rti.india.gov.in/cic_decisions/CIC_SA_C_2014_000434_M_150428.pdf http://www.legallyindia.com/201501075475/Bar-Bench-Litigation/bci-aibe-undertaking http://www.legallyindia.com/201501155495/Bar-Bench-Litigation/textbook-obfuscation-how-the-bci-dealt-withone-lawyer-s-rti-by-misreading-ignoring-89-of-questions-twice Page 30 of 46 63. Finally, in an unsolicited email sent by you on 31 May 2015 to Kian 53, around one week after your Letter, you stated: Nobody can prove any sort of malpractice or any incident of corruption in any of the activities of BCI.in last 3-4yrs.Some people who r having some personal vendetta against BCI may utter any baseless thing,we damn care & when needed we take appropriate action also. If your strongest defence to questions of unfairness and opacity in the 2012 tender is that “nobody can prove any sort of malpractice or any incident of corruption in any of the activities of BCI” during your tenure as chairman, that is an exceedingly feeble argument. The facts being as they are, and even without LI, Kian or Prachi ever having accused you of corruption, the onus must be squarely on you to prove fairness by providing complete and unequivocal transparency to all media and any others who are interested of all of the BCI's activitites during your tenure as chairman. (F) Bar exam prep courses are 100% legal 64. You claim in paragraph 1 of your Letter that LI has published news articles: “at the instance of the earlier agency and only because the Council has virtually stopped the sale of some study material/guess papers which was being published and sold @ Rs. 2800 by a few people attached with Legally India and M/s Rainmakers [sic, etc]. It is therefore resolved that the Council shall take appropriate legal action against 'Legally India' and all other concerned or individuals who are responsible to issue defamatory and objectionable statement against the Bar Council of India. Hon'ble Chairman [Manan Kumar Mishra] is authorized to take appropriate action.” 65. This statement is factually inaccurate, defamatory and illogical on nearly every level. 66. First, specify any instance in which the Council has “virtually stopped” the sale of any “study material/guess papers”. To the best of Kian's knowledge, the BCI has never stopped or attempted to stop the sale of any preparation materials. 67. LI can not speak for Rainmaker, as it is literally a completely different and independent company to LI despite your unfounded assertions to the contrary, as rebutted above in paragraph 2 and subsequent paragraphs). But to the best of LI's knowledge, Rainmaker, having been the BCI's official contractor to the first three AIBE, never offered or sold preparation materials to the AIBE other than what was mandated in its contract with the BCI to be provided to students (the terms of which were revealed via an RTI filed by a journalist in 2012, which LI re-published in October 201254). Furthermore, your allegation that “a few people attached with” Rainmaker were selling preparation materials is serious and potentially defamatory, and reflects badly on the BCI and Rainmaker: it would have been deeply unethical and an obvious conflict of interest for 53 54 http://www.legallyindia.com/Bar-Bench-Litigation/bci-mishra-emails-li-to-be-positive http://www.legallyindia.com/Graduates-Bar-Exam/revealed-rainmaker-had-entered-into-wide-letter-of-intendedjvs-with-bci-but-most-never-took-off Page 31 of 46 the BCI to allow the contractor entrusted by it with setting the test to also sell additional materials and courses to allow examinees to pass it. 68. You claim: “When you (M/s Rainmakers) were denied the work of All India Bar Exam, you adopted another malpractice to make money from the candidates and in order to exploit them, you started selling study material online for an exorbitant price (approximately Rs. 2800/- per candidate) and you tried to mislead the students using the name of M/s Rainmakers and other agencies. You have admitted this fact in your conversation made on 15.12.2014 with me. We have ample material to establish this fact.” LI would absolutely love to see such “ample material” establishing the facts that: a. LI is Rainmaker, b. LI, through Rainmaker, pitched for the AIBE, c. LI tried to mislead the students using the name of M/s Rainmakers and other agencies, and d. That Kian admitted in a conversation between you, that was recorded and published with your consent, anything other than the fact that Barhacker, which has NOTHING to do with Rainmaker, makes AIBE preparation courses. Please feel free to refresh your memory by listening to the conversation on LI55. 69. Furthermore, you seem to labour under the misapprehension that iPleaders and Rainmaker are the same entity. In fact, they are direct competitors: iPleaders and Rainmaker's MyLaw platform both offer online legal education courses. A single visit to iPleader's homepage at http://www.ipleaders.in and to its AIBE preparation course at http://www.barhacker.in would have clarified the origin of Barhacker for you. Having apparently not done even this basic piece of research before making your allegations, belies either a reckless disregard for the truth or malice. Furthermore, your entire argument is devoid of logic: an AIBE preparation service such as Barhacker would actually benefit from a badly-run AIBE conducted by an agency that does not supply model questions, past exam papers, preparatory materials or anything else that would make students feel more at ease about what they are likely to face. It is therefore logically nearly impossible to see what incentive there would be in LI opposing the appointment of ITES, and why you would keep advancing that argument. 70. The actual story of Barhacker, for your future reference, is that on 27 February 2010, Legally India launched the BarHacker bar exam preparation course with Intelligent Legal Risk Management Solutions LLP (“iPleaders”), a company started by two students at NUJS Kolkata at the time56. 55 56 http://www.legallyindia.com/201412155428/Bar-Bench-Litigation/li-mischievously-asks-bci-chairman-mk-mishrawhy-he-s-trying-to-hide-bci-minutes-listen-to-his-response http://www.legallyindia.com/201102271847/Law-schools/prepared-for-all-india-bar-exam-stop-worrying-well- Page 32 of 46 Before the very first AIBE students were under considerable stress and apprehension about the upcoming first AIBE. Coincidentally, on a visit to Kolkata for a conference held by NUJS Kolkata, a few weeks before the first AIBE, Kian met two very entrepreneurial final year students of NUJS Kolkata – Abhyudaya Agarwal and Ramanuj Mukherjee. Other than starting a successful company while they were still in college (called iPleaders, a.k.a. Intelligent Legal Risk Management Solutions LLP) they had also created original preparation materials and model questions to help students prepare for the first AIBE with academic assistance from a number of researchers they hired. The work they had done was impressive. However, they had no easy way of reaching those most in need of the materials. We decided to work together and use our joint technical know-how to create an online learning platform in record time. We also used the Legally India platform to advertise the course, which we christened Barhacker. All of the students who took the course passed and were very happy with the product, which included original question banks, original materials to help students make better use of the BCI-provided preparation materials and even live doubt clearing sessions and coaching over telephone. Barhacker has gone from strength to strength and has been updated with up-to-date laws and curriculums created by the BCI for every single AIBE held by the BCI, and continues to boast a nearly perfect pass record and alumni satisfaction. A large number of alumni have shared positive testimonials in praise of the material in writing a few of which are shared publicly on the BarHacker website itself. 71. Since the Barhacker story is essentially a positive story, it has been puzzling that since 2012 you have repeatedly expressed your displeasure about Barhacker to Kian in conversations and in one public interview. Why should the BCI have a problem if lawyers are happy paying for a service that helps them pass an exam, study effectively and calm their nerves with online mock exams? For instance, you said in an interview in November 201257: See, for writing the CLAT the total fee is Rs. 3,500, but nobody is raising his or her voices against this. All this hue and cry is being made for the AIBE fee of Rs. 1,900. Only a few persons who could not succeed in the tender are doing this. They are setting up persons and making these bogus objections through the media. We were ignoring it, but now they are crossing the limit. We also found that these people were selling all the study material and the model 57 help-you-crack-it-sponsored http://www.legallyindia.com/201103011857/Law-schools/bar-exam-writ-hits-delhi-hc-on-new-grounds-to-discloseexam-results http://www.legallyindia.com/201103021865/Law-schools/barhacker-indexes-go-viral-with-associates-bar-examgrads-like-the-course-sponsored http://web.archive.org/web/20120915000000*/http://www.barandbench.com/brief/2/2989/conversation-with-bcichairman-manan-kumar-mishra-aibe-foreign-law-firms-legal-education Page 33 of 46 question papers for AIBE for Rs. 2,800. We don’t want a shop should be set up for this (AIBE) and therefore we won’t be giving out any study material this time. These people are trying to pressurize ITES Horizon and the BCI to give the model question papers on the website. We are not giving out any study material. The students will be asked simple questions from their LL.B course and no other study material or model questions is required. We will issue our model questions 3-4 days before the exam just to make the students acquainted with the pattern and nothing else. We have already disclosed the syllabus which includes the subject list and marks for each subject. Since you brought up the Common Law Admission Test (CLAT) in that interview, your statements about bar exam preparation courses are akin to the CLAT committee being upset about CLAT coaching institutes. Then, after literally years of mystery about why you were so opposed to bar exam preparation courses, the binding MOU you entered into with ITES finally provided something that could remotely explain your hostile attitude to a valid and much-needed commercial venture. As reported on LI on Tuesday 19 May 2015, clause (g) of the MOU stated: “ITES Horizon shall have the exclusive right to publish official test preparatory question papers and model answers for the Qualifying Examination (“Test Prep Series”), both electronically and in print, which shall include the right to create any electronic interface, software programmes, and hardware-linked solutions for the same. “ITES Horizon shall, in writing, enter into a mutually agreed upon revenue share with the BCI prior to the release of the Test Prep Series. BCI agrees and permits ITES Horizon to use the phrase 'Accredited and Approved by the Bar Council of India', or variants of the same, along with the logo and name of the BCI and ITES Horizon on Test Pres. (sic) Series.” (emphasis LI's) Furthermore, the MOU stated that: “the copyright in the Test Prep series shall belong exclusively with ITES Horizon”. That sounds nice in theory as another revenue source for the cash-strapped BCI. But it's just slightly ironic that you accuse Barhacker of selling AIBE prep courses “in order to exploit” students, when ITES and the BCI signed an agreement to apparently do exactly the same thing. It also raises a horrifying potential for conflict of interest when the entities that are running and setting an exam, also want to sell students a course that will help them pass that very exam. If that's not the definition of exploitation of a captive and vulnerable audience, it would be hard to see what is. Perhaps it is therefore just as well that ITES' “Test Prep Series” is yet another project contained in the ITES MOU that has never taken off. Page 34 of 46 (G) LI's stories about the BCI are fair and factual 72. You claim in your Letter several times and in loaded language that: a. LI has “ill motive with which [LI has] published such stories against the Bar Council of India”; b. “because of the fact that being part of M/s Rainmakers you were deliberately doing the mischief and were trying to defame the Bar Council of India” and “There were several sorts of allegations against M/s Rainmakers (of which you are still a part) and it was on account of the substantive informations against the misdeeds of your agency (M/s Rainmakers) that the Bar Council of India decided not to allot the work to your agency”; c. “that you have been committing mischief with Bar Council of India from the day M/s Rainmaker was denied the ward of work to hold All India Bar Exam is obvious” 73. LI, Kian and Prachi deny in the strongest terms possible that LI, Kian or Prachi have ever defamed or intended to defame the BCI, since LI respects the institution of the BCI as a necessary and vital part of the legal system and profession. All of LI's reports relating to the BCI or you were based on fact, were published for the public good and in good faith without malice. Your allegation that LI's reporting is motivated, is itself defamatory of LI's brand, Kian and Prachi. Neither you or the BCI ever alerted LI to any serious factual inaccuracies in its reporting on the BCI, which has always been fair and has gone out of its way to seek your comment and perspective to provide balance (LI's full archives are covering the BCI are available at http://www.legallyindia.com/tag/bar-council-of-india-bci and relating to you personally at http://www.legallyindia.com/tag/manan-kumar-mishra ) 74. According to your Letter, BCI Resolution No 127/2012 on 16 December 2012 authorized you personally: “to take appropriate legal action against 'Legally India' and all other concerned or invididuals who are responsible to issue defamatory and objectionable statement agains the Bar Council of India” What action did you take after passing this resolution on 16 December 2012? 75. Since 16 December 2012, LI has published at least 121 articles relating to the BCI 58 and at least 34 articles relating to the AIBE59. Kian wrote an in-depth investigation about the troubles faced in the conception by the AIBE (including the three AIBEs prior to your chairmanship that the BCI had awarded to Rainmaker). The article was published in Mint60 58 59 60 http://www.legallyindia.com/tag/bar-council-of-india-bci http://www.legallyindia.com/tag/bar-exam http://www.livemint.com/Politics/Z9HH7jg4q8Any5PILN9FfP/The-India-bar-exam-a-regulators-rocky-road.html Page 35 of 46 and on LI61 on 27 December 2012 and 1 January 2013 respectively. The articles were headlined: “The India bar exam: a regulator’s rocky road”. Please also note that in accordance with the highest ethical and journalistic principles, the following disclosure was carried prominently alongside the article in Mint and LI - “The author has an interest in a bar exam preparation service” - as it has been in every AIBErelated story on LI where appropriate. Since you did not take any action or ever raise any objection as to the veracity of the facts contained in that or any other article (other than the 19 May 2015 Article) in a timely manner, despite having had authority from the BCI to take “appropriate action”, it is reasonable to assume that those articles were accurate and factual. (H) Kian is not a foreign agent 76. You write that Kian is a “foreign agent with the sole motive to pressurize the Bar Council of India and the lawyers of the country to succumb to allow the foreign lawyers and foreign law firms to practice in India” Your statements are untrue and highly defamatory of both Legally India and Kian, who have at all times fairly reported62 both sides of the liberalisation debate, including repeatedly giving space to your very own comments63 against the entry of foreign lawyers, as well as comments of others opposed to the process. In fact, you yourself told Kian via email, in an article published in Mint and on LI in March 2015, that: “Government is waiting for the opinion of Indian lawyers. We are thinking in positive direction, but it all depends on the attitude of foreign countries: how they reciprocate? It can't be one-sided. We can't put our lawyers or law firms in loss.” Similar statements have been made by other traditional opponents to the entry of foreign law firms too64 and the reason is not LI or Kian, but you should take up your grievance with the Hon'ble Prime Minister of India, Narendra Modi, instead who recently said: “Why should we need to go outside the country for global arbitration? We shouldn't think that if foreign lawyers come here, they will take away our jobs.”65 You might also want to discuss your views with commerce secretary Rajeev Kher, who has been working hard on a practical approach to the phased entry of foreign law firms66. 61 62 63 64 65 66 http://www.legallyindia.com/Graduates-Bar-Exam/the-all-india-bar-exam-aibe-a-regulators-rocky-road http://www.legallyindia.com/tag/liberalisation http://www.legallyindia.com/201211273276/Bar-Bench-Litigation/bci-chairman-mishra-slams-academics-remainsanti-foreign-firm-shutting-more-law-schools-several-plans-on-ice http://www.legallyindia.com/Law-firms/legal-market-liberalisation-investigation-into-lobbying-and-policy http://www.thehindubusinessline.com/economy/services-sector-should-not-fear-foreign-competitionmodi/article7134631.ece http://www.livemint.com/Politics/PwlaQ7gOvELjM6TFprSuDO/Govt-may-soon-liberalize-legal-services.html Page 36 of 46 Both of these gentlemen have a far greater interest and ability to apply pressure than LI or Kian do in this matter. 77. Furthermore, your argument of Kian being a foreign agent on the matter of foreign law firms, has been undermined considerably by your unsolicited email to Kian dated 31 May 2015, sent just over a week after the date of your Letter67. You stated: Dear Mr Kian, In last few years BCI has done many good,drastic steps . There has been sea change in our policy with regard to entry of foreign lawyers & law firms.A delegation of BCI is likely to visit USA ,UK & Australia very soon . Hon'ble Union Law Min. may also b a part of this delegation.If u r interested we may supply u details for publication.Hope u will publish the important constructive steps of the body of lawyers instead of unnecessary offensive criticisms. Please explain what has triggered this “sea change” in policy that seem to directly contradict the defamatory statements made in your own Letter. 78. You also write: “What is the source of income of Legally India and M/s Rainmakers unknown to all.” You don't seem to know and although it frankly is another example of trying to distract from the actual issues with diversionary attacks on LI, it's not that complicated to figure out. Rainmaker sell online training courses for lawyers, though you'll have to ask them for details. As for Legally India, it might help to just visit http://www.legallyindia.com/ and it'll be fairly obvious what LI's business model is: LI sells ads and recruitment listings for lawyers. 79. In any case, the points you make here as elsewhere in your Letter are a completely irrelevant attempt at obfuscating and distracting from the facts, namely that you have failed to show any inaccuracies in any of our reports to date and that you have failed to satisfactorily obvious unfairness in the ITES tender process. 67 http://www.legallyindia.com/Bar-Bench-Litigation/bci-mishra-emails-li-to-be-positive Page 37 of 46 (III) The Law (A) You have failed to provide evidence for even a single instance of defamation other those instances committed by you 80. You write that by LI publishing the 19 May 2015 Article, “you have committed the offence of defamation for which you are liable to be prosecuted and punished by the appropriate forum” (emphasis yours). 81. In your entire Letter, you have consistently failed to highlight a single inaccuracy in any report that LI has published, particularly in the one dated 19 May 2015 which is entirely based upon the BCI's own minutes that were released under RTI, for which there is a strong public interest in publication since the BCI is a statutory body. You should also be aware that truth is an absolute defence to civil defamation. In criminal defamation, you may like to remind yourself that there are several strong defences available under section 499 of the IPC that would clearly apply in this case, such as: a. an exception in the “conduct of any person touching any public question” (“It is not defamation to express in good faith any opinion whatever respecting the conduct of any person touching any public question, and respecting his character, so far as his character appears in that conduct, and no further”), b. “Imputation made in good faith by person for protection of his or other's interests.—It is not defamation to make an imputation on the character of another provided that the imputation be made in good faith for the protection of the interests of the person making it, or of any other person, or for the public good.” c. Caution intended for good of person to whom conveyed or for public good.—It is not defamation to convey a caution, in good faith, to one person against another, provided that such caution be intended for the good of the person to whom it is conveyed, or of some person in whom that person is interested, or for the public good. 82. Additionally, for the offence of criminal defamation , an active mens rea, i.e., an intention to defame an indivdual/entity must be established beyond reasonable doubt. It is an established legal principle that a statutory public body such as the BCI is open to fair criticism and scrutiny by members of the general public. Your attention is drawn to various judgments of the Supreme Court regarding the governance of public bodies and their criticism. Additionally, the SC has even extended the right of the general public at large to fairly criticise entities performing public functions such as the BCCI. Page 38 of 46 83. Your attention is also drawn to the plethora of judgments by the Supreme Court on the freedom of the press and the fundamental rights relating to freedom of expression. A reading of the recent judgment of the SC in Shreya Singhal v. UOI establishes the expansive freedom provided to the public media and general public in reporting fairly and expressing an unhindered opinion. The present scenario clearly demonstrates a factually supported story carried by a reputed media publication such as LI. Merely because the BCI does not wish to be criticised regarding its opaque manner of functioning, the laws governing defamation cannot be utilised to arm twist the media to refrain from expressing a justified opinion. 84. On top of the above, you have absolutely failed to show any malice or motivation in LI's reporting, other than LI, Kian and Prachi's intention to report the facts in a balanced manner and bring transparency to the functioning of your tenure as chairman, as set out above. 85. In light of the above, you have therefore completely failed to show any of the elements required for defamation, either criminal or civil. However, in the process you have managed to defame Kian, Prachi, LI and possibly other parties by circulating your factually inaccurate and malicious Letter to hundreds of journalists, public officials and judges. (IV) Conclusion 86. There is the possibility that your Letter can be ascribed to a genuine and honest mistake on your part with respect to the facts, as evidenced by your apparent inability to distinguish between LI and other independent companies operating in the space, as well as the many other factually false and/or unproven statements made by you in your Letter. 87. Alternatively, it is possible that you have perhaps been the victim of misinformation spread to you mischievously by people who want to commit mischief against LI, Kian and Prachi. 88. If that is the case, LI, Kian and Prachi would accept the following from you as an initial offer that would go some way towards reducing the reputational damage you intended to cause LI, Kian and Prachi with your Letter, as well as repair the damage that your baseless allegations and vexatious legal threats have caused to the great and respected institution of the Bar Council of India: a. A full, unconditional and personal apology from you and a clarification of all falsehoods contained in your Letter as set out above. Your apology and clarification, a draft of which is to be approved by LI in writing by email, must be circulated to all 146 email recipients of your original letter, sent to any others with whom you, the BCI or other parties may have shared hard copies of your Letter at your behest, and published prominently on the BCI website. b. Publication of all historical and future meeting minutes of the BCI during your tenures Page 39 of 46 as its chairman on the BCI's website in a prompt and easily accessible manner. 89. If you are unwilling to agree to the above, despite having been made incontrovertibly aware of the numerous falsehoods and highly damaging assertions made in your Letter, as set out above, LI, Kian and Prachi reserve the right to seek all available legal remedies under civil or criminal law to protect their respective reputations. 90. For the avoidance of doubt, this response will be published on the Legally India website and LI reserves the right to circulate this response to the same email and other recipients that you circulated your Letter to. Yours sincerely, Legally India Page 40 of 46 Annexure 1 BCl's Tender Notice dated June 2012 Page 41 0f 46 l" [maxing Tenderslor mm (- -) 55: The Bar Council of India Home Inviting Tenders for holding next All India Bar Examination through Bar Council of India. Tenders are invited from the consultant expert agencies to hold next All India Bar Examination (AIBE) through Bar Council of India. Agencies will have to be abide by the terms and conditions of the sub? committee of the Bar Council of India. In the matter of selection of agency, decision of the Bar Council of India (and the High Level Committee) shall be final and shall not be questioned before any forum or any court of law. AIBE is to be held under the control and supervision of High Level Committee of Council consisting of Hon?ble Judges of Supreme Court of India and High Court (viz. the Board of Directors for this purpose), Legal Luminaries, Members of the Bar Council of India and State Bar Councils. Agencies are required to submit full details of ways and means to hold the examination along with the draft of rupees two thousand in favour of Secretary, Bar Council of India payable at New Delhi on or before 30th June, 2012. The past experience, reputation, performance, infrastructure of the agencies would be the criteria for selection of the agencies. Annexure 2 - BCI 2012 meeting minutes relating to AIBE Full minutes accessible on: https://www.scribd.com/doc/265828108/Bar-Council-of-India-BCI-minutes-on-the-AllIndia-Bar-Exam-in-2012 Or summarised here: RTI’d minutes of BCI reveal how multi-crore bar exam contract was awarded to mystery 5th bidder ITeS Horizon #longread68 68 http://www.legallyindia.com/Pre-law-student/rti-d-minutes-of-bci-reveal-how-multi-crore-bar-exam-contract-wasawarded-to-mystery-5th-bidder-ites-horizon-longread Page 42 of 46 Annexure 3 ITES accounts Page 43 0f 46 Tabulated ITES Horizon Pvt Ltd accounts data Revenue Expenses Profit / Loss ASSETS & LIABILITIES Expenses payable Other payables Unsecured loans from directors Directors' current account Profit and loss account balance Cash and Bank Balances Trade receivables Fixed Assets: Furniture & Fixture Fixed Assets: Office equipment Fixed Assets: Computers Total Fixed Assets 2013 2012 N/A N/A N/A N/A 1,542,005 (19,760) 702,775 4,383,893 1,121,682 1,001,361 3,745,312 2,387,645 101,397 88,788 55,794 245,979 2011 0 48,802 (48,802) 2010 0 2,500 (2,500) 2009 0 4,000 (4,000) 2008 0 4,000 (4,000) 2007 0 4,000 (4,000) 2006 0 3,700 (3,700) 2005 0 3,700 (3,700) 2004 0 1,79,753 (1,79,753) 2003 4,85,000 N/A 6,78,000 N/A (1,93,310) N/A 2002 421,682 397,082 372,082 342,932 342,932 342,932 342,932 342,932 342,932 919,524 (540,645) 5,745 0 (520,884) 5,785 (472,082) 0 (469,582) 0 (465,882) 0 (462,182) 0 (458,482) 0 (454,782) 0 (451,082) 0 (271,329) 63,314 (85,451) 307,600 17,280 9,912 8,600 3,013 29,772 33,364 40,744 27,192 11,613 464,302 528,713 138,698 230,873 231,163 340,217 51,900 0 0 0 0 0 0 ITES HORIZON PRIVATE LIMITED NOTICE NOTICE is herebi, given that the Annual General Meeting of ITES HORIZON PRIVATE LIMITED Regd. Office - Flat No. 08, Goyal Aparlment, Village Saidulajab. New Delhi 1 10068 will be held on Monday, 3Oth September 2-0 t 3 at 1 I .00 AM at the regisiered office of the Company to transact the following business 1 . : To consider and adopt the Balance Sheet as at 3 1't March, 2073, the profit and Loss Account for the year ended on that date and the Reports of the Board of Directors and Auditors thereon. 2. To appoint Auditors and to fix their remuneration. By the order of Board ITES HORIZON PRIVATE LIMITED ctor \ \ ^-' Director Place : New Delhi Date : 0110912013 Note : A member entitled to attend and vote is entitled to appoint a proxy to attend and vote instead of himself. The Proxy need not be a member of the company. ITES HORIZON PRIVATE LIMITED DIRECTORS' REPORT To The Members of ITES HORIZON PRIVATE LIMITED i. Your Directors take pleasure in presentation before you the audited accounts of the Compan5, for the year ended 3 i " N{arch, 2013 along with the Auditors R.epon thereon. 2. The Company has incurred profit after tax of Rs. 15,42,0051- during the current year. Your Directors are hopeful for better results in comrng years. 3. Your Directors are unable to declare any dividend during 4. the year. Directors Responsibility Statement i) in the preparation of Annuai Accounts, the applicabie Accounting Standards have been followed. ii) the Directors have selected such Accounting Policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for the year ; iii) the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other ir:regularities; iv) the Directors have prepared the Annual Accounts on a Going Concern basis; 5. The retiring Auditors of the Company A. Abhyankar retired and being eligible for reappointment. & Company, Chartered Accountants 6. During the year under review, the Company has not accepted any fixed deposits within the meaning under section 58A of the Companies Act, 1956 and the rules made there under. 7 . During the year under review, no employee who was in receipt of remuneration in excess of amount mentioned under section 217 (2A) of Companies Act, 1956. ITES HORIZON PRIVATE LIMITED 8. Particulars as required to be disciosed to the Directors reporc in accordance with the companies (Disclosure of particulars in the report of the Board of Directors) under Rules 1988 are given below: Foreign Exchange Earned Foreign Exchange Used : : NIL NIL respect to conservation of energy and technology absorption are not applicable as our company is not a manufacturing company. 9. In the opinion of the Board other details with By the order of Board ITES HORIZON PRIVATE LIMITED f\^-. 6s -/ Director Place : New Delhi Date : 0110912013 AUDITORS’ REPORT To, The Members ITES HORIZON PRIVATE LIMITED We have audited the attached Balance Sheet of ITES HORIZON PRIVATE LIMITED as at March 31, 2013 and also Statement of Profit and Loss 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 overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. This report does not include a statement on the matters specified in paragraph 4 of the Companies (Auditors Report) Order, 2003 & Amendment Order, 2004 issued by the Department of Company Affairs, in terms of Section 227(4A) of the Companies Act, 1956, since in our opinion and according to the explanations given to us, the said Order is not applicable to the Company. However, we 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 our audit. 2. In our opinion, the Company has kept proper books of accounts as required by law so far as it appears from our examination of books. 3. The Balance sheet and Statement of Profit & Loss dealt with by this report are in agreement with the books of accounts. 4. In our opinion, the Statement of Profit & Loss and Balance Sheet comply with the accounting standards referred to in sub section (3C) of Section 211 of the Companies Act, 1956. 5. On the basis of representation made by directors as on 31.3.2013 and taken on record by the Board of Directors none of the directors is disqualified as on 31.3.2013 from being appointed as Director in terms of clause (g) of sub section (1) of section 274 of the Companies Act, 1956. 6. 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 give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view: (i) In the case of Balance Sheet, of the state of affairs of the Company as on March 31st, 2013 and (ii) In the case of Statement of Profit & Loss, of the profit of the Company for the year ended on that date. For A. Abhyankar & Company Chartered Accountants Firm Regn. No. 023961N Sd/Aniruddha Abhyankar M. No. 077883 Place : New Delhi Date : 01.09.2013 ITEE 111131203 PRIVATE LIMITEIJ ?nght?-?s at March 31. 29?] Hut: A5 3LT NH .51. Ill? EQUITY .UID LMIILITIE {Inch- ?han twins Im?m mam Emu-tum M15 2 {mil-l5} Hm: Curran [3th Lung Borrowing. i EMMU arm-m - Elrrut Lh?i?? ?lh? Elmira-I Liab?ilili? 4 ?3.553 Pm?sim fat lumTu: - Imam ?3.53:1 FETAL 9.311.333 51331 NEE-CUTIE mm Fim Am 5 I?l 5379 211'?! 245.979 Ill?! MurdTu Assets 19.?1? - ?hu?m?mlh?eu ljl?J?? - Gaunt Junk Trait Rmh?'?u Er - Cn?l??unh Limit? ?lltr Cums-I A3215. 3 - 5345 TDTAL 3133'] Ekgti?tm Ann-musing Halide. Hm un?t-minim l-I3 Tl'n: Hmmbimabnhtimmuin?gr? part In!? Ilium Shun. :15 pa" our {wart urn-um dun: um Flil'l' a: Fm- .L Align-hr a Emir Ch?'l?ud mu Firm Fl.th Ha. 01mm MM-?f?mi 1' ITES HDMIDH PRIVATE SIGNEICANT Menu-[ting Eunvenliun The Accent-Its are prepared under historical cest cenventlen methett in aceurdarbce with the generally accepted acceu n?ng principles. mange Fixed Amt: are stated at cast of acquisitien less depreciatien. Coat includes purchase met and ether incidental experts-5c Em Depreciatien on fixed assets put tn use is previded cm written Idem- value rne?md at the rates speci?ed in schedule KW t1] the Campal?liee Art, 1956 Frem ?le date at additiens. depreciatien haa been charged cm assets R5. sum or Pruviaicrn for Taxes tmmiete of Current Tax and Deferred Tat-z, which is cumputed Ear current incmne based on the tax liability after cenaiden'ng allewance and exempt-lens. Deferred Tax Assets and Liability when applicable are cemputed on timing difference at the Balance sheet date- Deferred Tax Assets- are recognized based en the management estimates at available future taxable inceme and assessing its certainity. Fre" Eat Es expenses will be amortized ever a peried at 10 years renunencr'ng the year at uperatie'ns. Alina-ind Shu- fun-l. mom Eqm'q- may! Its. Iw-mh paid Inuit. Slh?ihhd- All! Paid-Ip- IDJHII Equity. nfRlel'a curl: ITES PRIVATE LIMITED BALANCE SHET AS AT 5551' ?until. Marti 1m l-l El?n-mph} usual} mam armpit}.- alum: hath'qgipan?uc otth?pushm. Exah hid-mnitqulu.? Mia mundme mm per I 2' lmldingm?utE?E-hshu??. 1 RESERVES. AND SURPLUS Edmmpalut??ml?ur ?aring-u TDTAJ. .l LUNG -an111iwln:lr -l'mm?d1m -I IJABIIJTIES Exp-unis induct-s 1211b: Pink-Its Ell-mum: mm: Hum-1L TRADE-RECEIVABLE lel. muslin-hi fraud Hit?! stand umm Whnm?m?g Sham-nah El?n: 1 CAEHI Balm-m 1m: Elm-Curran Anna-M13 Cut: in Hunt-Ii lmpma ASSETS- Emmi}; Lupe-ail - Ru! [Illa ?5 AT ll. #5 AT HIE ."Iiu. $5 In? No. hid Will 9.1m 99m ma LURE ?lid am: (520.554; ?551. A5 AT MARCH H. 211:: A3 AT MARCH 31. In: Hair Cll??l?l 3H.- E?urn-II [TurnA'l ASA Han-I Hl?l 51. - 4,333.39] . MIME: 111 .EE manu- nun A5 AT A5 I'IrlJni Ills-d: II. 1351,1545 1.31?? A5 A'l' A5 AT HIM ill-Ink J-IJDII 3.53.29?? inf-#5 Imm LI- . TmAl. Mann 5315- A5 AT I'll-Lurch 31.. Mud: J-l. 11:53.11 - . 111mm mum-n . .ITEE- HDHIIDH LIMITED Gm ELDER managinnu HEEL mm SALES Mi THE AT ME I51 AFFIJL DURING DURING APRIL 3t! 1012 THE YEAR 2m: 2m: gm; _2ni2 IE [Mi ELM 91.309 - ?13? 1,110! - ?5.1 II H.190 Il?'h 11am 91.3.1.5. . 11115.35! 1a.? . I731: gal-mu gm] 401-: $1.221 $1.113 ISA-IE - M15 55.794 35,0? 15mins mm ml - mm SKEWAHE - H.010 FLUID - mm. man- Jqu - 7m mana- - In: 115m . mm Hum mm 1.1.5131? 1 3.5 Mote - DTHER NOTES 9. The current assets; loans and advanc? an: approximater of the value slated, if realized in the olrdirtaritr course ol? business. The prm'ision for depreciation and all known liabilities are adequate and not in excess of the amount which in the opinion not the Board of Directors is reasonable necessary. The outstanding balances of Creditors. Debtors and other advances given to parties are subject to con?rmation and therefore these balarwes are stated as per books of accounts only. The management has however scrutinized these accounts and believes that no material adjustment will be necessary upon the receipt of con?rmation. No person was employed the company either throughout the year or part ol? the year under re?ew whose remunera?on for that year in the ate was more than Rs- 24MJIIH or for any part of the year at the rate which in the aggregate was more than Rs. 2.90th per month- ContingEnt Liatll?itj.f Hi] There are no Micro, Small and Medium Enterprises, to whom the Company owes due-s, which are outstanding for more than 4-5- clays as at the Balance Sheet date. The above inlonnation regarding Micro, Small and Medium Entemrises has been determined to the extent such parties have been identi?ed on the basis of information available with the Company. This has haen relied upon by the auditors. Auditor Remuneration: Par?ulars Current Tear ill?ac! 1' Es. Statutory Audit Fees Mill] $130.30 Tax Audit Fees - Service Tax Ml? Total SDWJIJ Earnings in Foreign Currency,r Nil Nil Expenditure in Foreign: Nil Nil addition-a] infonItalion is pursuance of Part of Schedule VI of Companies Act 1956 to the extent not applicable is not stated. PIE-victor. years ?gures have been regrouped wherever considered necessary. ITES HORIZON PRIVATE LIMITED NOTICE NOTICE is hereby given that the Annual General Meeting of ITES HORIZON pRIVATE I' at No. 08, Goyal Apartment, Village Saidulajab, New Delhi 1 y, 28th September ZO Z at 11.00 AM at the registered office of the C wing business : l. To consider and adopt the Balance Sheet as at 31't March, 2}72,the Statement of profit and Loss for the year ended on that date and the Reporls of the Board of Directors and Auditors thereon. 2. To appoint Auditors and to fix their remuneration. By the order of Board ITES HORIZON PRIVATE LIMITED ( \ ua--Co Director Place : New Delhi Date : 2710812012 Note : A member entitled to attend and vote is entitled to appoint a proxy to attend and vote instead of himself. The proxy need not be a member of the company. ITES HORIZON PRIVATE LIMITED DIRECTORS' REPORT To The Members of ITES HORIZON PRIVATE LIMITED l' Your Directors take pleasule in presentation before you the audited accounts of the company for the year ended 31't March ,2012 along with the Auditors Report thereon. 2' The Company has incurred loss Rs. 19,760l- during the current year. your Directors are hopeful for better results in coming years. 3. Your Directors are unabie to declare any dividend during the year. 4. Directors Responsibility Statement i) in the preparation of Annual Accounts, the applicable Accounting Standards have been followed. ii) for the yeat 5. em consistentlv so as to giu. a of the financial ; iii) the Directors have accounting records assets of the Comp iv) the Directors have prepared the Annual Accounts on a Going concern basis; A' Abhyankar & company, chartered Accountants, has been recommended for appointment as Statutory Auditors in place of Rakesh Barnwal & co.,chartered Accountants, Auditors of the company, who has resigned, from the conclusion oi this AGM till the conclusion of the fbrthcoming Annual General Meeting. The Company has received a certificate fiom them to the effect that their appointment if made would be within the limits prescribed under Section 224(lB) of the Companies Act, 1956. 6. During the year under review, the company has not accepted any fixed deposits within the meaning under section 58A of the companies Act, 1956 and the rules made there under. 7 During the year under.review' no employee who was in receipt of remuneration in excess of amount mentioned under section 2r7 (2A) of companies Act, r956. ITES HORIZON PRIV.dTE LIMITED 8. Particulars as required to be disciosed to the Directors report in accordance with the companies (Disclosure of particulars in the reporl of the Board of Directors) under Rules 1988 are given below: Foreign Exchange Earned Foreign Exchange Used : : NIL NIL 9. In the opinion of the Board other details with respect to conservation of energy and technology absorption are not applicable as our company is not a manufacturing company. By the order of Board ITES HORIZON PRIVATE LIMITED (i ^-.a--* Director Place : Nerv Delhi Date : 271082012 63 CG. ?13 may earner Te. The Membe? H?RlZ?l-l LIMITED We have audited the attached Balance Sheet elf ITEE PRIVATE LIMITED as at March 31. 21112 and also Statement of Pro?t and Loss fer the year ended on that date. annexed thereto. These ?nancial statements are the IEEPD??ib?llju' of the Company?s management. Our reapbnsibilit},r is to express an opinien on these financial statements based en our audit- We conducted our audit in accordance with the Auditing Standards accepted in India. Those Standards require that we plan and perferm the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement- Pm audit includes examining, on a test basis. evidence supporting the ameunts 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 presentatien. We believe that our audit pretrid a reasenable basis for our epinien. This report does not include a statement on the matters specified in paragraph of the Cempanies {Auditors Repert} Order. 2111113 ti: Amendment Urder, Elli}: issued by the Dapartment of Eetnpanj.r Affairs, in terms at Section of the Companies Act. 1955. since in our opininn and according to the explanations given te us. the said ?nder is not applicable to the Cempany. However, we report that. 1. We have obtained all the infermatien and ei-tplanatinnsr which to the best at nu: knowledge and belief were necessary fer the purpose at eur audit. 2. In our opinion, the Esme-an}r has kept proper books at accnun required by Ianr an far as it appears from cur examination of boo seas, Sentiment, S?e?erpan semi li??PE' R??me? WM at" C0. mem?e?tretme? The Balance sheet and StateInient ef Pruitt ti: Less dealt with by this are in agreement wi1h the banks at [n ettr epinien. the Statement at Prefit Lees and Balance Sheet with the standards referred he in sub at Sectien 211 et the Cempaniee Act. 1955. [in the beeie ef repr?entatien made by dire-rtere es en 31-3-2012 and taken en retard by the Beard ei Directere nene ef the directere is as on 31.3.2012 frern being appehtted as Director in tenne at clause ef sub seetien ei section 224 at the Campanile-e Fret. 1956. [n eur epinier: and tn the beet et en: irdermatien and eccerding tn the explertatiens given to ue, the said accent-rte read tegether with the net-e5 thereon give the interma?en required by the Cempani? hurt. 195E in the manner required and give a true and fair 1Wiener: In the case at Balance Sheet. ef the state ef affairs of the Company as an March 31*. 21112 and {ii} Ln the case at Sintetnent ef Profit tit Lees, ef the less at the Cempany fer the year ended an that date- Fer Rakeeh Ban-twat 15: Ce" Chartered Amuntante 1-11?. {gr- Rakeeh Harm-rel [Proprieterj M. hie. $2252 Piece New Delhi Date 1 3?553, Sr?eeff??m?, @emt? ITES HDREDN PRIVATE LIMITED Balance Sheetas at March 1011 EWTIT AND filth: 5m Capital ?aunts. and Surplus Liabiliali? Liabilities. Hula-Currant Amt: Fined Assn: Tangihk: 555m Cum: ?nch. Cash and Bank Enhances TOTAL ?igni?mn Amunling Fuiicics Hair ?2 3 AS AT WEE 31?. 2M: mama {549.1545} #1531 413.532 32.9.17 21'. i9: 21.191 5.145 5,145 31,93? all-5 AT MARCH 31.11111 mama 438.232 SJES {420.334} 433.231 11,39: 5.735 [13913 as ngfiiunnialSluemmls The past u-f ?1:35:1me- Sheet. As per cm: leper! 0f date attached. Fur Rahal-11 Bamwai?rto. ?aring-ed Mauritania Firm Raga- Nam-31mm Fm E: Du. Bthalf?fm de I Lira" Rakesh Eamwal DIRECTOR. M. Hm SENSE Place New: Dell'u HQRIEDN SIGNIFICANT PDLICIES Acceun?gg Conventien The Amunts are prepared under hiStnriea] cesl' cement-1m meththi in accerdance with the rigsrue-rail1..r accepted principles- Fixed Assets Fixed Assets are stated at cf acquisitiun less deprecia?sn. Cast includes purchase. cast and rather incidental Expenses- De?d??n? Depreciation an fixed assets pat ts use is presiderl curl mitten dawn 1salue method at the rates specified in schedule 1W tn:- the Act, 1956 [mm the clste sf additicrns. depreciatien has been charged cm assets mum?ng E5. 513]} cr less- Previsiun of Taxatile Prsrisicm ts: Taxes censists sf Current Tax and Deferred TELL Which is cemputed fer current imamc based en ?1e tax liability after considering slim-trance and exempt-inns. Defened Taa: Assets and Liability, when applicable are ?imputed an timing difference at the Balance sheet slate. Deferred Tax Assets are recognised based en ?1e management estimafa sf available future taxable incame and assessing its certainty. Mean?5&5 expEnses will be smartin DVET a perl?d {If l? years csrruriencing from meyear currunerci erg-1 -- mammary fumes are amurt 5m I SHARE AB AT AEAT Mimi 3L 1M1 Mini 11.. ill I Ala-man amalgam Scum Eqaiy Elms-arms. mu ml: fully pun-1 HIM sun Ina-Incl. Slit-l? ?ll nil-up mm mm Sham Hum. nub mu}- lam-nu mm? Tanmp-thumty ma?a nfagulty ??amingo: m: whim-?5th- ?rmih??midmah?mgm thin SEEM.- AS AT MARCH 31.. Ill: A5 J-l. Ill-I1 at Shun: held "in. ?same. Ink! FEMALE HUNT-II 1911-0 99.011": 9.911} ?lm 2 RHEIWIS A5 AT MINI .II. 11H: Mud I Fri-E Ln Am Hahn: In: Film: ?TI-um] Add: Pm?l: Fumm IRE 4 TIDTAL {fa-H.515} 3 mam claim As AT As AT Hui-uh JLHII Ef?e: 51300 ?.1110 DIMMW 42'] $2 391;?! ITI-TAI. 471.531 Aim 5 Elf-Rf!? ASSETE AS AT A5 A17 Min-I31. 1m: Mud 31.1!" L?mh Salaam-.5 Hunk Balm-a - Eat ul'lraci: 52715 5.115 5.113 FRWATE LIMITED ?3955 nLnL'? n?mml?uTm-H MET pp, any. ?ml-mm 551-? Ulrm' Mi A5 at la1 APRIL DURING 3m mm EsthP?D. mm Ham: 3m MAR-EH mu HARGL MARCH. IHE YEAR YEA-R. EDI I HIE Ill-I7. 1m IFLIENITIJREE: FIKTLIRE - 11mm 331?} - it'll-I1- 3.51m 3.50:: mm IIJHFJ 451' mm 1m #5912 Hill! HTML 35.1w} 2,1,1? 3,413 1M 27,19; Mote-F NUTES 1+ 1 The current assets, loans and advances are approximately of the value stated. it realized in the ordinary course of business. The provision for deprecialion and all known liabilities are adequate and not in excess of the amount Which in the opinion of the Board of Directors is reasonable The outstanding balances of Croiitors. Debtors and other advances given to parties are subjiEct to enn?n?nation and therefore these balances are stated as per books of accounts only. The management has however scrutinised these accounts and believes that no material adjiislrnent will be IIEcessary upon the receipt of confirmation. No person was employed by the company either throughout the year or part of the year under re'l.'ie'.n.r whose remuneration for that year in the aggregate was more than Rs. or for any part of the year at the rate which in the aggregate was more than its- 2J1}.er per month Liability Ni] No person was employed by the company hence Provisions of Act, Provident Fund Act and El are not applicable- There are no Micro, Small and Medium Enterprises, to whom the Company owes times. which are outstanding for more than days as at the Balance Sheet date. The above biiormation regarding Micro, 5111311] and Medium Enterprises has been determined to the extem such parlies have been identified on the basis of information available with the Company. This has been relied upon by the auditors. Auditer Remuneration: Partiulars Audit Fees Earnings in Foreign Currency Expendilaire in Foreign: 9+ Addilianal inf?nnatiun is pursuame of Part II uf Schedule VI {1f Companies Act 195E In the Extent nut applicable is not stated. Previaus years ?gums have been regmuped wherever mmidered mgr. Fur Rakesh Bamwal IE Accumtants Far 5-: {in behalf of the [hard Fh?m Regn No. 021m a: . . [nary-[fl Rakesh?an'lwal {Harm} [Direct-m} [Fr?pnet?r' II ?31" ITES HORIZON PRIVATE LIMITED NOTICE NOTICE is hereby given that the Annual General Meeting of ITES HORIZON PRIVATE LIMITED Regd. Office - Flat No. 08, Goyal Apartment, Village – Saidulajab, New Delhi 110068 will be held on Wednesday, 28th September 2011 at 11.00 AM at the registered office of the Company to transact the following business : 1. To consider and adopt the Balance Sheet as at 31 st March, 2011, the Profit and Loss Account for the year ended on that date and the Reports of the Board of Directors and Auditors thereon. 2. To appoint Auditors and to fix their remuneration. By the order of Board ITES HORIZON PRIVATE LIMITED Sd/- Director Sd/- Director Place : New Delhi Date : 04/08/2011 Note : A member entitled to attend and vote is entitled to appoint a proxy to attend and vote instead of himself. The Proxy need not be a member of the Company. ITES HORIZON PRIVATE LIMITED DIRECTORS’ REPORT To The Members of ITES HORIZON PRIVATE LIMITED 1. Your Directors take pleasure in presentation before you the audited accounts of the Company for the year ended 31st March, 2011 along with the Auditors Report thereon. 2. The Company has incurred loss Rs. 48,802/- during the current year. Your Directors are hopeful for better results in coming years. 3. Your Directors are unable to declare any dividend during the year. 4. Directors Responsibility Statement i) in the preparation of Annual Accounts, the applicable Accounting Standards have been followed. ii) the Directors have selected such Accounting Policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for the year ; iii) the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; iv) the Directors have prepared the Annual Accounts on a Going Concern basis; 5. The retiring Auditors of the Company Rakesh Barnwal & Co, Chartered Accountants retired and being eligible for reappointment. 6. During the year under review, the Company has not accepted any fixed deposits within the meaning under section 58A of the Companies Act, 1956 and the rules made there under. 7. During the year under review, no employee who was in receipt of remuneration in excess of amount mentioned under section 217 (2A) of Companies Act, 1956. ITES HORIZON PRIVATE LIMITED 8. Particulars as required to be disclosed to the Directors report in accordance with the companies (Disclosure of particulars in the report of the Board of Directors) under Rules 1988 are given below: Foreign Exchange Earned : NIL Foreign Exchange Used : NIL 9. In the opinion of the Board other details with respect to conservation of energy and technology absorption are not applicable as our company is not a manufacturing company. By the order of Board ITES HORIZON PRIVATE LIMITED Sd/- Director Place : New Delhi Date : 04/08/2011 Sd/- Director RAKESH BARNWAL & CO. CHARTERED ACCOUNTANTS AUDITORS’ REPORT To, The Members ITES HORIZON PRIVATE LIMITED We have audited the attached Balance Sheet of ITES HORIZON PRIVATE LIMITED as at March 31, 2011 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 overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. This report does not include a statement on the matters specified in paragraph 4 of the Companies (Auditors Report) Order, 2003 & Amendment Order, 2004 issued by the Department of Company Affairs, in terms of Section 227(4A) of the Companies Act, 1956, since in our opinion and according to the explanations given to us, the said Order is not applicable to the Company. However, we 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 our audit. 2. In our opinion, the Company has kept proper books of accounts as required by law so far as it appears from our examination of books. S-563, School Block, Shakarpur, Delhi – 110092 RAKESH BARNWAL & CO. CHARTERED ACCOUNTANTS 3. The Balance sheet and Profit & Loss Account dealt with by this report are in agreement with the books of accounts. 4. In our opinion, the Profit & Loss account and Balance Sheet comply with the accounting standards referred to in sub section (3C) of Section 211 of the Companies Act, 1956. 5. On the basis of representation made by directors as on 31.3.2011 and taken on record by the Board of Directors none of the directors is disqualified as on 31.3.2011 from being appointed as Director in terms of clause (g) of sub section (1) of section 274 of the Companies Act, 1956. 6. 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 give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view: (i) In the case of Balance Sheet, of the state of affairs of the Company as on March 31st, 2011 and (ii) In the case of Profit & Loss Account, of the loss of the Company for the year ended on that date. For Rakesh Barnwal & Co., Chartered Accountants Firm Regn. No. 021708N Sd/Rakesh Barnwal (Proprietor) M. No. 507752 Place : New Delhi Date : 04.08.2011 S-563, School Block, Shakarpur, Delhi – 110092 ITES HORIZON PRIVATE LIMITED BALANCE SHEET AS AT 31ST MARCH 2011 Particulars Sch As at 31.03.2011 (Amt. in Rs.) As at 31.03.2010 SOURCES OF FUNDS Shareholder's Funds Share Capital I Loan Funds Unsecured loans Loan from Directors Total 1,00,000 1,00,000 3,97,082 3,72,082 4,97,082 4,72,082 APPLICATION OF FUNDS Fixed Assets Gross Block Less:- Depreciation Net Block II Current assets and Loans & Advances Cash & Bank Balances Less :- Current Liablities & Provisions Net Current Assets Profit & Loss A/c Total 14,000 2,387 11,613 - 5,785 5,785 41,200 (35,415) - 5,20,884 4,72,082 4,97,082 4,72,082 Significant Accounting Policies & Notes to Accounts A Schedules referred above form an integral part of Balance Sheet As per our report of even date attached. For Rakesh Barnwal & Co. Chartered Accountants Firm Regd. No. 021708N Sd/Rakesh Barnwal Proprietor M. No.- 507752 Place : New Delhi Dated : 04.08.2011 For and on behalf of the Board Sd/(Director) Sd/(Director) ITES HORIZON PRIVATE LIMITED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED ON 31st MARCH 2011 (Amt. in Rs.) For the year For the year Particulars Sch ended ended 31.03.2011 31.03.2010 INCOME Revenue from operations - - - - 215 15,000 5,000 21,200 1,500 3,500 2,387 2,500 - 48,802 2,500 (48,802) (2,500) - - Total EXPENSES Bank Charges Cunsultancy Fees Audit Fees Filing Fees Conveyance Misc. Expenses Depreciation Total Profit before tax Tax expense: Current Tax Profit/(Loss) for the period Profit/(Loss) Brought forward from earlier years (48,802) (4,72,082) (2,500) (4,69,582) Profit / (Loss) carried over to Balance Sheet (5,20,884) (4,72,082) Significant Accounting Policies & Notes to Accounts A Schedules referred above form an integral part of Profit & Loss Account. As per our report of even date attached. For Rakesh Barnwal & Co. Chartered Accountants Firm Regd. No. 021708N Sd/Rakesh Barnwal Proprietor M. No.- 507752 Place : New Delhi Dated : 04.08.2011 For and on behalf of the Board Sd/(Director) Sd/(Director) ITES HORIZON PRIVATE LIMITED SCHEDULES FORMING PART OF BALANCE SHEET SCHEDULE -1 PARTICULARS As at 31.03.2011 (Amt. in Rs.) As at 31.03.2010 SHARE CAPITAL Authorised Share Capital 50000 Equity Shares @ Rs.10/- each Issued, Subscribed & Paid Up 10000 Equity shares @ Rs. 10/- each fully paid up Total 5,00,000 5,00,000 1,00,000 1,00,000 1,00,000 1,00,000 ITES HORIZON PRIVATE LIMITED Schedule - II FIXED ASSETS GROSS BLOCK PARTICULARS AS AT ADDITION SALES 1st APRIL DURING DURING 2010 THE YEAR THE YEAR DEPRECIATION AS AT UPTO 31st MARCH 1st APRIL 2011 2010 DURING WRITTEN THE BACK YEAR NET BLOCK UPTO AS AT AS AT 31st MARCH 31st MARCH, 31st MARCH, 2011 2011 2010 FURNITURE & FIXTURE - 10,500 - 10,500 - 1,901 - 1,901 8,600 - OFFICE EQUIPMENT - 3,500 - 3,500 - 487 - 487 3,013 - - 14,000 - 14,000 - 2,387 - 2,387 11,613 - TOTAL ITES HORIZON PRIVATE LIMITED SCHEDULE : A (A) SIGNIFICANT ACCOUNTING POLICIES 1. Accounting Convention The Accounts are prepared under historical cost convention method in accordance with the generally accepted accounting principles. 2. Fixed Assets Fixed Assets are stated at cost of acquisition less depreciation. Cost includes purchase cost and other incidental expenses. 3. Depreciation Depreciation on fixed assets put to use is provided on written down value method at the rates specified in schedule XIV to the Companies Act, 1956 from the date of additions. 100% depreciation has been charged on assets amounting Rs. 5000 or less. 4. Provision for Taxation Provision for Taxes consists of Current Tax and Deferred Tax, which is computed for current income based on the tax liability after considering allowance and exemptions. Deferred Tax Assets and Liability, when applicable are computed on timing difference at the Balance sheet date. Deferred Tax Assets are recognized based on the management estimates of available future taxable income and assessing its certainity. 5. Preliminary Expenses Preliminary expenses will be amortized over a period of 10 years commencing from the year of commercial operations. (B) NOTES TO ACCOUNTS 1. The current assets, loans and advances are approximately of the value stated, if realized in the ordinary course of business. The provision for depreciation and all known liabilities are adequate and not in excess of the amount which in the opinion of the Board of Directors is reasonable necessary. 2. The outstanding balances of Creditors, Debtors and other advances given to parties are subject to confirmation and therefore these balances are stated as per books of accounts only. The management has however scrutinized these accounts and believes that no material adjustment will be necessary upon the receipt of confirmation. 3. No person was employed by the company either throughout the year or part of the year under review whose remuneration for that year in the aggregate was more than Rs. 24,00,000/- or for any part of the year at the rate which in the aggregate was more than Rs. 2,00,000/- per month. 4. Contingent Liability : Nil 5. Provisions of Gratuity Act and Provident Fund Act are not applicable. 6. There are no Micro, Small and Medium Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days as at the Balance Sheet date. The above information regarding Micro, Small and Medium Enterprises has been determined to the extent such parties have been identified on the basis of information available with the Company. This has been relied upon by the auditors. 7. Auditor Remuneration: Partiulars Audit Fees Current Year (Rs.) 5000.00 Nil Nil Previous Year (Rs.) 2500.00 8. Earnings in Foreign Currency : Expenditure in Foreign: Nil Nil 9. Additional information is pursuance of Part II of Schedule VI of Companies Act 1956 to the extent not applicable is not stated. 10. Previous years figures have been regrouped wherever considered necessary. For Rakesh Barnwal & Co., Chartered Accountants Firm Regn. No. 021708N For & on behalf of the Board Sd/- Sd/- Sd/- Rakesh Barnwal (Proprietor) M. No. 507752 (Director) (Director) Place : New Delhi Date : 04.08.2011 ITES HORIZON PRIVATE LIMITED NOTICE Notice is hereby given that the Annual General Meeting of the Company, ITES HORIZON LIMITED Regd. Of?ce 45 Mall Road 28 Riviere Apartments Delhi-110054 willTbe held 30th September. 2010 at 11:00 AM. at Regd. Office to transact the following business: ORDINARY BUSINESS 1. To review. consider and adopt the Audited Balance Sheet as at 31st March 2010 and Pro?t and Loss Accounts for the period ended on that date and the Reports of Auditors and Directors thereon. 2. To appoint Auditors and ?x their remuneration. SPECIAL BUSINESS 1. To con?rm the directorship of Mr. Alarngir Mohammad Khan and Ms. Robab Khan as a regular director. who was appointed as an additional director with effect from 05th August 2010 and thereafter appoint as Director with effect from 3:0lh September, 2010 by the Board. By order of the Board For ITES HORIZON PRIVATE LIMITED Place New Delhi Date 02f09f2010 Sdf- Director 1. A member to attend and vote is entitled to appoint a proxy to attend and vote instead of himself and the proxy need not be a member of the Company. Proxies in the form annexed must be lodged at the registered of?ce of the Company not later than 43 hours before the commencement of the meeting Explanatory Statement {As required under Section 173(2) of the Companies Act, 1956} Mr. Alamgir Mohammad Khan and Ms. Robab Khan was appointed as an Additional Director of the Company with effect from 05'h August, 2010 after the approval of the Board of Directors as- per the provisions of Section 260 Companies Act, 1956. Accordng to the provisions of Section 260 of the Companies Act, 1956, he holds of?ce as director only upto the date of the Annual General Meeting of the Company. The Board considers it desirable that the Company should continue to avail itself of his services. 'I?hcrefore- the Board recommended regularizing his appointment as director of the company. By order of the Board For ITES HORIZON PRIVATE LIMITED Place New Delhi Date - Stil- Director ITES HORIZON PRIVATE LIMITED 45 MALL ROAD 28 RIVIERE APARTMENTS DELHI-110054 REPORT Dear Shareholders, Your Directors of the Company have the pleasure of presenting the Annual Accounts for the year ended 31.03.2010 consisting of Balance Sheet and Profit 8: Loss Account for the corresponding period together with Auditor?s report before the Annual General Meeting of the Company. 1. Dividend: Your Directors are unable to declare any dividend in the current year. 2. Directors Responsibility Statements: 3) b) cl) That in the preparation of the Annual Accounts, the applied accounting standards have been followed. That the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the Profit or Loss of the Company for that year. I That the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities. That the Directors have prepared the annual accounts on a going concern basis. - 3. Auditors V.V. Kale Chartered Accountants, retire and being eligible offers themselves for reappointment. - ITES HORIZON PRIVATE LIMITED 45 MALL ROAD 28 RIVIERE APARTMENTS DELHI-110054 4' There are no employees whose particulars are required to be furnished u/s of the Companies Act, 1956 during the year under report. 5. Particulars are required to be disclosed in the Directors Report in accordance with Companies discloser of particulars in the Report of the Board of Directors Rules 1988 are given below Foreign Exchange Earned: NIL Foreign Exchange Used NIL The Directors wish to place on records the appreciation of cooperation and help extended by the concerned person(s) during the year under report. For and on behalf of the Board For ITES HORIZON PRIVATE LIMITED 561/ - Sd/ - Puneet Tondon .Sheetal Saohdeva Place:New Delhi Director Director Date 02/09/2010 REPORT The Members ITES PRIVATE LIMITED We have audited the attached Balance Sheet of ITES HORIZON PRIVATE LIMITED as at March 31, 2010 and also the Profit and Loss Account for the year ended on that date, aruiexed 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 overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. This report does not include a statement on the matters specified in paragraph 4 of the Companies (Auditors Report) Order, 2003 8: Amendment Order, 2004 issued by the Department of Company Affairs, in terms of Section of the Companies Act, 1956, since- in our opinion and according to the explanations given to us, the said Order is not applicable to the Company. However, we 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 our audit. 2. In our opinion, the Company has kept proper books of accounts as required by law so far as it appears from our examination of books. The Balance sheet and Profit 6: Loss Account dealt with by this report 1 are in agreement with the books of accounts. In our opinion, the Profit 3: Loss account and Balance Sheet comply with the accounting standards referred to in sub section of Section 211 of the Companies Act, 1956. On the basis of representation made by directors as on 31.3.2010 and taken on record by the Board of Directors none of the directors is disqualified as on 31.3.2010 from being appointed as Director in terms of clause of sub section (1) of section 274 of the Companies Act, 1956. 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 give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view: in the case of Balance Sheet, of the state of affairs of the Company as on March 315*, 2010 and (ii) in the case of Profit 8: Loss Account, of the loss of the Company for the year ended on that date. for V.V. Kale Chartered Accountants 3 a? Place New Delhi Vijay V. Kale Date :02.09.2010 (Partner) it ITES HORIZON PRIVATE LIMITED BALANCE SHEET AB AT 3181? MARCH 2010 i As par our report of Even date attached FDR V. V. HALE CO. CHARTERED ACCOUNTANTS (it! v. KALEI FA RTNE NEW DELHI DATED: 024 mg 2-0 I a Sci Punect Tudor: Director 3d. Shactll Blahdevn Director PARTICULARS SCHEDULE AS AT AB AT 31.03.2010 31.03.3009 I SOURCES OF FUNDS Shareholders Fund Share Capital 100,000.00 100,000.00 ?0945 Unaccured Loans 372,031.91 342,931.91 TOTAL 472,08 1 .9 1 442,93 1.9 1 II APPLICATION OF FUNDS E?Bsi?ssets Current Assets Loans E: Advances Cash and Hank Balances - Less: Current Liabilities Fromm Current LiabilitiES - 26,550.00 Net Current Assets - {25,550.00} Exgenditure Prrlimitmn' Expenses - {To the extent not written offor adjusted] Pro?t and Lass Account Profit and Loss Account 469,531.91 TOTAL 472,031.91 442,931.91 NOTES ON ACCOUNTS A For and 3011 behalf of the Board ACCOUNTING POLICIES AND NOTES ON ACCOUNTS {Annexed to and forming part of the Balance Sheet as at 31"t March, 2010.) SIGNIFICANT ACCOUNTING POLICIES AND NOTES ON BALANCE SHEET AND PROFIT 8r LOSS ACCOUNTSACCOUNTING POLICIES The accounts are prepared under historical cost convention on accrual basis and in accordance with the mandatory accounting standards. All Fixed Assets are stated at cost less accumulated depreciation. Cost includes purchase cost and other incidental expenses related to acquisition and installation. The depreciation is provided on all ?xed assets on a pro-rata basis on written down value method, as per the rates and in the manner prescribed in schedule XIV to the Companies Act, 1956. The revenue is recognized on receipts basis in accordance with the respective agreement entered in respect thereof. Provision for Taxes consists of Current Tax, and Deferred Tax, which is computed for current income based on the tax liability after considering allowances and exemptions. Deferred Tax Assets and Liabilities when applicable are computed on timing difference at the balance sheet date. Deferred Tax Assets are recognized based on management estimates of available future taxable income and assessing its certainty. Preliminary expenses have been written off over a period of 10 years. 2) NOTES TO ACCOUNTS 21} b) C) The current assets, loans and advances are approximately of the value stated, if realized in the ordinary course of business. The provision for depreciation and all known liabilities are adequate and not in excess of the amount which in the opinion of the board of Directors, is reasonable necessary. The outstanding balances of creditors, debtors and other advances given to the parties are subject to con?rmation and therefore; these balances are stated as per books of accounts only. The management has however, scrutinized these accounts and believes that no material. adjustment will be necessary upon the receipt of con?rmations. The company has not charged work contract tax as not registered. d) No person was employed by the company either throughout the year or for a part of the year under res-dew whose remuneration for that year in the aggregate was more than Rs. 24,00,000!- or for . any part of the year at a rate which in the aggregate was more than Rs. 2,00,000!- per month. {Previous Year NA). e) As identi?ed from available information there are no clues to Small Scale Industries, which require disclosure. Earnings in foreign currency {on receipt basis) Current Year Previous Year Nil NA g) Expenditure in foreign currency on payment basis Nil NA h} Auditors Remuneration Current Year Previous Year Rs. ZSOOI- 2500!- i i) Previous year figures have been regroupedfrearranged, wherever considered necessary to make them comparable with this years ?gure. j) Capital Contracts pending to be executed, net of advances Rs. NIL, Previous Year-NA. For V.V. KALE C0. for ITES HORIZON PRIVATE LIMITED cnaarenico ACCOUNTANTS fr- gC/ (Yijay V. Kale} Partner Director I Director Place :New Delhi Date HORIZON PRIVATE LIMITED 45 MALL ROADZS RIVIERE APARTMENTS DELHI -110054 NOTICE Notice is hereby given that the Annual General Meeting of the Company, l'l'ES Horizon Private Limited. Regcl. Of?ce 45 Mali Road 28 Riviere Apartments Delhi?110054 will be held on 30.09.2009 at 11:00 A.M. at Regd. Of?ce to transact the following business: ORDINARY BUSINESS To review, consider and adopt the Audited Balance Sheet as at 31sit March 2009 and Profit and Loss Accounts for the period ended on that date and the Reports of Auditors and Directors thereon. To appoint Auditors and fix their remuneration. By rder of the Board Horizon Private Limited. ?eeces Sheetal Saohdeva New Delhi Director Director Date: [01] 2000: NO'l?liS A member to attend and vote is entitled to appoint a proxy to attend and vote instead of himself and the proxy need not be a member of the Company. Proxies in the form annexed must be lodged at the registered office of the Company not later_than 48 hours before the of the meeting. ITES HORIZON PRIVATE LIMITED. Reg'd. Office: 45-Mall Road, 28-5, Rivera ApartmentsI Delhi-110045 REPORT Dear Sharelmlders, Your Directors of the Company have the pleasure of presenting the Annual Accounts for the year ended 31.03.2009 consisting of Balance Sheet and Profit 6: Loss Account for the corresponding period together with Auditor?s report before the Annual General Meeting of the Company. Jl. Dividend: Your Directors are unable to declare any dividend in the current rear. 2. Directors Responsibility Statements: a) b) d) That in the preparation of the Annual Accounts, the applied accounting standards have been followed. 'l'hat the Directors have selected such accounting policies and applied them cor-isistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the Profit or Loss of the Company for that year. That the Directors have taken proper and sufficient care for'the maintenance of adequate accounting records in accordance with the provisions of the Companies Act 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities. 'l'hul the Directors have prepared the annual accounts on a going concern basis. 3. Auditors V.V. Kale Co, Chartered Accountants, retire and being eligible offers themselves for reappointment. twirl. ITES HORIZON PRIVATE LIMITED. Reed. Office: 45-Mall Road, 28-5, Rivera Apartments, Delhi-110045 4. There are no employees whose particulars are required to be furnished u/s of the Companies Act, 1956 during the year under report. 5. Particulars are required to be disclosed in the Directors Report in accordance with Companies discloser of particulars in the Report of the Board of Directors Rules 1988 are given below Foreign Exchange Earned: NIL Foreign Exchange Used NIL The Directors wish to place on records the appreciation of cooperation and help extended by the concerned person(s) during the year under report. For and on ehalf of the Board ON PRIVATE LIMITED was Pu I Sheetal Sachdeva PIace:New Delhi Director Director Date: teto-i 3,000, Accounranrs REPORT ll), 'l'hc l?v?lembers l'l'liS PRIVATE LIMITED We have audited the attached Balance Sheet of ITES HORIZON PRIVATE LIMITED as at March 31, 2009 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 resp0nsibility 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 sopporting 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. 'l?his report does not include a statement on the matters specified in paragraph 4 of the Companies (Auditors Report) Order, 2003 3.: Amendment Order, 2004 issued by the Department of Company Affairs, in terms of Section of the Companies Act, 1956, since in our opinion and according to the explanations given to us, the said Order is not applicable to the Company. However, we .3 re port that: l. have obtained all the information and ekplanations, which to the best of our knowledge and belief were necessary for the purpose of our audit. 2. In our opinion, the Company has kept proper books of accounts as requirEd by law so far as it appears from our examination of books. 3. The Balance sheet and Profit 6.: Loss Account dealt with by this report are in agreement with the books of accounts. 15 N20 W.E.A. Main Ajmal Khan Road, Karol Bagh, New Delhi-1 10 005 Tel. (91} (11) 2526 1916 2571 6727; 2572 2222 Telefax: {91) (11) 2573 2222 E-mail kalecosowkalexom I swam? ACCOUNTANTS 4. In our opinion, the Profit 3.: Loss account and Balance Sheet comply with the accounting standards referred to in sub section (3C) of Section 211 of the Companies Act, 1956. 5. On the basis of representation made by directors as on 31.3.2009 and taken on record by the Board of Directors none of the directors is disqualified as on 31.3.2009 from being appointed as Director in terms of clause of sub section (1) of section 2740f the Companies Act, 1956. 6. 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 give the information required by the Companies Act, 1956 in the manner so required and give a true and fair View: in the case of Balance Sheet, of the state of affairs of the Company as on March 315*, 2009 and (ii) In the case of Profit (St Loss Account, of the loss of the Company for the year ended on that date. For V.V. Kale 8.: Co., Chartered Accountants :1 Place New Delhi Vijay V. Kale Date (Partner) 16 AIZO REA. Main Ajmal Khan Road, Karol Bash, New Delhi-110 005 Tel. (91] (11) 2576 1916 I 2571 6777.! 2572 2222 Tale-fax (91} {11] 2573 2222 E-mail kalecos@wkale.com ITES HORIZON PRIVATE LIMITED BALANCE SHEET AS AT 3151? MARCH 2009 PARTICULARS SCHEDULE AS AT AS AT 31.03.2009 31.03.2003 I Shareholders Fund Share Capital 100,000.00 100,000.00 Loan Fund! Unsecured Loans 342,931.91 342.931.91 TOTAL 442,931.91 442,931.91 II APPLICATION OF FUNDS Fixed Assets Current Assets Loans Advances Cash and Bank Balances - - Lesa: Current Liabilities Provisions Current Liabilities 26,650.00 24.150.00 Net Current Assets [26,650.00] {24,150.00} Miscellaneous Preliminary Expenses - 1,200.00 {To the extent not written off or adjusted] Pro?t. anal Lou Account Profit and Loss Account 469,581.91 465,881.91 TOTAL 442,931.91 443,931.91 NOTES ON ACCOUNTS 3 As per our report of even date attached FOR V. V. HALE a CO. CHARTERED ACCOUNTANTS 54 {mar v. may PARTNER PLACE: NEW DELHI DATEDzutlot 19??1 Puneet Tan.an Directs Mat-L Sheets] Director SCHEDULE-A ACCOUNTING POLICIES AND NOTES ON ACCOUNTS [Annexed to and forming part of the Balance Sheet as at 31? March, 2009.} SIGNIFICANT ACCOUNTING POLICIES AND NOTES ON BALANCE SHEET AND PROFIT LOSS ACCOUNTS. I) ACCOUNTING POLICIES a} The accounts are prepared under historical cost convention on accrual basis and in accordance with the mandatory accounting standards. b) All Fixed Assets are stated at cost less accumulated depreciation. Cost includes purchase cost and other incidental expenses related to acquisition and installation. c) The depreciation is provided on all ?xed assets on a pro-rata basis on written down value method as per the rates and in the manner prescribed in schedule XIV to the Companies Act, 1956. 3 d) The revenue is recognized on receipts basis in accordance with the respective agreement entered in respect thereof. e} Provision for Taxes consists of Current Tax, Deferred Tax and Fringe Benefit Tax, which is computed for current income based on the tax liability after considering allowances and exemptions. Deferred Tax Assets and Liabilities when applicable are computed on timing difference at the balance sheet date. Deferred Tax Assets are recognized based on management estimates of available future taxable income and assessing its certainty. Fringe Bene?t Tax is computed in accordance with the provisions of Section IISWA of the Income Tax Act, 1961. f) Preliminary expenses have been written off over a period of 10 years. 2) NOTES TO ACCOUNTS a) The current assets, loans and advances are approximately of the value stated, if realized in the ordinary course of business. The provision for depreciation and all known liabilities are adequate and not in excess of the amount which in the opinion of the board of Directors, is reasonable necessary. b} The outstanding balances of creditors, debtors and otheradvances given to the parties are subject to con?rmation and therefore; these balances are stated as per books of accounts only. The management has however, scrutinized these accounts and believes that no material adjustment will be necessary upon the receipt of con?rmations. c) The company has not charged work contract tax as not registered. d) No person was employed by the company either throughout the year or for a part of the year under review whose remuneration for that year in the aggregate was more than Rs. 24,00,000!- or for any part of the year at a rate which in the aggregate was more than Rs. per month. (Previous Year NA). c) As identi?ed from available information there are no dues to Small Scale Industries, which require disclosure. Earnings in foreign currency (on receipt basis) Current Year Previous Year Nil NA g) Expenditure in foreign currency on payment basis Nil NA h) Auditors Remuneration Current Year Previous Year Rs. 2500f? 2500!- i) Previous year ?gures have been regroupedfrearranged, wherever considered necessary to make them comparable with this years ?gure. j} ICapital Contracts pending to be executed, net of advances Rs. NIL, Previous Year?NA. For V.V. KALE CO. CHARTERED ACCOUNTANT c( (Vijay V. Kale} Partner Place :New Delhi Date ilb fo ITES HORIZON PRIVATE LIMITED Director HORIZON INFORMATION REQUIRED AS PER PART IV OF SCHEDULE VI TO. THE CONIPANIES {Balance Sheet Abstract and Campany?s General Business Pro?le) DETAILS Registration NoState Code: ?0 l9 1 Balance Sheet Date: 3 1 3: 0 9 CAPITAL RAISED DURING THE YEAR (AMOUNT RS.THOUSAND) Public issue N.A. Bonus Issue NA. Right issue NA. Private Placement N.A. POSITION OF MOBILISATION AND DEPLOYMENT OF FUNDS IN RS. THOUSANDS Total liabilities j4l 41 3 Total assets: 4 4l 3 souness OF FUNDS Paid-up-Capital I I 0 Reserve Surplus: I Secured Loan Unsecured Loan 3 4 3 OF FUNDS Net ?xed Assets N-I Net Current Assets 2 7 Capital Work-in-progress I Misc. Expenditure I Investments - I Acetnnulated Losses 1 4 7 0 PERFORMANCE OF THE MPANY (AMOUNT IN 'l?um?over . -I Earning per Share (Rs) Total Expenditure 4 Dividend Rate I Pro?t Alter Tax 4 . GENERIC NAMES OF PRINCIPAL PRODUCTS SERVICES OF THE COMPANY [tern Code ion - Product Deseri lteni Code Product 'on As per our Report of even date attached. For Mfs. V. V. Kale (5'6 Co. Chartered Accountants ,2 or Vijay' V. Kale Partner Director Place New Delhi Date [Hod/assoc! ITES HORIZON PRIVATE LIMITED 45 MALL ROADZS RIVIERE APARTMENTS DELHI 410054 NOTICE Notice is hereby given that the Annual General Meeting of the Company, l'l'iiE-i Horizon Private Limited. Regd. Of?ce 45 Mall Road 28 Rivicrc Apartments Delhi-110054 will be held on 30.09.2008 at 11:00 ELM. at Regd. Of?ce to transact the following business: ORDINARY BUSINESS To review, consider and adopt the Audited Balance Sheet as at 31-qt March 2008 and Profit and Loss Accounts for the period ended on that date and the Reports of Auditors and Directors thereon. 2. To appoint Auditors and fix their remuneration. By order of the Board For ITES Horizon Private Limited. Puneet Sheetal Sachdeva Place: New Delhi Director Director Date: 1 '01 lace? A member to attend and vote is entitled to appoint a proxy to attend and vote instead of himself and the proxy need not be a member of the Company. Proxies in the form annexed must be lodged at the registered office of the Company not later than 48 hours before the commencement of the meeting. ITES HORIZON PRIVATE LIMITED. Regd. Office: 45-Mall Road, 28?5, Rivera Apartments, Delhi-110045 REPORT Dear Shareholders, Your Directors of the Company have the pleasure of presenting the Annual Accounts for the year ended 31.03.2008 consisting of Balance Sheet and Profit 6: Loss Account for the corresponding period together with Auditor?s report before the Annual General Meeting of the Company. Dividend: Your Directors are unable to declare any dividend in the current rear. 2. Directors Responsibility Statements: a) 'l'hat in the preparation of the Annual Accounts, the applied accounting standards have been followed. b} 'l'hat the Directors have selected Such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair View of the state of affairs of the Company at the end of the financial year and of the Profit or Loss of the Company for that year. c) 'l?hat the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the. provisions of the Companies Act 1956 for safeguarding the assets of the Company and for prewnting and detecting fraud and other irregularities. d) 'l'hat the Directors have prepared the annual accounts on. a going concern basis. 3. Auditors V.V. Kale 8.: Co, Chartered Accountants, retire and being eligible offers themselves for reappointment. gm'oi we." ITES HORIZON PRIVATE LIMITED. Regal. Office: 45-Mall Road, 28-5, Rivera Apartments! Delhi-110045 4. 'l?here are no employees whose particulars are required to be furnished 11/ of the Companies Act, 1956 during the year under report. 5J1 Particulars are required to be disclosed in the Directors Report in accordance with Companies discloser of particulars in the Report of the Board of Directors Rules 1988 are given below Foreign Exchange Earned: NIL Foreign Exchange Used The Directors wish to place on records the appreciation of cooperation and help extended by the concerned person(s) during the year under report. For and on behalf of the Board For ITES ON PRIVATE LIMITED Lou-1* 2f rag. ., . . Punect an on Sheetal Sachdeva PlaceNew Delhi Director Director Date: i5; 0112.00? Accousraurs REPORT The Members I IORIZON PRIVATE LIMITED We have audited the attached Balance Sheet of ITES HORIZON PRIVATE LIMITED as at March 31, 2008 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 overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. This report does not include a statement on the matters specified in paragraph 4 of the Companies (Auditors Report) Order, 2003 ?r Amendment Order, 2004 issued by the Department of Company Affairs, in terms of Section of the Companies Act, 1956, since in our opinion and according to the explanations to us, the said Order is not applicable to the Company. However, we report that; 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. 2. In our opinion, the Company has kept proper books of accounts as I required by law so far as it appears from our examination of books. R. The Balance sheet and Profit S: Loss Account dealt with by this report are in agreement with the books of accounts. 16 N20 W.E.A. Main Ajmai Khan Road, Karol Bash, New Delhi-110 005 Tel. (91) (11} 2576 1916 2521 6727 2572 2222 Telerax: (91) {11) 2573 2222 E-mail kalecastawkalexum CHARTERED 4. in our opinion, the Profit Loss account and Balance Sheet comply with the accounting standards referred to in sub section (3C) of Section 211 of the Companies Act, 1956. Ln On the basis of representation made by directors as on 31.3.2008 and taken on record by the Board of Directors none of the directors is disqualified as on 31.3.2008 from being appointed as Director in terms of clause of sub section (1) of section 274 of the Companies Act, 1956. ti. our opinion and to the best of our information and according to the eXpIanations given to us, the said accounts read together 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: In the case of Balance Sheet, of the state of affairs of the Company as on March 315*, 2008 and (ii) In the case of Profit Loss Account, of the loss of the Company for the year ended on that date. For V.V. Kale 3: Co., Chartered Accountants 32 Vijay V. Kale (Partner) Place New Delhi Date W.E.A. Main Ajmal Khan Road, Karol Bagh, New Delhi-110 005 Tel. [91) (1112526 1916 I 2521 677? 2522 2222 Telefax: (91} (11} 2523 2222 E-mail kalecos?wkale.com ITES HORIZON PRIVATE LIMITED BALANCE SHEET AS AT 3151? MARCH 2003 PARTICULARS SCHEDULE As AT As AT 31.03.2000 31.03.2007 1 squncss OF FUNDS Shareholders Fund Shani Capital 100,000.00 100,000.00 Loan Funds Unsecured Loans 342,931.91 342,931.91 TOTAL 442,931.91 442,931.91 II APPLICATION OF FUNDS Iii?led ASsets C_upr_rent Assets, Loans Advances Cash and Bank Balances - - Less: Current Liabilities a. Provisions Liabilities 24,150.00 21,650.00 Net Current Assets [24,150.00] (21.650.00] Miscellaneous Exgenditure Preliminaw Expenses 1 200.00 2,400.00 [To the extent not written off or adjusted} Pro?t and Loss Account Profit and Loss A000:th 465,881.91 462 ,181.91 TOTAL 442,931.91 442,931.91 NOTES ON ACCOUNTS A As pr our report of even date FOR V. V. HALE CO. CHARTERED v. PARTNER Sheets] sank?: Director NEW DELHI DATED: [1516; ACCOUNTING POLICIES AND NOTES ON ACCOUNTS Annexed to and forming part of the Balance Sheet as at 31"t March, 2008.) SIGNIFICANT ACCOUNTING POLICIES AND NOTES ON BALANCE SHEET AND PROFIT 8: LOSS ACCOUNTS. 1) a} b) ACCOUNTING POLICIES The accounts are prepared under historical cost convention on accrual basis and in accordance with the mandatory acCOunting standards. All Fixed Assets are stated at cost less accumulated depreciation. Cost includes purchase cost and other incidental expenses related to acquisition and installation. The depreciation is provided on all fixed assets on a pro-rata basis on written down value method, as per the rates and in the manner prescribed in schedule XIV to the Companies Act, 1956. The revenue is recognized on receipts basis in accordance with the respective agreement entered in respect thereof. Provision for Taxes consists Of Current Tax, Deferred Tax and Fringe Bene?t Tax, which is computed for current income based on the tax liability after considering allOwances and exemptions. Deferred Tax Assets and Liabilities when applicable are computed on timing difference at the balance sheet date. Deferred Tax Assets are recognized based on management estimates of available future taxable income and assessing its certainty. Fringe Benefit Tax is computed in accordance with the provisions Of section IISWA of the Income Tax Act, 1961. Preliminary expenses have been written Off over a period of 10 years. 2) NOTES TO ACCOUNTS a) b) C) The current assets, loans and advances are approximately of the value stated, if realized in the ordinary course of business. The provision for depreciation and all known liabilities are adequate and not in excess of the amount which in the opinion of the board of Directors, is reasonable necessary. - The outstanding balances of creditors, debtors and other advances given to the parties are subject to con?rmation and therefore; these balances are stated as per books of accounts only. The management has however, scrutinized these accounts and believes that no material adjustment will be necessary upon the receipt of confirmations. The company has not charged work contract tax as not registered. d) No person was employed by the company either throughout the year or for a part of the year under review whose remuneration for that year in the aggregate was more than Rs. 24,00,000!? or for any part of the year at a rate which in the aggregate was more than Rs. 2,00,000!? per month. (Previous Year NA). e) As identi?ed from available information there are no dues to Small Scale Industries, which require disclosure. Earnings in foreign currency (on receipt basis) Current Year PreviOus Year Nil NA g} Expenditure in foreign currency on payment basis Nil NA h) Auditors Remuneration Current Year Previous Year Rs. 2500f? 2500!- i) Previous year ?gures have been regroupedfrearranged, wherever considered necessary to make them comparable with this years ?gure. j) Capital Contracts pending to be executed, net of advances Rs. NIL. Previous Year-NA. For V.V. KALE a C0. for ES HORIZON PRIVATE LIMITED CHARTERED ACCOUNTANTS get Maw, (Vijay V. Kale) . Partner Director Director Place :New Delhi Date newsm- HORIZON PRIVATE LIMITED INFORMATION REQUIRED AS PER PART IV OF SCHEDULE VI TO THE COMPANIES (Balance Sheet Abstract and Company?s General Business Pro?le REGISTRATION DETAILS Registration No. 0? 2 3 3 9 State Code: . '0 I 9 I Balance Sheet DateCAPITAL RAISED DURING THE YEAR (AMOUNT IN RS.THOUSAND) Public issue NA. Bonus Issue N.A. Right issue N.A. Private Placement N.A. POSITION OF MOBILISATION AND DEPLOYMENT OF FUNDS (AMOUNT IN RS. [Total liabilities 4] 3 Total assets: 4 3 I SOURCES OF FUNDS Paid-up-Capital - '0 0 Reserve&Surplus: I Secured Loan Unsecured Loan 3 4 3 APPLICATION OF FUNDS Net tiscd Assets I L'Net Current Assets 2 4 Capital Work-in-progress I 'Misc. Expenditure 1 Investments I Accumulated Losses 4 6 6 PERFORMANCE OF THE COMPANY (AMOUNT IN RS.THOUSANDS) 'l?urn-oi-?er .N I Earning per Share (Rs) Total Expenditure 4 Dividend Rate - I Pro?t Alter 'l?as 4 GENERIC NAMES OF PRINCIPAL PRODUCTS OF THE COMPANY Item Code Product Description Code Product Description As per our Report of even date attached. lior Mrs. V. V. Kale Co. or and on Belt fof the Board Accountants Director .i .3: - . . Vijay V. Kain Partner Director Place New Delhi HORIZON PRIVATE LIMITED 45 MALL ROADZS RIVIERE APARTMENTS DELHI 410054 NOTICE Notice is hereby given that the Annual General Meeting of the Company, l'l?ES Horizon Private Limited. Regd. Of?ce 45 Mall Road 28 Riviere Apartments Delhi-110054 will be held on 29.09.2007 at 11:00 at Regd. Of?ce to transact the following business: ORDINARY BUSINESS 1. To review, consider and adopt the Audited Balance Sheet as at 31St March 20037 and Profit and Loss Accounts for the period ended on that date and the Reports of Auditors and Directors thereon. 2. To appoint Auditors and fix their remuneration. By order of the Board Horizon Private Limited. .r . . Sheetal Sa'chdeva l-jlace: New Delhi Director Director Date is I sob?.1? NOTES A member to attend and vote is entitled to appoint a proxy to attend and vote instead of himself and the proxy need not be a member of the Company. Proxies in the form annexed must be lodged at the registered office of the Company not later than 48 hours before the commencement-of the meeting. ITES HORIZON PRIVATE LIMITED. Regd. Office: 45-Mall Road, 28-8, Rivera Apartments, Delhi-110045 REPORT Dear Shareholders, Your Directors of the Company have the pleaSure of presenting the Annual Accounts for the year ended 31.03.2007 consisting of Balance Sheet and Profit 3: Account for the correSponding period together with AuditOr?s report before the Annual General Meeting of the Company. 1. Dividend: Your Directors are unable to declare any dividEnd in the current Year. 2. Directors Responsibility Statements: a) ?l'l?rat in the preparation of the Annual Accounts, the applied accounting standards have been followed. b) 'l?hat the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the Profit or Loss of the Company for that year. c} That the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance With the provisions of the Companies Act 1956 for safeguarding the assets of the Company and for [rarer-renting and detecting fraud and other irregularities. d) That the Directors have prepared the annual accounts one going concern basis. 3. Auditors V.V. Kale 3.: Co., Chartered Accountants, retire and being eligible offers themselves for reappointment. ITES HORIZON PRIVATE LIMITED. Regd. Office: 45?Ma11 Roadr 28-5, Rivera Apartments, Delhi-110045 'l'here are no employees whose particulars are required to be furnished u/s of the Companies Act, 1956 during the year under report. 5. Particulars are required to be disclosed in the DirectOrs Report in accordance with Companies discioser of particulars in the Report of the Board of Directors Rules 1988 are given below Foreign Exchange Earned: NIL Foreign Exchange Used NIL the Directors wish to place on records the appreciation of cooperation and help extended by the concerned person(s) during the year under report. For and on behalf of the Board For ITES HORIZO PRIVATE LIMITED date, rod? Puneet Ta Sheetal Sachdeva PlacaNew Delhi Director I Director Dc?lI'Lti [3 10-1 i 1091 - Accuvsrasrs REPORT To! The Members l'l?ES PRIVATE LIMITED We have audited the attached Balance Sheet of ITES HORIZON PRIVATE LIMITED as at March 31, 2007 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 overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. This report does not include a statement on the matters specified in paragraph 4 of the Companies (Auditors Report) Order, 2003 8.: Amendment Order, 2004 issued by the Department of Company Affairs, in terms of Section of the Companies Act, 1956, since in our Opinion and according to the explanations given to us, the said Order is not applicable to the Company. However, 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 purpose of our audit. 2. In our opinion, the Company has kept proper books of accounts as required by law so far as it appears from our examination of books. 3. 'l'he Balance sheet and Profit Loss Account dealt with by this report are in agreement with the books of?accounts. 16 AIZD W.E.A. Main Ajmal Khan Road, Karol Bagh, New Delhi?1 10 005 Tel. (91} [11) 2526 1916 I 2571 6772/ 2522 2222 Telefax: (91) (11) 2523 2222 E-mail kaie'cose' "'kalexon: CHARTERED ACCOUNTANTS 4. in our opinion, the Profit (it Loss account and Balance Sheet comply with 3 the accounting standards referred to in Sub section (3C) of Section 211 of the Companies Act, 1956. 5. 0n the basis of representation made by directors as on'.31.3.2007 and taken on record by the Board of Directors none of the directors is disqualified as t. on 31.3.2007" from being appointed as Director in terms of clause of sub section (1) of section 274 of the Companies Act, 1956. raw ti. In our opinion and to the best of our information and accmding to the explanations given to us, the said accounts read- together 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: 1-42;. In the case of Balance Sheet, of the state of affairs of the Company as on March 315?, 2007 and (ii) In the caseof Profit ?2 Loss Account, of the loss of the Company for the year ended on that date. For VV. Kale :51: Co., Chartered Accountants Place New Delhi Vijay V. Kale Date (Partner) in 16 #20 NBA. Alain Ajmal Khan Road, Karol Bagh, New Delhi-110 005 Tel. 67?? I 2572 2222 Tale-fax: {91) (11) 2573 2222 E-mail kalecus@wkale.cem ITES HORIZON PRIVATE LIMITED BALANCE SHEET AS AT 315T MARCH 2001' PARTICULARS SCHEDULE As AT As AT 31.03.2007 31.03.2006 {115) I SOURCES OF FUNDS Shale holders Fund Share Capital 100,000.00 100,000.00 I..qu Fags Unsecurtd Loans 342,931.91 342,931.91 TOTAL 1 442,931.91 II APPLICATION OF FUNDS Fixed Assets Qurrent Assets, Loans 15 Advances Cash and Bank Balances - - i Less: Current Liabilities Provisions Currom Liabilities 21,650.00 19,150.00 N01 Current Assets [21,650.00] [19,150.00] Miscellaneous Expenditure Preliminary Expenses 2,400.00 3,600.00 the extent not written off or adjusted] Pro?t and Loss Account Profit and Loss Account 462,181.91 458,481.91 TOTAL I 442,931.91 442,931.91 NOTES ON ACCOUNTS A . As per our report of even date attached I or and 0 behalf of FOR V. V. HALE CO. Pnneet Tanda CHARTERED ACCOUNTANTS Director a 0? Wei v. Director PLACE: NEW DELHI 2 up; SCHEDULE-A ACCOUNTING POLICIES AND NOTES ON ACCOUNTS (Annexed to and forming part of the Balance Sheet as at 31st March, 200?.) SIGNIFICANT ACCOUNTING POLICIES AND NOTES ON BALANCE SHEET AND PROFIT 8r LOSS ACCOUNTS. 1} b) C) d) ACCOUNTING POLICIES The accounts are prepared under historical cost convention on accrual basis and in accordance with the mandatory accounting standards. All Fixed Assets are stated at cost less accumulated depreciation. Cost includes purchase cost and other incidental expenses related to acquisition and installation. The depreciation is provided on all ?xed assets on a pro-rata basis on written down value method, as per the rates and in the manner prescribed in schedule XIV to the Companies Act, 1956. The revenue is recognized on receipts basis in accordance with the respective agreement entered in reSpect thereof. Provision for Taxes consists of Current Tax, Deferred Tax and Fringe Benefit Tax, which is computed for current income based on the tax liability after considering allowances and exemptions. Deferred Tax Assets and Liabilities when applicable are computed on timing difference at the balance sheet date. Deferred Tax Assets are recognized based on management estimates of available future taxable income and assessing its certainty. Fringe Bene?t Tax is computed in accordance with the provisions of section of the Income Tax Act, 1961. Preliminary expenses have been written off over a period of 10 years. 2) NOTES TO ACCOUNTS ill b] C) the current assets, loans and advances are approximately of the value stated, if realized in the ordinary course of business. The provision for depreciation and all known liabilities are adequate and not in excess of the amount which in the opinion of the board of Directors, is reasonable The outstanding balances of creditors, debtors and other advances given to the parties are subject to con?rmation and therefore; these balances are stated as per books of accounts only. The management has however, scrutinized these accounts and believes that no material adjustment will be necessary upon the receipt of con?rmations. The company has not charged work contract tax as not registered. may 1-: d) No person was employed by the company either'throughout the year or for a part of the year under review whose remuneration for that year in the aggregate was more than Rs. 24,00,000!? or for any part of the year at a rate which in the aggregate was more than Rs. per month. (Previous Year NA). e) As identi?ed from available information there are no dues to Small Scale Industries, which require disclosure. [Earnings in foreign currency {on receipt basis) Current Year Previous Year Nil NA g) Expenditure in foreign currency on payment basis Nil NA 11) Auditors Remuneration Current Year Previous Year Rs. 2500f? 2500!- i) Previous year ?gures have been regroupedfrearranged, wherever considered necessary to make them comparable with this years ?gure. j] Capital Contracts pending to be executed, net of advances Rs. NIL, Previous Year?NA. For VAX. KALE CO. ITES HORIZON PRIVATE LIMITED CHARTERED ACCOUNTANTS 5d (Vijay V. Kale) Partner . Place New Delhi Date ?Maj lama; Director ITES HORIZON PRIVATE LIMITED - INFORMATION REQUIRED AS PER PART IV OF SCHEDULE V1 TO THE COMPANIES ACT, 1956 {Balance Sheet Abstract and Cempany?s General Business Pro?le) REGISTRATION DETAILS Registration NoState Code: I 0 I 9 I Balance Sheet DateCAPITAL RAISED DURING THE YEAR (AMOUNT IN RS.THOUSAND) Public issue NA. Bonus Issue NA. Right issue N.A. Private Placement N.A. POSITION 0F MOBILISATION AND DEPLOYMENT OF FUNDS IN RS. THOUSANDS) - - - Total liabilities .l [Til 4 3] Total assets: 4l 4 3 SOURCES OF FUNDS - Paid-up-CaLital I 1 0 ReservedaSurplus: I Secured Loan I I Unsecured Loan 3 4 3 APPLICATION OF FUNDS Net ?xed Assets I Net Current Assets 2 1 Capital Work-in-progress Misc. Expenditure 2 Investments I Accumulated Losses 4 6 2 PERFORMANCE OF THE COMPANY (AMOUNT IN RS.THOUSANDS) 'l?urn?ovcr I Earning per Share (Rs) 'l'otal Expenditure - 4 Dividend Rate I Prolit After Tax 4 GENERIC NAMES OF PRINCIPAL PRODUCTS OF THE COMPANY . . . - Item Code Product Description Item Code Product Description As per our Report of even date attached. For Mfs. V. V. Kale Co. Chartered Accountants .34 Vijay V. Kale Partner Director Place New Delhi IT ES HORIZON PRIVATE LIMITED 45 MALL ROADZS RIVIERE APARTMENTS DELHI -1 10054 NOTICE Notice is hereby given that the Annual General Meeting of the Company, ITES Horizon Private Limited. Regd. Of?ce 45 Mall Road 28 Rivich Apartments Delhi-110054 will be held on 30.09.2006 at 11:00 ELM. at Regd. Of?ce to transact the following business: ORDIN ARY USINESS 1. To review, consider and adept the Audited Balance Sheet as at 31St March 2006 and Profit and Loss Accounts for the period ended on that date and the Reports of Auditors and Directors thereon. To appoint Auditors and fix their remuneration. By order of the Board For? Horizon Private Limited. Puneet Sheetal Sachdeva l-Jlacc: New Delhi Director Director Daie:1?lo1i1oog NOTES A member to attend and vote is entitled to appoint a proxy to attend and vote instead of himself and the proxy need not be a member of the Company. Proxies in the form annexed must be lodged at the registered office .of the Company not later than 48 hours before the commencement of the meeting. ITES HORIZON PRIVATE LIMITED. Regal. Office: 45-Mall Road, 28?5,. Rivera Apartments, Delhi?110045 REPORT Dear Sha reholders, Your Directors of the Company have the pleasure of presenting the Annual Accounts for the year ended 31.03.2006 consisting of Balance Sheet and Profit S: Loss Account for the corresponding period together with Auditor?s report before the Aru'iual General Meeting of the Company. 1. Dividend: Your Directors are unable to declare any dividend in the current year. 2. Directors Statements: a b) d) '['hat in the preparation of the Annual Accounts, the applied accounting standards have been followed. 'l?hat the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair vievv of the state of affairs of the Company at the end of the financial year and of the Profit or Loss of the Company for that year. 'l'hat the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities. That the Directors have prepared the annual accounts on a going concern basis. Auditors V.V. Kale (E: Chartered Accountants, retire and being gible offers themselves for reappointment. twist. ITES HORIZON PRIVATE LIMITED. Regd. Office: 45-Mall Road, 28-8, Rivera Apartments, Delhi-110045 'I'here are no employees whose particulars are required to be furnished u/s of the Companies Act, 1956 during the year under report. Particulars are required to be disclosed in the Directors Report in accordance with Companies discloser of particulars in the Report of the Board of Directors Rules 1988 are given below Foreign Exchange Earned: NIL Foreign Exchange Used NIL The Directors wish to place on records the appreciation of cooperation and help extended by the concerned person(s) during the year under report. For and on behalf of the Board IZON PRIVATE LIMITED Puneet Tandon Sheetal Sachcleva Place:New Delhi Director Director Date :1 in?; Cnanrznan ACCOUNTANTS REPORT it), The Mernbers l'l'liS PRIVATE We have audited the attached Balance Sheet of ITES HORIZON PRIVATE LIMITED as at March 31, 2006 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 lndia. 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 overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 'l'his report does not include a statement on the matters specified in paragraph 4 of the Companies (Auditors Report) Order, 2003 31: Amendment Order, 2004 issued by the Department of Company Affairs, in terms of Section of the Companies Act, 1956, since in our opinion and according to the explanations given to us, the said Order is not applicable to the Company. However, 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 purpose of our audit. 2. in our opinion, the Company has kept proper books of accounts as requ ired by law so far as it appears from our examination of books. 3. The Balance sheet and Profit Loss Account dealt with by this report are in agreement with the books of accounts. 16 mo W.E.A. Main Ajrnal Khan Road, Karol Bagh, New Delhi-110 Tel. (91) n1) 25?61916i2571 5277 2522 2222 Tale-fax: (91) (11) 2523 2222 E-mail kalecusewkalexorn 8COMPANY Accounranrs 4. In our opinion, the Profit Loss account and Balance Sheet comply with the accounting standards referred to in sub section (3C) of Section 211 of the Companies Act, 1956. o. On the basis of representation made by directors as on 31.3.2006 and taken on record by the Board of Directors none of the directors is disqualified as .. on 31.3.2006 from being appointed as Director in terms of clause of sub section (1) of section 27-4 of the Companies Act, 1956. .3 6. 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 give the information required by the Companies Act, 1956 in the manner so required and give a true and fair View: In the case of Balance Sheet, of the state of affairs of the Company as on March 2006 and (ii) In the case of Profit 3: Loss Account, of the loss of the Company for the year ended on that date. For V.V. Kale (St Co., Chartered Accountants 94 Place New Delhi Vijay V. Kale Date (Partner) 16 A220 W.E.A. Main Ajrnal Khan Road, Karol Bash, New Delhi-110 005 Tel. (91) {11) 2526 191612571 6227 i 2572 2222 Tale-fax: (91) (11} 2523 2222 E-mail kalecoserwkalexom ITES HORIZON PRIVATE LIMITED BALANCE SHEET AS AT 3151' MARCH 2006 PARTICULARE SCHEDULE AS AT A8 AT 31.03.2006 31.03.2005 (R51 SOURCES OF FUNDS Shareholders Fund Share Capital 100,000.00 100,000.00 Loan Fund: Unsecured loans 342,931.91 342,931.91 TOTAL 442,931.91 442,931.91 APPLICATION OF FUNDS Fixed Assets Current Assets. 5 Advances Cash and Bank Balances - - Lass: Current Liabilities Provision: Current Liabilities 19,150.00 16,050.00 Net Current Assets (19,150.00) (16,550.00) Menditm Preliminalj.r Expenses 3,600.00 4,800.00 [To the extent not written off or adjusted] Pro?t and Loan Amount Pro?t and Loss Account 453,431.91 TOTAL 442,931.91 442,931.91 NOTE-S ON ACCOUNTS A As per 01.11" report of even date attached FOR V. V. KALE CO. CHARTERED ACCOUNTANTS So? WIJAY v. PARTNER PLACE: NEW DELHI DATED: 5' 1 01 I sheet-J. Bighdm Director SCHEDULE-A ACCOUNTING POLICIES AND NOTES ON ACCOUNTS (Annexed to and forming part of the Balance Sheet as at 31mt March, 2006.) SIGNIFICANT ACCOUNTING POLICIES AND NOTES ON BALANCE SHEET AND PROFIT db LOSS ACCOUNTS. 1) a) b) d) 8) ACCOUNTING POLICIES The accounts are prepared under historical cost convention on accrual basis and in accordance with the mandatory accounting standards. All Fixed Assets are stated at cost less accumulated depreciation. Cost includes purchase cost and other incidental expenses related to acquisition and installation. The depreciation is provided on all ?xed assets on a pro-rata basis on written down value method, as per the rates and in the manner prescribed in schedule XIV to the Companies Act, 1956. The revenue is recognized on receipts basis in accordance with the reSpective agreement entered in respect thereof. Provision for Taxes consists of Current Tax, Deferred Tax and Fringe Bene?t Tax, which is computed for current income based on the tax liability after considering allowances and exemptions. Deferred Tax Assets and Liabilities when applicable are computed on timing difference at the balance sheet date. Deferred Tax Assets are recognized based on management estimates of available future taxable income and assessing its certainty. Fringe Bene?t Tax is computed in accordance with the provisions of section I 15WA of the Income Tax Act, 1961. Preliminary expenses have been written off over a period of 10 years. 2) NOTES TO ACCOUNTS 3) b) 0} The current assets, loans and advances are approximately of the value stated, if realized in the ordinary course of business. The provision for depreciation and all known liabilities are adequate and not in excess of the amount which in the opinion of the board of Directors, is reasonable necessary. The outstanding balances of creditors, debtors and other advances given to the parties are subject to con?rmation and therefore; these balances are stated as per books of accounts only. The management has however, scrutinized these accounts and believes that no material adjustment will be necessary upon the receipt of con?rmations. The company has not charged work contract tax as not registered. 5% No person was employed by the company either throughout the year or for a part of the year under review whose remuneration for that year in the aggregate was more than Rs. 24,00,000!- or for any part of the year at a rate which in the aggregate was more than Rs. 2,00,000!? per mon . (Previous Year NA). - As identi?ed from avaiiable information there are no dues to Small Scale Industries, which require disclosure. Earnings in foreign currency (on receipt basis) Current Year Previous Year Nil NA Expenditure in foreign currency on payment basis Nil NA Auditors Remuneration Current Year Previous Year Rs. 25001- 2500!- Previous year ?gures have been regroupedfrearranged, wherever considered necessary to make them comparable with this years ?gure. . Capital Contracts pending to be executed, net of advances Rs. NIL, Previous Year-NA. For V.V. KALE ITES HORIZON PRIVATE LIMITED CHARTERED ACCOUNTANTS (Vijay V. Kale} Partner Place New Delhi Date ITES HORIZON PRIVATE LIMITED PROFIT L085 ACCOUNT FOR. THE YEAR ENDED 318T HARCH 2006 PARTICULARS SCHEDULE CURRENT YEAR PREVIOUS YEAR 31.03.2006 31.03.2005 EXPENDITURE Audit Fee 2,500.00 2,500.00 Preliminanr Expenses ?mitten off 1,200.00 1,200.00 TOTAL 3,700.00 3,700.00 Pro?t?Loas] before taxation [3,700.00] [3,700.00] Provision for taxation - - Pro?t?lnss] after taxation [3,700.00] [3,700.00] Add: Pm?t?Loss] carried forward form last Year {454,781.91} [451,031.91] Net Pro?t?lon] carried forward to [458,481.91} [454,781.91] Balance Shoot NOTES ON ACCOUNTS A As per our report of even date attached and on behalf the Board FOR v. v. we is ca. CHARTERED ACCOUNTANTS Puneet t. I I [wan v. PARTNER Shoetal Sachdevn Director PLACE: NEW DELHI DATED: 15' I r31 am; ITES HORIZON PRIVATE LIMITED 45 MALL ROADZS RIVIERE APARTMENTS DELHI 410054 NOTICE Notice is hereby given that the Annual General Meeting of the Company, Horizon Private Limited. Regd. Of?ce 45 Mall Road 28 Rivich Apartments Delhi-110054 will be held on 30.09.2005 at 11:00 AM. at. Regd. Of?ce to transact the following business: ORDINARY BUSINESS To review, consider and adopt the Audited Balance Sheet as at 315t March 2005 and Profit and Loss Accounts for the period ended on that date and the Reports of Auditors and Directors thereon. 2. to appoint Auditors and fix their remuneration. By order of the Board For IT 8 Horizon Private Limited. than .. Punee don - Sheetal Sachdeva Place: New Delhi Director Director Date lslo'u? goof NOTES A member to attend and vote is entitled to appoint a proxy to attend and vote instead of himself and the proxy need not be a member of the Company. Proxies in the form annexed must be lodged at the registered office of the Company not later than 48 hours before the commencement of the meeting. i i ITES HORIZON PRIVATE LIMITED. Regd. Office: 45-Mall Road, 28-8, Rivera Apartments, Delhi-110045 REPORT Dear Shareholders, Your Directors of the Company have the pleasure of presenting the Annual Accounts for the year ended 31.03.2005 consisting of Balance Sheet and Profit 6c Loss Account for the corresponding period together with Auditor?s report before the Annual General Meeting of the Company. 1. Your Directors are unable to declare any dividend in the current rear. 2. Directors RESpOHSibifity Statements: a) b) Ll) That in the preparation of the Annual Accounts, the applied accounting standards have been followed. 'l'hat the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair viewof the state of affairs of the Company at the end of the financial year and of the Profit or Loss of the Company for that year. That the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities. That the Directors have prepared the annual accounts on a going concern basis. fl. Auditors V.V. Kale 3: Co, Chartered Accountants, retire and being eligible offers themselves for reappointment. may, ITES HORIZON PRIVATE LIMITED. Regd. Office: 45-Ma11 Road, 23-8,r Rivera Apartments, Delhi-110045 l. 'l'l'iere are no employees whose particulars are required to be furnished u/s of the Companies Act, 1956 during the year under report. 3. Particulars are required to be disclosed in the Directors Report in accordance with Companies discloser of particulars in the Report of the Board of Directors Rules 1988 are given below Foreign Exchange Earned: NIL Foreign Exchange Used NIL The Directors wish to place on records the appreciation of cooperation and help extended by the concerned person(s) during the year under report. For and behalf of the Board ZON PRIVATE LIMITED Pune Sheetal Sachdeva i?laceNew Delhi . Director Director 1321113215 its-11 ?loaf I CHARTERED ACCOUNTANTS REPORT lb, The Members ['l'liS l--lORl7.0N PRIVATE LIMITED We have audited the attached Balance Sheet of ITES HORIZON PRIVATE LIMITED as at March 31, 2005 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 lndia. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether thefinancial 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 overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 'l'his report does not include a statement on the matters specified in paragraph 4 of the Companies (Auditors Report) Order, 2003 6: Amendment Order, 2004 issued by the Department of Company Affairs, in terms of Section of the Companies Act, 1956, since in our opinion and according to the explanations given to us, the said Order is not applicable to the Company. However, we 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 our audit. 2. in our opinion, the Company has kept proper books of accounts as required by law so far as it appears from our examination of books. fl the Balance sheet and Profit fir Loss Account dealt with by this -.. in agreement with the books of accounts. 16 N20 W.E.A. Main Ajmal Khan Road, Karol Bagh, New Delhi-110 005 Tel. {91) (11) 2516 191612531 6727 I 2572 2222 Telefax: (91) (11) 2573 2222 Email kalecosQWkalexom l?lace New Delhi CHARTERED ACCOUNTANTS In our opinion, the Profit Loss account and Balance Sheet comply with the accounting standards referred to in sub section (3C) of Section 211 of the Companies Act, 1956. On the basis of representation made by directors as 0n 31.3.2005 and taken on record by the Board of Directors none of the directors is disqualified as on 31.3.2005 from being appointed as Director in terms of clause of sub section (1) of section 224 of the Companies Act, 1956. 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 give the information required by the Companies Act, 1956 in the manner so required and give a true and fair View: in the case of Balance Sheet, of the state of affairs of the Company as on March 31?, 2005 and (ii) in the case of Profit 3.: Loss Account, of the loss of the Company for the year ended on that date. For V.V. Kale Co, Chartered Accountants 3 c/ .Vijay V. Kale (Partner) 16 N20 W.E.A. Main Ajmal Khan Road, Karol Bagh, New Delhi-110 005 Tel. (911(11) 25761916 1 2521 622? I 2522 2222 Telefax: (91) (11) 2523 2222 E-mail kalecosowkalexom ITES HORIZON PRIVATE LIMITED Men: SHEET as AT 315T men 2005 PARTICULARS SCHEDULE AS AT AB AT 31.03.2005 31.03.2004 {1151 I SOURCES OF FUNDS Muir! Share Capital 100,000.00 100,000.00 Loan Funds Unsecured Loans 342,931.91 342,931.91 TOTAL 442,931.91 442,931.91 II APPLICATION 91" FUNDS Fixed ?ats Current Assets Lam Advances Cash and Bank Balances - - Less: Current Liabilities Provision: Current Liabilities 16,650.00 14,150.00 Net Current Assets {16,650.00} [14,150.00] Misce?aggous Elpenditum Preliminary Expenses 4,800.00 5,000.00 [To the extent not written off or adjusted] Pro?t and Loss Account Pro?t and L033 Account 454,731.91 451.08 1.91 TOTAL 442,931.91 442,931.91 NOTES ON ACCOUNTS A As per our report of even date attached of the Board FOR V. V. HALE CO. CHARTERED ACCOUNT be! [war v. PARTN ER PLACE: NEW DELHI DATED: lg ?01 .105, Director SCHEDULE-A ACCOUNTING POLICIES AND NOTES ON ACCOUNTS (Annexed to and forming part of the Balance Sheet as at 31?lit March, 2005.) SIGNIFICANT ACCOUNTING POLICIES AND NOTES ON BALANCE SHEET AND PROFIT LOSS ACCOUNTS. 1} ACCOUNTING POLICIES The accounts are prepared under historical cost convention on accrual basis and in accordance with the mandatory accounting standards. All Fixed Assets are stated at cost less accumulated depreciation. Cost includes purchase cost and other incidental expenses related to acquisition and installation. The depreciation is provided on all ?xed assets on a pro-rata basis on written down value method, as per the rates and in the manner prescribed in schedule XIV to the Companies Act, 1956. The revenue is recognized on receipts basis in accordance with the respective agreement entered in respect thereof. Provision for Taxes consists of Current Tax, Deferred Tax and Fringe Bene?t Tax, which is computed for current income based on the tax liability after considering allowances and exemptions. Deferred Tax Assets and Liabilities when applicable are computed on timing difference at the balance sheet date. Deferred Tax Assets are recognized based on management estimates of available future taxable income and assessing its certainty. Fringe Bene?t Tax is computed in accordance with the provisions of section IISWA of the Income Tax Act, 1961. Preliminary expenses have been ?mitten off over a period of 10 years. 2) NOTES TO ACCOUNTS 3) C) The current assets, loans and advances are approximately of the value stated, if realized in the ordinary course of business. The provision for depreciation and all'known liabilities are adequate and not in excess of the amount which in the opinion of the board of Directors, is reasonable necessary. The outstanding balances of creditors, debtors and other advances given to the parties are subject to confirmation and therefore; these balances are stated as per books of accounts only. The management has however, scrutinized these accounts and believes that no material adjustment will be necessary upon the receipt of con?rmations. The company has not charged work contract tax as not registered. WWI h? . d) No person was employed by the company either throughout the year or for a part of the year under review whose remuneration for that year in the aggregate was more than Rs. 24,00,000f- or for any part of the year at a rate which in the aggregate was more than Rs. 2,00,000f- per month. (Previcus Year NA). e} As identi?ed from available information there are no dues to Small Scale Industries, which require disclosure. t) Earnings in foreign currency (on receipt basis) Current Year Previous Year Nil NA g) Expenditure in foreign currency on payment basis Nil NA h) Auditors Remuneration Current Year Previous Year Rs. 2500!? 2500!- i) Previous year ?gures have been regroupedfrearranged, wherever considered necessary to make them comparable with this years ?gure. j) Capital Centracts pending to be executed, net of advances Rs. NIL, Previous Year-NA. For VN. KALE C0. ITES HORIZON PRIVATE LIMITED CHARTERED ACCOUNTANTS So/ {Vijay V. Kale) Partner Director Place New Delhi Date ugh-1 was" ITES HORIZON PRIVATE LIMITED INFORMATION REQUIRED AS PER PART IV OF SCHEDULE VI TO THE COMPANIES {Balance Sheet Abstract and Company?s General Business Pro?le REGISTRATION DETAILS Registration NoState Code: I 0 I9 I Balance Sheet Date 3 II 0 3 0 5 CAPITAL RAISED DURING THE YEAR (AMOUNT IN RS.THOUSAND) Public issue - NA. - Bonus Issue N.A. Right issue N.A. Private Placement N.A. POSITION OF MOBILISATION AND DEPLOYMENT OF FUNDS (AMOUNT IN RS. THOUSANDS I I'l?otal liabilities I I 4I 3 Total assets: I I I [414 3 I SOURCES OF FUNDS l?aid-up-Capital I I 0 Reserve&Surplus: I Secured Loan I Unsecured Loan 3 4 3 OF FUNDS - Net ?xed Assets I Net Current Assets 1 7 Capital Work-in-progress I Misc. Expenditure 5 Investments I Accumulated Losses 4 5 PERFORMANCE OF THE COMPANY (AMOUNT IN RS.THOUSANDS) 'l'urn-ovcr I Earning per Share (RS) 'l'otal Expenditure 4 Dividend Rate I ProIitAftcr Tax - - GENERIC NAMES OF PRINCIPAL PRODUCTS OF THE COMPANY - - Item Code Product Descri tion Item Code Product Descri tion As per our Report of even date attached. For Mfs. V. V. Kale Co, or and on alf of the Board i Chartered Accountants Directo cf Vijajv V. Kale .- Partner Director Place New Delhi Date :tho-II 9,4305 ITES HORIZON PRIVATE LIMITED PROFIT L085 ACCOUNT FOR. THE YEAR ENDED 318T MARCH 2005 PARTICULARS SCHEDULE CURRENT YEAR PREVIOUS YEAR 31.03.2005 31.03.2004 (Rs) IRS) EXPENDITURE Audit Fee 2,500.00 2,500.00 Bank Charge - 539.51 Preliminary Expenses written 00' 1,200.00 1,200.00 Misc. Party a/c mitten back - 175,463.00 TOTAL 3,700.00 179352.51 Pro?t?LassI before taxation [3,700.00] [1793515 1} Provision for taxation - - Pru?t?lmsa) the: taxation [3,700.00] Add: carried forward farm last Year (451.031.? 1] (271,329.40) Net (Loss) carried forward to [4543' 1.91) [451,081.91] Balance Sheet NOTES ON ACCOUNTS A Schedule A to form an integral part of accounts As per sur report of even date attached and on behalf CHARTERED ACCOUNTANTS Puneet Tandon Director c: I mas? V. min} PARTNER Sheets] suhde?a Direct?r PLACE: NEW DELHI DATED: 5 5(01 Hoar . .. . ITES HORIZON PRIVATE LIMITED 45 MALL ROADZS RIVIERE APARTMENTS DELHI 410054 NOTICE Notice is hereby given that the Annual General Meeting of the Company, 11138 Horizon Private Limited. Regd. Of?ce 45 Mall Road 28 Riviere Apartments Delhi-110054 will be held on 30.09.2004 at 11:00 AM. at Regd. Office to transact the following business: ORDINARY BUSINESS To review, consider and adopt the Audited Balance Sheet as at 315': March 2004 and Profit and Loss Accounts for the period ended on that date and the Reports of Auditors and Directors thereon. 2. To appoint Auditors and fix their remuneration. By der of the Board For I Horizon Private Limited. Puneet Sheetal Saohdeva Place: New Delhi Director Director Dale Ls: l01l%o+ A member to attend and vote is entitled to appoint a proxy to attend and vote instead of himself and the proxy need not be a member of the Company. Proxies in the form annexed must be lodged at the registered office of the Company not later than 48 hours before the commencement of the meeting. ITES HORIZON PRIVATE LIMITED. Regd. Office: 45-Mall Road, 28-5,. Rivera Apartments, Delhi-110045 REPORT lJea Shareholders, Your Directors of the Company have the pleasure of presenting the Annual Accounts for the year ended 31.03.2004 consisting of Balance Sheet and Profit [.oss Account for the corresponding period together with Auditor?s report before the Annual General Meeting of the Company. Dividend: Your Directors are unable to declare any dividend in the current rear. 2. Directors Responsibility Statements: a) 'l'hat in the preparation of the Annual Accounts, the applied accounting standards have been followed. h) That the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the Profit or Loss of the Company for that year. c) 'l?hat the Directors have taken proper'and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities. d) That the Directors have prepared the annual accounts on a- going concern basis. 3. Auditors V.V. Kale 8: Co, Chartered Accountants, retire and being eligible otters themselves for reappointment. small. ITES HORIZON PRIVATE LIMITED. Regal. Office: 45-Ma11 Road, 28-5, Rivera Apartments, Delhi-110045 i. 'l'here are no employees whose particulars are required to be furnished u/s of the Companies Act, 1956 during the year under report. ii. Particulars are required to be disclosed in the Directors Report in accordance with Companies discloser of particulars in the Report of the Board of Directors Rules 1988 are given below Foreign Exchange Earned: NIL Foreign Exchange Used NIL 'i'he Directors wish to place on records the appreciation of cooperation and help extended by the concerned person(s) during the year under report. For and on behalf of the Board For ITES HO IZON PRIVATE LIMITED Puneet Tandon Sheetal Sachdeva PlaceNew Delhi Director I I Director Date :15' L51 166+ ACCOUNTANTS REPORT '10, The Members l'l?LiS PRIVATE LIMITED We have audited the attached Balance Sheet of ITES HORIZON PRIVATE LIMITED as at March 31, 2004 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 pericarm 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 stipporting 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. This report does not include a statement on the matters specified. in paragraph 4 of the Companies (Auditors Report) Order, 2003 a Amendment Order, 2004 issued by the Department of Company Affairs, in terms of Section of the Companies Act, 1956, since in our opinion and according to the explanations given to us, the said Order is not applicable to the Company. However, we report that: We have obtained all the information and explanations, which to the best of our knowledge and belief were necessaryr for. the purpose of our audit. in our opinion, the Company has kept proper books of accounts as required by law so far as it appears from our examination of books. The Balance sheet and Profit (it Loss Account dealt with by this report are in agreement with the books of accounts. 16 A120 W.E.A. Main Ajmal Khan Road, Karol Bagh, New Delhi-110 005 Tel. (91) {11) 25761916 I 2571 6777 I 2572 2222 Telefax: (91) (11} 2573 2222 E-mail kalecosowkalexom CHARTERED ACCOUNTANTS In our opinion, the Profit (it Loss account and Balance Sheet comply with the accounting standards referred to in subsection (3C) of Section 211 of the Companies Act, 1956. On the basis of representation made by directors as on 31.3.2004 and taken on record by the Board of Directors none of the directors is disqualified as on 31.3.2004 from being appointed as Director in terms of clause of sub section (1) of section 274 of the Companies Act, 1956. 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 give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view: In the case of Balance Sheet, of the state of affairs of the Company as on March 315?, 2004 and (ii) In the case of Profit 3: Loss Account, of the loss of the Company for the year ended on that date. For VV. Kale 8.: Co., - Chartered Accountants if .. g. u. If 1; nah; Place New Delhi Vijay V. Kale Date (Partner) 1-. \u 16 A120 W.E.A. Main Ajmal Khan Road, Karat Bagh, New Delhi-110 005 Tel. {91) {11) 25761916 1' 2521 6277 I 2522 2222 Telefax: (91) (11) 2523 2222 E-mait kalecusownlexom ITES HORIZON PRIVATE LIMITED BALANCE SHEET AB AT ISIST MARCH 2004 PARTICULARS SCHEDULE AS AT AB AT 31.03.2004 31.03.2003 I SOURCES OF FUNDS Shareholders Fund A Share Capital 100,000.00 100,000.00 Share Application Money 283,000.00 Loan Funds Unsecured Loans 342,931.? 1 919,524.00 TOTAL 442,931.91 1,302,534.00 II APPLICATION OF FUNDS Fixed Assets Gross Block 759,586.00 Less: Depreciation 528,? 13.00 528313.00 Net Block - 230,803.00 Current Assets, Loans Advances Cash and Bank Balances 63,313.60 Loans, Advances and Other Current Assets 50,000.00 Debtors 412,658.00 Less: Current Liabilities Prowl-ions Current Liabilities 14,150.00 15,850.00 Provisions - - Net Current Assets [14,150.00] 510,121.60 Miscellaneous Encoditure Preliminary Expenses 6,000.00 7,200.00 [To the extent not written off or adjusted} Pro?t and Loss. Account Pro?t and Loss Account 0 451,081.91 27' 1,329.40 TOTAL 442,931.91 1,019,524.00 NOTES ON ACCOUNTS Schedule A to form an integral put of account: As per our report of even date attached of the Board FOR V. V. KALE CD. CHARTERED ACCOUNTANTS d' V. PARTNER NEW DELHI [:11 1mg.- Director {Au} Director ITES HORIZON PRIVATE LIMITED SCREEN FORMING PART OF BALANCE SHEET AB AT AS AT PARTICUIARB 3 1 33.2004 3 1 33.2003 SHARE CAPITAL SCHEDULE-A AUTHORISED 50,000 (Fifty Thousand} Equity Shares of Rs 10,1- 500,000.00 500,000.00 each] 500,000.00 500,000.00 ISSUED, SUBSCRIBED Ba PAID UP: 10000 Equity Shares of Rs . eaeh fully paid 100,000.00 100,000.00 [Previous Year 300 Equity Shares] Total: 100,000.00 100,000.00 LOAN FUNDS SCHEDULE-B UNSECURED LOANS 1. Sh. Vina],r Joshi 141,524.00 2. Sh. PR. Tandon 295,000.00 3. Sh. 1w?irender Sachdeva - 200,000.00 4. Sh. Puneet Tandon 201,431.91 141,500.00 5. SheetalTandon 141,500.00 141,500.00 Total: 342,93 1 .9 1 9 19 524.00 CURRENT ASSETS LOANS 3 ADVANCES SCHEDULE- CASH BANK BALANCES Cash in Hand - 62,765.11 Balances with Scheduled Bank - 548.49 Total: - 63,313.60 ADVANCES ?u OTHER CURRENT ASSETS [Unsecured-considered Good) Advance recoverable in cash or in kind or for value to be received - - Advance - Security Deposit - 50,000.00 Total: 50,000.00 SUNDRY DEBTORS Unsecured and Considered Good: a} Outstanding for less than six months - 13-] Outstanding for more than six months 412,653.00 Total: - 412,658.00 ITES HORIZON LRIVAIF: LIMITED SCHEDULES FORBIHG PART OF MOE SHEET AS AT A8 111? PARTICULARS 31.03.2004 31.03.2003 CURRENT LIABILITIES PROVISIONS SCHEDULE-E a} Current Liabilities Sundry Creditors Other - 4,200.00 Audit Fee Payable 14,150.00 11,650.00 Total: 14, 1 50.00 15,350.00 12:] Provisions Provision for Taxation - Total: MISCELLANEOUS EXPENDITURE Preliminary Expenses 7,200.00 8,400.00 Leas: Written Off during the Period 1,200.00 1,200.00 Total: 6,000.00 7,200.00 PROFIT AND LOSS ACCOUNT: SCHEDULE-G Opening Balance 27 1,329.40 78,019.59 Add: Loss for the year 179,752.51 193,309.81 Total: 451 ,081.9 1 271,329.40 ITES HORIZON PRIVATE LIMITED BCULEB EWC3- PART OF PROFIT LOSS ACCOUNT For the year ended For the year ended PARTICULARS 3 1.03.2004 3 1.03.2003 PERSONALEXPENSES BC Salary (including Director Salary} 242,660.00 House Rent Allowanoe 51,000.00 Total: - 293,660.00 ADMINISTRATIVE AND OTHER EXPENSES SCHEDULE-I Printing 5r. Stationery - 1,365.00 Book 06- Perodicals 912.00 Rent - ?7,000.00 Auditors Remuneration 2,500.00 5,400.00 Telephone and Fax - 21,423.00 Electricity Water Expenses - 10,370.00 Postage 8r. Courier - Conveyance Expenses - 9,800.00 Of?ceIRepair Repair 65 Maintenance 16,048.50 Computer Repair 85 Maintenance 20,735.00 Legal 05 Professional Charges - 12,100.00 Advertisement 65 Publicity - 2,325.00 Business Promotion - 5,030.00 Bank Charges 589.51 2,041.50 Filling Fees 6,300.00 Total: 3,089.51 191,850.00 tuwg. ITES HORIZON PRIVATE LIMITED SCHEDULE -c FIXED ASSETS [RupeesADDITION TRANSFER 33 ON UPFD FOR THE WRITTEN UPTO AS 01"! A3 AT 3ND. DESCRIPTION 01.04.2003 DURJNG SALES DURING 31.03.2004 31.03.2003 YEAR BACK 31.03.2004 31.03.2004 31.03.2003 THE YEAR THE YEAR {33} [35] [33} 1 GENERATOR 13,950.00 3,332.00 5,063.00 5,063.00 - - 5,063.00 - 3,332.00 2 COMPUTER 603,000.00 133,693.00 464,302.00 464,302.00 464,302.00 133,693.00 3 FURNITURE 35 FIXTURES 63,136.00 33,364.00 29,772.00 29,772.00 - - 29,772.00 - 33,364.00 4 AIR CONDITDNERS 54,000.00 34,643.00 19,352.00 19,352.00 - - 19,352.00 - 34,643.00 5 WATER FILTER 6,500.00 4,137.00 2,313.00 2,313.00 a - 2,313.00 - 4,137.00 6 EAR PHONE 1,300.00 - 1,300.00 1,300.00 1,300.00 - 7 EPABX 9,500.00 6,143.00 3,357.00 3,357.00 3,357.00 - 6,143.00 3 REFRIGERATOR 7,700.00 4,951.00 2,749.00 2,749.00 - - 2,749.00 - 4,951.00 TOTAL 759,536.00 230,373.00 523,713.00 523,713.00 - - 523,713.00 230,373.00 759,536.00 - 759,536.00 109,343.00 - 523,713.00 230,373.00 15.9.5.3 Law! SCHEDULE-J ACCOUNTING POLICIES AND NOTES ON ACCOUNTS {Annexed to and forming part of the Balance Sheet as at 31st March, 2004.) SIGNIFICANT ACCOUNTING POLICIES AND NOTES ON BALANCE SHEET AND PROFIT LOSS ACCOUNTS. 1) a} h) d} 0) ACCOUNTING POLICIES The accounts are prepared under historical cost convention on accrual basis and in accordance with the mandatory accounting standards. All Fixed Assets are-stated at cost less accumulated depreciation. Cost includes purchase cost and other incidental expenses related to acquisition and installation. The depreciation is provided on all ?xed assets on a pro-rata basis on written down value method, as per the rates and in the manner prescribed in schedule XIV to the Companies Act, 1956. The revenue is recognized on receipts basis in accordance with the respective agreement entered in respect thereof. Provision for Taxes consists of Current Tax, Deferred Tax and Fringe Bene?t Tax, which is computed for current income based on the tax liability after considering allowances and exemptions. Deferred Tax Assets and Liabilities when applicable are computed on timing difference at the balance sheet date. Deferred Tax Assets are recognized based on management estimates of available future taxable income and assessing its certainty. Fringe Bene?t Tax is computed in accordance with the provisions of section of the Income Tax Act, 1961. Preliminary expenses have been written off over a period of 10 years. 2) NOTES TO ACCOUNTS a) b) c) The current assets, loans and advances are approximately of the value stated, if realized in the ordinary course of business. The provision for depreciation and all known liabilities are adequate and not in excess of the amount which in the opinion of the board of Directors, is reasonable necessary. - The outstanding balances of creditors, debtors and other advances given to the parties are subject to con?rmation and therefore; these balances are stated as per books of accounts only. The management has however, scrutinized these accounts and believes that no material adjustment will be necessary upon the receipt of con?rmations. The company has not charged work contract tax as not registered. d) No person was employed by the company either'throughout the year or for a part of the year under review whose remuneration for that year in the aggregate was more than Rs. 24,00,000!- or for any part of the year at a rate which in the aggregate was more than Rs. 2,00,000!- per month. (Previous Year NA). e} As identi?ed from available information there are no dues to Small Scale Industries, which require disclosure. F) Earnings in foreign currency (on receipt basis) Current Year Previous Year Nil NA g} Expenditure in foreign currency on payment basis Nil NA h) Auditors Remuneration Current Year Previous Year Rs. 2500f? 5400!- i) Previous year ?gures have been regroupedfrearranged, wherever considered necessary to make them comparable with this years ?gure. j} Capital Contracts pending to be executed, net of advances Rs. NIL, Previous Year?NA. For V.V. KALE C0. for ITES HORIZON PRIVATE LIMITED CHARTERED ACCOUNTANTS Quaint): (Vijay V. Kale) Partner - .. . Director I Director Place New Delhi Date "we? ITES HORIZON PRIVATE LIMITED INFORMATION REQUIRED AS PER PART IV OF SCHEDULE VITO THE COMPANIES (Balance Sheet Abstract and Company?s General Business Pro?le REGISTRATION DETAILS Registration NoState Code: I 0 79 Balance Sheet Date 3 ll 0 3 0 4' CAPITAL RAISED DURING THE YEAR (AMOUNT IN RS.THOUSAND) Public issuc NA. Bonus Issue NA. Rightissue NA. Private Placement NA. POSITION OF MOBILISATION AND DEPLOYMENT OF FUNDS (AMOUNT IN RS. THOUSANDS - Total iiabilities I 4T 3 Total assets: 1 l4] 4TB SOURCES OF FUNDS Paid-up-Capital 1 0 0.Reserve&Surplus: I L. Secured Loan Unsecured Loan 3 4 3 APPLICATION OF FUNDS Net lixed Assets Net Current Assets 4 Capital Work-in-progress NI Misc. Expenditure - 6 Investments I Accumulated Losses 4 5 1 PERFORMANCE OF THE COMPANY (AMOUNT IN RS.THOUSANDS) 'l?Llrn-ovcr I Earning per Share (Rs) Total Expenditure 1 8' 0 Dividend Rate I I Profit Alter 'l'ax 3 GENERIC NAMES OF PRINCIPAL PRODUCTS SERVICES OF THE COMPANY Item Code I Product Description Item Code Product Description As per our Report of even date attached. For M/s. V. V. Kale Co. Chartered Accountants Vijav V. Kalc Partner or and on alf of the Board Director Place New Delhi Did?: i I 7,504? PROFIT LOSE ACCOUIT FOR THE YEAR ENDED 3151." MARCH 2004 ITES HORIZON PRIVATE LIMITED PARTICULARS SCHEDULE CURRENT YEAR PREVIOUS YEAR 31.03.2004 31.03.2003 INCOME 'l?raining Centre - Medicaf Transcription Charges - 482,595.00 Interest received from Refund 2,3 19.00 Short Excess Recovery 361.00 TOTAL - EXPENDITURE Transcription Charges - 82,531.81 Peraonnel Expenses - 293,660.00 Administrative and Other Expenses I 3,089.51 191,850.00 Prelirriiriaryr Expenses Written off 1.20000 1,200.00 Depreciation 011 Fixed Assets - 109,343.00 Misc. aft: written back 175,463.00 - TOTAL 1 1 ProfitHLoss) before ?xation [179352.51] {193,309.81} Provision for taxation - - Pro?t; [1.033] after taxation 1751,7515 1] Add: Pro?t?Loss] carried forward form last Year 03,019.59) Not carried forward. to (451,051.91) (271,329.40: Balance Sheet NOTES ON ACCOUNTS Schedule A to form an integral part of account: As per our report of even date attached FOR V. V. HALE CD. CHARTERED ACCOUNTANTS L2 of [mar v. we; PARTNER PLACE: NEW DELHI DATED: i; o?fiow Puneet Tendon Director . Shoetol eh Director ITES HORIZON PRIVATE LIMITED 45 MALL ROADZS RIVIERE APARTMENTS DELHI -110054 NOTICE Notice is hereby given that the Annual General Meeting of the Company, Horizon Private Limited. Regd. Of?ce 45 Mall Road 28 Rivicre Apartments Delhi-110054 will be held on 30.09.2003 at 11:00 AM. at Regd. Of?ce to transact the following business: ORDINARY BUSINESS To review, consider and adopt the Audited Balance Sheet as at 315t March 2004 and Profit and Loss Accounts for the period ended on that date and the Reports of Auditors and Directors thereon. To appoint Auditors and fix their remuneration. By order of the Board For ITES Horizon Private Limited. - eetal Saehdeva /u//nj?t To don Director l?lace: New Delhi Date 1:12.] at?) 3 0.33 A member to attend and vote is entitled to appoint a proxy to attend and vote instead of himself and the proxy need not be a member of the Company. Proxies in the form annexed must be lodged at the registered office of the Company not later than 48 hours before the commencement of the meeting. ITES HORIZON PRIVATE LIMITED. Regd. Office: 45-Mall Road, 28-5, Rivera Apartments, Delhi-110045 REPORT Dear Sha re lders, Your Directors of the Company have the pleasure of presenting the Annual Accounts for the year ended 31.03.2003 consisting of Balance Sheet and Profit Loss Account for. the corresponding period together with Auditor?s report before the Annual General Meeting of the Company. 1. Dividend: Your Directors are unable to declare any dividend in the current year. 2. Directors Responsibility tatemsn ts: a) That in the preparation of the Annual Accounts, the applied accounting standards have been followed. b) that the Directors have selected such accounting policies and applied them Consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair View of the state of affairs of the Company at the end of the financial year and of the Profit or Loss of the Company for that year. c) That the Directors have taken proper and sufficient'care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities. d) That the Directors have prepared the annual accounts on a going concern basis. Ti. Auditors V.V. Kale 62: Co, Chartered Accountants, retire and being eligible offers themselves for reappointment. ITES HORIZON PRIVATE LIMITED. Reed. Office: 45-Mall Road, 28-5, Rivera Apartments, Delhi-110045 -ll 'l'here are no employees whose particulars are required to be furnished qu 21 of the Companies Act, 1956 during the year under report. 5. Particulars are required to be disclosed in the Directors Report in accordance with Companies discloser of particulars in the Report of the Board of Directors Rules 1988 are given below Foreign Exchange Earned: NIL Foreign Exchange Used INR $2,531.81- The Directors wish to place on records the appreciation of cooperation and help extended by the concerned person(s) during the year under report. For and on behalf of the Board IZON PRIVATE LIMITED ?aw #31. Puneet Tandon Sheelal Sachdeva 1'31acezNew Delhi Director Director Date: 0 as} a DUB CHARTERED ACCOUNTANTS AUDITORS REPORT To, The Members of ITES HORIZON We have audited the attached Balance Sheet of ITES HORIZON PVT. LTD., as at March 31, 2003 and also the Pro?t and Loss Account of the Company for the year ended on that date annexed thereto. These ?nancial statements are the responsibility of the Company?s management. Our responsibility is to express an opinion on these ?nancial statements based on our audit. We have conducted audit in accordance with auditing standards generally accepted in India. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the ?nancial stamments are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the ?nancial statements. An audit also includes assessing the accounting principles used and signi?cant estimates made by management, as well as evaluating the overall ?nancial statements. We believe that our audit provides a reasonable basis for our opinion. 1. As required by the Manufacturing and Other COmpanies (Auditors? report) Order, 1988, issued by the Company Law Board in terms of Section of the Companies Act, 1956, we annex hereto a statement on the matters speci?ed in paragraphs 4 and of the said order. 2. Further to our comments in the Annexure referred to in paragraph 1 above, 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 for as it appears from the examination of the books. c. The Balance Sheet and Pro?t and loss account dealt with this report are in agreement with the books of account. d. In our opinion, the Balance Sheet and the Profit and Loss account comply with the accounting standards referred to in sub-section (3C) of section 21 I of the Companies Act, 1956. e. On the basis of representation made by Directors and taken on record by the Board of Directors as on 31"t March, 2003, none of the Directors is disquali?ed as on 31st March 2003 from being appointed as Director under clause of Sub-Schedule (1) of section 274 of the Companies Act, 1956. 16 AIZD W.E.A. Main Aimal Khan Road, Karol Bagh, New Delhi-110 005 Tel. (I 2526 1916:2521 2222 Talc-fax: (1112523 222 E-mail kalecos@vsnt.com In our opinion and to the best of our information and according to the explanations given to us, the accounts read together with 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 the case of balance sheet, of the State of Affairs of the Company as at 313?t March, 2003. ii) In the case of pro?t loss account, of the Loss of the Company for the year ended on that date. For V.V. Kale Co. Chartered Accountants sat xv Vijay V. Kale Partner Place New Delhi Date 02.09.03 10. ANNEXURE TO THE AUDITORS REPORT (Referred to in Paragraph (1) of our Report of even date) We have been informed that the ?xed assets register showing full particulars including quantitative details and situation of ?xed assets is being prepared. As explained to us, assets have been physically veri?ed by the management and no discrepancies have been noticed on such veri?cations during the year. None of the ?xed assets have been revalued during the year. The Company has taken unsecured loans from the directors of the Company and their relatives. The terms and conditions of which, primafocie, not prejudicial to the interest of the Compnay. As per information and explanations given to us, the Company has not given any loans to Companies, firms or other parties listed in the register maintained under Section 372 A of the Companies Act, 1956. As per information and explantions given to us, the Company has not granted any loans and advances in the nature of loan during the year. 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 nature of its business for purchases and sale of components, equipment and other assets and with regard to the services given. In our opinion and according to the information and explanations given to us, there is no transactions of services taken in pursuance of contracts or arrangements listed in the register maintained under section 301 of the Companies Act, 1956, aggregating during the year to Rs. 50,000!? or more. The Company has not accepted any deposits from the public during the year. We have been informed that the provisions of the Employees Provident Fund and Miscellaneous Provisions Act, 1952 and the Employees State Insurance Act, 1948 are at present not applicable to the Company. As per records of the Company there are no undisputed amounts payable in respect of Income Tax, Sales Tax, Wealth Tax, Customs Duty and Excise Duty as at 31SI March, 2003 which were outstanding for a period of more than six months from the date they became payable. ll. 12. 13. According to the information and explanations given to us, no personal expenses have been charged to revenue account, other than those payable under contractual obligations and in accordance with generally accepted business practices. Considering the nature of service rendered and basis of billing, it is not considered practicable to have a system of allocation of man-hours utilised to the relative jobs. Other clauses of the said Order are not given to the extent not applicable to the Company. For V.V. Kale Co. Chartered Accountants :4 o! Vijay V. Kale Partner Place New Delhi Date 02.09.03 ITES HORIZON PRIVATE LIMITED BALAHCE SHEET AB AT 3151? HARCH 2003 PARTICULARS SCHEDULE AB AT AS AT 31.03.2003 31.03.2002 1 seinees or mus Fund A Share Capital 100,000.00 3,000.00 Share Application Money 380,000.00 Loan Funds Unsecured Loans 919,524.00 652,950.00 TOTAL 1,019,524.00 1,035,950.00 II APPLICATION OF FUNDS Fiqged Assets Gross Block ?59,536.00 less: Depreciati?n 523,713.00 419,370.00 Net Block 340,216.00 09W Cash and Bank Balances 63,313.60 307,599.60 Loans, Advances and Other Current Assets 50,000.00 72,2 15.00 Stindry Debtors 412,658.00 412,658.00 Less: Current Liabilities Provisions Current Liabilities 15,350.00 131,953.19 Priwisiuns - 1,200 .00 Net Current Assets 510,121.60 609,314.41 Miscellaneous Expenditure Preliminary Expenses ?,200.00 8,400.00 (To the extent not written off or adjusted] Pro?t and Lose Account l?ro?t and Loss Account 271,329.40 TOTAL 1,019,524.00 1,035,950.00 NOTES ON ACCOUNTS Schedule A to form an integral part of accounts :45 per our report of even date attached and on he of the Board FOR V. V. KALE CO. CHARTERED ACCOUNTANTS d? V. PARTNER PLACE: NEW DELHI limiter): 1199;?? .3 Puneet Tendon Director f. 564 a :1 Sheets] Sec'h'dev- Director ITES HORIZON PRIVATE LIMITED SCHEDULES FORMING PART BALANCE SHEET AS AT AS AT PARTICULARS 3 1 .03 .2003 3 1 .03.2002 1R5) SEARE CAPITAL SCHEDULE-A Macadam 50,000 {Fifi}.r Thousand] Equity Shares of Rs 10,3- 500,000.00 500,000.00 each} 500,000.00 500,000.00 ISSUED, SUBSCRIBED 43:. PAID UP 10000 Equity Shares of Rs . 10f? each fully paid 100,000.00 3,000.00 [Previous Year 300 Equityr Shares} Total: 100,000.00 3,000.00 LOAN FUNDS SCHEDULE-B UNSECURED LOANS 1. Sh. Vina}; .Ioshi 141,524.00 157,950.00 Sh. RR. Tandon 295,000.00 295,000.00 3. Sh. Virender Sachdeva 200,000.00 200,000.00 4. i?unit Tandnn 141,500.00 - 5. Sheets] Tandon 141,500.00 - - Total: 919,524.00 652,950.00 QQRRENT ASSETS LOANS ADVANCES SCHEDULE- CASH as BANK BALANCES Cash in Hand 52,755.11 202.8221 1 Baianccs with Scheduled Bank 548.49 Total: 63,313.60 307,599.60 gvaNCEs a OTHER CURRENT ASSETS [Unsecured?considered Good] Advance recoverable in cash. or in kind or for value to be received - - Advance - 22,215.00 Security Deposit 50,000.00 50,000.00 Total: 50,000.00 72,2 1 5.00 QUHDRY DEBTORS Unsecured and Considered Good: at} Outstanding for less than six months - - 13] Outstanding for more than six months 412,658.00 412,658.00 Total: 412,658.00 412,653.00 1mg ITES HORIZON PRIVATE LIMITED SCHEDULES FORMING PART OF BALANCE SHEET AB AT AS AT PARTICULARS 3 1 33.2003 3 1 33.2002 (RE) QUBRENT LIABILITIES SCHEDULE-E a} Current Liabilities Sundry Creditors - 137,040.19 Other Liabilities 4,200.00 39,418.00 Audit Fee Payable 11,650.00 5,500.00 Total: 15,850.00 181,953.19 Provisions Provision for Taxation - 1,200.00 Total: - 1,200.00 MISCELLANEOUS EXPENDITURE SCHEDULE-F Preliminary Expenses 8,400.00 9,600.00 Less: Written Off during the Period 1,200.00 1,200.00 Total: 7,200.00 8,400.00 PROFIT AND LOSS ACCOUNT: SCHEDULE-G Opening Balance 73,019.59 {7,432.00} Add: Loss for the year 193,309.81 85,451.59 Total: 271 329.40 73,019.59 SCHEDULES FORMING PART OF PROFIT LOSE ALCCOUHT For the year ended For the year ended PARTICULARS 31.03.2003 31.03.2002 [Ell PERSONALEXPENSES Salary [including Director Salary) 242,660.00 527,305.00 House Rent Allowance 51,000.00 120,000.00 Total: 293,660.00 647,305.00 ADMINISTRATIVE AND OTHER EXPENSES Printing Stationery 1,365.00 45,221.00 Book Perodioals 912.00 456.00 Rent 77,000.00 189,500.00 Auditors Remuneration 5,400.00 5,250.00 Telephone and Fax 21,423.00 77,848.00 Electricity Water Expenses 10,370.00 33,860.00 Postage 81. Courier 1,890.00 Conveyance Expenses 9,800.00 5,732.50 Of?eefRepair Repair Ba Maintenance 16,048.50 45,753.00 Computer Repair 85 Maintenance 20,735.00 8,990.00 Legal {is Professional Charges 12,100.00 22,250.00 Advertisement Publicity 2,325.00 37,583.00 Buainess Promotion 6,030.00 19,726.65 Bank Charges 2,041.50 6,435.22 Filling Fees 6,300.00 3,300.00 Total: 1 9 1 350.00 503,795 .37 1 i-iiew DEW ITES HORIZON PRIVATE LIMITED FIXED ASSETS SCHEDULE -C {Rupees} DEPBHWECIATI BLOCK AS AT ADDITION TRANSFER .43 ON FOR THE WRITTEN UPTO 143 ON AS AT S.N0. 01.04.2002 DURING SALES DURING 31.03.2003 31.03.2002 YEAR BACK 31.03.2003 31.03.2003 31.03.2002 THE YEAR THE YEAR {Ra} 1 GENERATOR 13,950.00 13,950.00 3,633.00 1,435.00 5,063.00 3,332.00 10,317.00 2 COMPUTER 603,000.00 - 603,000.00 371,337.00 92,465.00 464,302.00 138,693.00 231,163.00 3 FURNITURE 65 FIXTURES 63,136.00 - - 63,136.00 22,392.00 7,330.00 29,772.00 33,364.00 40,744.00 4 MR 54,000.00 - 54,000.00 13,759.00 5,593.00 19.352.00 34,643.00 40,241.00 5 WATER FILTER 6,500.00 - - 6,500.00 1,636.00 677.00 2,313.00 4,137.00 4,364.00 6 EAR PHONE 1,300.00 - 1,300.00 1,300.00 1,300.00 1.00 7 EPABX 9,500.00 - - 9,500.00 2,364.00 993.00 3,35?r 00 6,143.00 7,136.00 3 REFRIGERATOR 3,700.00 - - 7,700.00 1,949.00 300.00 2,749.00 4,951.00 5,751.00 TOTAL 59,536.00 - - 759,536.00 41 9,370.00 109,343.00 523.71 3.00 230, 0'73. 00 340,2 17.00 ?759,506.00 - - 759.506. 00 245,22 1.00 1?4, 149.00 419,370.00 340,216.00 5 14,365.00 ACCOUNTING POLICIES AND NOTES ON ACCOUNTS (Annexed to and forming part of the Balance Sheet as at 31st March, 2003.) SIGNIFICANT ACCOUNTING POLICIES AND NOTES ON BALANCE SHEET AND PROFIT LOSS ACCOUNTS. 1) ACCOUNTING POLICIES a) The accounts are prepared under historical cost convention on accrual basis and in accordance with the mandatory accounting standards. b) All Fixed Assets are stated at cost less accumulated depreciation. Cost includes purchase cost and other incidental expenses related to acquisition and installation. c) The depreciation is provided on all ?xed assets on a pro-rata basis on written down value method, as per the rates and in the manner prescribed in schedule XIV to the Companies Act, 1956. d} The revenue is recognized on receipts basis in accordance with the respective agreement entered in respect thereof. e) Provision for Taxes consists of Current Tax, Deferred Tax and Fringe Benefit Tax, which is computed for current income based on the tax liability after considering allowances and exemptions. Deferred Tax Assets and Liabilities when applicable are computed on timing difference at the balance sheet date. Deferred Tax Assets are recognized based on management estimates of available future taxable income and assessing its certainty. Fringe Bene?t Tax is computed in accordance with the provisions of section of the Income Tax Act,_l961. t) Preliminary expenses have been written off over a period of 10 years. 2) NOTES TO ACCOUNTS a) The current assets, loans and advances are approximately of the value stated, if realized in the ordinary course of business. The provision for depreciation and all known liabilities are adequate and not in excess of the amount which in the opinion of the board of Directors, is reasonable necessary. b) The outstanding balances of creditors, debtors and other advances given to the parties are subject to confirmation and therefore; these balances are stated as per books of accounts only. The management has however, scrutinized these accounts and believes that no material adjustment will be necessary upon the receipt of con?rmations. c) The company has not charged work contract tax as not registered. mg?; 6) j) v.v. KALE co. CHARTERED ACCOUNTANTS (Vijay V. Kale) Partner Place Data No person was employed by the company either throughout the year or for a part of the year under review whose remuneration for that year in the aggregate was more than Rs. 24,00,000!- or for any part of the year at a rate which in the aggregate was more than Rs. 2,00,000!- per month. {Previous Year NA). As identi?ed from available information there are no dues to Small Scale Industries, which require disciosurc. Previous Year NA Current Year Nil Earnings in foreign currency (on receipt basis) Expenditure in foreign currency on payment basis Nil NA Previous Year 2500!- Current Year Rs. 5400:?- Auditors Remuneration Previous year ?gures have been regroupedfrearranged, wherever considered necessary to make them comparable with this years ?gure. Capital Contracts pending to be executed, net of advances Rs. NIL, Previous Year-NA. {or ITES HORIZON PRIVATE LIMITED gag; Director Director get I: New Delhi PROFIT L038 ACCOUNT FOR THE YEAR ENDED 318T 2003 ITES HORIZON PRIVATE LIMITED PARTICULARS SCHEDULE CURRENT YEAR PREVIOUS YEAR 31.03.2003 31.03.2002 (R31 .INPQME Training Centre - 589,365.00 Medical ?l?ransoription Charges 482.595.00 Interest. received from Refund 2,319.00 - Short 8r. Excess Rei'zoiurerjyr 361.00 - TOTAL 485,275.00 1,240,997.73 Exam ?I?ranseription Charges 82,531.81 Personnel Expenses 293,650.00 Administrative and Other Expenses I 191,850.00 5033953? Preliminary Expenses written off 1,200.00 1,200.00 Depreciation on Fixed Assets 109,343.00 174,149.00 TOTAL 678.5343 1 1 326,449.37 Pro?t?Loss] before taxation {193,309.81} {35,451.59} Provision for taxation ProfitMLoss} after taxation Add: Profit} [Loss] carried forward form last Year Net Pro?t flLoss] carried forward to Balance Sheet {193.3093 1] {271,329.40} (55,45 1.59] 7,432.00 [73,019.59; NOTES ON ACCOUNTS Schedule A to form an integral part of accounts as per mir report of even date attached FOR V. V. KALE CD. CHARTERED ACCOUNTANTS ?3 ?5 0/ ms} PARTNER PLACE: NEW DELHI 11003 Puneet Tnndo Director Sheets] Snohd'e'va Director and on behairg?f: Board Eginius Tirkey Digitally signed by Eginius Tirkey DN: cn=Eginius Tirkey, c=IN, l=Paryavaran Bhawan 2nd Floor B-Block CGO Complex Lodhi Road New Delhi 110003, st=Delhi, o=Ministry of Company Affairs, ou=Ministry of Company Affairs Registration Authority, email=eginius. tirkey@mca.gov.in Reason: Certified as a MCA copy Date: 2006.03.13 14:13:43 +05'30' ?f CAPITAL STRUCTURE OF THE COMPANY (AMOUNT IN RS. Authorised Share Capital Breakup Type 01 Shares No. of Shares Nominal Value (In Rs Eeunv I (ii) Preference I I Total Authorised Capital Issued Share Capital Breakup Type ol Shares No.01 Shares Nominal Value (In Rs.) (0 Ecltu I I3 I0 I0 I (if) Preference I I I I Total lssued Capital I Io Io I Subscribed Share Capital Breakup Type of Shares No. of Shares Nomlnal Value (in Rs Equny IZIO I0 I (If) Preference I I EU Total Subscribed Capital Annual Return vu?w?u?w ?rr! man-?m-a-w-u-nmm-. an". un?Paid-Up Share Capital Breakup 'Type of Shares No. of Shares Nominal Value (in Fls.) (0 Equity I3 loi? BEBE Preference I7 Total Paid-up Capital I0 I OIUI Debentures Breakup Type of Shares No. of Debentures Nominal Value (in Fla.) (1) Non Convertible LI I I I CE: (ii) Partly Convertible LI I 17 DE: FulIyCODVemb'e LI I D333: Total Amount I I I I Annual Fleturn IV. INFORMATION (PAST AND PRESENT) [Refer clause 6 of Part of Scidule Name Surname Middle Name First Name Nationality l-lndian Date of birth F-Foreign Date Month Year Designation IEI C-Chairman cum Managing Director W-Whole Time Director, S?Secretary, Fl?Manager D?Director. M-Managing Director Dateof Appointment Date Month Year Date Month Year Election Commission Identity Card No. (it issuedName IKIUIMI AI RI I Surname Middle Name First Name Nationality I-lndian Date of birth I I II I IDIC) I I I I F-Foreign Date Month Year De5ignation C?Chairman cum Managing Director W-Whole Time Director, S-Secretary, Ft-Manager D?Director. M-Managing Director Date of Appointment (II Date of Ceasing I I I I I Date Month Year Date Month Year Election Commission Identity Card No. (it issuedName ISIAICIHIDIEIVIAI I I I ISIHIETEITIAILI Surname Middle Name First Name Nationality IE - ndian Date of birth F-Foreign Date Month Year Demgnation C?Chairman cum Managing Director W-Whole Time Director, S-Secretary. Ft-Manager D-Director. M-Managing Director Dateoprpointment IIQIQI SIDateofCeasing I I Date Month Year Date Month Year ElectionCommission Identity Card No. (it issued) 1 Annual Return IV. INFORMATION (CONTD.) Hesrdential Address Town State i Pin Code II ILTILLII I IWTI ITTFW LTIELTII LI LIJ I UII ITII Filil?oTiqu 4 Residential Address Town City .District State Pin Code IPILIAITI INJOI-LIEI BEEIGFIIMIAITQ IK IK IAIGIAINIIITTI I IILLI Address MEL and IRENE IREMEIEI RI EI [Amalmwu?mns?zlsr I 14?Code IOloiSl4-I Annual Return V. DETAILS OF HELD AT DATE OF Ledger Folio ol Share/Debenture Holder Share/Debenture Holder's Name i MI IE Surname Middle Name First Name Name IGI RIOIVFE I PI I I I I Type of share/Debenture 1 Equity. 2 - Preference Shares. 3 Debentures, 4 - Stock Number of Shares/Debentures Held/Strock. if anyI I ID ID IAmount per share (In Rs.) Ledger Folio of Share/Debenture Holder I I I I IZI Share/Debenture Holder's Name KI LIV Surname Middle Name First Name Name I I I I I IVI Type of share/Debenture 1 - Equity, 2 - Preference Shares. 3 - Debentures, 4 - Stock Number of Shares/Debentures Held/Strock. it any LLIQIO IAmount per share (in Rs) Ledger Folio 01 Share/DebentUre Holder I I I I I Share/Debenture Holder's Name c' IHI I I ISIHIE IE Surname Middle Name First Name Father's/Husband's Name HTDFEIV IAI i I IV INIDIRIEI Type of share/Debenture 1 - Equrty. 2 - Preference Shares, 3 Debentures. 4 - Stock Number of Shareleebentures Held/Shock. if anyI IAmount per share (In Rs) *Note :Separate sheet may be attached it needed. If number of such share holders exceed 10, if so desrred a text file may be submitted on a floppy or a cartridge tape In the format given rn Annual Return 6 v. DETAILS OF HELD AT DATE OF AGM (comm Address Izj IEI IN IAIGIA 0.3mm IDIEILIHIZEI Siate panama [111101010qu ILIEIHINIAI I I I MIAIRIKIEITI IMIAILIKIAIGIAINIZI Towncaty 0.5mm State II I I I LLEIJJ PinCode Addressl- IRI-IIVITIIEI TownCity District IDIEILIHIEI State Pin Code I I 5 4I . AnnuaI Return 7 Vi, DETAILS OF TRANSFERS SINCE DATE OF LAST AGM [er In the ease ot the first return at any time since the incorporation of the company)? Date oi Prewous AGM IO Iq I IZIOIO Date Month Year Date of Registration of Transfer orsms I4 I II I I I Date Month Year Type oi transfer 1 Equity, 2 - Preference Shares. 3 - Debentures, 4 - Stock Number of Shares/Debentures Transferred I I I I I Amount per share (rn Rs.) Ledger Folio otTransteror -rransreror?sName I I Surname Middle Name First Name Ledger FOIIO otTransferee Transieree'sName ITT Surname Middle Name First Name Date of Registration of Transfer ofShares I I I nI I I Date Month Year Type of transfer 1 - Equity. 2 - Preference Shares, 3 - Debentures, 4 - Stock Number of Shares/Debentures Transferred I I I I I Amount per share (in Rs.) Em Ledger Folio oiTransferor .Transteror'sName Surname Middle Name First Name Ledger Folio ofTransteree Framieree?sName II I I?Surname Middle Name First Name *Note Separate sheet may be attached if needed. If number of such transactions exceed 10. iI so desired a text file may be submitted on a floppy or cartridge in the format given in Annexure-iV. 8 Annual Fieturn VII. INDEBTEDNESS OF THE COMPANY (Amount in Rs. Thousands) (Secured Loans including imerest outstandinglaocrued but not due for payment) Amount Govt. [Central 8: State(s)] Public Financial lnstitutions CED Mutual Funds CED (vii) Foreign Holdings (Flis/FCs/FFls/ (ix) Directors/Relatives of Directors DE Annual Return (W) M) 00 EQUITY SHARE CAPITAL BREAKUP (Percentage ofTotal Equity) Govt. Companies Nationalised/Other Banks Venture Capital CED Bodies Corporate (Not Mentioned Above) Other top 50 Share Holders (Other than those listed above) (We certity that la) the return states the facts as they stood on the date of the annual gereral meeting aforesaid. correctly and completely Since the date of the last annual return the transfer of all shares, debentures. the issue of all further certificates of shares and debentures. have been appropriately recorded in the books maintained for the purpose the whole of the amount of dividend remaining unpaid or unclaimed tor a period of three years from the date of transfer to the special account has been transferred to the General Revenue Account of the Central Government as required under sub-section of Section 205A: the company has not. Since the date of annual general meeting with reference to which the last return was submitted, or in the case of a first return. since the date of the incorporation of the company, issued any invitation to the public to subscribe for any shares or debentures of the company; (at where the annual return discloses the fact that the number of members of the company exceeds fifty, the excess consists wholly of persons who under sub~clause (1) section 3 are not to be included in the reckoning the number of fifty; since the date of annual general meeting with reference to which the first return was submitted or in the case of a first return since the date of the incorporation of the private company, no public company or i deemed public company has or have held twenty-five per cent, or more of its paid~up share capital; the company did not have an average turnover of Fls. Ten Crores or more during the relevant period: Since the date of the annual general meeting with reference to which the last annual return was submitted or since the date of incorporation of the company. if it is first return. the company did not hold twenty-five per cent or more of the paid-up share capital of one or more public companies; and the private company did not accept or renew or invite deposits from the public. For Director Director/Managing Director/Manager/Secretary .. For HORIZON PVT-LTD Secretary in whole time practice . . . . . . . .. Note Certificate to be given by a Director and Manager/Secretary or by two Directors where there is no manager or secretary in the case of a company whose shares are listed on a recognised stock exchange, the certificates shall also be Signed by a secretary in whole time practice. 1 Annual Return 10 Annexure 4 ITES directorship histories Page 44 0f 46 THE COMPANIES ACT OF 1956) SCHEDULE V-PART II ANNUAL RETURN OF ITES HORIZON PRIVATE LIMITED Made upto 30-09-2009 CIN. No. U72200DL1999PTC102389 Authorized Capital R5. 500,000 {50,000 Equity Shares of Rs. 10 Each] Paid up Capital I Rs. 100,000 {10,000 Equity Shares of Rs. 10' Each] Form of Annual Return of a Company Having Share Capital The Companies Act, (1 of 1956} ANNUAL RETURN I (See Section 159} SCHEDULE V-PART II I. Registration Details Registration No. U72200DL1999PTC102389 State COUE I 11 ?St ll I Registration date 11 November 1999 Whether shares listed on recognized Stock Date Month Year Exchangeis} NO If yes, Stock exchange Code [Totals] A-NIL . B-NIL (Refer Code list 2) AGM Held YES . Date of AGMIDUE date 30-? 09 -2009 II. Name and Registered Office of Company: Company Name ITES. HORIZON PRIVATE LIMITED Address 45 MALL ROADIS RIVIERE APARTMENTS State DELHI - Telephone with STD 011 - 27868876 Fax Number Email Address Imran0101@rediffmail.com Capital Structure of the company [Amount in Rs.) Authorized Share Cagital Break 09 Type of Shares No. of Shares Nominal Value Rs. ii) Equity . 50,000 . 10 {ii} Preference Nil Total Authorized Capital Rs. 500,000 Issued Share Cagital Breakug Type of Shares No. of Shares - Nominal Value Rs. Equitr 10,000 10 (ii) Preference Nil Total Issued Capital Rs. 100,000 Subscribed Share Cagital Breakup Type of Shares No. of Shares Nominal Value Rs. Equityr 10,000 10 (ii) Preference Nil Total Subscribed Capital Rs. 100,000 Paid 09 Share Cagital Breakug Type of Shares No. of Shares - Nominal Value Rs. Equityr 10,000 '10 Preference Nil Total Paid Up Capital Rs. 100,000 Debentures Break Up Nil IV. DirectorsfManagersfSeeretary Information {Past and Present) 1] Name Tendon Puneet Surname Middle Name First Name Nationality Indian DateofBirth: 2? March 1913 Designation: Director Date Month Year Date of appointment: 11 November 1999 Date of (leasing Date Month Year Date Month Year - Election Commission Identity Card No. Residential Address 1233 Muitherjee Hagar Delhi-119019 i I Name Sachdeva I Sheetal i . i Surname Middle Name . First Name 'Nationaiity Indian Date of Birth: 12 October 1913 Designation Director Date Month Year Date of appointment: 11 November 1999 Date of Ceasing Date Month Year Date Month Year Election Commission identity Card No. I Residential Address 45 Mall Road Riviera Apartments-28 Delhi-110054 I: V. Details of SharesIDebentures Heldet date of AGM Folio 6? Holder 001 ShareDebenture Holder?s Name TANDDN PUNEET Surname Middle Name First Name Father?s/Husband?s Name Type of Share/'Debenture 1 1 . 2 Preference 3 Debenture 4 Stock Equity Shares Address Town City 1223 MUKHERJEE NAGAR NEW District NEW DELHI State DELHI Pin Code 1110019I I Number of Shares ifany 4950 Amount per share (in Rs.} 10 Ledger Folio of ShereiDebenture Holder 002 Share/Debenture Holder's Name JOSHI KUMAR VINAY Surname Middle Name First Name Father?siHusband?s Name Type of ShareJDebenture - 1 1 2 Preference 3 Debenture 4 Stock Equity Address Town City Flat No 1? Lehna Singh Market District Delhi State Delhi Pin Code 110010I Number of Shares if any 100. Amount per share {in Rs} 10 Ledger Folio of Share/Debenture Holder 003 Sh, ShareDebenture Holder's Name SACHDEVA SHEETAL I Surname Middle Name - First Name i Father'si?Husband?s Name Type of Sharey'Debenture 1 1 Equity 2 Preference Shares 3 Debentu re 4 Stock Address Town City 45 Mall Road Riviere Apartments-28 Delhi District Delhi State Delhi Pin Code 110054 Number of Shares if any Amount Dior share {in Rs.) 10 VI. Details of Sharestebentures Transfers since date of Last AGM (or in the case of first return at any time since the incorporation of the company} Not Applicable _Ee of Previous 30?" September. 2003 Date of Registration of Transfer of shares Date Month Year Type of Transfer 1 Equity 2 Preference Shares 3 Debenture 4 Stock Number of Shares/Debentures Amount per share (in Rs.) Transferred Ledger Folio of Transferor Transferor?s Name Surname Middle Name First Name Ledger Folio of Transferee Transferee?s Name Surname Middle Name First Name Date of Registration of Transfer of shares Date I Month Year Type of Transfer 1 Equity 2 Preference Shares 3 Debenture 4 Stock Number of Shares/Debentures Amount per share [in Rs.) Transferred - Ledger Folio of Transferor Transferor?s Name Surname Middle Name First Name Ledger Folio of Transferee Tra nsferee?s Name . Surname Middle Name First Name Note: Separate Sheet may be attached if needed. If number of such share holder exceed 10, if so desired a trext file may be submitted on a floppy or a catridge tape in the format given in Annexureelv. - 3 VII. Indebtedness of the Companyr (Amountin Thousand) (Secured Loans including interest outstanding accrued but not due for payment) Amount NIL VII. Equity share capital breakup (Percentage of Total Equity] i. Government {Central 8: States) NIL ii. Government Companies I - NIL ?at Public Financial Institutions I NIL iv. Nationalizedz?Other banks I I - NIL I v. Mutual Funds I NIL Ivi. Venture Capital NIL vii. Foreign Holdings - NIL Bodies Corporate - I NIL ix. Directors/Relatives of Directors 100% x. Others top 50 share holders . I - -NIL. i i rJ Ll. dis (.?errfxi' that 'I'he return states the fact as they stood on the date of the annual general meeting aforesaid. correctly and completely; Since the date of the last annual return the transfer ofall _shares, debentures, the issue of all further certificates of shares and debentures have been appropriately recorded in the hooks maintained for the purpose; Not Applicable The whole ofthe amount ofdividend remaining unpaid or unclaimed for a period of three years from the date oftransfer to the Special account has-been transferred to the General Revenue Account of the Central Government as required under sub-section of section 205 Not Applicable The company has not. since the date of annual general meeting with reference to which the last return was submitted, or in the case of ?rst, return, since the date of the incorporation of the company, issued any invitation to the public to subscribe for any shares or debentures of the company; Where the annual return discloses the fact that the number of members of the company exceed fifty. the excess consists wholly of persons who under sub-clause of section 3 a re not to be included in the reckoning the number of ?fty; Not Applicable Since the date of annual general meeting with reference to which the last return was submitted or in the case of a first return since the date of the incorporation of the private company. no public company or deemed public company has or have held twenty ?ve percent or more ofits paid up share capital Not Applicable the company did not have a average turnover of Rs. Ten Crores or more during the relevant period; Not Applicable Since the date of the annual general meeting with reference to which the last annual return was submitted or since the date ofincorporation of the company; ifit is first return, the company did not hold twenty five percent or more of the paid up share capital of one or more public companies; Not Applicable . 'I'he private company did not accept or renew or invite deposits fro: the public. Signed Director Puneet' Tandon WEE Director Sheetal Saehdeva FORM 32 Particulars of appointment of Managing Director, directors, manager and secretary and the changes among them or consent of candidate to act as a Managing Director or director or manager or secretary [Pursuant to sections 303(2), 264(2) or 266(1)(a) and of the Companies Act, 1956] (9 English 0 Note - All fields marked in *are to be mandatorin filled. Form Language 1. *Thisformisfor Newcompany Existing company 2. *Form 1A reference number (Service request number (SRN) of Form 1A) or corporate identity number (CIN) of company of a company and/ or undertaking to take and pay for qualification shares U72200DL1999PTC102389 (b)Globa location number (GLN) of company Pre-fill 3. Name of the company ITES HORIZON PRIVATE LIMITED Address of the registered office of the company INDIA 1 10054 45 MALL ROAD28 RIVIERE APARTMENTS (C) email ID OfIhe company 4. Number of Managing Director, director(s) for which the form is being filed 5. Details of the Managing Director, directors of the company l. Details of the Managing Director or director of the company Director identification number (DIN) 02315064 Pre-fill Name IALAMGIR MOHAMMED KHAN Father's name IAKHEEL MOHAMMED KHAN Whether chairman, executive director, non-executive director Present residential address 16-4-85?; CHANCHAL GUDA KHALLA HYDERABAD Andhra Pradesh India 500024 Nationality IN Date of birth 21/12/1981 (9 Appointment Cessation Change in designation DeSIgnation Additional director Date Of appOIntment or I I change in designation 05/08/2010 Category Ilndependent i Chairman Executive director Non-executive director DIN of the director to whom the appointee is alternate Pre-fill Name of the director to whom the appointee is alternate I Name of the company or institution whose nominee the appointee is I e-mail ID 0f director Iimran0101@rediffmail.com In case of cessation due to with effect from Hereby confirmed that the above mentioned ODirector Managing Director is not associated with the company Page 1 of 4 ll. Details of the Managing Director or director of the company Director identification number (DIN) 02236582 Pre-fiII Name KHAN Father's name IRAEES AHMAD KHAN Present residential address 33 2ND FLOOR FLA-I- NEW DELHI Delhi India 110025 ABUL FAZAL ENCLAVE-1, JAMIA NAGAR, OKHLA Nationality Appointment Cessation 0 Change in designation Designation ?Additional director I Category Independent Whether chairman, executive director, non-executive director Chairman Executive director Non-executive director 13/05/1983 Date of appointment or 05/08/2010 change in designation DIN of the director to whom the appointee is alternate Pre-fill Name of the director to whom the appointee is alternate Name of the company or institution whose nominee the appointee is e-mail ID 01? director Iimran0101@rediffmail.com In case of cessation Hereby confirmed that the above mentioned ODirector 0 Managing Director is not associated with the company with effect from due to Page 2 of 4 6. Number of manager(s), secretary(s) for which the form is being filed 7. Details of the manager or secretary of the company Details of the manager or secretary of the company Income-tax permanent account number (PAN) I I 0 Appointment 0 Cessation Whether the secretary is a member of ICSI 0 Yes NO Whether associate orfellow 0 Associate 0 Fellow Membership number of the secretary I First name Middle name Last name Father's name First name Middle name I Last name I Line II I City I State I I Pin code I ISO country code Country I I I I Present residential address Line I I I I Phone I I Fax I I Date of birth Designation I I Date of appointment or cessation I I e-mail ID of manager or secretary I 8. Whether the form is being filed for Managing Director, director(s) who ceased to be associated with the company on or before 31st October, 2006 and do not have DIN (refer instruction kit for details) 0 Yes NO Page 3 of 4 Verification confirm that the information given above is true to the best of my knowledge and belief. 2. It is hereby confirmed that the appointed director(s) whose particulars are given above, has given a declaration in writing to the company that he/ she is not restrained/ disqualified/ removed of, for being appointed as director of a company under the provisions of the Companies Act, 1956 including sections 203, 274 and 388E of the said Act. 3. It is also hereby confirmed that the consent of the appointee Managing Director, director(s) has been filed as an attachment to this eForm (applicable only in the case of a public company) Attachments: 1. Evidence of payment of stamp duty where qualification shares is involved (This will be mandatory only Attach if the director giving consent agrees to pay for at least one share) 2. Consent(s) of the appointee Managing Director, director(s) Attach I I List of attachments 3. Declaration regarding qualification shares Attach 4. Evidence of cessation Attach 5. Optional attachment(s) - if any Attach Veri?cation Remove Attachment To the best of my knowledge and belief, the information given in this form and its attachments is correct and complete. I have been authorised by the Board of directors' resolution numbe dated 05/08/2010 to sign and submit this form. El I am authorised to sign and submit this form. To be digitally signed by Managing Director or director or manager or secretary of the company (In case of an existing company, person signing the form should be different from the person in whose respect the form is being filed) Designation Director I DIN of the director or Managing Director; or Income-tax PAN of the manager; or 00934724 Membership number, if applicable or income-tax PAN of the secretary (secretary of a company who is not a member of may quote his/ her income-tax PAN) Certificate It is hereby certified that I have verified the above particulars(including attachment(s)) from the records of HORIZON PRIVATE LIMITED and found them to be true and correct. I further certify that all required attachment(s) have been completely attached to this form. Chartered accountant (in whole-time practice) or Cost accountant (in whole-time practice) or 0 Company secretary (in whole-time practice) *Whether associate or fellow 0 Associate (9 Feuow Membership number or certificate of practice number 080821 Modify Check Form Prescrutiny Submit For office use only: Affix filing details eForm Service request number (SRN) A96770557 eForm filing date 26/10/2010 This e-Form is hereby registered Digital signature of the authorising officer Confirm Submission Date of signing 02/11/2010 Page 4 of 4 To Date: 27/08/2012 The Board of Directors ITES Horizon Private Limited Sub: Resignation Dear Sir I hereby tender my resignation from the Board of Directors of ITES Horizon Private Limited (the ?Company?) with effect from 27/08/2012 I hereby confirm that I have no outstanding claims, Whether for remuneration or otherwise against the Company as that the date of this resignation, nor am I in possession of any of the Company?s Property as at the date of this resignation. Yours truly, Sd Name: Puneet Tandon Address: 1125 Mukherjee Nagar 2?1 Floor Delhi?110009 To Date: 27/08/2012 The Board of Directors ITES Horizon Private Limited Sub: Resignation Dear Sir I hereby tender my resignation from the Board of Directors of ITES Horizon Private Limited (the ?Company?) with effect from 27/08/2012 I hereby confirm that I have no outstanding claims, Whether for remuneration or otherwise against the Company as that the date of this resignation, nor am I in possession of any of the Company?s Property as at the date of this resignation. Yours truly, Sd Name: Sheetal Tandon Address: 28, South Reviera Apartments Mall Road Delhi-110054 9 $%&' () *+,-./01+,2 34 +553.6-786- 34 '+6+9.69 :.,8/-3,; <.,8/-3,2;7+6+98, +6< 28/,8-+,= +6< ->8 />+6982 +7369 ->87 3, /36286- 34 /+6<.<+-8 -3 +/- +2 + '+6+9.69:.,8/-3,3,<.,8/-3,3,7+6+98,3,28/,8-+,=34 + /375+6= +6+,82 B*0,20+6--328/-.362(C(D)E;)FGD)E3,)FFDHED+E +6<)FFDHEDIED...E34->8J375+6.82K/-;HLMFN ghijk O5 P 1Q2R123 Q2 W S3-8TK11l4.81<27+,@8<.6l+,8-3I87+6<+-3,.1=4.118./>->843,7 .2I8.694.18< MU:8-+.1234->8'+6+9.69:.,8/-3,;<.,8/-3,234->8/375+6= 0 3 6 s:8-+.1234->8'+6+9.69:.,8/-3,3,<.,8/-3,34->8/375+6= 3Y]5 c3Q] 6 Y1] 5QQRP`3 ^ _ 78 0 3 6 1P3 O1] 3 mWQ1P3 ! 0 3W3Q] 3W c3Q] 1 1cc 3WW 9 q 00 9 3 Qc 1 44 87 1] 5Q1 ][ 1]356` ] 4 n4 n4 ZZ5 Q]P3Q] !3WW1] 5Q ! 1Q23 Qc3W 2Q1] 5Q 1]3561ZZ5 Q]P3Q]5 3W 2Q1] 5Q 3Y]5 Y 1Q23 Qc3W 2Q1] 5Q !1]325 [ ^ n99noooo_ p 3] 3 Y 1 P1Qq3\3YR] a3c 3Y]5 qQ5Q 3\3YR] a3c 3Y]5 ! 1 P1Q \3YR] a3c 3Y]5 5Q 3\3YR] a3c 3Y]5 56] 3c 3Y]5 ]5X 5P ] 31ZZ5 Q]33 W1 ]3 Q1]3 0 3 6 1P356] 3c 3Y]5 ]5X 5P ] 3 1ZZ5 Q]33 W1 ]3 Q1]3 1P356] 3Y5PZ1Q[5 QW] ]R] 5Q X 5W3Q5P Q33] 31ZZ5 Q]33 W 3 P1 56c 3Y]5 P 1QR fP3VY5P r6/+2834/822+-.36 3 3`[Y5Q6 P3c] 1]] 31`5a3P3Q] 5Q3c 3Y]5 91Q12 Q2 3Y]5 WQ5]1WW5Y 1]3cX ] ] 3Y5PZ1Q[ ^ n99noooo_cR3]5 3W 2Q1] 5Q X ] 3663Y]6 5P n n 4 01234567 KK89 9 8 9 9 9 3 5 3! 6 1 5!!"#$3 % &'( AAHI7@47 '1#3 0"!33 J1! 5! )1 *3 +,!1#3 18 ! 3 01-2 583 0 3,3! 3, 3! 1-1 3,, 4C!C4E6-5#5" F*3 G33!121 3-* 3-* &! 1 CCAAAH 0 396 -- '1 5!1- . 1 356$ * 442AI2CH@B &' /005 ! #3! 13,,1 5! 1*1!23 ! 3, 2!1 5! 1 3561005 ! #3! 5 3, 2!1 5! 3 5 *1!23 ! 3, 2!1 5! 11 325 . % 23324444( 5*3 *3 *1 #1!6373 " 83 3 5 6!5!9373 " 83 3 5 1*1 #1! :73 " 83 3 5 '5!9373 " 83 3 5 &'56 *3 3 5 5;*5# *31005 ! 33 ,1- 3 !1 3 0 396 -'1#356 *3 3 5 5;*5# *3 1005 ! 33 ,1- 3 !1 3 '1#356 *3 5#01!.5 !, " 5! ;*5,3!5# !33 *31005 ! 33 , 39#1 -& 56 3 5 # 1!"->#3? 5# < 9 9 =3 3$. 5!6 #3 *1 *31$583#3! 5!3 3 5 31!12 !2 3 5 ,!5 1,,5 1 3 ; * *3 5#01!. % 23324444( "3 5 D3, 2!1 5! ; *3663 6 5# 4@2AB24AC4 01234567 89 !9" # F" # $%&5'3()1*+3,'1%3%)1&&5-%)%-'.3,/0012 0++53%)'3%) 43551)35% :35 15 673)73,)7353&,3)1,8351'3'.3,56$49$ 673)73,1555&31)35,63;;5< 0555&31)3 =3;;5< >3'.3,573+%-'.3,56)7353&,3)1,8 =3,5)%1'3 >3??;3%1'3 @15)%1'3 A B =3,5)%1'3 >3??;3%1'3 @15)%1'3 0,353%),353?3%)31;1??,355 @3%3$ @3%3$$ 43)8 9)1)3 03%&5?3 $9C&5-%),8&5?3 45-%),8 075%3 =1* D1)356.3,)7 /DDE>>E::::2 D3532%1)35% D1)3561++53%)'3%)5,&3551)35% /DDE>>E::::2 3('13;$D56'1%123,5,53&,3)1,8 GH673)73,)7365,' 35.33%263;3?65,>1%123%2D3,3&)5,I?3,3&)5,/52<75&3153?)5.31555&31)3?<3)7)73&5'+1%85%5, .365,3 4J5)C&)5.3,IKLLM1%??5%5)71N3D$1/,363,3%5),-&)35%O3)65,?3)13;52 :35 15 01234567 34567689:6;<= " U, 5 6 1 3 65 1 5 2 3 195 3 83 5 393 56 #% 5> 3 231 93 36 , 3 39# 5 6 3 1 31 5 3 3 5 > 5 3 1 8 1 1 32 3 195 3? 1 2 3 1 3 1 1 5 > 2 5 3 5 1 # 1 3 3 5 3 1 3 @81 6 3 3 5 3 56?65 93 21 5 3 1 3 5 561 5 1 #8 3 3 5 5 56 3$5 1 3 ?"A+* 8 2 3 5 )? 41 )!!-56 3 1 ) , 1 5 3 39# 5 6 3 1 3 5 3 56 31 5 33'1 12 2( 3 5 ? 3 5 1 933 6 3 1 1 1 1 3 5 3&5 1 19 35 # 3 1 3561 89 5 1 # 4 , 1 5 5 6 3 1 31 5 3 3 5 > 5 3 1 8 1 1 32 3 195 3? 1 2 3 1 3 1 1 5 5 3 5 1 # 1 3 3 1 5 933 3 1 3 1 5 1 3 5663 3 9#1 #- 5 5 /663 3$58 5 V8 1 '12 1 3$58 5 . 2 $58 5 1 #5 3 $58 B::98CD4<:EF " - 3 356 1# 3 56 1 8 #> 3 3@81 6 1 5 1 3 5 3 > 93 1 1 5 #5 # 1 6 3 3 5 2 2 5 3 12 33 5 1#65 1 31 5 3 1 3 1 $5 3 56 31 5 33'1 12 2( 3 5 ? 3 5 561 1 3 ) (3 1 1 5 321 2@81 6 1 5 1 3 1 3 2 1 5 3 3 7 33 1 1 5 6 3 2 1 5 3 3 08 33 1 5 6 4 - 3 356 3 1 5 1 3 2 1 5 3 3 7 33 1 1 5 6 + / 5 1 1 1 3 G 61 # 1 3 2 1 5 3 3 08 33 1 5 6 3 5 3 1 3 34567689:6;<== 5 393 56 #% 5> 3 231 93 36? 3 65 1 5 2 3 65 1 1 1 3 5 3 1 5 3 3 , 1 3933 18 5 3 9# 3H51 56 3 5 I 3 5 8 5 8 93 1 3 ! " (( '' JJJJ 5 2 1 89 65 ,1 18 5 3 5 2 1 89 65 K;L4M6N6:9OOPE6N<4MLP '1 12 2( 3 5 5 3 5 5 1 123 5 3 3 1 #56 3 5 1 # , 1 3561 3Q 2 5 1 #? 3 5 2 2 365 58 93 663 3 6 5 3 3 5 > 5 3 3 3 365 93 26 3 U(3 2 1 5 ( 3 5 U(,156 3 3 5 5 '1 12 2( 3 5 R5 )*+! , 5 3G 1Q0 156 3 1 123 R5 '3 93 8 93 ? 61 19 35 5 3G 1Q0 156 3 3 3 1 # 3 3 1 #561 5 1 #> 5 5 1 3 93 56,$7,? 1#@85 3 3 5 3G 1Q0 1 S45:67689:4 , 3 39# 3 6 3 1 , 1 3 3 6 3 3195 3 1 8 1 8 21 1 3 6 5 3 3 5 56 , -7./ ,0/10 ,2 - ,', -( 1 658 3 593 831 5 3 ,68 3 3 6# 1 1 3@8 3 1 1 3 1 3933 5 3 3 # 1 1 3 5 65 $ 1 3 3 1 58 1 > 5 3G 3 1 3 5 $5 1 58 1 > 5 3G 3 1 3 5 $5 1 # 3 3 1 # > 5 3G 3 1 3 &3 5> UT 3 3 1 5 1 35 63 5> 5 1 3 !!) U'3 93 8 93 5 3 6 1 356 1 3 8 93 '5 6# $ 3 %&5 0 3 8 # 789 KC6E4W;5D C9EL44<:9X4<;<76O4D96<:96<4MLP:C454N6E:595;78;DY9<64E:C5;ZNC4O48:5;<68D;M49 Whois History > Iteshorizon.com Whois History for Iteshorizon.com  How does this work? Lookup Domain Ownership History iteshorizon.com LOOKUP ONE­CLICK MONITORING Create a Domain Monitor to monitor future changes to “iteshorizon.com”. Monitor Iteshorizon.com   Enter a term to filter on Unique Records collapse all  private 45 historical records found https://research.domaintools.com/research/whois­history/search/?q=iteshorizon.com 1/3 6/4/2015  Iteshorizon.com ­ Whois History ­ DomainTools 2013 10 total 2013­11­20 more screenshot 2013­07­12 more screenshot 2013­06­18 more screenshot 2013­03­11 more screenshot 2013­03­08 more screenshot 2012 16 total 2012­12­11 more screenshot 2012­10­02  more screenshot 2012­08­01  more screenshot 2012­07­28  more screenshot 2012­07­16 more screenshot 2012­07­15 more screenshot 2009 3 total 2009­04­26 more screenshot 2009­02­17 more screenshot 2009­02­13 more screenshot 2008 3 total show additional records up to 2009­02­13 2008­08­01 more screenshot 2008­02­07 more screenshot 2001  2001­04­30 1 total more screenshot  scroll for more records Whois Record for 2001­04­30 Previous Next (2008­02­07) » Domain: https://research.domaintools.com/research/whois­history/search/?q=iteshorizon.com 2/3 6/4/2015 Iteshorizon.com ­ Whois History ­ DomainTools iteshorizon.com Record Date: 2001­04­30 Registrar: NETWORK SOLUTIONS, INC. Server: whois.networksolutions.com Created: 1999­11­30 Updated: Expires: 2001­11­30 Reverse Whois: saluja@pentainfoway.com  Registrant: ITES Horizon (P) Ltd.     28 Riviera Apts., Mall Road     Delhi, Delhi 110054     IN     Domain Name: ITESHORIZON.COM     Administrative, Technical Contact:         Saluja, Prameet    saluja@PENTAINFOWAY.COM         Penta‐infoway (P) Ltd         B‐224, Behind DDU Hospital         Hari Nagar         New Delhi         Delhi         110064         IN         91‐11‐5498113 91‐11‐5130306          Record last updated on 30‐Apr‐2001     Record expires on 30‐Nov‐2001     Record created on 30‐Nov‐1999     Database last updated on 11‐Jan‐2002 15:00:24 EST     Domain servers in listed order:     NS1.PENTAINFOWAY.NET        207.106.22.69     NS2.PENTAINFOWAY.NET        207.106.22.70  Sitemap Blog Terms of Service  Privacy Policy   Contact Us https://research.domaintools.com/research/whois­history/search/?q=iteshorizon.com Domain News © 2015 DomainTools 3/3 6/4/2015 Iteshorizon.com ­ Whois History ­ DomainTools Home > Whois History > Iteshorizon.com Whois History for Iteshorizon.com  How does this work? Lookup Domain Ownership History iteshorizon.com LOOKUP ONE­CLICK MONITORING Create a Domain Monitor to monitor future changes to “iteshorizon.com”. Monitor Iteshorizon.com   Enter a term to filter on Unique Records collapse all  private 45 historical records found https://research.domaintools.com/research/whois­history/search/?q=iteshorizon.com 1/5 6/4/2015 Iteshorizon.com ­ Whois History ­ DomainTools 2013 10 total 2013­11­20 more screenshot 2013­07­12 more screenshot 2013­06­18 more screenshot 2013­03­11 more screenshot 2013­03­08 more screenshot 2012 16 total 2012­12­11 more screenshot 2012­10­02  more screenshot 2012­08­01  more screenshot 2012­07­28  more screenshot 2012­07­16 more screenshot 2012­07­15 more screenshot 2009 3 total 2009­04­26 more screenshot 2009­02­17 more screenshot 2009­02­13 less screenshot 2008 3 total record identical to 2009­02­13 2008­11­06  2008­08­01 more screenshot 2008­02­07 more screenshot 2001 2001­04­30 1 total more screenshot  scroll for more records Whois Record for 2008­08­01 « Previous (2008­02­07) Next (2009­02­13) » Domain: https://research.domaintools.com/research/whois­history/search/?q=iteshorizon.com 2/5 6/4/2015 Iteshorizon.com ­ Whois History ­ DomainTools iteshorizon.com Record Date: 2008­08­01 Registrar: COMMUNIGAL COMMUNICATIONS LTD Server: whois.communigal.net Created: 2004­02­13 Updated: 2007­12­31 Expires: 2009­02­13 Reverse Whois: blog12x@gmail.com  https://research.domaintools.com/research/whois­history/search/?q=iteshorizon.com 3/5 6/4/2015 Iteshorizon.com ­ Whois History ­ DomainTools iteshorizon.com Registrant Contact Information :                         Bin                         g Glu                         G Design, no sale ‐ building                         blog12x@gmail.com                         2‐4‐201                         Taiyuan                         30012                         186 3517320000                         186 3517320000 Admin Contact Information :                          Bin                         g Glu                         G Design, no sale ‐ building                         blog12x@gmail.com                         2‐4‐201                         Taiyuan                         30012                         186 3517320000                         186 3517320000 Tech Contact Information :                          Bin                         g Glu                         G Design, no sale ‐ building                         blog12x@gmail.com                         2‐4‐201                         Taiyuan                         30012                         186 3517320000                         186 3517320000 Billing Contact Information :                          Bin                         g Glu                         G Design, no sale ‐ building                         blog12x@gmail.com                         2‐4‐201                         Taiyuan                         30012                         186 3517320000                         186 3517320000 Name Server : NS2.DNREDIRECT.COM Name Server : NS1.DNREDIRECT.COM Name Server :  Creation date   : 2004‐02‐13/14:20:58 Updated date    :  Expiration date : 2009‐02‐13/14:20:58 Status          : ok    https://research.domaintools.com/research/whois­history/search/?q=iteshorizon.com  4/5 6/4/2015 Sitemap Iteshorizon.com ­ Whois History ­ DomainTools Blog Terms of Service Privacy Policy Contact Us https://research.domaintools.com/research/whois­history/search/?q=iteshorizon.com Domain News © 2015 DomainTools 5/5 6/4/2015 Iteshorizon.com ­ Whois History ­ DomainTools Home > Whois History > Iteshorizon.com Whois History for Iteshorizon.com  How does this work? Lookup Domain Ownership History iteshorizon.com LOOKUP ONE­CLICK MONITORING Create a Domain Monitor to monitor future changes to “iteshorizon.com”. Monitor Iteshorizon.com   Enter a term to filter on Unique Records collapse all  private 45 historical records found https://research.domaintools.com/research/whois­history/search/?q=iteshorizon.com 1/4 6/4/2015 Iteshorizon.com ­ Whois History ­ DomainTools  2013 10 total 2013­11­20 more screenshot 2013­07­12 more screenshot 2013­06­18 more screenshot 2013­03­11 more screenshot 2013­03­08 more screenshot 2012 16 total 2012­12­11 more screenshot 2012­10­02  more screenshot 2012­08­01  more screenshot 2012­07­28  more screenshot 2012­07­16 more screenshot  2012­07­15 more screenshot 2009 3 total 2009­04­26 more screenshot 2009­02­17 more screenshot 2009­02­13 more screenshot 2008 3 total show additional records up to 2009­02­13 2008­08­01 more screenshot 2008­02­07 more screenshot 2001 2001­04­30 1 total more screenshot  scroll for more records Whois Record for 2012­07­15 « Previous (2009­04­26) Next (2012­07­16) » Domain: https://research.domaintools.com/research/whois­history/search/?q=iteshorizon.com 2/4 6/4/2015 Iteshorizon.com ­ Whois History ­ DomainTools iteshorizon.com Record Date: 2012­07­15 Registrar: CLICK REGISTRAR, INC. D/B/A PUBLICDOMAINREGISTRY.COM Server: whois.publicdomainregistry.com Created: 2012­07­14 Updated: 2012­07­15 Expires: 2013­07­14 Reverse Whois: rakesh.neelam@gmail.com  https://research.domaintools.com/research/whois­history/search/?q=iteshorizon.com 3/4 6/4/2015 Iteshorizon.com ­ Whois History ­ DomainTools Domain Name: ITESHORIZON.COM                                            Registrant:                             ITES Horizon     Rakesh neelam        (rakesh.neelam@gmail.com)     33, B‐Blok  Noida‐65     Noida     Uttar Pradesh,201301     IN     Tel. +91.7503845491                                           Creation Date: 14‐Jul‐2012    Expiration Date: 14‐Jul‐2013                                        Domain servers in listed order:         raml379923.earth.orderbox‐dns.com     raml379923.mars.orderbox‐dns.com     raml379923.mercury.orderbox‐dns.com     raml379923.venus.orderbox‐dns.com                      Administrative Contact:                 ITES Horizon     Rakesh neelam        (rakesh.neelam@gmail.com)     33, B‐Blok  Noida‐65     Noida     Uttar Pradesh,201301     IN     Tel. +91.7503845491                                       Technical Contact:                      ITES Horizon     Rakesh neelam        (rakesh.neelam@gmail.com)     33, B‐Blok  Noida‐65     Noida     Uttar Pradesh,201301     IN     Tel. +91.7503845491                                            Billing Contact:                        ITES Horizon     Rakesh neelam        (rakesh.neelam@gmail.com)     33, B‐Blok  Noida‐65     Noida     Uttar Pradesh,201301     IN     Tel. +91.7503845491                                              Status:LOCKED N ote: This Domain Name is currently Locked. In this status the domain    n ame cannot be transferred, hijacked, or modified. The Owner of this    d omain name can easily change this status from their control panel.    T his feature is provided as a security measure against fraudulent domain name hijacking   .  Sitemap Blog Terms of Service  Privacy Policy   Contact Us https://research.domaintools.com/research/whois­history/search/?q=iteshorizon.com Domain News © 2015 DomainTools 4/4