Auditor Report of Adarsh Plant Protect Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of Adarsh Plant Protect Limited ('the Company'), which comprise the Balance Sheet as at 31st March, 2015, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit.

We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the Audit Report under the provisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the Auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the Auditor considers internal financial control relevant to the Company's preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company's Directors, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.

Emphasis of Matter Paragraph

Without qualifying our opinion, we draw the attention to Note no. 37 of the Financial Statements regarding Preparation of Accounts on going concern basis though accumulated losses have exceeded the net owned fund.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March, 2015, and its loss and cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor's Report) Order, 2015 ("the Order"), issued by the Central Government of India in terms of sub-section(11) of Section 143 of the Companies Act, 2015, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

As required by Section 143 (3) of the Act, we report that:

* We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.

* In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.

* [The reports on the accounts of the branch offices of the Company audited under Section 143 (8) of the Act is not attached since the Company has no branches]

* The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.

* In our opinion, the aforesaid financial statements comply with the Accounting Standards except Gratuity as per Accounting Standards - 15 " Employee Benefits", wherein valuation of gratuity is done as per Management's estimates, specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. MRL

* Though the net worth of the Company has eroded, the accounts of the Company are prepared on going concern basis and in our opinion the same may not have an adverse effect on the functioning of the Company. (Refer Note. 37)

* On the basis of the written representations received from the Directors as on 31st March, 2015 taken on record by the Board of Directors, none of the Directors is disqualified as on 31st March, 2015 from being appointed as a Director in terms of Section 164 (2) of the Act.

* With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

i) The Company has disclosed the impact of pending litigations on its financial position in its financial statement.

ii) The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

iii) There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

Annexure to the Auditors' Report

The Annexure referred to in our report to the members of Adarsh Plant Protect Limited for the year ended March 31,2015, we report that:

I.

* The Company is in the process of updating the Fixed Asset Register with respect to additions and current year's depreciation.

* It is informed to us that the physical verification of Fixed Assets was conducted by Management as per the Schedule program. It was further inform that no material discrepancies were observed, however we are not able to comment as the formal documentation for the same were not available on record.

II.

* It is informed to us that the inventory has been physically verified by the management at reasonable intervals, which in our opinion is reasonable.

* Based on the information and explanation given to us the procedure followed by the Company for physical verification is reasonable and adequate in relation to the size of the Company and nature of its business.

* The records made available for maintenance of Inventory does not reflect any material discrepancies.

III. The Company has granted loan to one Company covered in the register maintained under Section 189 of the Companies Act, 2013.

* The receipt of the principal amount and interest are regular; and

* There is no overdue amount of loans granted to Companies, Firms or others parties listed in the registers maintained under Section 189 of the Companies Act, 2013.

IV. In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business, with regard to purchase of inventory and fixed assets and for the sale of goods and services. During the course of our audit, no major weaknesses have been noticed in the internal control system.

V. Based on our scrutiny of the Company's records and according to the information and explanations provided by the management, in our opinion, the Company has not accepted any loans or deposits, which are 'deposits' up to 31st March, 2015.

VI. According to the information and explanation given to us, the Central Government has not prescribed the maintenance of cost records under sub-section (1) of section 148 of the Companies Act, 2013.

* The Company is regular in depositing undisputed statutory dues including Provident Fund, Employees' State Insurance, Income -Tax, Sales -Tax, Wealth Tax, Service tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues with the appropriate authorities except in case of Service Tax, Excise Duty, Professional Tax where there were irregularities in payment to respective authorities and no statutory dues were outstanding, as at 31st March, 2015 for a period of more than six months from the date they became payable.

* According to the information and explanation given to us, there are no dues of Income Tax or Sales Tax or Wealth Tax or Service Tax or duty of customs or duty of excise or value added tax or cess, which have not been deposited on account of any dispute except

Assessment Nature of Amount Outstanding Forum where dispute Year Liability (Rs.) pending

2002-03 Income Tax 99,780/- ITAT

There are no amounts which are required to be transferred to Investor Education and Protection Fund in accordance with the relevant provisions of Companies Act, 1956 (1 of 1956) and rules there under, hence the same is not applicable.

VIII. The accumulated losses of the Company have exceeded fifty per cent of its net worth as at March 31, 2015. The Company has incurred cash loss of Rs. 50.74 lakhs during the current financial year and Rs. 15.35 lakhs in immediately preceding financial year.

IX. Based on our audit procedures and as per the information and explanations given by the management, the Company has not defaulted in repayment of dues to financial institution or bank or debenture holders.

X. According to information and explanations given to us, the Company has not given any guarantee for loans taken by others from bank or financial institutions.

XI. According to the records of the Company, the Company has not obtained any term loans. Hence, comments under the clause are not called for.

XII. Based on the audit procedure performed for the purpose of reporting the true and fair view of the financial statements and as per the information and explanations given by the management, we report that no fraud on or by the Company has been noticed or reported during the year.

For Mukund & Rohit Chartered Accountants Registration No. 113375W

Mukund Bakshi Place : Vadodara Partner Date : 29th May, 2015 Membership No. 041392

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Mar 31, 2014

We have audited the accompanying Financial Statements of Adders Plant Protect Limited ('the which comprises the Balance Sheet as at March 31 2014 and the Statement of Profit and Loss and Cash Flow Statement for the year ended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company Management is responsible for the preparation of these financial statements that give allure and fair view of the financial position, financial performance and cash flows of the Company ,n accordance with the Accounting Standards notified under the Companies Act 1956 (the Act) applicable in respect of Section 133 of the Companies Act, 2013 in terms of General Circular 15/201:Idted 13- September 2013 of the Ministry of Corporate Affairs) and in accordance with the accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial Statements that give a true and fair view André free from material misstatement, whether due-to fraud or error.

Auditors Responsibility

Our responsibility is to express an opinion on these financial statements based or' our audit.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Emphasis of Matter Paragraph

Without qualifying our opinion, we draw the attention to Note no. 37 of the Financial Statements regarding Preparation of Accounts ongoing concern basis though accumulated losses have exceeded the net owned fund. Opinion In our opinion and to the best of our information and according to the explanations given to us. the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India.

a) in the case of the Balance Sheet, of the State of affairs of the Company as at March 31, 2014; and b| in the case of the Statement of Profit and Loss, of the loss for the year ended on that date; c| in the case of Cash Flow Statement, of the cash flows for the year ended on that date; Report on Other Legal and Regulatory Requirements 1 As required by the Companies (Auditor's Report) Order. 2004 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act. 1956, the statement on the matter specified in paragraph 4 & 5 of the said order is annexed thereto.

2. As required by section 227(3), 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 as far as appears from our examination of those books,

c) The Balance Sheet, Statement of Profit and Loss and Cash Flow Statement dealt with by this report are in agreement with the books of account;

d) In our opinion, the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement comply with the Accounting Standards notified under the Act (which continue to be applicable in respect of section 133 of the companies Act, 2003 in terms of external circular 15/2013 dated 13th September 2013 of the ministry of corporation affairs).

e) On the basis of written representations received from the Directors as on March 31. 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2014, from being appointed as a director in terms of clause (g) of sub- section 274 of the companies Act. 1956.

Annexure to the Auditors' Report

The Annexure referred to in our report to the members of Adarsh Plant Protect Limited ('the Company') for the year ended March 31. 2014, we report that:

I.(a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

|b) The fixed assets have been physically verified by the management during the year as per program of verification, which in our opinion is reasonable having regard to the size of the Company and the nature of its assets, no material discrepancies were noticed on such verification.

(c) There was no substantial disposal of fixed assets during the year which affect the going concern of the Company.

II.

[a] The inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

(b| In our opinion and according to the information and explanation? feen to us, the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business.

(c) The Company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification.

III. The Company had granted loan to one Company covered under section 301 of the company Ad, 1956. The maximum amount involved during the year was Rs. 28.31 lakhs and yearend balance of the same is Rs. 28.31 lakhs.

The Company had taken loan from one Company covered under section 301 of the companies Act; 1956. The maximum amount involved during the year was-Rs. 180.45 lakhs and yearend balance for the same was Rs.170.71 lakhs.

The rate of interest and other terms and conditions are not prima facie prejudicial to the interest of the Company.

IV. 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 the nature of its business, with regard to purchase of inventory and fixed assets and for the sale of goods and services. During the course of our audit, no major, weaknesses have been noticed in the internal control system.

V. According to the information and explanations given to us,

(a) We are of the opinion that transactions that need to be entered into a register in pursuance of section 301 of the Act have been so entered;

lb) In our opinion and according to the information and explanations given to us. the transactions made in pursuance of contracts or arranger hints entered in the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of rupees live lakhs in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

VI. Based on our scrutiny of the Company's records and according to the information and explanations provided by the management, in our opinion, the Company has not accepted any loans or deposit which are 'deposits' within the meaning of Rule 2(b) of the Companies (Acceptance of Deposit's) Rules,1975.

VII. In our opinion, the internal audit system is commensurate with the size of the Company and nature of its business.

VIII. Pursuant to the Companies (Cost Accounting Records) Rules, 2011 prescribed by the Central Government under Section 209(1) (d) of the Companies Act, 1956, the Company is in the process of preparation of such records. Hence, we are unable to give opinion on proper maintenance of records.

IX(a) The Company is regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, investor education protection fund, employees' state insurance, income -tax, sales tax. wealth-lax. custom duty, excise duty, cess and other and other statutory dues applicable to the Company except in case of Tax deducted at sources where there were irregularities in payment to respective authorities.

|b) According to the information and explanations given to us, no undisputed amounts payable in respect of income - lax, wealth-tax, sales tax, customs duty and excise duty were outstanding, as at 31st March, 2014 for a period of more than six months from the date they became payable, except Tax Deducted at Source amounting to Rs 15.000/- on advance payment towards Sales Commission which is unpaid till date.

(c) According to the information and explanation given to us, there are no dues of sales -tax, income tax, wealth -tax. customs duty, excise duty and cess and any other statutory dues, which have not been deposited on account of any dispute.

X. The accumulated losses of the Company have exceeded fifty per cent of its net worth as at March 31. 2014. The Company has incurred cash loss of Rs. 15.35 lacs during the year, however the Company has not incurred any cash toss in the immediately preceding financial year.

XI. ten our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to financial institution, or bank. The Company has not issued any Debentures.

XII. According to information and explanations given to us and based on the documents and records produced to us, the Company has not granted any Loans and Advances on the basis of security by way of pledge of shares, debentures & other securities.

XIII. In our opinion, the Company is neither a chit fund nor a nidhi / mutual benefit fund / society. Therefore, the provisions of clause 4(xiii) of Companies (Auditor's Report) Order. 2003 (as amended) are not applicable.

XIV. As per the records of the Company and the information and explanations given to us by management, Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly the provisions of clause 4(xiv) Companies (Auditor's Report) Order, 2003 (as amended) is not applicable.

XV. According to information and explanations given to us. the Company has not given any guarantee for loans taken by others from bank or financial institutions.

XVI. According to the records of the Company, the Company has not obtained any term loans. Hence. comments under the clause are not called for.

XVII. According to the information and explanations given to us and on an overall examination of the balance sheet of the Company, we report that no funds raised on short-term basis have been used furlong-term purposes.

XVIII Based on our examination of records and information provided to us by management, we report that the Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956.

XIX. The Company has not issued any Debentures, therefore paragraph 4 (xix) of the Companies (Auditor's Report) Order, 2003 is not applicable.

XX. The Company has not raised money by public issues during the penod covered by our audit report.

XXI. Based on the audit procedure performed for the purpose of reporting the true and fair view of the financial statements and as per the information and explanations given by the management, we report that no fraud on or by the Company has been noticed or reported during the course of our audit.

For Mukund & Rohit

Chartered Accountants

Registration No. 113375W

Mukund Bakshi

Place: Vadodara Partner

Date: 28.05.2014 M. No.041392

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Mar 31, 2013

Report on Financial Statement

We have audited the accompanying Financial Statements of ADARSH PLANT PROTECT LIMITED (''the Company'') which comprise the Balance Sheet as at 31st March 2013, and the Statement of Profit and Loss Account and Cash Flow Statement for the year ended, and a summary of significant accounting policies and other explanatory information.

Management Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting standards referred to in sub - section (3C) of Section 211 of the Companies Act, 1956 ("the Acf). The responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud and error.

Auditor''s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the standards on Auditing Issued by the Institute of Chartered Accountants of India. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosure in the financial statements. The procedures selected depend on the Auditor''s judgment, including the assessment of the risks of material misstatements of the financial statements, whether due to fraud or error. In making those risk assessments, the Auditor considers internal control relevant to the preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An Audit also includes evaluating the appropriateness of accounting policies used and reasonableness of the accounting estimates made by the management, as well as evaluating the overall presentation of the financial statements.

We believe that the Audit evidence we have obtained is sufficient and appropriate to provide a basis for our Audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India.

a) in the case of the Balance Sheet, of the State of affairs of the Company as at March 31,2013; and

b) in the case of the Statement of Profit and Loss, of the Loss for the year ended on that date;

c) in case of Cash Flow Statement, of the cash flows for the year ended on that date; Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2004 issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956, the statement on the matter specified in paragraphs 4 & 5 of the said order is annexed hereto.

2. As required by Section 227 (3), we report that:

a) We have obtained all the information and explanations, which to the best our knowledge and belief 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 as far as appears from our examination of those books;

c) The Balance Sheet, Statement of Profit and Loss and Cash Row Statement dealt with by this report are in agreement with the books of account;

d) In our opinion, Balance Sheet, Statement of Profit and Loss and Cash Flow Statement comply with the Accounting Standards referred to in Section 211 (3C) of the Companies Act, 1956; and

e) On the basis of written representations received from the Directors as on March 31, 2013, and taken on record by the Board of Directors, none of the Directors is disqualified as on March 31, 2013, from being appointed as a Director in terms of Clause (g) of sub-section 274 of the Companies Act, 1956.

Annexure to the Auditors'' Report

The Annexure referred to in our report to the Members of Adarsh Plant Protect Limited (''the Company'') for the year ended March 31, 2013, we report that:

I. (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

(b) The fixed assets have been physically verified by the management during the year as per program of verification, which in our opinion is reasonable having regard to the size of the Company and the nature of its assets, no material discrepancies were noticed on such verification.

(c) There was no substantial disposal of fixed assets during the year which affect the going concern of the Company.

II. (a) The inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

(b) In our opinion and according to the information and explanations given to us, the procedures of physical verification on inventory followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business.

(c) The Company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification.

III. The Company had granted loan to one Company covered under Section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs. 24.21 lacs and yearend balance of the same is Rs. 24.21 lacs.

The Company had taken loan from one Company covered under Section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs. 211.94 lacs and yearend balance of the same was Rs. 148.35 lacs.

The rate of interest and other terms and conditions are not prime facie prejudicial to the interest of the Company.

IV. 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, with regard to purchase of inventory and fixed assets and for the sale of goods and services. During the course of our audit, no major weaknesses have been noticed in the internal control system.

V. According to the information and explanations given to us,

(a) We are of the opinion that transactions that need to be entered into a register in pursuance of Section 301 of the Act have been so entered;

(b) In our opinion and according to information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in to the register maintained under Section 301 of the Companies Act, 1956 and exceeding the value of Rs. Five lakhs in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

VI. Based on our scrutiny of the Company''s records and according to the information and explanations provided by the management, in our opinion, the Company has not accepted any loans or deposit which are ''deposits'' within the meaning of Rule 2(b) of the Companies (Acceptance of Deposit''s) Rules, 1975.

VII. In our opinion, the internal audit system is commensurate with the size of the Company and nature of its business.

VIII. Pursuant to the Companies (Cost Accounting Records) Rules, 2011 prescribed by the Central Government under Section 209(1) (d) of the Companies act, 1956, the Company is in the process of preparation of such records. However, we are unable to give opinion on proper maintenance of records.

IX. (a) The Company is regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, investor education protection fund, employees'' state insurance, income -tax, sales -tax, wealth-tax, custom duty, excise duty, cess and other and other statutory dues applicable to the Company except in case of Tax deducted at sources where there were irregularities A in payment to respective authorities.

(b) According to the information and explanations given to us, no undisputed amounts payable in respect of income - tax, wealth-tax, sales tax, customs duty and excise duty were outstanding, as at 31 st March, 2013 for a period of more than six months from the date they became payable.

(c) According to the information and explanation given to us, there are no dues of sales -tax, income tax, wealth -tax, customs duty, excise duty and cess and any other statutory dues, which have not been deposited on account of any dispute to respective authorities.

X. The accumulated losses of the Company have exceeded fifty percent of its net worth as at March, 31 2013. The Company has not incurred any cash loss during the year. However, the Company has incurred cash loss of Rs. 30.82 lacs during the immediately preceding financial year.

XI. In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to Financial Institution or Bank. The Company has not issued any Debentures.

XII. According to the information and explanations given to us and based on the documents and records produced to us, the Company has not granted any Loans and Advances on the basis of security by way of pledge of Shares, Debentures and other securities.

XIII. In our opinion, the Company is neither a chit fund nor a nidhi/mutual benefit fund/society. Therefore, the provisions of Clause 4(xiii) of Companies (Auditors'' Report) Order, 2003 (as amended) are not applicable.

XIV. As per the records of the Company and the information and explanations given to us by the management, the Company is not dealing in or trading in Shares, Securities, Debentures and other investments. Accordingly the provisions of Clause 4(xiv) Companies (Auditors'' Report) Order, 2003 (as amended) is not applicable.

XV. According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from Bank or Financial Institutions.

XVI. According to the records of the Company, the Company has not obtained any term loans. Hence, comments under the clause are not called for.

XVII. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we report that no funds raised on short-term basis have been used for long-term purposes.

XVIII. Based on our examination of records and information provided to us by management, we report that the Company has not made any preferential allotment of Shares to parties and Companies covered in the register maintained under Section 301 of the Companies Act, 1956.

XIX. The Company has not issued any Debentures, therefore paragraph 4 (xix) of the Companies (Auditors'' Report) Order, 2003 is not applicable.

XX. The Company has not raised any money by public issues during the period covered by our audit report.

XXI. Based on the audit procedure performed for the purpose of reporting the true and fair view of the financial statements and as per the information and explanations given by the management, we report that no fraud on or by the Company has been noticed or reported during the course of our audit.

FOR MUKUND & ROHIT

CHARTERED ACCOUNTANTS

Registration No.-113375W

Place: Vadodara MUKUND BAKSHI

Date: May 29, 2013 PARTNER

Membership No. 041392

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Mar 31, 2012

1 We have audited the attached Balance Sheet of ADARSH PLANT PROTECT LTD. as at 31st March, 2012 and the Profit and loss Statement and also the Cash Flow Statement 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.

2 We have 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 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.

3 As required by the Companies (Auditor's Report) order. 2003 and ( amendment) Order 2004 issued by the Central Government of India in terms of sub - section (4A) of section 227 of the Companies Act, 1956, a statement on the matters Specified in Paragraphs 4 & 5 of the said order is annexed thereto.

4 Further to our comments in the Annexure referred to above, 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 purposes of our audit;

ii) In our opinion, proper books of account as required by law have been kept by the Company so far as appears from our examination of the books of the Company.

iii) The Balance Sheet and Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the Books of Account;

iv) In our opinion, the Balance Sheet and Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956;

v) On the basis of the written representations received from the Directors, as on 31st March, 2012 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 2012 from being appointed as a Director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956;

vi) 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 Significant Accounting Policies and other notes thereon give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in confirmity with the accounting principles generally accepted in India;

a) in so far as it relates to the Balance Sheet, of the state of affairs of the Company as at 31st March, 2012 and;

b) in so far as it relates to the Profit and Loss Statement, of the Loss for the year ended on that date;

c) in so far as it relates to the Cash Flow Statement, of the cash flows of the company for the year ended on that date ;

(i) a. The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

b. Fixed Assets have been physically verified by the management during the year. In our opinion, the same is reasonable having regard to the size of the Company and the nature of its assets. As informed to us no material discrepancies were noticed on such verification.

c. In our opinion, the company has not disposed of a substantial part of its fixed assets during the year so as to affect going concern status.

(ii) a. As explained to us, inventories were physically verified during the year by the management at reasonable intervals during the year.

b. In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

c. The Company has maintained proper records of inventories. As explained to us there was no material discrepancies noticed on verification between the physical stocks and the books records.

(iii) a. The Company has granted loan to a company covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year was 21.24 Lakhs and the year- end balance of loan taken from such party was Rs. 21.24 Lakhs.

b. The Company had taken loan from a company covered in the register maintained under Section 301 of the Companies Act, 1956. The maximum amount involved during the year was 256.62 lakhs and the year-end balance of loan taken from such parties was Rs. 37.27 lakhs.

c. In our opinion, the rate of interest and other terms and conditions are not prima facie prejudicial to the interest of the Company. Repayment of principal amount is not stipulated however interest on such loans is regular.

(iv) In our opinion and acording to information and explanation given to us, there are adequate internal control procedure commensurate with the size of company and nature of its business with regard to purchases of inventory, fixed assets and with regard to the sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

(v) a. In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contract or arrangements, that needed to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered.

b. In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 and exceeding the value of five lakh rupees in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

(vi) Based on our scrutiny of the company's records and according to the information and explanations provided by the management, in our opinion, the company has not accepted any loans or deposits which are 'deposits' within the meaning of Rule 2(b) of the Companies (Acceptance of Deposit's) Rules, 1975.

(vii) Company has a firm of Chartered Accountants as internal auditors. In our opinion the internal audit system is commensurate with the size of the company and nature of its business.

(viii) According to the information and explanation given to us, neither order has been passed by the Central government nor have cost records been prescribed under section 209 (1) (d) of the Companies Act, 1956 in respect of products manufactured by the company.

(ix) a. "In our opinion and according to the information and explanation given to us, the Company has been regular in depositing undisputed statutory dues including Provident Fund, Employees State Insurance, Income-tax, Sales-tax, Wealth-tax, Custom Duty, Excise Duty, Cess and other statutory dues as may be applicable to the company except in case of Tax deducted at sources where there were found irregularities in payment to respective authorities.

Further, since the Central Government has till date not prescribed the amount of cess payable under section 441A of the Companies Act, 1956, we are not in a position tb comment upon the regularity or otherwise of the company in depositing the same." b. According to the information and explanations given to us, no undisputed amounts payable in respect of Income Tax, Wealth Tax, Service Tax, CST, VAT, Custom Duty, Excise Duty were in arrears, as at 31st March, 2012 for a period of more than six months from the date they became payable.

(x) The accumulated losses of the company have exceeded fifty per cent of its net worth as at 31st March, 2012. The company has incurred a cash loss of Rs. 30.82 lacs. Further, the Company has incurred cash loss of Rs. 70.48 Lacs during the immediately preceding financial year.

(xi) In our opinion and according to the information and explanations given to us, the Compay has not defaulted in repayment due to financial institution, or bank. The Company has not issued any Debentures.

(xii) Based on our examination of records and on the information and explanation given to us, the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) The Company is not a chit fund or a nidhi mutual benefit fund / society. Therefore, the provisions of clause 4 ( xiii ) of the Companies ( Auditor's Report ) Order, 2003 are not applicable to the Company.

(xiv) The Company is not dealing in or trading in shares, securities, debentures and other investments. Therefore, clause 4 (xiv) of paragraph 4 of the Companies (Auditor's Report) Order, 2003 is not applicable to the company.

(xv) According to the information and explanation given to us, the Company has not given guarantees for loans taken by others from bank or financial institution.

(xvi) The Company has not taken term loan from the financial institutions during the year.

(xvii) According to the records examined by us and the information and explanations given to us, on an overall examination of balance sheet and cash flow statement of the company, funds raised on short term basis have prima facie, not been used for long-term purpose and vice - versa.

(xviii) According to the information and explanation given to us, the company has not made any preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Act.

(xix) The Company has not issued any Debentures during the year therefore paragraph 4 (xix) of the Companies (Auditor's Report) Order, 2003 is not applicable.

(xx) As informed to us, during the year covered by our audit report, the company has not raised any money by way of public issues.

(xxi) According to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year that causes the financial statements to be materially misstated.

FOR M/S MUKUND & ROHIT

CHARTERED ACCOUNTANTS

Registration No. 113375W

PLACE : Vadodara

DATE : 25th May, 2012 Mukund Bakshi

Partner

M. No.041392

F. R. No. 113375W

---

Mar 31, 2011

We have audited the attached Balance Sheet of ADARSH PLANT PROTECT LIMITED, as at 3V< March 2011, the Profit and Loss Account and also the Cash Flow Statement 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.

1. We conducted our audit in accordance with 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.

2. As required by the Companies (Auditors' Report) Order, 2003 and related amendments issued by the Central Government of India in terms of Sub-section (4A) of Section 227 of the Companies Act, 1956, we enclose in the Annexure, a statement on the matters specified in paragraphs 4 and 5 of the said Order to the extent applicable to the Company.

3. Further to our comments in the Annexure referred to in paragraph 3 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 purposes of our audit;

(b) In our opinion proper books of account as required by law, have been kept by the Company, so far as appears from our examination of those books;

(c) The Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account;

(d) In our opinion, the Balance Sheet, Profit and Loss account and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in Section 211 (3C), of the Companies Act, 1956;

(e) On the basis of written representation received from the Directors as on 31s' March, 2011 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31s' March, 2011 from being appointed as director in terms of clause (g) of sub- section (1) of Section 274 of the Companies Act, 1956.

(f) 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 Significant Accounting Policies and other notes thereon give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India;

(a) in so far as it relates to Balance Sheet, of the state of affairs of the Company as at 31st March, 2011;

(b) in so far as it relates to the Profit and Loss Account, of the 'Loss' of the company for the year ended on that date; and

(c) in so far as it relates to the Cash Flow Statement, of the cash flows of the company for the year ended on that date.

ANNEXURE TO AUDITORS' REPORT

[Referred to in paragraph 3 of our report of even date] (i) In respect of its fixed assets:

(a) The Company has maintained proper records showing full particulars including quantitative details and situation of the fixed assets.

(b) All the assets have been physically verified by the management during the year as per the program of verification, which in our opinion is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

(c) In our opinion, the company has not disposed of a substantial part of its fixed assets during the year so as to affect going concern status.

(ii) In respect of its inventories:

(a) As explained to us, inventories were physically verified during the year by the management at reasonable intervals during the year.

(b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) The Company has maintained proper records of inventories. As explained to us, there was no material discrepancies noticed on physical verification of inventories as compared to the book records.

(iii)

(a) The Company has granted loan to a company covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year was 18.75 Lakhs and the year- end balance of loan taken from such party was Rs. 18.56 Lakhs.

(b) The Company had taken loan from a company covered in the register maintained under Section 301 of the Companies Act, 1956. The maximum amount involved during the year was 295.91 lakhs and the year-end balance of loan taken from such parties was Rs. 219.62 lakhs.

(c) In our opinion, the rate of interest and other terms and conditions are not prima facie prejudicial to the interest of the Company. Repayment of principal amount is not stipulated however interest on such loans is regular.

(iv) 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 the nature of its business with regard to purchase of inventory, fixed assets and for sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in the internal control system.

(v)

(a) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contract or arrangements, that needed to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 and exceeding the value of five lakh rupees in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

(vi) Based on our scrutiny of the company's records and according to the information and explanations provided by the management, in our opinion, the company has not accepted any loans or deposits which are 'deposits' within the meaning of Rule 2(b) of the Companies (Acceptance of Deposit's) . Rules, 1975.

(vii) Company has appointed outside independent firm of Chartered Accountants as internal auditors. On the basis of reports submitted by internal auditor, in our opinion the internal audit system is commensurate with the size of the company and nature of its business.

(viii) According to the information and explanation given to us, neither order has been passed by the Central government nor have cost records been prescribed under section 209 (1) (d) of the Companies Act, 1956 in respect of products manufactured by the company.

(ix)

(a) In our opinion and according to the information and explanation given to us, the Company has been regular in depositing undisputed statutory dues including Provident Fund, Employees State Insurance, Income-tax, Sales-tax, Wealth-tax, Custom Duty, Excise Duty, Cess and other statutory dues as may be applicable to the company except in case of Tax deducted at sources where there were found irregularities in payment to respective authorities.

Further, since the Central Government has till date not prescribed the amount of cess payable under section 441A of the Companies Act,1956, we are not in a position to comment upon the regularity or otherwise of the company in depositing the same.

(b) According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, sales tax, wealth tax, service tax, customs duty and excise duty were in arrears, as at 31st March, 2011 for a period of more than six months from the date they become payable.

(x) The accumulated losses of the company have exceeded fifty per cent of its net worth as at 31s' March, 2011. The company has incurred a cash loss of Rs. 86.94 lacs. However, the Company has not incurred cash loss during the immediately preceding financial year.

(xi) In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to financial institutions or bank. The Company has not issued any Debenture.

(xii) Based on our examination of records and on the information and explanation given to us, the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) The Company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, clause 4 (xiii) of paragraph 4 of the Companies (Auditor's Report) Order, 2003 is not applicable.

(xiv) The Company is not dealing in or trading in shares, securities, debentures and other investments. Therefore, clause 4 (xiv) of paragraph 4 of the Companies (Auditor's Report) Order, 2003 is not applicable to the company.

(xv) According to the information and explanation given to us, the Company has not given guarantees for loans taken by others from bank or financial institution.

(xvi) The Company has not taken term loan from the financial institutions during the year.

(xvii) According to the records examined by us and the information and explanations given to us, on an overall examination of balance sheet and cash flow statement of the company funds raised on short term basis have prima facie, not been used for long-term purpose and vice - versa.

(xviii) According to the information and explanation given to us, the company has not made any preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Act.

(xix) The Company has not issued any Debentures during the year therefore paragraph 4 (xix) of the Companies (Auditor's Report) Order, 2003 is not applicable.

(xx) As informed to us, during the year covered by our audit report, the company has not raised any money by way of public issues.

(xxi) According to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year that causes the financial statements to be materially misstated.

For Mukund & Rohit Chartered Accountants Place: Vadodara MUKUND BAKSHI

Date: 28th July, 2011 PARTNER

Membership No. 41392 Firm Registration No. 113375W

---

Mar 31, 2010

We have audited the attached Balance Sheet of ADARSH PLANT PROTECT LIMITED, as at 31st March 2010, the Profit and Loss Account and also the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys management.

Our responsibility is to express an opinion on these financial statements based on our audit.

1. We conducted our audit in accordance with 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.

2. As required by the Companies (Auditors Report) Order, 2003 and related amendments issued by the Central Government of India in terms of Sub-section (4A) of Section 227 of the Companies Act, 1956, we enclose in the Annexure, a statement on the matters specified in paragraphs 4 and 5 of the said Order to the extent applicable to the Company.

3. Further to our comments in the Annexure referred to in paragraph 3 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 purposes of our audit;

(b) In our opinion proper books of account as required by law, have been kept by the Company, so far as appears from our examination of those books;

(c) The Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account;

(d) In our opinion, the Balance Sheet, Profit and Loss account and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in Section 211 (3C), of the Companies Act, 1956;

(e) On the basis of written representation received from the Directors as on 31 st March, 2010 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March, 2010 from being appointed as Director in terms of clause (g) of sub- section (1) of Section 274 of the Companies tri, 1956.

(f) 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 Significant Accounting Policies and other notes thereon give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India;

(a) in so far as it relates to Balance Sheet, of the state of affairs of the Company as at 31st March, 2010;

(b) in so far as it relates to the Profit and Loss Account, of the profit of the Company for the year ended on that date; and

(c) in so far as it relates to the Cash Flow Statement, of the cash flows of the Company for the year ended on that date.

ANNEXURE TO AUDITORS REPORT

[Referred to in paragraph 3 of cur report of even date] (i) In respect of its fixed assets:

(a) The Company has maintained proper records showing full particulars including quantitative deNIs nnd situation of fixed assets.

(b) All the assets have been physically verified by the management during the year as per the program of verification, which in our opinion is reasonable having regard to the size of the Company and the nature of its assets. Mo material discrepancies were noticed on such verification.

(c) In our opinion, the Company has not disposed of a substantial part of its fixed assets durir j the year so as to affect going concern status. (ii) In respect of its inventories:

(a) As explained to us, inventories were physically verified during the year by the management at reasonable intervals during the year.

(b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the Compar,/ and the nature of its business.

(c) The Company has maintained proper records of inventories. As explained to us, the i was no material discrepancies noticed on physical verification of inventories as compared to the book records.

(iii) (a) The Company has not granted any loans to companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Consequently reporting requirement as per clause (iii) (a) to (III) (d) of paragraph 4 of the Order is not applicable in | case of the Company.

(b) The Company had taken loan from parties covered in the register maintained under Section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs. 213.41 lakhs and the year-end balance of loan taken from such parties was Rs. 213.41 lakhs.

(c) In our opinion, the rate of interest and other terms and conditions are not prima facie, prejudicial to the interest of the Company. Repayment of principal amount is not stipulated however interest on such loans is regular.

(iv) 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 the nature of its business with regard to purchase of inventory, fixed assets and for sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in the internal control system. (v) (a) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contract or arrangements, that needed to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered. (b) In our opinion and according to the information and explanations given to us, there were no transactions made in pursuance of contracts or arrangements entered into the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of rupees five lakhs in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time. (vi) In our opinion and according to the information and explanation given to us, the Company has complied with the provisions of section 58-A of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 with regard to deposits accepted from public We are inforrred that no Order has been passed by the Company Law Board or National Company Law tribunal or Reserve Bank of India or any Court or any other Tribunal. (vii) Company has appointed outside independent firm of Chartered Accountants as internal auditors. On the basis of reports submitted by internal auditor, in our opinion the internal audit system is commensurate with the size of the Company and nature of its business. (viii) According to the information and explanation given to us, neither order has been passed by the Central government nor have cost records been prescribed under section 209 (1 j (d) of the Companies Act,1956 in respect of products manufactured by the Company. (ix) (a) In our opinion and according to the information and explanation given to us, the Company has been regular in depositing undisputed statutory dues including Provident Fund, Employees State Insurance, Income-tax, Sales-tax, Wealth-tax, Custom Duty, Excise Duty, Cess and other statutory dues as may be applicable to the Company except in case of Tax deducted at sources and Professional Tax where there were found irregularities in payment to respective authorities.

Further, since the Central Government has till date not prescribed the amount of cess payable under Section 441A of the Companies Act,1956, we are not in a position to comment upon the regularity or otherwise of the Company in depositing the same. (b) According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, sales tax, wealth tax, service tax, customs duty and excise duty were in arrears, as at 31st March, 2010 for a period of more than six months from the date they become payable.

(x) The Company has accumulated losses exceeding more than 50% of its net worth as on March 31,2010. However, the Company has not incurred cash loss during the current financial year but incurred cash loss in the immediately preceding financial year

(xi) In our opinion and according to the information and explanations given to us, the Company has not default ;d in repayment of dues to financial institutions or bank. The Company has not issued are Debenture.

(xii) Based on our examination of records and on the information and explanation given to us, the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) The Company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, clause 4 (xiii) of paragraph 4 of the Companies (Auditors Report) Order, 2003 is not applicable.

(xiv) The Company is not dealing in or trading in shares, securities, debentures and other investments. Therefore, clause 4 (xiv) of paragraph 4 of the Companies (Auditors Report) Order, 2003 is not applicable to the Company.

(xv) According to the information and explanation given to us, the Company has not given guarantees for loans taken by others from bank w financial institution.

(xvi) The Company has not taken term loan from the financial institutions bring the year.

(xvii) According to the records examined by us and the information and explanations given to us, on an overall examination of Balance Sheet and Cash Flow statement of the Company, funds raised on snort term basis have prima facie, not been used for long-term pwpose.

(xviii) According to the information and explanation given to us, the Company has not made any preferential aktrnent otshares to partiesartd companies covered in the register maintained under Section 301 of the Act.

(xix) The Company has not issued any Debentures ducrng the year therefore paragraph 4 (xix) of the Companies (Auditors Report) Order, 2003 is note applicable.

(xx) As informed to us, during the year covered by our audit report, the Compay has not raised- any noney by wav of public issues.

xxi) According to the information and explanations given to us, no fraud on or by the Company has been aotjced or reported during the year that causes the financial statements to be materially misstated.

For Mukund & Rohit

Chartered Accountants

Place: Vadodara MUKUND BAKSHI

Date: 28,h May, 2010 PARTNER

Membership No. 41392

Firm Registration No. 113375W