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Auditor Report of Aseem Global Ltd.

Mar 31, 2014

1. We have audited the accompanying financial statements of ASEEM GLOBAL LIMITED ("the Company"), which comprises the Balance Sheet as at March 31, 2014 and 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 Financial Statements -

2. 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 Standards referred to in sub-section (3C) of section 211 of the Companies 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

3. 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.

4. 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 but not for the purpose of expressing an opinion on the effectiveness of the entity''s internal control. 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.

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

Opinion

6. 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:-

a) In the case of the Balance Sheet of the state of affairs of the Company as at March 31, 2014;

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

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

7. 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 Companies Act 1956 (the Act), we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

8. As required by section 227(3) of the Act, 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 Compan y, so far as appears from our examination of those books;

c) The Balance Sheet, Statement of Profit & 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 & Loss, and Cash Flow Statement comply with the Accounting- Standards, referred to in sub section (3C) of Section 211 of the Act; &

e) On the basis of the written representations received from the Directors as on 31 March, 2014, and taken on record by the Board of Directors, none of the Directors is disqualified as on 31 March, 2014 from being appointed as a Director in terms of Clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956.

ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT

(Referred to in paragraph 7 under the heading "Report on Other Legal & Regulatory Requirements" of the Independent Auditor''s report of even date to the matters of ASEEM GLOBAL LIMITED ("the Company") on the financial statements for the year ended March 31, 2014.

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

(b) As per the information and explanation given to us, physical verification of fixed assets has been carried out by the Management during the year and no discrepancy was noticed on such verification.

(c) During the year the Company has not disposed off any substantial/ major part of fixed assets.

ii) (a) As per the information furnished, the inventories have been physically verified during the year by the

management. In our opinion, having regard to the nature and location of stock, the frequency of the physical verification is reasonable. -

(b) In our opinion and according to the information and explanations given to us, procedures of physical verification of inventory 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 is maintaining proper records of inventory. In our opinion, no major discrepancy was noticed on physical verification of the said stocks.

iii) In The Company has not granted any loans secured or unsecured to companies, firms or the other parties covered in the register maintained under section 301 of the Act. Therefore, the provisions of paragraph 4(iii)(b), (c) & (d) are not applicable.

(b) The Company has taken unsecured loan from two promoters and also three relatives of promoters covered in the register maintained under Section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs. 155.45 lakhs and the year end balance of loans taken from such party was Rs. 145.07 lakhs. In our opinion, the rate of interest and other terms and conditions on which loans have been taken from company, listed in the register maintained under section 301 of the Companies Act, 1956 are not prima facie, prejudicial '' to the interest of the Company, further, the company is regular in repaying the principal amounts as stipulated and has been regular in the payment of interest.

iv) In our opinion and according to the information and explanations given to us, there are adequate internal control systems commensurate with the size of the company and the nature of its business with regard to purchase of inventory, investments and fixed assets and for the sale of goods. During the course of our audit, we have not observed any major weakness in the aforesaid internal controls systems.

v} (a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, we are of the opinion that the transaction 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 was no transaction in pursuance of contracts or arrangements 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 the prevailing market prices at the relevant times and wherever comparatives are available.

vi) In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of Sections 58-A & 58-AA and other relevant provisions of the Act and the Companies (Acceptance of Deposits) Rules, 1975 with regard to the deposits accepted from the public. 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, on the Company in respect of deposits accepted.

vii) In our opinion, the internal audit functions carried out during the year by an external agency appointed by he Management have been commensurate with the size and nature of the business of the Company.

viii) The Central Government has not prescribed maintenance of the cost records under section 209(l)(d) of the Companies Act, 1956 for the type of business in which the Company is engaged in.

ix) (a) According to the information''s and explanations given to us and records examined by us, the company is generally regular in depositing with appropriate authorities undisputed statutory dues including income tax , wealth tax, service tax, cess and other statutory dues wherever applicable. According to the information and explanations given to us, no undisputed arrears of statutory dues were outstanding as at 31st March, 2014 for a period of more than six months from the date they became payable.

(b) According to the records of the Company, there were no dues of income-tax, wealth-tax, service tax, cess which have not been deposited on account of disputes, except the following for which necessary details are given hereunder:

Name of the Nature of Dues Amount Period to which Statute in Rs it Relates

Income Tax Income Tax on account of 9,407 Assessment year Act, 1961 Disallowance of deduction u/s 2002-03 80 HHC & Income Tax on account of Disallowance of expenses

Delhi Value Disallowance of VAT Input 3,13,161 Financial year Added Tax credit on revised filing of 2008-09 monthly return. Input VAT credit was inadvertently not claimed in the original return.

Rajasthan Imposition of penalty by VAT 5,36,122 Financial year Value Added officers on the ground of 2009-10 Tax incomplete documents with the motor lorry carrying the goods.

Name of the States Forum where the Dispute is pending

Income Tax Act 1961 The Appeal has been decided in company''s favour. Rectification is pending.

Delhi Value Added Tax Value Added Tax Demand under Appeal with Add. Comm., Special Zone, Department of Trade & Taxes, Delhi

Rajasthan Value Added Value Added Tax Demand under Appeal with Rajasthan Tax Board, Ajmer

x) There are no accumulated losses of the Company as on 31st March 2014. The company has not incurred cash losses during the financial year covered by our audit and in 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 duestb Bank.

xii} Based on our examination of the records and the information and explanations given to us, the Company has not granted loans and/ or advances on the basis of security by way of pledge of shares, debentures and other securities.

xiii) Clause (xiii) of the Order is not applicable to the Company as the company is not a Chit Fund Company or Nidhi /mutual benefit fund/ society.

xiv) On the basis of our examination of the Company''s records, we are of opinion that the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, paragraph 4 (xiv) of the Order is not applicable.

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

xvi) According to the information and explanations given to us and records examined by us, the term loans have generally been applied for the purpose for which they were raised.

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

xviii) The company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act.

xix) According to information and explanations given to us, during the period covered by our audit report, the company has not issued any debenture.

xx) The Company has not raised any money by public issues during the year covered by our report.

xxi) Based upon the audit procedures performed and as per the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year.

PLACE: NEW DELHI For K. N. GUTGUTIA & COMPANY DATE: May 30, 2014 CHARTERED ACCOUNTANTS FRN:304153E

Sd/ (B. R. GOYAL) Partner M. No: 012172


Mar 31, 2013

Report on the Financial Statements

1. We have audited the accompanying financial statement of ASEEM GLOBAL LIMITED ("the Company"), which comprises the Balance Sheet as at March 31, 2013 and the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, andasummaryof significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

2. Management is responsible for the preparation of these financial statements thatgive 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 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

3. 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.

4. 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 the 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 the accounting policies used and the reasonableness of the accounting estimates made by the Management, as well as evaluating the overall presentation of the financial statements.

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

Opinion

6. In our opinion and to the best of our information and according to the explanations given to us, 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 the case of the Balance Sheet of the state of affairs of the Company as at March 31,2013;

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

c) In the case of Cash Flow Statement, of the Cash Flows of the Company for the year ended on that date.

Report on Other Legal and Regulatory Requirements *

7. 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 Companies Act 1956 (the Act), we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

8. As required by section 227(3) of the Act, we report that:-

a) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary forthe 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 & 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 & Loss, and Cash Flow Statement comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Act; &

e) On the basis of the 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 (1) of Section 274 of the Companies Act, 1956;

(Referred to paragraph 7 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 its fixed assets.

(b) As per the information and explanation given to us, physical verification of fixed assets has been carried out by the Management during the year and no discrepancy was noticed on such verification.

(c) During the year the Company has not disposed off any substantial/ major part of fixed assets.

ii) (a) As per the information furnished, the inventories have been physically verified during the year by the management. In our opinion, having regard to the nature and location of stock, the frequency of the physical verification is reasonable.

(b) In our opinion and according to the information and explanations given to us, procedures of physical verification of inventory 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 is maintaining proper records of inventory. In our opinion, no major discrepancy was noticed on physical verification of the said stocks.

iii) (a) The Company has not granted any loans secured or unsecured to companies, firms or the other parties covered in the register maintained under section 301 of the Act. Therefore, the provisions of paragraph 4(iii)(b), (c) & (d) are not applicable.

(b) The Company has taken unsecured loan from one company and also from three promoters covered in the register maintained under Section 301of the Companies Act, 1956. The maximum amount involved during the year was Rs. 34.39 lakhs and the year-end balance of loans taken from such party was Rs. 34.94 lakhs. In our opinion, the rate of interest and other terms and conditions on which loans have been taken from company, listed in the register maintained under section 301 of the Companies Act, 1956 are not prima facie, prejudicial to the interest of the Company. Further, the company is regular in repaying the principal amounts as stipulated and has been regular in the payment of interest.

iv) In our opinion and according to the information and explanations given to us, there are adequate internal control systems commensurate with the size of the company and the nature of its business with regard to purchase of inventory, investments and fixed assets and for the sale of goods. During the course of our audit, we have not observed any major weakness in the aforesaid internal controls systems.

v) (a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, we are of the opinion that the transaction 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 was no transaction in pursuance of contracts or arrangements 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 the prevailing market prices at the relevant times and wherever comparatives are available.

vi) In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of Sections 58-A & 58-AA and other relevant provisions of the Act and the Companies (Acceptance of Deposits) Rules, 1975 with regard to the deposits accepted from the public. 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, on the Company in respect of deposits accepted.

vii) In our opinion, the internal audit functions carried out during the year by an external agency appointed by the Management have been commensurate with the size of the Company and the nature of its business.

viii) The Central Government has not prescribed maintenance of the cost records under section 209(l)(d) of the Companies Act, 1956 for the type of business in which the Company is engaged in.

ix) (a) According to the information''s and explanations given to us and records examined by us, the company is generally regular in depositing with appropriate authorities undisputed statutory dues including income tax , wealth tax, service tax, cess and other statutory dues wherever applicable. According to the information and explanations given to us, no undisputed arrears of statutory dues were outstanding as at March 31, 2013 for a period of more than six months from the date they became payable.

(b) According to the records of the Company, there were no dues of income-tax, wealth-tax, service tax, cess which have not been deposited on account of disputes, except thefollowingfor which necessary details are given hereunder:-

Name of Nature of Dues Amount Period to Forum where the Dispute is the Statute which it pending relates

Income Tax Income Tax on account of Rs.9,407 Assessment The Appeal has been decided in Act, 1961 Disallowance of deduction year 2002- company''s favour. Rectification u/s 80 HHC & Income Tax on 03 is pending. , account of Disallowance of expenses

Delhi Value Disallowance of VAT Input Rs.3,13,161 Financial Value Added Tax Demand Added Tax credit on revised filing of year 2008- under Appeal with Add. monthly return. Input VAT 09 Comm., Special Zone, credit was inadver tently not Department of Trade & Taxes, claimed in the original Delhi return.

Rajasthan Imposition of penalty by Rs.5,36,122 Financial Value Added Tax Demand Value VAT officers on the ground year 2009- under Appeal with Rajasthan Added Tax of incomplete documents 10 Tax Board, Ajmer with the motor lorry carrying the goods.

Uttar Imposition of penalty by Rs.9,85,300 Financial Value Added Tax Penalty Pradesh VAT officers on the ground year 2012- Demand under Appeal with

Value non-deposit of tax due till 13 ACIT, Noida and the appeal

Added Tax the date on which notice of order has been passed in demand was served on the favour of the assesse on April 2, assesse. 2013

Uttar Imposition of penalty by Rs.2,13,922 Financial Value Added Tax Penalty Pradesh VAT officers on the ground year 2012- Demand under Appeal with Value non-deposit of tax due till 13 ACIT, Noida and the appeal Added Tax the date on which notice of order has been passed in demand was served on the favour of the assesse on April 2, assesse. 2013

x) There are no accumulated losses of the Company as on March 31, 2013. The company has not incurred cash losses during the financial year covered by our audit and in 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 Bank.

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

xiii) Clause (xiii) of the Order is not applicable to the Company as the company is not a Chit Fund Company or Nidhi /mutual benefit fund/society.

xiv) On the basis of our examination of the Company''s records, we are of opinion that the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, paragraph 4 (xiv) of the Order is not applicable.

xv) According to the information and explanations given to us, Company has not given any guarantees for loans taken by others from bank orfinancial institutions.

xvi) According to the information and explanations given to us and records examined by us, the term loans have generally been applied for the purpose for which they were raised.

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

xviii) The company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act.

xix) According to information and explanations given to us, during the period covered by our audit report, the company has not issued any debenture.

xx) The Company has not raised any money by public issues during the year covered by our report.

xxi) Based upon the audit procedures performed and as per the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year.

For K. N. GUTGUTIA & COMPANY

CHARTERED ACCOUNTANTS

FRN: 304153E

PLACE: NEW DELHI Sd/-

(B. R. GOYAL)

DATE: May 25,2013 Partner

M. No:012172


Mar 31, 2012

1. We have audited the attached Balance Sheet of ASEEM GLOBAL LTD. as at 31st March, 2012, the related Statement of Profit and Loss for the year ended on that date annexed thereto, and the Cash Flow Statement of the Company for the year ended on that date, which we have signed under reference to this report. 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 acce pted 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.

3. As required by the Companies (Auditors' Report) Order, 2003 issued by the Central Government in terms of Section 227 (4A) of the Companies Act, 1956, and on the basis of such checks as considered appropriate and according to the information and explanation given to us during the course of our audit, we enclose in the Annexure here to a statement on the matters specified in paragraphs 4 and 5 of the said Order.

4. Further to our comments mentioned in the Annexure refer red to in above paragraph 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 the books of the Company;

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

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

e) According to the information and explanation given to us and on the basis of written representations received from the Directors as on 31st March, 2012, of the Company 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;

f) In our opinion and to the best of our information and according to the explanations given to us, the financial statement read with the Accounting Policies and Notes to the Accounts;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:

(i) In the case of the Balance Sheet, of the state of affairs of t he company as at 31st March 2012.

(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 of the Company for the year ended on that date.

ANNEXURE TO THE AUDITORS' REPORT Referred to in paragraph 3 of our report of even date.

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

(b) As per the information and explanation given to us, physical verification of fixed assets has been carried out by the Management during the year and no discrepancy was noticed on such verification.

(c) During the year the Company has not disposed off any substantial/ major part of fixed assets.

ii) (a) As per the information furnished, the inventories have been physically verified during the year by themanagement . In our opinion, having regard to the nature and location of stock, the frequency of the physical verification is reasonable.

(b) In our opinion and according to the information and explanations given to us, procedures of physical verification of inventory 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 is maintaining proper records of inventory. In our opinion, no major discrepancy was noticed on physical verification of the said stocks.

iii) (a) The Company has not granted any loans secured or unsecured to companies, firms or the other parties covered in the register maintained under section 301 of the Act. Therefore, the provisions of paragraph 4(iii)(b), (c) & (d) arenot applicable.

(b) The Company has taken unsecured loan from one company and also from three promoters covered in the register maintained under Section 301of the Companies Act, 1956. The maximum amount involved during the year was Rs. 134.67 lakhs and the year-end balance of loans taken from such party was Rs. 30.92 lakhs. In our opinion, the rate of interest and other terms and conditions on which loans have been taken from company, listed in the register maintained under section 301 of the Companies Act, 19 56 are not prima facie, prejudicial to the interest of the Company. Further, the company is regular in repaying the principal amounts as stipulated and has been regular in the payment of interest.

iv) In our opinion and according to the informatioand explanations given to us, there are adequate internal control systems commensurate with the size of the company and the nature of its business with regard to purchase of inventory, investments and fixed assets and for the sale of goods. During the cour se of our audit, we have not observed any major weakness in the aforesaid internal controls systems.

v) (a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, we are of the opinion that the transaction 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 was no transaction in pursuance of contracts or arrangements 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 the prevailing market prices at the relevant times and wherever comparatives are available.

vi) In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of Sections 58 -A & 58 -AA and other relevant provisions of the Act and the Companies (Acceptance of Deposits) Rules, 1975 with regard to the deposits accepted from the public. 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, on the Company in respect of deposits accepted.

vii) In our opinion and according to information given, the company has adequate internal audit system commensurate with the size and nature of the business of the Company.

viii) The Central Governme nt has not prescribed maintenance of the cost records under section 209(1)(d) of the Companies Act, 1956 for the type of business in which the Company is engaged in.

ix) (a) According to the information's and explanations given to us and records examined by us , the company is generally regular in depositing with appropriate authorities undisputed statutory dues including income tax , wealth tax, service tax, cess and other statutory dues wherever applicable. According to the information and expla nations given to us, no undisputed arrears of statutory dues were outstanding as at 31st March, 2012 for a period of more than six months from the date they became payable.

(b) According to the records of the Company, there were no dues of income -tax, wealth-tax, service tax, cess which have not been deposited on account of disputes, except the following for which necessary details are given hereunder: -

Name of the Statute Nature of Dues Amount

Income Tax Act, 1961 Income Tax on account of Rs. 9407 Disallowance of deduction u/s 80 HHC & Income Tax on account of Disallowance of expenses

Delhi Value Added Disallowance of VAT Input Rs.3 13 161 Tax credit on revised filing of monthly return. Input VAT credit was inadvertently not claimed in the original return.

Rajasthan Value Imposition of penalty by Rs. 5 36 122 Added Tax VAT officers on the ground of incomplete documents with the motor lorry carrying the goods.



Name of the Sttaue Period to which Forum where the Dispute is it relates pending

Income Tax Act, 1961 Assessment year The Appeal has been decided 2002-03 in Company's favour. Rectification is pending.

Delhi Value Added Tax Financial year Value Added Tax Demand 2008-09 under Appeal with Add. Comm., Special Zone, Department of Trade & Taxes, Delhi

Rajasthan Value Added Tax Financial year Value Added Tax Demand 2009-10 under Appeal with Rajasthan Tax Board, Ajmer

x) There are no accumulated losses of the Company as on 31st March, 2012. The Company has not incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year.

xi) In our opinio n and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to Bank.

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

xiii) Clause (xiii) of the Order is not applicable to the Company as the company is not a Chit Fund Company or Nidhi /mutual benefit fund/ society.

xiv) On the basis of our examination of the Company's records, we are of opinion that the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, paragraph 4 (xiv) of the Order is not applicable.

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

xvi) According to the information and explanations given to us and records examined by us, the term loans have generally been applied for the purpose for which they were raised.

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

xviii) The Company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act.

xix) According to information and explanations given to us , during the period covered by our audit report, the Company has not issued any debenture.

xx) The Company has not raised any money by public issues during the year covered by our report.

xxi) Based upon the audit procedures performed and as per the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year.

For K.N. GUTGUTIA & COMPANY

CHARTERED ACCOUNTANTS

ICAI Firm Registration no: 304153E

Sd/-

(B.R. GOYAL)

Date : 14th August, 2012 PARTNER

Place: Delhi Membership No. 12172


Mar 31, 2011

1. We have audited the attached Balance Sheet of ASEEM GLOBAL LTD. as at 31st March 2011, the related Profit and Loss Account for the year ended on that date annexed there to, and the Cash Flow Statement of the company for the year ended on that date, which we have signed under reference to this report. 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.

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 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 (Auditors Report) Order, 2003 issued by the Central Government in terms of Section 227 (4A) of the Companies Act, 1956, and on the basis of such checks as considered appropriate and according to the information and explanation given to us during the course of our audit, we enclose in the Annexure hereto a statement on the matters specified in paragraphs 4 a nd 5 of the said Order.

4. Further to our comments mentioned in the Annexure referred to in above paragraph 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 o ur 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;

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

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

e) According to the information and explanation given to us and on the basis of written representations received from the Directors as on 31st March 2011, of the Company and taken on record by the Board of Directors, we report that none of the Directors is 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;

f) In our opinion and to the best of our information and according to the explanations given to us, the said Accounts; read with the Accounting Policies and Notes to the Accounts; 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:

(i) In the case of the Balance Sheet, of the state of affairs of the company as at 31st March 2011.

(ii) In the case of the Profit and Loss Account, 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 of the Company for the year ended on that date.

ANNEXURE TO THE AUDITORS REPORT Re: ASEEM GLOBAL LIMITED (FORMERLY (GUNJA INTERNATIONAL LIMITED)

Referred to in paragraph 3 of our report of even date.

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

(b) As per the information and explanation given to us, physical verification of fixed assets has been carried out by the Management during the year and no discrepancy was noticed on such verification.

(c) During the year the Company has not disposed off any substantial/ major part of fixed assets.

ii) (a) As per the information furnished, the inventories have been physically verified during the year by the management . In our opinion, having regard to the nature and location of stock, the frequency of the physical verification is reasonable.

(b) In our opinion and according to the information and explanations given to us, procedures of physical verification of inventory 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 is maintaining proper records of inventory. In our opinion, no major discrepancy was noticed on physical verification of the said stocks.

iii) The Company has not granted any loans secured or unsecured to companies, firms or the other parties covered in the register maintained under section 301 of the Act. Therefore, the provisions of paragraph 4(iii)(b), (c) & (d) are not applicable. The Company has taken unsecured loan from one company and also from three promoters covered in the register maintained under Section 301of the Companies Act, 1956. The maximum amount involved during the year was Rs. 97 79 lakhs and the yearend balance of loans taken from such party was Rs. 95.16 lakhs. In our opinion, the rate of interest and other terms and conditions on which loans have been taken from company, listed in the register maintained under section 301 of the Companies Act, 1956 are not prima facie, prejudicial to the interest of the Company. Further, the company is regular in repaying the principal amounts as stipulated and has been regular in the payment of interest.

iv) In our opinion and according to the information and explanations given to us, there are adequate internal control systems commensurate with the size of the company and the nature of its business with regard to purchase of inventory, investments and fixed assets and for the sale of goods. During the course of our audit, we have not observed any major weakness in the aforesaid internal controls systems.

v) (a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, we are of the opinion that the transaction 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 was no transaction in pursuance of contracts or arrangements 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 the prevailing market prices at the relevant times and wherever comparatives are available.

vi) In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of Sections 58-A & 58 -AA and other relevant provisions of the Act and the Companies (Acceptance of Deposits) Rules, 1975 with regard to the deposits accepted from the public. 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, on the Company in respect of deposits accepted.

vii) In our opinion and according to information given, the company has adequate internal audit system commensurate with the size and nature of the business of the Company.

viii) The Central Government has not prescribed maintenance of the cost records under section 209(1)(d) of the Companies Act, 1956.

ix) (a) According to the informations and explanations given to us and records examined by us , the company is generally regular in depositing with appropriate authorities undisputed statutory dues including income tax , wealth tax, service tax, cess and other statutory dues wherever applicable. According to the information and explanations given to us, no undisputed arrears of statutory dues were outstanding as at 31st March, 2011 for a period of more than six months from the date they became payable.

(b) According to the records of the Company, there were no dues of income-tax, wealth- tax, servic e tax, cess which have not been deposited on account of disputes, except the following for which necessary details are given hereunder:

Name of the Nature of Dues Amount Statute

Income Tax Income Tax on account of Rs. 9407 Act, 1961 Disallowance of deduction u/s 80 HHC & Income Tax on account of Disallowance of expenses

Delhi Value Disallowance of VAT Rs. 3,13,161 Added Tax Input credit on revised filing of monthly return. Input VAT credit was inadvertently not claimed in the original return.

Rajasthan Imposition of penalty by Rs. 5,36,122 Value Added VAT officers on the Tax ground of incomplete documents with the motor lorry carrying the goods.

Name of the Period to which Forum where Statute it relates Dispute is pendii

Income Tax Act,1961 Assessment year The Appeal has been 2002-03 decided in companys favour. Rectifications is pending.

Delhi Value Added Tax Financial year Value added Tax 2008-09 Demand under Appeal with Add. Comm., Special Zone, Department of Trade & Taxes Delhi

Rajasthan Value Added Tax Financial year Value added Tax 2009-10 Demand under Appeal with Rajasthan Tax Board, Ajmer

x) There are no accumulated losses of the Company as on 31 st March 2011. The company has not incurred cash losses during the financial year covered by our audit and in 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 Bank.

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

xiii) Clause (xiii) of the Order is not applicable to the Company as the company is not a Chit Fund Company or Nidhi /mutual benefit fund/ society.

xiv) On the basis of our examination of the Companys records, we are of opinion that the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, paragraph 4 (xiv) of the Order is not applicable.

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

xvi) According to the information and explanations given to us and records examined by us, the term loans have generally been applied for the purpose for which they were raised.

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

xviii) The company has made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act. The company has allotted 15,56,200 Equity Shares of face value of Rs.10/ - each at a premium of Rs.25 /- per Equity Share on October 13, 20 10, to the promoters and the price at which the same were issued is prima facie, not prejudicial to the interest of the Company as the same was in accordance with SEB I Rules and Regulation.

xix) According to information and explanations given to us, during the period covered by our audit report, the company has not issued any debenture.

xx) The Company has not raised any money by public issues during the year covered by our report.

xxi) Based upon the audit procedures performed and as per the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year.

for K.N. GUTGUTIA & COMPANY

CHARTERED ACCOUNTANTS

Sd/-

(B.R. GOYAL)

PARTNER

Place: New Delhi M.NO. 12172

Date: 23.05.2011 ICAIS FRN-304153E


Mar 31, 2010

1. We have audited the attached Balance Sheet of ASEEM GLOBAL LTD. (formerly Gunja International Ltd) as at 31st March 2010, the related Profit and Loss Account for the year ended on that date annexed thereto, and the Cash Flow Statement of the company for the year ended on that date, which we have signed under reference to this report. 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 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 (Auditors' Report) Order, 2003 issued by the Central Government in terms of Section 227 (4A) of the Companies Act, 1956, and on the basis of such checks as considered appropriate and according to the information and explanation given to us during the course of our audit, we enclose in the Annexure hereto a statement on the matters specified in paragraphs 4 and 5 of the said Order.

4. Further to our comments mentioned in the Annexure referred to in above paragraph 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 the books of the Company;

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

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

e) According to the information and explanation given to us and on the basis of written representations received from the Directors as on 31st March 2010, of the Company 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 a 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 with the Accounting Policies and Notes to the Accounts 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:

(i) In the case of the Balance Sheet, of the state of affairs of the company as at 31st March 2009.

(ii) In the case of the Profit and Loss Account, 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 of the Company for the year ended on that date.

ANNEXURE TO THE AUDITORS' REPORT Re: ASEEM GLOBAL LIMITED (FORMERLY (GUNJA INTERNATIONAL LIMITED)

Referred to in paragraph 3 of our report of even date.

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

(b) As per the information and explanation given to us, physical verification of fixed assets has been carried out by the Management during the year and no discrepancy was noticed on such verification.

(c) During the year the Company has not disposed off any substantial/ major part of fixed assets.

ii) (a) As per the information furnished, the inventories have been physically verified during the year by the management . In our opinion, having regard to the nature and location of stock, the frequency of the physical verification is reasonable.

(b) In our opinion and according to the information and explanations given to us, procedures of physical verification of inventory 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 is maintaining proper records of inventory. In our opinion, no major discrepancy was noticed on physical verification of the said stocks.

iii) The Company has neither given nor taken any loan to/from any Company covered in the register maintained under section 301 of the Companies Act 1956, and accordingly clause (iii) of Para 4 of the Order is not applicable to it.

iv) In our opinion and according to the information and explanations given to us, there are adequate internal control systems commensurate with the size of the company and the nature of its business with regard to purchase of inventory, investments and fixed assets and for the sale of goods. During the course of our audit, we have not observed any major weakness in the aforesaid internal controls systems.

v) (a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, we are of the opinion that the transaction 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 was no transaction in pursuance of contracts or arrangements 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 the prevailing market prices at the relevant times and wherever comparatives are available.

vi) The company has not accepted any public deposits.

vii) In our opinion and according to information given, the company has adequate internal audit system commensurate with the size and nature of the business of the Company.

viii) The Central Government has not prescribed maintenance of the cost records under section 209(1)(d) of the Companies Act, 1956.

ix) (a) According to the information's and explanations given to us and records examined by us , the company is generally regular in depositing with appropriate authorities undisputed statutory dues including income tax , wealth tax, service tax, cess and other statutory dues wherever applicable. According to the information and explanations given to us, no undisputed arrears of statutory dues were outstanding as at 31st March, 2010 for a period of more than six months from the date they became payable except that the deposition of Rs.3,77,410/- as advance tax installment payable on 15.09.2009 was overdue by more than six months.

(b) According to the records of the Company, there were no dues of income-tax, wealth-tax, service tax, cess which have not been deposited on account of disputes, except the following for which necessary details are given hereunder: -

Name of the Nature of Dues Amount Period to which Forum where the Statute it relates Dispute is pending

Income Tax Income Tax on account of Rs. 9407 Assessment year The Appeal has been Act, 1961 Disallowance of deduction 2002-03 decided in company's

u/s 80 HHC & Income Tax favour.,. Rectification is

on account of pending.

Disallowance of expenses

x) There are no accumulated losses of the Company as on 31st March 2010. The company has not incurred cash losses during the financial year covered by our audit and in 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 Bank.

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

xiii) Clause (xiii) of the Order is not applicable to the Company as the company is not a Chit Fund Company or Nidhi /mutual benefit fund/ society.

xiv) On the basis of our examination of the Company's records, we are of opinion that the Company is maintaining adequate records regarding transactions and contracts regarding its trading activities in securities and Shares and timely entries have been made in these records. The Shares and Securities held as Investments are by the Company in its own name.

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

xvi) According to the information and explanations given to us, no term loans were raised during the year.

xvii) According to the information & explanation given to us and on an overall examination of the balance sheet of the company, we report that the no funds raised on short-term basis have been used for long term investments.

xviii) The Company has not made any preferential allotment of shares during the year.

xix) During the year covered by our audit report the Company has not issued secured debentures.

xx) The Company has not raised any money by public issues during the year covered by our report.

xxi) Based upon the audit procedures performed and as per the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year.

Place: New Delhi for K.N. GUTGUTIA & COMPANY

Date: 29.05.2010 CHARTERED ACCOUNTANTS

(B.R. GOYAL)

PARTNER

M.NO. 12172 ICAI'S FRN-304153E


Mar 31, 2009

1. We have audited the attached Balance Sheet of ASEEM GLOBAL LTD. (formerly Gunja International Ltd) as at 31st March 2009, the related Profit and Loss Account for the year ended on that date annexed thereto, and the Cash Flow Statement of the company for the year ended on that date, which we have signed under reference to this report. 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 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 (Auditors' Report) Order, 2003 issued by the Central Government in terms of Section 227 (4A) of the Companies Act, 1956, and on the basis of such checks as considered appropriate and according to the information and explanation given to us during the course of our audit, we enclose in the Annexure hereto a statement on the matters specified in paragraphs 4 and 5 of the said Order.

4. Further to our comments mentioned in the Annexure referred to in above paragraph 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 the books of the Company;

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

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

e) According to the information and explanation given to us and on the basis of written representations received from the Directors as on 31st March 2009 of the Company and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 3151 March 2009, from being appointed as a 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 with the Accounting Policies and Notes to the Accounts; 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:

(i) In the case of the Balance Sheet, of the state of affairs of the company as at 31st March 2009.

(ii) In the case of the Profit and Loss Account, 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 of the Company for the year ended on that date.

ANNEXURE TO THE AUDITORS' REPORT Re: ASEEM GLOBAL LIMITED (FORMERLY (CUNJA INTERNATIONAL LIMITED)

Referred to in paragraph 3 of our report of even date.

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

(b) As per the information and explanation given to us, physical verification of fixed assets has been carried out by the Management during the year and no discrepancy was noticed on such verification.

(c) During the year the Company has not disposed off any substantial/ major part of fixed assets.

ii) (a) As per the information furnished, the inventories have been physically verified during the year by the management. In our opinion, having regard to the nature and location of stock, the frequency of the physical verification is reasonable.

(b) In our opinion and according to the information and explanations given to us, procedures of physical verification of inventory 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 is maintaining proper records of inventory. In our opinion, no major discrepancy was noticed on physical verification of the said stocks.

iii) The Company has neither given nor taken any loan to/from any Company covered in the register maintained under section 301 of the Companies Act 1956, and accordingly clause (iii) of Para 4 of the Order is not applicable to it.

iv) In our opinion and according to the information and explanations given to us, there are adequate internal control systems commensurate with the size of the company and the nature of its business with regard to purchase of inventory, investments and fixed assets and for the sale of goods. During the course of our audit, we have not observed any major weakness in internal controls.

v) (a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, we are of the opinion that the transaction 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 was no transaction in pursuance of contracts or arrangements under section 301 of the Companies Act, 1956 and exceeding the value of rupees five lakhs in respect of any party during the year' H vi) The company has not accepted any public deposits.

vii) In our opinion, the company did not have adequate internal audit system, during the year under report, commensurate with the size and nature of the business of the Company.

viii) The Central Government has not prescribed maintenance of the cost records under section 209( 1 )(d) of the Companies Act, 1956.

ix) (a) According to the information's and explanations given to us and records examined by us , the company is generally regular in depositing with appropriate authorities undisputed statutory dues including income tax , wealth tax, service tax, cess and other statutory dues wherever applicable. According to the information and explanations given to us, no undisputed arrears of statutory dues were outstanding as at 31s1 March. 2009 for a period of more than six months from the date they became payable.

(b) According to the records of the Company, there were no dues of income-tax, wealth-tax, service tax, cess which have not been deposited on account of disputes, except the following for which necessary details are given hereunder: -

Name of the Nature of Dues Amount of Period to which Forum where the

Statute Disallowance it relates Dispute is pending

Income Tax Income Tax on account of 44,96,077 Assessment year Hon'ble ITAT, Delhi

Act, 1961 Disallowance of deduction 2001-02 "G" Bench has, vide its

u/s 80 HHC & Income Tax order No. IT A/1154

on account of (DEL) 2006 Dated

Disallowance of expenses 03.08.2006 allowed the

deduction as clainicd by the Assessee, however the appeal effect of the Order is yet to be received from the

department.

x) There are no accumulated losses of the Company as on 3151 March 2009. The company has not incurred cash losses during the financial year covered by our audit and in 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 Bank.

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

xiii) Clause (xiii) of the Order is not applicable to the Company as the company is not a Chit Fund Company orNidhi /mutual benefit fund/ society.

xiv) On the basis of our examination of the Company's records, we are of opinion that the Company is maintaining adequate records regarding transactions and contracts regarding its trading activities in securities and Shares and timely entries have been made in these records. The Shares and Securities held as Investments are by the Company in its own name.

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

xvi) According to the information and explanations given to us, no term loans were raised during the year.

xvii) According to the information & explanation given to us and on an overall examination of the balance sheet of the company, we report that the no funds raised on short-term basis have been used for long term investments.

xviii) The Company has not made any preferential allotment of shares during the year.

xix) During the year covered by our audit report the Company has not issued secured debentures.

xx) The Company has not raised any money by public issues during the year covered by our report.

xxi) Based upon the audit procedures performed and as per the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year.

FOR K.N. GUTGUTIA & COMPANY



Place: New Delhi

Date: 30.06.2009 (B.R.GOYAL)

PARTNER

CHARTERED ACCOUNTANTS

MEMBERSHIP NO. 12172

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