istreetistreet Network Limited*

26 th

ANNUAL REPORT

2012-2013

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Mr Prad€op Malu, chaiman, PBsidonl & CEo

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istreet iStreet Network Ltd. (Old name - Principal Pharmaceuticals & Chemicals Ltd.) CIN U51900MH1986PLC040232 513, Palmspring, Above Croma, Link RO(ld, Malad West, Mumbai 400064 TeL : +912242576767 Email: info@istreetnetwork.com

FORMA

1. Name of the Company iStreet Network Limited 2. Annual financial statements for the year ended Financial Year ended March 2013

13---+T-.-yp-e-o-f:-A-u-d""i-to-b-s-er-v-a--:ti-on--U~n-.q-u-a--:li-=fi-ed-:-·-:-/:-M-:-a-tt-er-o-f::-~t--"-:-ln--VJ-·e-w-oj-:-·--:th:-e-ob:-s-e!-'V-a-u-o-ns-.-a-s-s-ta-.te-d-;-Cjn-1I . Empha$i~ (Extract from the Auditor's Report for FY note no. (5) ofNotes to (.u:coynts arid with

2012-13): special attention to note no. 5.1 regardingI non provision of Interest on outstanding

liabilities pertaining to Gujarat Industrial ~ ! Development Corporation, hote no. 7.1

regarding non-payrnent of called amQunt of Rs. 88/4001- in respect of investment in

,shares of Panoli Enviro Tecim%l,Ties Ltd. and note no. 11 read with note no. 19 regarding short term loans and advances, the company has given ceftain inter­corporate deposits and gave ul1secured loans, under the special circumstances of rehabilitation . of the company, which Were in excess of the prescribed limit under section 372A of the Companies Act, 1956 i,e. 60% of its paiC/up capt'ta! & free reserve of the Pre.vio1,Js Year. The effect on the profit ofthe company or on assets or on liabilities of the Company is unascertainable"

4. I Frequency ofobservation! . . Appeared for.FY 2012·2013 only

B, P. Ma ri (panner) Firm Regjstration No, U3221 W

Chartered Accountants Membership No 045701

Istreet iStreetNetwork Ltd. (Old name - Principal Pharmaceuticals &Chemicals Ltd.) CIN U51900MH1986PLC040232 513, Palmspring, Above Croma, link Road. Malad West, Mumbai 400064 Tel. : +91 2242576767 Email: info@lstreetnetwork.com

FORMB

~,~_~___~N~=am~e~o~f~th=e~C~o~m=lP~!a~n~y. ____~~__~__~~~~i~S~tr~ect~N~e~tw~o~rk~L~i~nu~·~ted~~~~____~. 2. Annual fin.ancial statementsfodheyear ended Financial Year ended March 2013 3, Type of Audit observation Ul1~qua\jfied! Matter of "In view of the observations as stated in

Emphasis (Extract from the Auditor's Report for note no (S) ofNotes to accounts and with FY2012-13): special attention to note no. 5. I regqrding

non provision of Interest pnoutstcmding liabilitiespertaining to Gujarat Industrial Development Corporation/note no. 7.1 regardiflg non-payment of called amount of& . .88,4001· in respect ofinvestment in shares ofPannli Enviro Technologies Ltd and note no. J1 read with note no. 19 regardingshOf1 term l(Jans and advances, the company has given certain inler­cQrporateqeposits and gave unSecured loans, !mder the special circumstances of rehabilitation ofthe company, which were in excess of the prescribed limit under section 372,4 ofthe Companies Act, 1956 i.e. 60% of its paid up cqpital &, free reserve of the Previous Year. The effect on the profit of the company or on assets or on liabilities of the Company is unascertainable."

4, frequency of obsetvation Appeared for FY2012"2013 only Draw attention to relevant notes in'theannual Point no 5 in Director's Report forFY tiMJ1.cial statements and management response to 2012-2013 .

• the qualification in the directors report: IAdditional comments from the Nil t board/audit committee chair:

B. ~ ""'" (part"")Fitm Registratiol1No. 113221 W Chartered Accountants MembershIp No 045701