Auditor Report of Capman Financials Ltd.

Mar 31, 2014

We have audited the accompanying financial statements of CAPMAN FINANCIALS LIMITED, which comprise the Balance Sheet as at March 31,2014, 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.

MANAGEMENTS RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

The Company''s management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and the cash flows of the company in accordance with the Accounting Standards notified under the Companies Act, 1956 (the Act) read with the general circular 15/2013 dated September 13, 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act, 2013 and in accordance with the accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give true and fair view and are free from material misstatement, whether due to fraud or error.

AUDITORS'' 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 the ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the Financial Statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor''s judgement, including the assessment of 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 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.

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

OPINION

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

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

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

iii) In the case of the Cash Flow Statement, of the cash flows of the Company 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 in terms of Section 227(4A) of the Act, we give in the annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required 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 purpose of our audit

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

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

(d) In our opinion, the Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement comply with the Accounting Standards notified under the Companies Act, 1956 (the Act) read with the general circular 15/2013 dated September 13, 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act, 2013

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

Annexure to the Independent Auditors'' Report

(As referred to in paragraph 3 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 its fixed assets on the basis of available information,

b) The fixed assets were physically verified during the year by the management at regular interval considering the size of the Company and nature of assets. According to the information and explanation given to us, no material discrepancies have been noticed on such verification.

c) No disposal of a substantial part of fixed assets of the Company has taken place during the year.

2) The company does not have inventory, accordingly Paragraph 4 (ii) is not applicable to the company..

3) a) According to the information and explanation given to us, the Company has not given any loans secured or unsecured, to companies, firms and other parties covered in the register maintained U/ S 301 of the Companies Act, 1956

b) According to the information and explanation given to us, the Company has not taken any loan secured or unsecured, from companies, firms and other parties covered in the register maintained U/S 301 of the Companies Act, 1956.

4) In our opinion, and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business, for 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. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal control system of the company

5) According to the information and explanation given to us, the company has not entered in any transactions covered U/S 301 of the Companies Act, 1956, accordingly Paragraph 4 (v) is not applicable to the company.

6) In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits during the year from the public within the meaning of section 58A and 58AA or any other relevant provisions of the Companies Act, 1956 and the Companies (Acceptance of Deposit) Rules, 1975.

7) In our opinion, the Company has Internal Audit System commensurate with the size and nature of its business.

8) The Central Government has not prescribed the maintenance of cost record under Section 209(1) (d) of the Companies Act, 1956 for the business carried out by the Company. Accordingly, paragraph 4(viii) of the Order is not applicable.

9) According to the information and explanation given to us the Company has delayed in depositing undisputed statutory dues including Income Tax, TDS, Profession Tax and other statutory dues with the appropriate authorities.

10) The Company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in the financial year and in the immediately preceding financial year.

11) The Company has not defaulted in repayment of dues to any financial institution or bank.

12) The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures or other securities

13) We are informed that the provisions of any special statute applicable to Chit Fund, Nidhi funds, or Mutual Benefit Fund/Society do not apply to the company.

14) According to the information and explanation given to us, the company has had no dealing or trading in shares, securities, debentures and other investments.

15) According to the information and explanation given to us, the company has not given any guarantees for loans taken by others from Banks or other Financial Institutions, accordingly Paragraph 4 (xv) is not applicable to the company.

16) According to the information and explanation given to us, the company has not taken any Term Loans; accordingly Paragraph 4 (xvi) is not applicable to the company.

17) According to the information and explanation given to us, there are no funds raised by the company, accordingly Paragraph 4 (xvii) is not applicable to the company.

18) According to the information and explanation given to us 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. Accordingly Paragraph 4 (xviii) is not applicable to the company.

19) The Company did not have any outstanding debenture during the year. Accordingly, paragraph 4(xix) of the Order is not applicable.

20) The Company has not raised any money by public issues during the year. Accordingly, paragraph 4(xx) of the Order is not applicable.

21) To the best of our knowledge and belief and according to the information and explanation given to us, no fraud on or by the Company was noticed or reported during the course of our audit.

For PANKAJ P. SANGHAVI & CO. Chartered Accountants Firm Reg. No. 107356W

(Ankit P. Sanghavi) Partner Mumbai: May 30, 2014 M.No.131353

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Mar 31, 2013

REPORT ON FINANCIAL STATEMENTS

We have audited the accompanying financial statements of CAPMAN FINANCIALS LIMITED ("the Company"), which comprise the Balance Sheet as at March 31, 2013, 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.

MANAGEMENTS RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the 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.

AUDITORS'' RESPONSIBILITY

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

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

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

OPINION

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

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

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

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

2. As required 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 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, 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 subsection (3C) of section 211 of the Companies Act, 1956;

e) on the basis of written representations received from the directors as on March 31, 2013, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2013, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

The Annexure referred to Our Report of even date to the members of CAPMAN FINANCIALS LIMITED on the accounts of the company for the year ended March 31, 2013.

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

1) In respect of its Fixed Assets:

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

b) The fixed assets were physically verified during the year by the management at regular interval considering the size of the Company and nature of assets. According to the information and explanation given to us, no material discrepancies have been noticed on such verification.

c) No disposal of a substantial part of fixed assets of the Company has taken place during the year.

2) The company does not have inventory, accordingly Paragraph 4 (ii) is not applicable to the company.

3) a) According to the information and explanation given to us, the Company has not given any loans secured or unsecured, to companies, firms and other parties covered in the register maintained U/ S 301 of the Companies Act, 1956

b) According to the information and explanation given to us, the Company has not taken any loan secured or unsecured, from companies, firms and other parties covered in the register maintained U/S 301 of the Companies Act, 1956.

4) In our opinion, and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business, for 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. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal control system of the company

5) According to the information and explanation given to us, the company has not entered in any transactions covered U/S 301 of the Companies Act, 1956, accordingly Paragraph 4 (v) is not applicable to the company.

6) In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits during the year from the public within the meaning of section 58A and 58AA or any other relevant provisions of the Companies Act, 1956 and the Companies (Acceptance of Deposit) Rules, 1975.

7) In our opinion, the Company has Internal Audit System commensurate with the size and nature of its business.

8) The Central Government has not prescribed the maintenance of cost record under Section 209(1) (d) of the Companies Act, 1956 for the business carried out by the Company. Accordingly, paragraph 4(viii) of the Order is not applicable.

9) According to the information and explanation given to us the Company has delayed in depositing undisputed statutory dues including Income Tax, TDS, Profession Tax and other statutory dues with the appropriate authorities. According to the information and explanation given to us, there are no undisputed amount payable in respect of such statutory dues which have remained outstanding as at 31st March, 2013 for a period of more than six months from the day they become payable.

10) The Company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in the financial year and in the immediately preceding financial year.

11) The Company has not defaulted in repayment of dues to any financial institution or bank.

12) The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures or other securities

13) We are informed that the provisions of any special statute applicable to Chit Fund, Nidhi funds, or Mutual Benefit Fund/Society do not apply to the company.

14) According to the information and explanation given to us, the company has had no dealing or trading in shares, securities, debentures and other investments.

15) According to the information and explanation given to us, the company has not given any guarantees for loans taken by others from Banks or other Financial Institutions, accordingly Paragraph 4 (xv) is not applicable to the company.

16) According to the information and explanation given to us, the company has not taken any Term Loans; accordingly Paragraph 4 (xvi) is not applicable to the company.

17) According to the information and explanation given to us, there are no funds raised by the company, accordingly Paragraph 4 (xvii) is not applicable to the company.

18) According to the information and explanation given to us 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. Accordingly Paragraph 4 (xviii) is not applicable to the company.

19) The Company did not have any outstanding debenture during the year. Accordingly, paragraph 4(xix) of the Order is not applicable.

20) The Company has not raised any money by public issues during the year. Accordingly, paragraph 4(xx) of the Order is not applicable.

21) To the best of our knowledge and belief and according to the information and explanation given to us, no fraud on or by the Company was noticed or reported during the course of our audit.

For PANKAJ P. SANGHAVI & CO.

Chartered Accountants

Firm Reg. No. 107356W



(Ankit P. Sanghavi)

Partner

Mumbai: May 30, 2013 M.No.131353

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Mar 31, 2012

1. We have audited the attached Balance Sheet of CAPMAN FINANCIALS LTD., as at 31st March, 2012 and also the annexed Statement of Profit and Loss Account and Cash Flow Statement of the Company for the year ended on that date annexed thereto. These Financial Statements are the responsibility of the Company''s Management. Our responsibility is to express an opinion on these financial statements based on our Audit.

2. We 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 misstatements. 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 (Auditor''s Report) Order, 2003 (CARO) as amended by the Companies (Auditor''s Report) (Amendment) Order, 2004, which is issued by the Central Government of India in terms of sub-section (4A) of section 227 of The Companies Act, 1956 of India (''the Act'') and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

4. Further to our comments in Annexure referred to in paragraph 3 above, we report that:

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

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

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

d. in our opinion, the Balance Sheet, Statement of Profit and Loss Account and Cash Flow Statement dealt with by this report are in compliance with the Accounting Standards referred to in Section 211 (3C) of The Companies Act, 1956, to the extent applicable;

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

f. In our opinion and to the best of our information and according to the explanations given to us, the said accounts together with the notes thereon and attached thereto give in the prescribed manner the information required by the Act 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 the affairs of the Company as at 31st March, 2012;

ii. in the case of Profit and Loss Account, of the Profit 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

As referred to in paragraph 3 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 its fixed assets.

b) The Fixed Assets of the Company were physically verified during the year by the management at regular interval considering the size of the Company and nature of assets. According to the information and explanation given to us, no material discrepancies have been noticed on such verification.

c) No disposal of a substantial part of fixed assets of the Company has taken place during the year.

2) The company does not have inventory, accordingly Paragraph 4 (ii) is not applicable to the company.

3) a) According to the information and explanation given to us, the Company has not given any loans secured or unsecured, to companies, firms and other parties covered in the register maintained U/S 301 of the Companies Act, 1956. Hence the provisions of clauses (iii) (b), (c) and (d) of paragraph 4 is not applicable to the company.

b) According to the information and explanation given to us, the Company has not taken any loan secured or unsecured, from companies, firms and other parties covered in the register maintained U/S 301 of the Companies Act, 1956.

4) In our opinion, and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business, for 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. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal control system of the company

5) According to the information and explanation given to us, the company has not entered in any transactions covered U/S 301 of the Companies Act, 1956.

6) In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits during the year from the public within the meaning of section 58A and 58AA or any other relevant provisions of the Companies Act, 1956 and the Companies (Acceptance of Deposit) Rules, 1975.

7) In our opinion, the Company has Internal Audit System commensurate with the size and nature of its business.

8) The Central Government has not prescribed the maintenance of cost record under Section 209(1) (d) of the Companies Act, 1956 for the business carried out by the Company. Accordingly, paragraph 4(viii) of the Order is not applicable.

9) According to the information and explanation given to us the Company has delayed in depositing undisputed statutory dues including Income Tax, TDS, Profession Tax and other statutory dues with the appropriate authorities. According to the information and explanation given to us, there are no undisputed amount payable in respect of such statutory dues which have remained outstanding as at 31st March, 2012 for a period of more than six months from the day they become payable.

10) The Company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in the financial year and in the immediately preceding financial year.

11) The Company has not defaulted in repayment of dues to any financial institution or bank.

12) The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures or other securities

13) We are informed that the provisions of any special statute applicable to Chit Fund, Nidhi funds, or Mutual Benefit Fund/Society do not apply to the company.

14) According to the information and explanation given to us, the company has had no dealing or trading in shares, securities, debentures and other investments.

15) According to the information and explanation given to us, the company has not given any guarantees for loans taken by others from Banks or other Financial Institutions, accordingly Paragraph 4 (xv) of the order is not applicable to the company.

16) According to the information and explanation given to us, the company has not taken any Term Loans; accordingly Paragraph 4 (xvi) of the order is not applicable to the company.

17) According to the information and explanation given to us, there are no funds raised by the company, accordingly Paragraph 4 (xvii) of the order is not applicable to the company.

18) According to the information and explanation given to us 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. Accordingly Paragraph 4 (xviii) of the order is not applicable to the company.

19) The Company did not have any outstanding debenture during the year. Accordingly, paragraph 4(xix) of the Order is not applicable.

20) The Company has not raised any money by public issues during the year. Accordingly, paragraph 4(xx) of the Order is not applicable.

21) To the best of our knowledge and belief and according to the information and explanation given to us, no fraud on or by the Company was noticed or reported during the course of our audit.

For PANKAJ P. SANGHAVI & CO.

Chartered Accountants

Firm Reg. No. 107356W

(Ankit P. Sanghavi)

Partner

M.No.131353

Place: Mumbai

Date : May 30, 2012

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Mar 31, 2010

1. We have audited the attached Balance Sheet of Capman Financials Limited, as at 31st March, 2010, the Profit And Loss Account and the Cash Flow Statement for the year ended on that date, annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We have conducted our audit in accordance with auditing standards generally accepted in India. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditors 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 enclose in the Annexure a statement on the matter specified in paragraphs 4 and 5 of the said Order.

4. Further to our comments in the Annexure referred to in paragraph 3 above, we report that:

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

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

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

d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the accounting standards referred to in sub section (3c) of Section 211 of the Companies Act, 1956;

e) On the basis of the written representations received from the directors of the Company as on 31st March 2010 and taken on record by the Board, we report that none of the directors is disqualified as at 31st March, 2010 from being appointed as a director in terms of the provisions of section 274 (1) (g) of the Companies Act, 1956;

f) In our opinion and to the best of our information and according to explanations given to us, the said accounts read together with accounting policies and notes thereon give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(i) In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2010;

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

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

Annexure to the Auditors Report Referred to in paragraph 3 of our report of even date to the Members of Capman Financials Limited:

i) The company has maintained proper records showing full particulars including quantitative details and situation of the fixed assets. We have been informed that the management at reasonable interval has physically verified all the assets and no material discrepancies were noticed on such verification. In our opinion, the frequency of physical verification of fixed assets is reasonable having regard to the size of the Company and nature of its business.

ii) a) The inventories of shares and securities have been physically verified during the year by the management. In our opinion, the frequency of such verification is reasonable.

b) The procedures of physical verification of inventories of shares and securities 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. The discrepancies noticed on verification between the physical inventories and the book records were not material.

iii) a) The company has not granted any loans, secured or unsecured, to companies, firms and other parties covered in the register maintained under section 301 of the Companies Act, 1956.

b) The company has not taken any loans, secured or unsecured, from companies, firms and other parties covered in the register maintained under section 301 of the Companies Act, 1956.

iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchase and sale of inventory and fixed assets. During the course of our audit, no major weakness has been observed in the internal controls.

v) According to the information and explanations given to us, the Company has not accepted any deposits during the year from the public within the meaning of Section 58A and 58AA or any other relevant provisions of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975.

vi) In our opinion, the company has an internal audit system commensurate with the size and nature of its business.

vii) a) The provisions of Provident fund Act and the Employees state Insurance Act do not apply to the company.

b) According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, sales tax, wealth tax, custom duty, excise duty, cess were in arrears, as at 31st March 2010 for a period of more than six months from the date they become payable.

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

viii) There are no accumulated losses as at the end of the year and the company has not incurred cash losses during the financial year covered under audit or in the immediately preceding financial year.

ix) We are informed that the provisions of any special statue applicable to Chit fund, Nidhi funds or Mutual benefit fund/ society do not apply to the company.

x) In our opinion, the company has maintained proper records of transactions and contracts in respect of trading in shares, securities, debentures and other securities, and timely entries have been made therein .The shares and securities have been held by the company in its own name except to the extent of the exemption granted under section 49 of the Companies Act, 1956 and shares which were in the process of completing transfer or demat formalities.

xi) According to the information and explanations given to us, no fraud on or by the company was noticed or reported during the year.

xii) Other items of Para 4 of the aforesaid order vide clause nos. (v), (viii), (xi), (xii), (xv), (xvi), (xvii), (xviii), (xix) and (xx) are in our opinion, not applicable to the company for the year under the report.

For ANEEL LASOD AND ASSOCIATES, Chartered Accountants

Aneel Lasod

Partner

Membership No. 40117

Firm Registration No. 124609W

Place: Mumbai

Date : May 31, 2010