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Auditor Report of Azure Exim Services Ltd.

Mar 31, 2015

1 We haVe audited the accompanying financial statements of AZURE EXIM SERVICES LIMIEED which comprise the Balance Sheet as a, 31st March, 2015, the Statement of profit and Loss for the year then ended and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Finaneial Statements

2. The management and Board of Directors of the Company are responsible for the matters in section 134(5) 0f the Companies Act. 2013 ('the act') with respect to the preparation of these financial statements that give a true and fair view of the financial post ton, financal performance 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 Companies (Accounts) Rules, 2014. This responsibility includes maintenance of adequate accounting records in accordance with the provisions of the Ac. for safeguarding and application of appropriate accounting policies- making judgments and estimates that are reasonable and prudent: design, implementation' and maintenance of adequate internal financial control, that are 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

3 Our responsibility iS to espress an °pinion on these financial statements based on our

4 We have taken into the provisi°ins °f the Act, the accouning and auditing standards and matters which arc required to be included in the audit, report under the provisions of the Act and the Rules made there under.

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

6. An audit involves performing procedures to obtain audit evidence about the amounts and in the financial statements. The procedures selected auditor's judgment. including the assessment of the risks of material misstatement of the financial statements, whether due fraud or error. making those risk the auditor considers internal financial control relevant to the Company's preparation of the financial Statement, that g,ve 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 accounting policies used and the reasonableness of the accounting estimats made by Company's management and Board of Directors, as well as evaluating the overall presentation of the financial statements.

7 We belive that the audit evidence we have obtained iS sufficient and appropriate provide a basis for our audit opinion on the financial statements.

Opinion

8. In our opinion and the best of our information and according the explanations given to us, the aforesaid financial statements the information required by the Ac, in the manner so required and give a true and fair view in conformity with the accounting March 2015, its less in India of the state of affairs °f company as at31st March 2015, its loss for the year ended on that date.

Report on Other Legal and Regulatory Requirements

9. As required by the companies (Auditors Report) Order, 2015 issued by the Central of SUb section (11) °f section 143 °f the Act (hereinafter red as the Order and on the basis of such cheeks of the books and records of the company we considered appropriate and to the information and explanation we give in the Annexure a on the matters apecified in paragraphs 3 and 4 of the Order. pardgraPhs 3

10. As required by section 143(3) of the Act we report that:

(a) We have sought and obtained all the information and explanation which to the best of our knowledge and belief were necessary for the purpose of our audit;

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

(c) the Balance Sheet and Statement of Profit and Loss dealt with by this Report are in agreement with the books of accounts;

(d) in our opinion , the aforesaid 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 written representations received from the directors as on 31st March, 2015 and 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 term of Section 164(2) of the Act.

(f) In our opinion and to the best of our information and according to the explanations given to us, we report as under with respect to other matters to be included in the Auditor's Report in accordance with Rule II of the Companies (Audit and Auditors) Rules, 2014:

(i) The Company does not have any pending litigations which would impact its financial position in its financial statements.

(ii) The Company did not have any long-term contracts including derivative contracts; as such the question of commenting on any material foreseeable losses thereon does not arise.

iii) There has not been an occasion in case of the Company during the year under report to transfer any sums to the investor Education and Protection Fund. The question of delay in transferring such sums does not arise.

Annexure referred to in paragraph 9 of Our Report of even date to the members of M/s. AZURE EXIM SERVICES LIMITED, on the accounts of the Company for the year ended 31st March, 2015.

On the basis of such checks as we considered appropriate and according to the information and explanation given to us during the course of the audit, we report that:

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

(b) As explained to us. fixed assets have been physically verified by the management at regular intervals, as informed to us no material discrepancies were noticed on such verification.

2. The nature of business of the Company does not require it to have any inventory. Hence, the requirement of clause (ii) of paragraph 3 of the said order is not applicable to the Company.

3. The Company has not granted loans to companies, firms or other parties listed in the register maintained under Section 189 of the Companies Act, 2013 and the terms and conditions were not prejudicial to the interest of the Company.

4. In our opinion and according to the information and explanation given to us. there are adequate internal control procedures commensurate with the size of the Company and the nature of its business and for the sale of services. Further, on the basis of our examination of the books and records of the Company and according to the information and explanations given to us. no major weakness has been noticed or reported.

5. The Company has not accepted any deposit from the public covered under Section 73 to 76 of the Companies Act, 2013.

6. As informed to us, the Central Government has not prescribed maintenance of cost records under sub-section (I) of section 148 of the Act

7. (a) According to the information and explanations given to us and based on the records of the Company examined by us. the Company is regular in depositing the un- disputed statutory dues, including Provident Fund, Employees State Insurance, Income-tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty. Excise Duty and other material statutory dues, as applicable, with the appropriate authorities in India;

(b) According to the information and explanations given to us and based on the records of the Company examined by us. there are no dues of Income Tax. Service Tax. Wealth Tax, Custom Duty. Excise Duty and which have not been deposited on account of any disputes.

(c) There has not been an occasion in case of the Company during the year under report to transfer any sums to the Investors Education and Protection Fund. The question of reporting delay in transferring such sums does not arise.

8. The Company has accumulated losses at the end of the financial year and it has incurred cash losses in the current year.

9. According to the records of the Company examined by us and as per the ingornation and explanations given to us, the Company has not availed of any loan from any financial institution or banks and has not issued debentures.

10. In our opinion and according to the information and explanations given to us that company has not not given any guarantee for loan taken by others from bank or financial institution

11. In our opinion and according to the information and explanations given to us, the Company has not raised any term loan during the year.

12. During the course of our examination of the books and records of the Company carried in accordance with the auditing standards generally accepted in India, we have neither come across any instance of fraud on or by the Company noticed or reported during the course of our audit nor have been informed of any such instance by the Management.

For K. R. TIWARI & Co. CHARTERED ACCOUNTANTS FIRM REGISTRATION NO. 111003W

K.R. TIWARI Proprietor MEMBERSHIP NO. 043003

Place: Mumbai Date: 30-05-2015


Mar 31, 2014

We have audited the accompanying financial statements of Azure Exim Services Limited ("the Company"), which comprise the Balance Sheet as at. March 31, 2014, and 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 and financial performance and Cash Flow of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 read with General 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 arid 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 but not for the purpose of expressing an opinion on the effectiveness of the Company'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.

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

Opinion

In our opinion and to the best of our information and according to the explanations give to us the financial statements give the information required by the Act in the manner so required and

Head Office : 4, Atlanta, Ever shine Nagar, Malad (West), Mumbai - 400 064.

Email: scsaharia@yahoo.com / suresh.saharia@guptasaharia.com Branches At: Borivali - Kolkata - Website: www.guptasaharia.com

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 the Profit and Loss Account, of the loss for the year ended on that date.

(c) 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, issued by the Central Government of India in terms of Sub-section (4A) of Section 227 of the Companies Act, 1956 we give in the Annexure a statement on the matters specified in paragraph 4 & 5 of the order.

2. 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 where necessary for the purpose of our audit.

B. 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 the books.

BB. Since the Company does not have any branches, the report on the account of the Branch offices audited by other auditor u/s 228(3)(c) of the Companies Act, 1956 is not applicable.

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 read with General Circular 15/2013 dated 13 September, 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act 2013; and

E. On the basis of the written representations received from the directors as on 31st March, 2014 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2014 from being appointed as a director in terms of Section 274(1 )(g) of the Act.

Referred to in paragraph 2 of our report of even date 1. 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 in a phased periodical manner, which in our opinion is reasonable, having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such physical verification.

c) In our opinion, the Company has not disposed of fixed assets during the year, the going concern status of the company is not affected.

2. In respect of its inventories:

The Company does not have any inventories accordingly clause (ii) of the paragraph 4 of the Order is not applicable.

3. In respect of loans, secured or unsecured, granted or taken by the Company to/from the Companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956.

a) The Company has not accepted unsecured loans from members, Directors & their relatives.

b) In our opinion and according to the information and explanations given to us, the rate of interest, wherever applicable and other terms and conditions are not prima facie prejudicial to the interest of the Company.

c) The Company has not granted any loan to any of the parties referred herein above.

a) There is no overdue amount in respect of loans taken by the Company.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with size of the Company and nature of its business for the purchase of inventory, fixed assets and also for the sale of goods. During the courses of our audit, we have not observed any major weaknesses in internal controls.

5. In respect of transactions covered under Section 301 of the Companies Act, 1956

a) In our opinion and according to the information and explanations given to, TO US THE transactions made in pursuance of contracts or arrangements, that needed to entered into in 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 explanation given to us, there are no transactions in pursuance or contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956 aggregation during the year to Rs. 500000/- (Five Lacs only) or more in respect of any party.

6. The Company has not accepted any deposits from the public in contravention of Section 58 A of the Companies Act.

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

8. The Central Government has not prescribed maintenance of Cost Records under Section 209(l)(d) of the Companies Act, 1956 in respect of manufacturing activities carried on by the Company.

9. In respect of statutory dues.

a) According to the records of the Company, undisputed statutory dues including Provident Fund, Employees' State Insurance, Income Tax, Sales Tax, Customs Duty, Excise Duty and other statutory dues have been generally regularly deposited with the appropriate authorities. Except the case stated below, there are no undisputed statutory dues payable which were outstanding at the end of the year for a period of more than six months from the date they become payable :-

Name of the statute Nature of the dues Amount

The Income Tax Act, 1961 TDS 4412/-

b) As informed to us the company does not have any disputed Statutory liabilities

10. The Company has no accumulated losses and the Company has not incurred cash losses during the financial year and in the immediately preceding financial year covered by our audit.

11. Based on our audit procedures and according to the information and explanation given to us, we are of the opinion that the Company has not defaulted in repayment of dues to financial institutions, bank or debenture holders.

12. 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.

13. In our opinion, the Company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, clause 4 (xiii) of the Companies (Auditor's Report) order 2003 is not applicable to the Company.

14. In our opinion, the Company has dealt in shares and proper records of the name have been kept by the Company.

15. The Company has not given guarantees for loans taken by others from banks or financial institutions.

16., The Company has not raised term loan from any financial institution.

17. 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 the Company has not utilized short term funds towards repayment of long-term borrowing and acquisition of fixed assets.

18. During the year, the Company has not made preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956.

19. The Company has not issued any debentures.

20. During the Financial year, the Company has not raised any money by public issues.

21. In our opinion and according to the information and explanations given to the us, no fraud on or by the Company has been noticed or reported during the year, that caused the financial statements to be materially misstate.

FOR GUPTA SAHARIA & CO

CHARTERED ACCOUNTANTS

CA SURESH SAHARIA

PARTNER

M.NO. 040180

FRN: 103446W

Place: MUMBAI

Date: 30th May, 2014


Mar 31, 2013

We have audited the accompanying financial statements of Azure Exim Services Limited ("the Company"), which comprise the Balance Sheet as at March 31, 203 3. and the Statement of Profit and Loss for the year then ended, and a summary of significant accounting policies and other explanatory information,

Managtments Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and lair view of the financial position and financial performance 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 of interna] 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 out 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 che 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 (he 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 lair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness " a"™nUn* Pollies used and the reasonableness of the accounting estimates made by management, as well as cvaluattag the ovend I presentation of the frnarc ial statements.

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

Opinion

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

(a ) in the case of the Balance Sheer, of the state of affairs of the Company as at March 2013

(b) to the case of die Profit and Loss Account, of the profit for the year ended on the date

Report on Other Legal and Regulatory Requirements

1. The Companies (Auditor’s Report) Order, 2003 issued by the Central Government of India in terms of Sub-section (4A) of Section 227 of the Companies Act, 1956 is applicable to the Company.

2. 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 where necessary for the purpose of our audit.

B 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 the books.

C. The Balance Sheet and the Statement of Profit and Loss dealt with by this report are in agreement with the books of account.

D. In our opinion, the Balance Sheet and the Statement of Profit and Loss dealt with by this report comply with the accounting standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956.

E. On the basis of the written representations received from the directors as on 3l“ March, 2013 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2013 from being appointed as a director in terms of Section 274(1 )(g) of the Act.

Annexure to Auditor’s Report

Referred to in paragraph 2 of our report of even date

1 - 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, tire fixed assets have been physically verified by the management during the year in a phased periodical manner, which in our opinion is reasonable, having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such physical verification,

c) In our opinion, the Company has not disposed of fixed assets during the year, the going concern status of the company is not affected,

2. In respect of its inventories:

The Company does not have any inventories accordingly clause (ii) of the paragraph 4 of the Order is not applicable.

3. In respect of loans, scoured or unsecured, granted or taken by the Company to/from the Companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956.

a) The Company has not accepted unsecured loans from members, Directors & their relatives.

b) In our opinion and according to the information and explanations given to US, the rate of interest, wherever applicable and other terms and conditions are not prima facie prejudicial to the interest of the Company,

c) The Company has not granted any loan to any of the parties referred herein above.

a) There is no overdue amount in respect of loans taken by the Company.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with size of the Company and nature of its business for the purchase of inventory, fixed assets and also for the sale of goods. During the courses of our audit, we have not observed any major weaknesses in internal controls.

5, In respect of transactions covered under Section 301 of the Companies Act, 1956,

a) In our opinion and according to the information and explanations given to us, (he transactions made in pursuance of contracts or arrangements* that needed to be entered into in 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 explanation given to us, there are no transactions in pursuance or contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956 aggregation during the year to Rs, 5O0OQG/- (Five Lacs only) or more in respect of any party.

6, The Company has not accepted any deposits from the public in contravention of Section 58 A of the Companies Act,

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

8 The Central Government has not prescribed maintenance of Cost Records under Section 209(1 )(d) of the Companies Act, 1956 in respect of manufacturing activities earned on by the Company

9. In respect of statutory dues.

tt) .According to the records of the Company, undisputed statutory dues including Provident Fund, Employees' State Insurance, Income Tax, Sales Tax, Customs Duty, Excise Duly and other statutory dues have been generally regularly deposited with the appropriate authorities. Except the case stated below, there are no undisputed statutory dues payable which were outstanding at the end of the year for a period of more than six months from the date they become payable:-

Name of the statute Nature of the dues Amount

The Income Tax Act, 1961 TPS 4412/-

b) As informed to us the company is having disputed Statutory liabilities as below:

Name of Statue Nature Of Amount in Rs. Period to Forum Dues which the where amount matter is related pending

Income Tax Income tax 4,17,28,190/- A,Y, CIT Act 2009-10 (Appeal) Indore

10. The Company has no accumulated losses and the Company has not ineumed cash losses during the financial year covered by our audit

11. Based on our audit procedures and according to the information and explanation given to us, we are of the opinion that the Company has not defaulted in repayment of dues to financial institutions, bank or debenture holders.

12. 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.

13. In our opinion, the Company is not a chit fond or a nidhi/mutual benefit fond/society. Therefore, clause 4 (xiii) of the Companies (Auditor's Report) order 2003 is not applicable to the Company.

14. In our opinion, the Company has dealt in shares and proper records of the name have been kept by the Company.

15. The Company has not given guarantees for loans taken by others from banks or financial institutions.

16. The Company has not raised term loan from any financial institution.

17. 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 the Company has not utilized short term funds towards repayment of long-term borrowing and acquisition of fixed assets,

18. During the year, the Company has not made preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956.

19. The Company has not issued any debentures.

20. During the Financial year, the Company has not raised any money by public issues.

21. In our opinion and according to the information and explanations given to the us, no fraud on or by the Company has been noticed or reported during the year, that caused the financial statements to be materially misstate.

AS PER REPORT OF EVEN DATE ANNEXED

FOR GUPTA SAHAR1A & CO CHARTERED ACCOUNTANTS

CA SURESH SAHARIA MUMBAI PARTNER M.NO. 040180 FRN: 103446W

Place: MUMBAI Date: 30th may 2013


Mar 31, 2012

1. We have audited the attached Balance Sheet of Azure Exim Services Limited, as at 31st March, 2012, the Statement of Profit and Loss and the Cash Flow Statement for the year ended on that date annexed thereto, all of 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 prepared in all material respects, in accordance with an identified financial reporting framework and 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 and amendments thereto, issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956, we annex hereto a statement on the matters specified in the paragraphs 4 & 5 of the said Order, to the extent applicable to the Company.

4. Further to our comments in the Annexure referred to above, we report that:

a) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit. b) In our opinion, proper books of accounts as required by law have been kept by the Company as it appears from our examination of those books.

c) The said Balance Sheet & the Statement of Profit & Loss and the Cash Flow Statement dealt with by this report are in agreement with the books of accounts.

d) In our opinion, the Balance sheet, Statement of Profit and loss and the Cash Flow Statement dealt with bv this report comply with the accounting standard referred to in sub-sectLori-QC) of section 211 of the Companies Act, 1956.

e) On the basis of written representations received from the directors as on 31st March, 2012 and taken on records by the Board, 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) ofjsubsection (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 financial statements, read together with notes appearing thereon, give the information required by the Act in the prescribed manner, also 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, 2012,

ii) In the case of Statement of Profit and Loss, of the loss for the year ended on that date. iii) In the case of Cash Flow Statement, of the cash flows for the year ended on that date.

Annexure referred to in Paragraph 3 of the Auditors Report ofAzure Exim Services Limited, for the year ended 31st March 2012.

As required by the Companies (Auditors Report) Order, 2003 and amendments thereto and according to the information and explanations given to us during the course of the audit and on the basis of such checks of the books and records as were considered appropriate we report that:

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

b) All the assets have been physically verified by the management in accordance with a phased programmed of verification, which in our opinion is reasonable, considering the size of the company and the nature of business. The frequency of verification is reasonable and no material discrepancies have been noticed on such physical verification.

c) During the year, in our opinion there is no substantial disposal of Fixed Assets.

(ii) a) As per the information & explanations given to us, inventory has been physically verified by the Management during the financial year under Audit.

b) The procedures of physical verification of the inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

c) The Company has maintained proper records of its inventories and no material discrepancies were noticed on such verification.

(iii) According to information and explanations given to us the company has neither granted nor taken any loan, secured or unsecured to and/or from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.Therefore the clause 3 of the said order is not applicable to the company.

(iv) 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, fixed assets and for the sale of goods and services. During the course of our audit, no major weakness has been noticed in the internal control system in respect of these areas.

(v) a) Based on the audit procedures performed by us, we are of the opinion that particulars of contracts or arrangements referred to in Section 301 of the Act, if any, have been entered in the register required to be maintained in that section.

b) In our opinion and according to the information and explanations given to us, thereare no transactions that need to be entered into a register maintained under section301 of the Companies Act, 1956.

(vi) The Company has not accepted any deposits from the Public within the meamnjrer the sections-. 58A, 58AA of the Companies Act, 1956.

(vii) The company has an adequate internal audit system in commensurate with the size and nature of its business,

(viii) As explained to us Central Government has not prescribed for maintenance of cost records under Section 209 (1) (d) of the Companies Act, 1956 for the products of the Company.

(ix) a) The Company is regular in depositing undisputed statutory dues including provident fund, sales tax, service tax, income tax, wealth tax, custom duty, excise duty, cess and other statutory dues with appropriate authorities. There are no arrears of outstanding statutory dues as at the last day of the financial year for a period of more than six months from the date they became payable.

b) As per the records of the Company, there are no disputed dues of Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty and Cess which have not been deposited with the related authorities.

(x) The company has no accumulated losses at the end of the financial year and has not incurred cash losses in the current financial year and in the immediately preceding financial year.

(xi) In our opinion and according to the information and explanation given to us the company has not defaulted in repayment of dues to financial institutions and banks.

(xii) In our opinion the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) In our opinion the Company is not a Chit Fund, Nidhi or Mutual Benefit Fund/Society. Therefore the provisions of clause 4 (xiii) of the Companies (Auditor''s Report) Order 2003 are not applicable to the Company.

(xiv) a) In our opinion and according to the information and explanations given to us, the Company is maintaining proper records of the transactions and contracts of dealing or trading in shares, securities, debentures and other investments and that timely entries have been made in these records.

b) In our opinion and according to the information and explanations given to us, the shares, securities, debentures and other investments have been held by the company in its own name,

(xv) In our opinion the Company has not given any guarantee for loans taken by others from banks or financial institutions during the year.

(xv/) As per the information and explanations given to us, the Company has not raised any new term loans during the year.

(xvii) According to the information and explanations given to us no funds raised oa-fiSttQEB-''hasis have been used for long-term investment. No long-term funds have been usfe#fgr1manc-''"sljo.rt terms assets except permanent working capital.

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

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

(xxi) During the course of our examination of the books and records of the company, carried out in accordance with the generally accepted auditing practices in India, we have not come across any instance of material fraud on or by the company, noticed or reported during the year.

For Agarwal Desai & Shah

Chartered Accountants

Firm''s J & eistratian No.: 12485AW

Rishi Sekhri

Place : Mumbai Partner

Date . August 14, 2012 Membership No.: 126656


Mar 31, 2010

1. We have audited the attached Balance Sheet of HINDUSTAN CONTINENTAL LIMITED as at 31st March, 2010, the annexed Profit and Loss Account and Cash Flow Statement for the year ended on that date with . 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 materials

r 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 of India in terms of Section 227 (4A) of the Companies Act, 1956, we annex hereto a statement on the matters specified in the paragraphs 4 and 5 of the said Order, to the extent applicable to the Company.

4. Further to our comments in the Annexure referred to above, we report that :

a. We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit.

b. In our opinion, proper books of accounts as required by law have been kept by the Company as it appears from our examination of such books.

c. The Companys Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of accounts.

d. In our opinion and to the best of our information and according to the explanations given to us, the said Balance Sheet, the Profit and Loss Account and Cash Flow Statement comply in all material aspects with the Accounting Standards referred to in Section 211 (3C) of the Companies Act, 1956.

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

f. In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with other notes thereon give the information required by the Companies Act in the manner so required and give a true and fair view :

i. In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2010 and

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

iii. In the case of Cash Flow Statement, of the cash flows for the year ended on that.

Annexure referred to in Paragraph 3 of the Auditors Report to the members of HINDUSTAN CONTINENTAL LIMITED for the year ended 31st March, 2010.

As required by the Companies [Auditors Report] Order, 2003 and amendments thereto and according to the information and explanations given to us during the course of the audit and on the basis of such checks of the books and records as were considered appropriate we report that:

1. a. The Company has generally maintained proper records showing full particulars including quantitative details and situation of fixed assets.

b. All the fixed assets have been physically verified by the management in accordance with a phased programmed of verification, which in our opinion is reasonable, considering the size and the nature of business. The frequency of verification is reasonable and no material discrepancies have been noticed on such physical verification.

c. No substantial part of fixed assets was disposed off during the year, which has bearing on the going concern assumption.

2. a. In ourVpinion and according to the information and Explanations given to us, Inventories were physically verified during the year by the management at reasonable intervals.

b. The procedures of physical verification of inventories followed by the management were reasonable and adequate in relation to the size of the company and the nature of its business

c. The company has maintained proper records of its inventories and no material discrepancies were noticed on physical verification.

3. According to information and explanations given to us the company has neither granted nor taken any loan, secured or unsecured to and/or from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Therefore the clause 3 of the said order is not applicable to the company.

4. In our opinion and according to the information and explanation given to us there is adequate internal control system commensurate with the size of the company and the nature of its business with regard to purchase of inventory, fixed assets and for the sale of goods and services. During the course of ouraudit,wehavenotobservedany continuing failure to correct major weaknesses in internal control systems.

5. a. Based on the audit procedures performed by us, we are of the opinion that particulars of contracts or arrangements that need 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 are no transactions that need to be entered into a register maintained under section 301 of the Companies Act, 1956.

6. The Company has not accepted any deposits from the public within the meaning of sections 58A, 58AA or any other relevant provisions of the Act and the rules framed there under and directives issued by the Reserve Bank of India. No order in relation thereto has been passed by Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other Tribunal.

7. The Company has an adequate internal audit system commensurate with its size and natures of its business.

8. We are informed by the management that the Central Government has not prescribed for maintenance of Cost Records under section 209 (1) (d) of the Companies Act, 1956 for the products of the Company.

9. a. According to the records of the Company, the undisputed statutory dues including Provident Fund, Income tax, Sales tax, Wealth tax, Service tax, Customs Duty, Excise duty and Cess have generally been regularly deposited with the appropriate authorities. There are no undisputed amount payable in respect of such statutory dues which have remained outstanding as at 31st March, 2010 for a period more than six months from the date they became payable.

b. According to the information and explanations given to us, the Company has no dues of Income Tax, Sales Tax, Wealth Tax, Serv^e Tax, Custom Duty, Excise Duty and Cess which have not been deposited on account of disputes with the related authorities.

10.The company has no accumulated losses at the end of the financial year and has not incurred cash losses in the current financial year and in the immediately preceding financial year.

11. In our opinion and according to the information and explanations given to us the Company has not defaulted in repayment of its dues to banks and financial institutions.

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

13.The provisions of any Special Statute applicable to Chit Fund, Nidhi or Mutual Benefit Fund / Societies are not applicable to the company.

14. a. In our opinion and according to the information and explanations given to us, the company is maintaining proper records of the transactions and contracts of dealing or trading in shares, securities, debentures and other investments and that timely entries have been made in these records.

b. In our opinion and according to the information and explanations given to us, the shares, securities, debentures and other investments have been held by the company in its own name.

15. According to the information and explanations given to us, the company has not given any guarantees for loans taken by others from banks or financial institutions.

16. As per the information and explanations given to us, the Company has not raised any new term loans during the year.

17. On an overall examination of the balance sheet of the company, we report that no funds raised on Short-term basis have been used for Long term investments.

18. 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.

19. The Company has not issued any debentures during the year.

20. The Company has not raised any money by way of public issue during the year.

21. On the basis of our examination and according to the information and explanation given to us, no fraud, on or by the Company, has been noticed or reported during the year.

For M/s. Churiwala & Co.

Chartered Accountants

Sd/-

[Mukesh Jhunjhunwala]

Partner

Membership No. 125511

Firm Regn. No. 119223W

Place: Mumbai

Date : September 1, 2010



 
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