Auditor Report of Ejecta Marketing Ltd.

Mar 31, 2016

INDEPENDENT AUDITORS’ REPORT

TO THE MEMBERS OF APPU MARKETING AND MANUFACTURING LIMITED Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of APPU MARKETING & MANUFACTURING LIMITED (“the Company”), which comprise the Balance Sheet as at March 31, 2016, the Statement of Profit and Loss and 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 Standalone 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 standalone 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 prescribed under section 133 of the Act, as applicable.

This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding 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 standalone 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 of the standalone financial statements 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. 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 standalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone 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 March 31, 2016, and its profit and its cash flows for the year ended on that date.

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

a) 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.

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

c) 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.

d) In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards prescribed under section 133 of the Act, as applicable.

e) On the basis of the written representations received from the Directors as on March 31, 2016 taken on record by the Board of Directors, none of the Directors is disqualified as on March 31, 2016 from being appointed as a Director in terms of Section 164 (2) of the Act.

f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure A”. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company’s internal financial controls over financial reporting.

g) 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 does not have any pending litigations which would impact its financial position;

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 required to be transferred by the Company to the Investor Education and Protection Fund.

2. As required by the Companies (Auditor’s Report) Order, 2016 (“the Order”) issued by the Central Government in terms of Section 143(11) of the Act, we give in “Annexure B” a statement on the matters specified in paragraphs 3 and 4 of the Order.

ANNEXURE “A” TO THE INDEPENDENT AUDITORS’ REPORT

(Referred to in paragraph 1(f) under ‘Report on Other Legal and Regulatory Requirements’ of our report of even date)

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)

We have audited the internal financial controls over financial reporting of APPU MARKETING & MANUFACTURING LIMITED (“the Company”) as of March 31, 2016 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls

The Company’s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditor’s Responsibility

Our responsibility is to express an opinion on the Company’s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the “Guidance Note”) issued by the Institute of Chartered Accountants of India and the Standards on Auditing prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. 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.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company’s internal financial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company’s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, to the best of our information and according to the explanations given to us, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2016, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

ANNEXURE “B” TO THE INDEPENDENT AUDITORS’ REPORT

(Referred to in paragraph 2 under ‘Report on Other Legal and Regulatory Requirements’ section of our report of even date)

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

b) The Company has a regular programme of physical verification of its fixed assets. In accordance with this programme, fixed assets were verified during the year and no material discrepancies were noticed on such verification.

b) The Company does not have any immovable property.

(ii) As explained to us, the inventories were physically verified during the year by the Management at reasonable intervals and no material discrepancies were noticed on physical verification.

(iii) The Company has not granted any loans, secured or unsecured, to companies, firms, Limited Liability Partnerships or other parties covered in the register maintained under Section 189 of the Companies Act, 2013.

(iv) As explained to us, the Company has not granted any security in terms of Section 185 and 186 of the companies Act, 2013

(v) According to the information and explanation given to us, the Company has not accepted any deposit from the public during the year.

(vi) As informed to us, the Central Government has not prescribed maintenance of cost records under sub-section (1) of Section 148 of the Act, in respect of the activities carried on by the Company.

(vii) According to the information and explanations given to us, in respect of statutory dues:

a) The Company has generally been regular in depositing undisputed statutory dues, including provident fund, employees’ state insurance, income tax, sales tax, service tax, customs duty, excise duty, value added tax, cess and any other material statutory dues with the appropriate authorities.

b) There were no undisputed amounts payable in respect of provident fund, employees’ state insurance, income-tax, sales tax, service tax, customs duty, excise duty, value added tax, cess and other material statutory dues in arrears as at March 31, 2016 for a period of more than six months from the date they became payable.

(viii) In our opinion and according to the information and explanations given to us, the Company has not defaulted in the repayment of loans or borrowings to financial institutions, government, banks and dues to debenture holders.

(ix) The Company has not raised moneys by way of initial public offer or further public offer (including debt instruments) or term loans.

(x) To the best of our knowledge and according to the information and explanations given to us, no fraud by the Company and no material fraud on the Company by its officers or employees has been noticed or reported during the year.

(xi) In our opinion and according to the information and explanations given to us, the Company has paid / provided managerial remuneration in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Companies Act, 2013.

(xii) The Company is not a Nidhi Company and hence reporting under clause (xii) of the CARO 2016 Order is not applicable.

(xiii) In our opinion and according to the information and explanations given to us the Company is in compliance with Section 188 and 177 of the Companies Act, 2013, where applicable, for all transactions with the related parties and the details of related party transactions have been disclosed in the financial statements etc. as required by the applicable accounting standards.

(xiv) During the year the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures and hence reporting under clause(xiv) of CARO 2016 is not applicable to the Company.

(xv) In our opinion and according to the information and explanations given to us, during the year the Company has not entered into any non-cash transactions with its directors or directors of its holding, subsidiary or persons connected with them and hence provisions of section 192 of the Companies Act, 2013 are not applicable.

(xvi) According to the information and explanation given to us, the Company is not required to be registered under Section 45 IA of the Reserve Bank of India Act, 1934.

For S.C.SWAIKA & CO.

(Chartered Accountants)

FRN No.322137E (S.C.Swaika)

(Proprietor)

(M.No.053694)

Place : Kolkata

Dated : 30^th May, 2016

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Mar 31, 2015

We have audited the accompanying standalone financial statements of APPU MARKETING & MANUFACTURING LIMITED (''''the Company''''), which comprise the balance sheet as at 31st March 2015, the statement of profit and loss and the cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Standalone 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 and presentation of these standalone 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 the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding of the assets of the Company and for preventing and detecting the 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 control, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone 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 standalone 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 issued by the Institute of Chartered Accountants of India 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 standalone 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 the 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.

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 aforesaid standalone 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:

(i) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2015;

(ii) in the case of the Statement of Profit and Loss, of the profit of the Company for the year ended on that date; and

(iii)in the case of the 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, 2015 ("the Order") issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

2. As required under provisions of section 143 (3) of the Companies Act, 2013, we report that:

a. 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;

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

c. 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;

d. in our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;

e. 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; and

f. 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. there has been no pending litigations on the Company which may have impact on the financial position in its standalone financial statement;

ii. for the Company has no material foreseeable losses, on long term contracts including derivative contracts, therefore, there is no requirement to create provision as required under any law or accounting standards; and

iii. there has been no fund required to be transferred by the Company to the Investor Education and Protection Fund.

The Annexure referred to in our Standalone Independent Auditors'' Report to the members of the Company on the standalone financial statements for the year ended 31st March 2015, we report that:

(i) In respect of its Fixed Assets :

a) The Company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets on the basis of available information.

b) As explained to us, the Fixed Assets have been physically verified by the management during the year, which in our opinion is reasonable having regard to size of the Company and nature of its assets. No material discrepancies were noticed on such physical verification

(ii) In respect of its Inventories :

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

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) In our opinion and according to the information and explanations given to us, the Company has maintained proper records of its inventories and no material discrepancies were noticed on physical verification.

(iii) According to the information and explanations given to us, the Company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the Register maintained under Section 189 of the Companies Act, 2013. Thus, 3(iii) of the Order is not applicable.

(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 for the purchase of inventory, fixed assets and for the sale of goods and services. We have not observed any major weaknesses in internal control system during the course of the audit.

(v) The Company has not accepted any deposit from the public covered under the terms of section 73 to 76 of the Company''s Act, 2013 or any other relevant provisions of the Act & rules framed there under.

(vi) As informed to us, the Central Government has not prescribed maintenance of cost records under Section 148(1) of the Act, in respect of the activities carried on by the Company.

(vii) In respect of statutory dues:

(a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, amounts deducted/ accrued in the books of account in respect of undisputed statutory dues including provident fund, income tax, sales tax, wealth tax, service tax, duty of customs, value added tax, cess and other material statutory dues have been regularly deposited during the year by the Company with the appropriate authorities. As explained to us, the Company did not have any dues on account of employees'' state insurance and duty of excise.

(b) According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, income tax, sales tax, wealth tax, service tax, duty of customs, value added tax, cess and other material statutory dues were in arrears as at 31st March, 2015 for a period of more than six months from the date they became payable.

(c) According to the information and explanations given to us, no amount is required to be transferred to investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules made there under by the company during the financial year under review.

(viii) The Company does not have accumulated losses. The Company has not incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year.

(ix) In our opinion and according to the information and explanations given to us, the Company did not have any outstanding dues to financial institutions, banks or debenture holders.

(x) In our opinion and according to the information and the explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

(xi) According to the information and explanations given to us, the Company did not avail any term loan during the year.

(xii) To the best of our knowledge and belief and according to the information and explanations given to us, no fraud by the Company and no material fraud on the Company has been noticed or reported during the year.

For S.C.SWAIKA & CO.

(Chartered Accountants)

FRN No.322137E

(S.C.Swaika)

(Proprietor)

(M.No.053694)

Place : Kolkata

Dated : 29th day of May, 2015

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Mar 31, 2014

We have audited the accompanying financial statements of APPU MARKETING & MANUFACTURING LIMITED ("the Company"), which comprise the Balance Sheet as at March 31, 2014, the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

The Company''s 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 principles generally accepted in India including Accounting Standards notified under the Companies Act, 1956 ("the Act") read with the General th Circular 15/2013 dated 13 September, 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act, 2013. 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 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 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 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 control relevant to the Company''s 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 the reasonableness of the accounting estimates made by 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 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:

(i) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2014;

(ii) in the case of the Statement of Profit and Loss, of the profit of the Company for the year ended on that date; and

(iii) in the case of the 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, 2003 ("the Order") issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required under provisions of section 227(3) of the Companies Act, 1956, 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, 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 read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act, 2013;

e. On the basis of written representations received from the directors 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 (1) of section 274 of the Companies Act, 1956;

f. Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

Annexure referred to in paragraph 1 under the heading "Report on other legal and regulatory requirements" of our report of even date

As required by the Companies (Auditors Report) (Amendment) Order, 2004 issued by the Central Government and on the basis of such checks as we considered appropriate and according to the information and explanation given to us, we further report that:

(i) In respect of its Fixed Assets :

As per information and explanation given to us, the Company has not owned any Fixed Asset during the year, hence clause 4 (i) (a )(b) & (c) are not applicable to the Company.

(ii) In respect of its Inventories :

As per information and explanation given to us, the Company does not have any inventory during the year, hence clause 4 (ii) (a )(b) & (c) are not applicable to the Company.

(iii) In respect of the loans, secured or unsecured, granted or taken by the Company to /

from companies, firm or other parties covered in the register maintained under Section 301 of the Companies Act, 1956 :

(a) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not granted any loans, secured or unsecured, to companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. Consequently, the provisions of clauses iii (b), iii(c) and iii (d) of the order are not applicable to the Company.

(e) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not taken loans from companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. Thus sub clauses (f) & (g) are not applicable to the company.

According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has incurred preliminary expenses on behalf of four subsidiaries amounting to Rs. 128240/-. In respect of the said expenses, the maximum amount outstanding at any point of time during the year was Rs. 128240/- and the year end balance is Rs. 128240/-.

(iv) In our opinion and according to the explanation given to us, during the course of the audit, there is adequate internal control procedure commensurate with the size of the Company and the nature of its business with regard of trading activities. We have not noted any continuing failure to correct major weakness in the internal controls during the course of audit.

(v) In our opinion and according to the information and explanations given to us, there are no contracts or arrangements that need to be entered in the register maintained under Section 301 of the Companies Act, 1956. Therefore, the provisions of clause 4 (v)(b) of the Order are not applicable to the Company.

(vi) The Company has not accepted any deposit from the public covered under section 58A and 58AA of the Companies Act, 1956. Therefore, the provisions of clause 4 (vi) of the Order are not applicable to the Company.

(vii) In our opinion the Company has an internal audit system commensurate with the size and nature of its business.

(viii) According to the information and explanation given to us, the central government has not prescribed the maintenance of cost records under clause (d) of sub- section(1) of section 209 of the companies Act, 1956.

(ix) In respect of Statutory dues :

a) According to the information and explanation given to us, and on the basis our examination of the books of accounts and records of the company, the company is regular in depositing with the appropriate authorities undisputed statutory dues including Income tax and any other material statutory dues applicable to it.

b) According to the information and explanation given to us, no undisputed amount payable in respect of Income tax & cess were outstanding as at 31st March 2014 for a period of more than six month from the day they become payable.

c) According to the information and explanation given to us, there are no dues in respect of Income tax, Wealth Tax , Sales Tax , Excise duty ,custom duty & cess that were not been deposited with the appropriate authorities on account of any dispute.

(x) The Company does not have accumulated losses at the end of the financial year. The Company has not incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year.

(xi) The company has not raised loans from Financial Institutions or Banks or by issue of debentures and hence provision of Clause 4 (xi) of the Order requiring comment on repayment of the dues is not applicable to the company.

(xii) In our opinion and according to the information and explanations given to us, no loans and advances have been granted by the Company on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) In our opinion, the Company is not a chit fund / nidhi / mutual benefit fund / society. Therefore, the provisions of clause 4(xiii) of the Order are not applicable to the Company.

(xiv) The Company has maintained proper records of transactions and contracts in respect of dealing in or trading in shares, securities, debentures and other investments and timely entries have been made therein. All shares, securities, debentures and other investments have been held by the Company in its own name.

(xv) In our opinion and according to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial Institutions during the year. Therefore, the provisions of clause 4(xv) of the Order are not applicable to the Company.

(xvi) The Company has not raised any term loan during the year. Therefore, the provisions of clause 4(xvi) of the Order are not applicable to the Company.

(xvii) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we are of the opinion that there are no funds raised on short term basis that have been used for long term investment.

(xviii) 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 raised any monies by way of issue of debentures during the year. Therefore, the provisions of clause 4(xix) of the Order are not applicable to the Company.

(xx) The Company has raised a sum of Rs. 4,23,50,000/- on 20th September, 2013. The object of the issue is to fulfill the additional requirement for business expansion, funding long term working capital requirement, marketing and for other approved corporate purposes.

(xxi) Based on the audit procedures performed and the information and explanations given to us, we report that no fraud on or by the Company has been noticed or reported during the year, nor have we been informed of such case by the management.

For S.C.SWAIKA & CO. (Chartered Accountants) FRN No.322137E

(S.C.Swaika) (Proprietor) (M.No.053694) Place : Kolkata Dated : 29th day of May, 2014

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Mar 31, 2013

We have audited the accompanying financial statements of APPU MARKETING & PRINTING LIMITED ("the Company"), which comprise the Balance Sheet as at March 31, 2013, the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s 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 principles generally accepted in India including accounting standards referred to in sub-section (3C) of section 211 of the ^impanies Act, 1956 ("the Act"). 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 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 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 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 control relevant to the Company''s 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 the reasonableness of the accounting estimates made by 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 Jinion.

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:

(i) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2013;

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

(iii) in the case of the 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, 2003 ("the Order") issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required under provisions of section 227(3) of the Companies Act, 1956, 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, 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 referred to in sub-section (3C) of section 211 of the Companies Act, 1956;

e. On the basis of written representations received from the directors 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 (1) of section 274 of the Companies Act, 1956;

f. Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

c) According to the information and explanation given to us, there are no dues in respect of Income tax, Wealth Tax , Sales Tax , Excise duty custom duty & cess that were not been deposited with the appropriate authorities on account of any dispute.

(x) The Company does not have accumulated losses at the end of the financial year. The Company has not incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year.

(xi) The company has not raised loans from Financial Institutions or Banks or by issue of debentures and hence provision of Clause 4 (xi) of the Order requiring comment on repayment of the dues is not applicable to the company.

(xii) ln our opinion and according to the information and explanations given to us, no loans and advances have been granted by the Company on the basis of security by way of pledge of shares, debentures and other securities.

(xiit) In our opinion, the Company is not a chit fund / nidhi / mutual benefit fund / society. Therefore, the provisions of clause 4(xiii) of the Order are not applicable to the Company.

(xiv) The Company has maintained proper records of transactions and contracts in respect of dealing in or trading in shares, securities, debentures and other investments and timely entries have been made therein. Ali shares, securities, debentures and other investments have been held by the Company in its own name.

(xv) ln our opinion and according to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial Institutions during the year. Therefore, the provisions of clause 4(xv) of the Order are not applicable to the Company.

(xvi) The Company has not raised any term loan during the year. Therefore, the provisions of clause 4{xvi) of the Order are not applicable to the Company. ,

(xvii) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we are of the opinion that there are no funds raised on short term basis that have been used for long term investment.

(xviii) 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 raised any monies by way of issue of debentures during the year. Therefore, the provisions of clause 4(xix) of the Order are not applicable to the Company.

(xx) The Company has not raised any money by public issue during the year.

(xxi) Based on the audit procedures performed and the information and explanations given to us, we report that no fraud on or by the Company has been noticed or reported during the year, nor have we been informed of such case by the management.

For S.C.SWAIKA & CO. (Chartered Accountants) FRNN0.322137E ^

(S.C.Swaika) (Proprietor) (M.No.053694)

Place : Kolkata Dated : 30th day of May, 2013

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Mar 31, 2012

We have aodhed the attached balance Sheet of M/S. APPU MARKETING & MANUFACTURING LIMITED as at 31st March, 2012 and also the Profit & Loss Account and the Balance Sheet for the year ended on that date. These financtal statements are the responsibility of the Company''s management. Our responstbiltty ts to express an opinion on these financial statements based on our Audit.

2 We conducted our audi, in accordance yft auditing standards generally accepted m ,„dia Those standards require that we plan and perform the audi, to obtain reasonable assurance about whether the financial statements arc free of material misstatement. An «* .ncludes examinmg. on a test basis, evidence supporting the amounts and disclosure in the financial statement. An audi, also includes assessing ,he accountmg principles used and significant estimates made by management, as well as evaluattng fe overall financial s.a.ement presentation. We believe that our audit provdes a reasonable basis for our opinion.

3 As required by the companies (Auditor''s Report) Order'' 2003, as amended by the companies (Auditor''s Report) (Amendment) Order, 2004 issued by the Central Government of India in terms of subsection (4A) of section 227 of the compan.es Act, 1956, we enclose as annexure, a statement on the matters specified in the paragraphs 4 and 5 of the said order.

Further to our comments in the Annexure referred 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 purpose of our audit;

II. In our opinion, proper books of accounts as required by law have been kept by the Company so far as appears from our examination of those books;

III. The Balance Sheet & Profit & Loss account dealt with by this report are in agreement with the books of accounts;

IV. In our opinion, the Balance Sheet and Profit & Loss Account dealt with by this report comply with the accounting standards referred to in subsection (3C) of section 211 of the Companies Act, 1956;

V. On the basis of the written representation received from the directors and taken on record by the Board of Directors, we report that none of the directors are 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 explanation given to us, the Balance Sheet & Profit & Loss Account together with the notes thereon and attached thereto, give the information required by the companies 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 31st March, 2012;

(b) In the case of the Profit & Loss Account, of the profit for the year ended on that;

ANNFXURE TO THE AUDITORS* REPORT

1. The company does not have fixed assets as such the company did not maintain records showing particulars including quantitative details and situations of fixed assets.

2. The Company does not any Inventory.

3. (a) The company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, clause 4 (111) (b) to (d) of the Order are not applicable. (b) The company has not taken any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, clause 4 (111) (f) to (g) of the Order are not applicable.

4. An adequate internal control procedure commensurate with the size of company and the nature of its business, for the purchase of Fixed Assets exists. Further, on the basis of our examination of the books and records of the Company, we have neither come across nor have we been informed of any continuing failure to correct major weakness in the aforesaid internal control procedures.

5. In our opinion and according to the information and explanations given to us, there are no contracts and arrangements referred to in section 301 of the Companies. 1956. particulars of which need to be entered into a register maintained under section 301 of the Act. Accordingly, clause, 4 (V) (b) of the order is not applicable.

6. That the company did not accept any public deposit during the year.

7. The company has an Internal Audit system, which in our opinion is commensurate with the size and nature of the business.

8. The Company is not required to maintain cost records as prescribed by central Government under section 209 (1) (d) of the Companies Act, 1956.

9. The company is regular in depositing undisputed statutory dues including Income Tax, and other statutory dues with the appropriate authorities. Due to nature & size of the business of the company, other statutory provision of Investor Education and Protection Fund, Employees State Insurance, Custom Duty, Excise Duty, Cess etc are not applicable. Hence the matter of compliance thereof for timely deposit of such undisputed statutory dues does not arise. There is no arrears of outstanding statutory dues disputed or otherwise at the year end outstanding for more than 6 months.

10. The company does not have any accumulated losses at the end of the financial year and it is further stated that the company has neither incurred any cash losses in such financial year nor in the financial year immediately proceeding such financial year.

11. The company has not issued debentures. The Company has not borrowed from Banks.

12. The company has not granted any loan or advances on the basis of security by way of pledge of shares, debentures and any other securities.

13. The company does not have or own any nidhi or mutual benefit fund or societies.

14. The Company is also in the business of dealing or trading in shares. The company has maintained proper records of transactions and contracts in respects of Shares, Securities and other Investments and timely entries have been made therein. The Shares, Securities and other Investments have been held by the Company, in its own name.

15. The company has not given any guarantee for any loans taken by others from bank or financial institution.

16. The Company has not borrowed any term loan.

17. According to the information and explanations given to us and on the basis of our overall examination of the Balance Sheet, we report that no funds raised on short term basis have been used for long term investment of the company.

18. During the year under Audit, the Company has not made any preferential allotment of shares to parties or companies covered in the register maintained under section 301 of the Companies Act, 1956.

19. The Company has not issued any debentures.

20. The Company has not made any public issue during the financial year under review.

21. Based upon the audit procedures performed and on the basis of information and explanations provided by the management, we report that no fraud, on or by the Company has been noticed or reporting during the year.

FOR ASHOK KUMAR AGARWAL (Chartered Accountants)

Membership No: 54835 Place: KOLKATA Date: 01.09.2012

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Mar 31, 2011

1. We have audited the attached balance Sheet of M/S. APPU MARKETING & MANUFACTURING LIMITED as at 31st March, 2011 and also the Profit & Loss Account and the Balance Sheet for the year ended on that date. 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 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 disclosure in the financial statement. 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 RepoYt) Order'' 2003, as amended by the companies (Auditor''s Report) (Amendment) Order, 2004 issued by the Central Government of India in terms of subsection (4A) of section 227 of the companies Act, 1956, we enclose as annexure. a statement on the matters specified in the paragraphs 4 and 5 of the said order.

Further to our comments in the Annexure referred 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 purpose of our audit;

II. In our opinion, proper books of accounts as required by law have been kept by the Company so far as appears from our examination of those books:

III. The Balance Sheet & Profit & Loss account dealt with by this report are in agreement with the books of accounts;

IV. In our opinion, the Balance Sheet and Profit & Loss Account dealt with by this report comply with the accounting standards referred to in subsection (3C) of section 211 of the Companies Act, 1956;

V. On the basis of the written representation received from the directors and taken on record by the Board of Directors, we report that none of the directors are disqualified as on 31st March 2011 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 explanation given to us, the Balance Sheet & Profit & Loss Account together with the notes thereon and attached thereto, give the information required by the companies 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 31st March, 2011

(b) In the case of the Profit & Loss Account, of the profit for the year ended on that;

ANNEXURE TO THE AUDITORS'' REPORT

1. The company does not have fixed assets as such the company did not maintain records showing particulars including quantitative details and situations of fixed assets.

2. The Company does not any Inventory.

3. (a) The company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, clause 4 (III) (b) to (d) of the Order are not applicable. (b) The company has not taken any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, clause 4 (III) (f) to (g) of the Order are not applicable.

4. An adequate internal control procedure commensurate with the size of company and the nature of its business, for the purchase of Fixed Assets exists. Further, on the basis of our examination of the books and records of the Company, we have neither come across nor have we been informed of any continuing failure to correct major weakness in the aforesaid internal control procedures.

5. In our opinion and according to the information and explanations given to us, there are no contracts and arrangements referred to in section 301 of the Companies, 1956, particulars of which need to be entered into a register maintained under section 301 of the Act. Accordingly, clause, 4 (V) (b) of the order is not applicable.

6. That the company did not accept any public deposit during the year.

7. The company has an Internal Audit system, which in our opinion is commensurate with the size and nature of the business.

8. The Company is not required to maintain cost records as prescribed by central Government under section 209 (I) (d) of the Companies Act 1956.

9. The company is regular in depositing undisputed statutory dues including Income Tax, and other statutory dues with the appropriate authorities. Due to nature & size of the business of the company, other statutory provision of Investor Education and Protection Fund, Employees State Insurance, Custom Duty, Excise Duty, Cess etc are not applicable. Hence the matter of compliance thereof for timely deposit of such undisputed statutory dues does not arise. There is no arrears of outstanding statutory dues disputed or otherwise at the year end outstanding for more than 6 months.

10. The company does not have any accumulated losses at the end of the financial year and it is further stated that the company has neither incurred any cash losses in such financial year nor in the financial year immediately proceeding such financial year,

11. The company has not issued debentures. The Company has not borrowed from Banks.

12. The company has not granted any loan or advances on the basis of security by way of pledge of shares, debentures and any other securities.

13. The company does not have or own any nidhi or mutual benefit fund or societies.

14. The Company is in the business of dealing or trading in shares. The company has maintained proper records of transactions and contracts in respects of Shares, Securities and other Investments and timely entries have been made therein. The Shares, Securities and other Investments have been held by the Company, in its own name.

15. The company has not given any guarantee for any loans taken by others from bank or financial institution.

16. The Company has not borrowed any term loan.

17. According to the information and explanations given to us and on the basis of our overall examination of the Balance Sheet, we report that no funds raised on short term basis have been used for long term investment of the company.

18. During the year under Audit, the Company has not made any preferential allotment of shares to parties or companies covered in the register maintained under section 301 of the Companies Act, 1956.

19. The Company has not issued any debentures.

20. The Company has not made any public issue during the financial year under review.

21. Based upon the audit procedures performed and on the basis of information and explanations provided by the management, we report that no fraud, on or by the Company has been noticed or reporting during the year.

FOR ASHOK KUMAR AGARWAL (Chartered Accountants) Membership No: 54835

Place: KOLKATA Date: 30.06.2011

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Mar 31, 2010

1. We have audited the attached balance Sheet of M/S. APPU MARKETING & MANUFACTURING LIMITED as at 3f March, 2010 and also the Profit & Loss Account and the Balance Sheet for the year ended on that date. 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 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 disclosure in the financial statement. 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. as amended by the companies (Auditor''s Report) (Amendment) Order. 2004 issued by the Central Government of India in terms of subsection (4A) of section 227 of the companies Act, 1956. we enclose as annexure. a statement on the matters specified in the paragraphs 4 and 5 of the said order.

Further to our comments in the Annexure referred above, 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;

II. In our opinion, proper books of accounts as required by law have been kept by the Company so far as appears from our examination of those books;

III. The Balance Sheet & Profit & Loss account dealt with by this report are in agreement with the books of accounts;

IV. In our opinion, the Balance Sheet and Profit & Loss Account dealt with by this report comply with the accounting standards referred to in subsection (3C) of section 211 of the Companies Act. 1956;

V. On the basis of the written representation received from the directors and taken on record by the Board of Directors, we report that none of the directors arc disqualified as on 3 lsl March 2008 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 explanation given to us. the Balance Sheet & Profit & Loss Account together with the notes thereon and attached thereto, give the information required by the companies 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 3L1 March. 2010;

(b) In the case of the Profit & Loss Account, of the profit for the year ended on that;

ANNEXURE TO THE AUDITORS'' REPORT

1. The company does not have fixed assets as such the company did not maintain records showing particulars including quantitative details and situations of fixed assets.

2. The Company does not any Inventory.

3. (a) The company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 301 of the Companies Act. 1956. Accordingly, clause 4 (III) (b) to (d) of the Order are not applicable. (b) The company has not taken any loans, secured or unsecured to companies, firms or other parlies covered in the register maintained under section 301 of the Companies Act. 1956. Accordingly, clause 4 (III) (f) to (g) of the Order are not applicable.

4. An adequate internal control procedure commensurate with the size of company and the nature of its business, for the purchase of Fixed Assets exists. Further. on the basis of our examination of the books and records of the Company, we have neither come across nor have we been informed of any continuing failure to correct major weakness in the aforesaid internal control procedures.

5. In our opinion and according to the information and explanations given to us, there arc no contracts and arrangements referred to in section 301 of the Companies. 1956. particulars of which need to be entered into a register maintained under section 301 of the Act. Accordingly, clause. 4 (V) (b) of the order is not applicable.

6. That the company did not accept any public deposit during the year.

7. The company has an Internal Audit system, which in our opinion is commensurate with the size and nature of the business.

8. The Company is not required to maintain cost records as prescribed by central Government under section 209 (1) (d) of the Companies Act, 1956.

9. The company is regular in depositing undisputed statutory dues including Income Tax. and other statutory dues with the appropriate authorities. Due to nature & size of the business of the company, other statutory provision of Investor Education and Protection Fund. Employees State Insurance. Custom Duty, Excise Duty. Cess etc are not applicable. Hence the matter of compliance thereof for timely deposit of such undisputed statutory dues does not arise. There is no arrears of outstanding statutory dues disputed or otherwise at the year end outstanding for more than 6 months.

10. The company does not have any accumulated losses at the end of the financial year and it is further stated that the company has neither incurred any cash losses in such financial year nor in the financial year immediately proceeding such financial year.

11. The company has not issued debentures. The Company has not borrowed from Banks.

12. The company has not granted any loan or advances on the basis of security by way of pledge of shares, debentures and any other securities.

13. The company does not have or own any nidhi or mutual benefit fund or societies.

14. The Company is in the business of dealing or trading in shares. The company has maintained proper records of transactions and contracts in respects of Shares. Securities and other Investments and timely entries have been made therein. The Shares. Securities and other Investments have been held by the Company, in its own name.

15. The company has not given any guarantee for any loans taken by others from bank or financial institution.

16. The Company has not borrowed any term loan.

17. According to the information and explanations given to us and on the basis of our overall examination of the Balance Sheet, we report that no funds raised on short term basis have been used for long term investment of the company.

18. During the year under Audit, the Company has not made any preferential allotment of shares to parties or companies covered in the register maintained under section 301 of the Companies Act. 1956.

19. The Company has not issued any debentures.

20. The Company has not made any public issue during the financial year under review.

21. Based upon the audit procedures performed and on the basis of information and explanations provided by the management, we report that no fraud, on or by the Company has been noticed or reporting during the year.

FOR ASHOK KUMAR AGARWAL (Chartered Accountants) Membership No: 54835

Place: KOLKATA Date: 15.05.2010