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Auditor Report of Crestchem Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of Crestchem Limited ('the Company'), which comprise the Balance sheet as at March 31,2015, the Statement of profit and loss , 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

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

Auditors' Responsibility

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

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

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

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

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

Opinion

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

Emphasis of Matters:

During the year, the company has sold/ disposed off all fixed assets like Land, Factory Building and a significant portion of its Plant & Machinery. This condition indicates the existence of a material uncertainty that may cast significant doubt about the Company's ability to continue as a going concern. However, Financial Statements of the Company have been prepared on a going concern basis. Our opinion is not modified in respect of these matters.

Report on Other Legal and Regulatory Requirements

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

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

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

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

(c) The Balance sheet, the Statement of Profit and loss and the Cash flow statement dealt with by this Report are in agreement with the books of account;

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

(e) On the basis of the written representations received from the directors as on March 31,2015 taken on record by the Board of Directors, none of the directors is disqualified as on March 31,2015 from being appointed as a director in terms of Section 164 (2) of the Act; and

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

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

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

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

ANNEXURE TO INDEPENDENT AUDITOR'S REPORT :

(Referred to in paragraph 1 under the heading of "Report on Other Legal and Regulatory Requirements" of our report of even date.)

i) a) The company has maintained proper records showing full particulars including quantitative details and situation of the fixed assets on the basis of available information.

b) As explained to us, a major portion of the fixed assets has been physically verified by the management during the year in accordance with a phased program of verification adopted by the Company. In our opinion, the frequency of verification is reasonable having regard to the size of the company and nature of its assets. As informed to us, no material discrepancies were noticed on such physical verification.

ii) In respect of its inventories:

a) As explained to us, inventories were physically verified by the management at reasonable intervals during the year. In our opinion, the frequency of the verification is reasonable.

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

c) In our opinion and according to the information and explanations given to us, the company has maintained proper records of inventories. As explained to us, there was no material discrepancies noticed on Physical Verification of Inventories as compared with the book records.

iii) In respect of Loans, Secured or Unsecured granted by the company to companies, firms or other parties covered in the register maintained under section 189 of the Companies Act, 2013: According to the information and explanations given to us and on the basis of the records produced before us, the company has not granted any Loan, Secured or Unsecured to the companies or firms or other parties covered in the register maintained under section 189 of the Companies Act 2013 and hence sub-clause (a) & (b) of paragraph 3 of the Companies Auditor's Report Order 2015 are not applicable to the Company

iv) In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the company and the nature of its business for the purchases of inventory, fixed assets and for the sales of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls system.

v) In our opinion and according to the information and explanations given to us, the Company has not accepted any deposit and hence the provisions of Section 73 to 76 or any other relevant provisions of the Companies Act and the Companies (Acceptance of Deposits) Rules, 2014 with regard to the deposits accepted are not applicable to the Company. Therefore, the provisions of Clause (v) of paragraph 3 of the Companies Auditor's Report Order 2015 are not applicable to the Company. According to the information and explanations given to us, no order has been passed by Company Law Board or National Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunal.

vi) In our opinion and according to the information and explanation given to us, the Central Government of India has not prescribed the maintenance of Cost Accounting Records under sub Section (1) of Section 148 of the Companies Act, 2013 and hence this clause is not applicable to the company.

vii) a) In respect of the Statutory dues:The company is regular in depositing other statutory dues applicable to it. According to the information and explanations given to us and on the basis of records produced before us FBT of Rs. 42,540/- is outstanding for more than six months. Except above there are no undisputable amount payable in respect of Income Tax, Wealth Tax, Sales Tax, custom duty, excise duty and cess were outstanding as at 31st March, 2015 for a period of more than six months from the date they become payable.

b) According to the records of the company, there are no dues of Sales Tax, Income Tax, Excise Duty and Cess which have not been deposited on account of any dispute.

c) According to the information and explanations given to us there is no amount which is required to be transferred to the investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956(1 of 1956).

viii) On the basis of information and explanations given to us and on the basis of records produced before us, the company's accumulated losses at the end of the financial year are more than fifty percent of its net worth. The company has not incurred cash loss during the financial year covered by our audit and in the immediately preceding previous year.

ix) On the basis of the information and explanation given to us and on the basis of records produced before us, the company has not defaulted in repayment of dues to a Bank.

x) On the basis of the information and explanation given to us and on the basis of records produced before us,the company has not given any guarantee for loans taken by others from bank or financial institution hence the provision of this clause is not applicable to the company.

xi) According to the information & explanations given to us, the Company has not raised any term loan during the year under audit.

xii) In our opinion and according to the information and explanations given to us and based on management representation, no material fraud on or by the company has been noticed or reported during the financial year covered by the audit.

For TALATI & TALATI Chartered Accountants (Firm Reg. No 110758W)

AHMEDABAD (UMESH H.TALATI) DATE: 30th May, 2015 PARTNER M.NO. 34834


Mar 31, 2014

We have audited the accompanying financial statements of Crestchem Limited ("the Company"), which comprise the Balance Sheet as at 3151 March, 2014, the Statement of Profit and Loss and Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information. Management''s Responsibility for the Financial Statements Management is responsible for the preparation of these financial statements that gives a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India including Accounting Standards notified under the Companies Act, 1956 ("the Act") read with the General Circular 15/2013 dated 13th 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.

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, but not for the purpose of expressing an opinion on the effectiveness of 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 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:

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

(b) In the case of the Statement of Profit and Loss, of the loss 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 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 law have been kept by the Company so far as appears from our examination of those books;

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

d. In our opinion, the Balance Sheet, Statement of Profit and Loss and the Cash Flow Statement dealt with this Report comply with the Accounting Standards notified under the Companies Act, 1956 read with the General Circular 15/ 2013 dated 13 September 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 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 Companies Act,1956.

ANNEXURE TO INDEPENDENT AUDITOR''S REPORT :

(Referred to in Paragraph 1 under the heading of "Report on Other Legal and Regulatory Requirements" of our report of even date)

(i) (a) As per the information and explanation given to us, records of Fixed Assets maintained by the company have been destroyed in heavy water logging during the year. The Company is in the process of preparing records showing full particulars including quantitative details and general location of fixed assets.

b) Majority of the assets has been physically verified by the management during the year and there is a regular program of verification which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. As the company is in the process of preparation of Fixed Asset records, We are unable to comment on any discrepancies between Fixed Asset as per records and as per physical verification.

c) During the year, the Company has not disposed off any major part of the Fixed Assets.

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

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

(c) On the basis of our examination of the records of the company, we are of the opinion that the company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material.

(iii) In respect of Loans secured or unsecured , granted or taken by company to/from companies, firm or other parties covered in the register maintained under section 301 of the Companies Act, 1956:

(a) The company has not granted any unsecured loan to any companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956.Hence the provisions of Clause (iii) (a), (b), (c) and(d) are not applicable to the company.

(e) The Company has taken interest free unsecured loan from parties listed in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs. 3,902,598/- and the year end balance of loan taken from such parties was Rs. 3,902,598/-.

(f) In our opinion and according to the information and explanations given to us, the rate of interest and other terms and conditions on which loans have been taken from parties listed in the register maintained under Section 301 of the Companies Act, 1956 are not, prima facie, prejudicial to the interest of the Company.

(g) The company is not paying interest on loans and principal amount is repayable on demand.

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

(v) (a) To the best of our knowledge and according to information and explanations given to us, we are of the opinion that the contracts or arrangements that need to be entered in to the register required to be 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, transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 have been made at prices which are reasonable having regard to prevailing market prices at the relevant time where such market prices are available.

(vi) In our opinion and according to the information and explanations given to us, the company has not accepted any deposit from the public and hence the provisions of Section 58A, 58AA and other relevant provisions of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 are not applicable.

(vii) In our opinion, the internal audit system of the company is commensurate with its size and nature of its business.

(viii) The Company has not maintained Cost Accounting Records required to be maintained by the company pursuant to the Companies (Cost Accounting Records) Rules, 2011 prescribed by the Central Government under section 209(1) (d) of the Companies Act, 1956.

(ix) (a) The company does not have any employees therefore it does not have any provident fund liability during the current year. However, the company is regular in depositing other statutory dues applicable to it. According to the information and explanations given to us and on the basis of records produced before us FBT of Rs. 42,540/- & TDS of Rs. 15,457/ - are outstanding for more than six months. Except above there are no undisputable amount payable in respect of Income Tax, Wealth Tax, Sales Tax, custom duty and excise duty and cess were outstanding as at 31st March, 2014 for a period of more than six months from the date they become payable.

(b) According to the records of the company, there are no dues of Sales Tax, Income Tax and Excise Duty and Cess which have not been deposited on account of any dispute.

(x) The accumulated losses of the company at the end of the financial year are in excess of 50% of its net worth. The company has not incurred cash loss during the financial year covered by our audit and in the immediately preceding previous year.

(xi) In our opinion and according to information and explanation given to us the Company has not defaulted in repayment of dues to a Bank.

(xii) The company has not granted any loans against security by way of pledge of shares, debentures and other securities.

(xiii) The company is not a chit fund or a nidhi mutual benefit fund/ society. Therefore, the provisions of this clause is not applicable to the company.

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

(xv) In our opinion the company has not given any guarantee for loans taken by others from bank or financial institution hence the provision of this clause is not applicable to the company.

(xvi) According to the information and explanations given to us, the company has not raised any term loans during the year and hence in our opinion this clause is not applicable to the company

(xvii) In our opinion and according to the information and explanation given to us and overall examination of the balance sheet of the company we report that no funds raised on short term basis has been used for long term investment by the company.

(xviii) The company has not made any preferential allotment of shares to any parties and companies covered under the register maintained u/s 301 of the Act.

(xix) During the period covered by our audit report, the company has not issued any debentures.

(xx) The company has not raised any money out of public issue during the period covered by our report.

(xxi) We report that no fraud on or by the company has been noticed or reported during the course of our audit.

For TALATI & TALATI Chartered Accountants (Firm Reg. No 110758W) AHMEDABAD (UMESH H.TALATI) DATE: 30th May, 2014 PARTNER M.NO. 34834


Mar 31, 2013

Report on the Financial Statements

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

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India including Accounting Standards referred to in Section 211(3C) 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 misstatements.

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

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

Opinion

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

(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 Statement of Profit and Loss, of the loss 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 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 law have been kept by the Company so far as appears from our examination of those books.

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

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

e. On the basis of the written representations received from the directors as on March 31, 2013, 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 Section 274(1)(g) of the Companies Act,1956.

ANNEXURE Re: CRESTCHEM LIMITED

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

(i) (a) The Company is maintaining proper records showing full particulars including quantitative details and general location of fixed assets.

b) Majority of the assets has been physically verified by the management during the year and there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification.

c) During the year, the Company has not disposed off any major part of the Fixed Assets.

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

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

(c) On the basis of our examination of the records of the company, we are of the opinion that the company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material.

(iii) In respect of Loans secured or unsecured , granted or taken by company to/from companies, firm or other parties covered in the register maintained under section 301 of the Companies Act, 1956:

(a) The company has not granted any unsecured loan to any companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956.Hence the provisions of Clause (iii) (a),(b),(c),and(d) are not applicable to the company.

(e) The Company has taken Interest free unsecured loan from parties listed in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs. 12,10,000/- and the year end balance of loan taken from such parties was Rs. 29,45,598/-.

(f) In our opinion and according to the information and explanations given to us, the rate of interest and other terms and conditions on which loans have been taken from parties listed in the register maintained under Section 301 of the Companies Act, 1956 are not, prima facie, prejudicial to the interest of the Company.

(g) The company is not paying interest on loans and principal amount is repayable on demand.

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

(v) (a) To the best of our knowledge and according to information and explanations given to us, we are of the opinion that the contracts or arrangements that need to be entered in to the register required to be 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, transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 have been made at prices which are reasonable having regard to prevailing market prices at the relevant time where such market prices are available.

(vi) In our opinion and according to the information and explanations given to us, the company has not accepted any deposit from the public and hence the provisions of Section 58A, 58AA and other relevant provisions of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 are not applicable.

(vii) In our opinion, the internal audit system of the company is commensurate with its size and nature of its business.

(viii) The Company has not maintained Cost Accounting Records required to be maintained by the company pursuant to the Companies (Cost Accounting Records) Rules, 2011 prescribed by the Central Government under section 209(1) (d) of the Companies Act, 1956.

(ix) (a) The company does not have any employees therefore it does not have any provident fund liability during the current year. However, the company is regular in depositing other statutory dues applicable to it. According to the information and explanations given to us and on the basis of records produced before us,FBT of Rs 42,540/- & TDS of Rs.3720/ - are outstanding for more than six months. Except above there are no undisputable amount payable in respect of Income Tax, Wealth Tax, Sales Tax, custom duty and excise duty and cess were outstanding as at 31st March, 2013 for a period of more than six months from the date they become payable.

(b) According to the records of the company, there are no dues of Sales Tax, Income Tax and Excise Duty and Cess which have not been deposited on account of any dispute.

(x) The accumulated losses of the company at the end of the financial year are in excess of 50% of its net worth. The company has not incurred cash loss during the financial year covered by our audit and in the immediately preceding previous year.

(xi) In our opinion and according to information and explanation given to us the Company has not defaulted in repayment of dues to a Bank.

(xii) The company has not granted any loans against security by way of pledge of shares, debentures and other securities.

(xiii) The company is not a chit fund or a nidhi mutual benefit fund/ society. Therefore, the provisions of this clause is not applicable to the company.

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

(xv) In our opinion the company has not given any guarantee for loans taken by others from bank or financial institution hence the provision of this clause is not applicable to the company.

(xvi) According to the information and explanations given to us, the company has not raised any term loans during the year and hence in our opinion this clause is not applicable to the company

(xvii) In our opinion and according to the information and explanation given to us and overall examination of the balance sheet of the company we report that no funds raised on short term basis has been used for long term investment by the company.

(xviii)The company has not made any preferential allotment of shares to any parties and companies covered under the register maintained u/s.301 of the Act.

(xix) During the period covered by our audit report, the company has not issued any debentures.

(xx) The company has not raised any money out of public issue during the period covered by our report.

(xxi) We report that no fraud on or by the company has been noticed or reported during the course of our audit.



For TALATI & TALATI

Chartered Accountants

(Firm Reg. No 110758W)



AHMEDABAD (UMESH H.TALATI)

DATE: 30th May, 2013 PARTNER

M.NO. 34834


Mar 31, 2012

1. We have audited the attached Balance Sheet of CRESTCHEM LIMITED as at 31st March, 2012 and also the Statement of Profit and Loss and the Cash Flow Statement for the year ended on that date annexed thereto. These Financial statements are the responsibility of the company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtained 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 (Auditor's Report) Order, 2003 as amended by companies (Auditors Report) (Amendments) Order, 2004 (hereinafter referred to as "the Order") issued by the central Government of India in terms of Section 227 (4A) of the Companies Act, 1956, and on the basis of such checks, as we considered appropriate we annex hereto of a statement on the matters specified in paragraphs 4 and 5 of the said Order.

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

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

iii. 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.

4. In our opinion, balance sheet, Statement of profit and loss account and cash flow statement comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956.

5. On the basis of written representation received from the directors, as on 31st March,2012 and taken on record by the Board of Director, 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.

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

a. In the case of the Balance Sheet of the state of the affairs of the Company as at 31st March,2012

b. In the case of the Statement of Profit and Loss, of the Loss 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 the date.

ANNEXURE Re: CRESTCHEM LIMITED

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

(i) (a) The Company is maintaining proper records showing full particulars including quantitative details and general location of fixed assets.

b) Majority of the assets has been physically verified by the management during the year and there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification.

c) During the year, the Company has not disposed off any major part of the Fixed Assets.

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

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

(c) On the basis of our examination of the records of the company, we are of the opinion that the company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material.

(iii) In respect of Loans secured or unsecured , granted or taken by company to/from companies, firm or other parties covered in the register maintained under section 301 of the Companies Act, 1956:

(a) The company has not granted any unsecured loan to any companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956.Hence the provisions of Clause (iii) (a),(b),(c),and(d) are not applicable to the company.

(e) The Company has taken Interest free unsecured loan from parties listed in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs 17, 35, 598/- and the year end balance of loan taken from such parties was Rs 17,35,598/-.

(f) In our opinion and according to the information and explanations given to us, the rate of interest and other terms and conditions on which loans have been taken from parties listed in the register maintained under Section 301 of the Companies Act, 1956 are not, prima facie, prejudicial to the interest of the Company.

(g) The company is not paying interest on loans and principal amount is repayable on demand.

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

(v) (a) To the best of our knowledge and according to information and explanations given to us, we are of the opinion that the contracts or arrangements that need to be entered in to the register required to be 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, transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 have been made at prices which are reasonable having regard to prevailing market prices at the relevant time where such market prices are available.

(vi) In our opinion and according to the information and explanations given to us, the company has not accepted any deposit from the public and hence the provisions of Section 58A, 58AA and other relevant provisions of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 are not applicable.

(vii) In our opinion, the internal audit system of the company is commensurate with its size and nature of its business.

(viii) The Company has not maintained Cost Accounting Records required to be maintained by the company pursuant to the Companies (Cost Accounting Records) Rules, 2011 prescribed by the Central Government under section 209(1) (d) of the Companies Act, 1956. However, as per the Information and Explanation given by the Management The Cost Accountant has been appointed by the Company and the process of preparing cost records is in progress.

(ix) (a) The company does not have any employees therefore it does not have any provident fund liability during the current year. However, the company is regular in depositing other statutory dues applicable to it. According to the information and explanations given to us and on the basis of records produced before us, Provident Fund of Rs 2,25,988/-, FBT of Rs 42,540/- is outstanding for more than six months. However the company has obtained an interim stay order from the high court of Gujarat against payment of the dues to the P.F.Department. Except above there are no undisputable amount payable in respect of Income Tax, Wealth Tax, Sales Tax, custom duty and excise duty and cess were outstanding as at 31st March, 2012 for a period of more than six months from the date they become payable.

(b) According to the records of the company, there are no dues of Sales Tax, Income Tax and Excise Duty and Cess which have not been deposited on account of any dispute.

(x) The accumulated losses of the company at the end of the financial year are in excess of 50% of its net worth. The company has not incurred cash loss during the financial year covered by our audit and in the immediately preceding previous year.

(xi) In our opinion and according to information and explanation given to us the Company has not defaulted in repayment of dues to a Bank.

(xii) The company has not granted any loans against security by way of pledge of shares, debentures and other securities.

(xiii) The company is not a chit fund or a nidhi mutual benefit fund/ society. Therefore, the provisions of this clause is not applicable to the company.

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

(xv) In our opinion the company has not given any guarantee for loans taken by others from bank or financial institution hence the provision of this clause is not applicable to the company.

(xvi) According to the information and explanations given to us, the company has not raised any term loans during the year and hence in our opinion this clause is not applicable to the company

(xvii) In our opinion and according to the information and explanation given to us and overall examination of the balance sheet of the company we report that no funds raised on short term basis has been used for long term investment by the company.

(xviii) The company has not made any preferential allotment of shares to any parties and companies covered under the register maintained u/s.301 of the Act.

(xix) During the period covered by our audit report, the company has not issued any debentures.

(xx) The company has not raised any money out of public issue during the period covered by our report.

(xxi) We report that no fraud on or by the company has been noticed or reported during the course of our audit.

For TALATI & TALATI

Chartered Accountants

(Firm Reg. No 110758W)

AHMEDABAD (UMESH H.TALATI)

DATE: 15th June, 2012 PARTNER

M.NO. 34834


Mar 31, 2011

1. We have audited the attached Balance Sheet of CRESTCHEM LIMITED as at 31st March, 2011 and also the Profit and Loss Account 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 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 (Auditor's Report) Order, 2003 as amended by companies (Auditors Report) (Amendments) Order, 2004 (hereinafter referred to as "The Order") issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956, and on the basis of such checks, as we considered appropriate we annex hereto a statement on the matters specified in paragraphs 4 and 5 of the said order.

i. We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit. ii. In our opinion proper books of account as required by law have been kept by the company so far, as appears from our examination of the books. iii. The Balance Sheet and the profit and Loss Account and Cash Flow statement dealt with by this report are in agreement with the books of account.

4. In our opinion, the profit and loss account and the balance sheet comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956.

5. On the basis of written representation received from the directors, as on 31st March, 2011 and taken on record by the Board of Director, 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.

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

a. In the case of the Balance Sheet of the state of the affairs of the Company as at 31st March, 2011.

b. In the case of the Profit and Loss Accounts 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 the date.

ANNEXURE TO THE AUDITOR'S REPORT Re: CRESTCHEM LIMITED Referred to in paragraph 3 of our report of even date.

(i) (a) The Company is maintaining proper records showing full particulars including quantitative details and general location of fixed assets.

(b) Majority of the assets has been physically verified by the management during the year and there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification.

(c) During the year, the Company has not disposed off any major Part of the Fixed Assets. (ii) (a) The inventory has been physically verified during the year by the management. In our opinion the frequency of verification is reasonable.

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

(c) On the basis of our examination of the records of the company, we are of the opinion that the company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material.

(iii) In respect of Loans secured or unsecured, granted or taken by company to/from companies, firm or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

(a) The company has not granted any unsecured loan to any companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956. Hence the provisions of Clause (iii) (a), (b), (c) and (d) are not applicable to the company.

(b) In our opinion and according to the information and explanations given to us the rate of interest and the other terms and conditions of the unsecured loan granted by the company are prima facie, not prejudicial to the interest of the Company.

(c) The Company has taken interest free unsecured loan from, parties listed in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs. 13,56,548/- and the year end balance of loan taken from such parties was Rs. 13,11,548/-.

(d) The Company is not paying interest on loans and principal amount is repayable on demand.

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

(v) (a) To the best of our knowledge and according to information and explanations given to us, we are of the opinion that the contracts or arrangements that need to be entered in to the register required to be 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, transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 have been made at prices which are reasonable having regard to prevailing market prices at the relevant time where such market price are available.

(vi) In our opinion and according to the information and explanations given to us, the company has not accepted any deposit from the public and hence the provisions of Section 58A, 58AA and other relevant provisions of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 are not applicable.

(vii) In our opinion, the internal audit system of the company is commensurate with its size and nature of its business.

(viii) The Central Government has not prescribed maintenance of cost records under section 209(1) (d) of the Companies Act, 1956. Hence the provision of this clause is not applicable to the company.

(ix) (a) The company does not have any employees therefore it does not have any provident fund liability during the current year. However the company is regular in depositing other statutory dues applicable to it. According to the information and explanation given to us and on the basis of records produced before us, provident fund of Rs. 2,25,988/-, FBT of Rs. 42,540/- and TDS of Rs. 1,900/- is outstanding for more than six months. However the company has obtained ad interim stay order from the High Court of Gujarat against payment of the dues to the P.F. Department. Except above there are no undisputable amount payable in respect of Income-tax, Wealth-tax, Sales-tax, customs duty and excise duty and cess were outstanding as at 31st March, 2011 for a period of more than six months from the date they become payable.

(b) According to the records of the company, there are no dues of sales tax, income tax and excise duty and cess which have not been deposited on account of any dispute.

(x) The accumulated losses of the company at the end of the financial year are in excess of 50% of its net worth. The company has not incurred cash loss during the financial year covered by our audit. It has incurred cash loss of Rs. 12,10,627 in the immediately preceding previous year.

(xi) In our opinion and according to information and explanation given to us the Company has not defaulted in repayment of dues to a Bank.

(xii) The Company has not granted any loans against security by way of pledge of shares, debentures and other securities.

(xiii) The company is not a chit fund or a nidhi mutual benefit fund/society. Therefore, the provisions of this clause not applicable to the company.

(xiv) The Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of this clause of the Companies (Auditor's Report) Order, 2003 are not applicable to the Company.

(xv) In our opinion the company has not given any guarantee for loans taken by others from bank or financial institution hence the provision of this clause is not applicable to the company.

(xvi) According to the information and explanation given to us, the company has not raised any term loans during the year and hence in our opinion this clause is not applicable to the company.

(xvii) In our opinion and according to the information and explanation given to us and overall examination of the balance sheet of the company we report that no funds raised on short term basis has been used for long term investment by the company.

(xviii) The company has not made any preferential allotment of shares to any parties and companies covered under the register maintained u/s. 301 of the Act.

(xix) During the period covered by our audit report, the company has not issued any debentures.

(xx) The company has not raised any money out of public issue during the period covered by our report.

(xxi) We report that no fraud on or by the company has been noticed or reported during the course of our audit.

For TALATI & TALATI Chartered Accountants

(Firm No. 110758W)

Sd/-

AHMEDABAD (UMESH H. TALATI)

DATE : 27-05-2011 PARTNER

M. NO. 34834


Mar 31, 2010

1. We have audited the attached Balance Sheet of CRESTCHEM LIMITED as at 31st March, 2010 and also the Profit and Loss Account 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 obtained 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 (Auditor's Report) Order, 2003 as amended by companies (Auditors Report) (Amendments) Order, 2004 (hereinafter refereed to as "the Order") issued by the central Government of India in terms of Section 227 (4A) of the Companies Act, 1956, and on the basis off such checks, as we considered appropriate we annex hereto of a statement on the matters specified in paragraphs 4 and 5 of the said Order.

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

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

iii. The Balance Sheet and the Profit and Loss Account and Cash Flow statement dealt with by this report are in agreement with the books of account.

4. In our opinion, the profit and loss account and the balance sheet comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956.

5. On the basis of written representation received from the directors, as on 31st March,2010 and taken on record by the Board of Director, 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.

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

a. In the case of the Balance Sheet of the state of the affairs of the Company asat31stMarch,2010

b. In the case of the Profit and Loss Accounts 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 the date.

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

(i) (a) The Company is maintaining proper records showing full particulars including quantitative details and general location of fixed assets.

b) Majority of the assets has been physically verified by the management during the year and there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification.

c) During the year, the Company has not disposed off any major part of the Fixed Assets.

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

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

(c) On the basis of our examination of the records of the company, we are of the opinion that the company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material.

(iii) In respect of Loans secured or unsecured, granted or taken by company to/from companies, firm or other parties covered in the register maintained under section 301 of the Companies Act, 1956:

(a) During the year, the Company has not granted loan to any Companies, Firms or Parties covered under the register maintained under section 301 of the Companies Act, 1956. However loan granted to one company covered under the register maintained under section 301 of the Companies Act, 1956 whose closing Balance is Rs Nil and Maximum Balance durina the veatJs-Rs 23.71.122.

(b) In our opinion and according to the information and explanations given to us, the other terms and conditions of the unsecured loan granted by the company are prima facie not prejudicial to the interest of the company.

(c) In respect of loans given by the company, as explained to us, company is not charging any interest on loan and the repayment of the said loan has been fixed on demand and there is no repayment schedule.

(d) In respect of aforesaid loan, the same are repayable on demand and therefore the question of overdue amount does not arise .In respect of Interest, as the company is not charging any interest on loan, so question of overdue amount does not arise.

(e) The Company has taken Interest free unsecured loan from parties listed in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs. 3,731,250/- and the year end balance of loan taken from such parties was Rs. 769,548/-

(f) In our opinion and according to the information and explanations given to us, the rate of interest and other terms and conditions on which loans have been taken from parties listed in the register maintained under Section 301 of the Companies Act, 1956 are not, prima facie, prejudicial to the interest of the Company.

(g) The company is not paying interest on loans and principal amount is repayable on demand.

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

(v) (a) To the best of our knowledge and according to information and explanations given to us, we are of the opinion that the contracts or arrangements that need to be entered in to the register required to be 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, transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 have been made at prices which are reasonable having regard to prevailing market prices at the relevant time where such market prices are available.

(vi) In our opinion and according to the information and explanations given to us, the company has not accepted any deposit from the public and hence the provisions of Section 58A, 58AA and other relevant provisions of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 are not applicable.

(vii) The company has not appointed firm of Chartered Accountants as its internal auditors for the year under review.

(viii) The Central Government has not prescribed maintenance of cost records under section 209(1) (d) of the Companies Act, 1956. Hence the provision of this clause is not applicable to the company.

(ix) (a) The company does not have any employees therefore it does not have any provident fund liability during the current year. However, the company is regular in depositing other statutory dues applicable to it. According to the information and explanations given to us and on the basis of records produced before us, Provident Fund of Rs. 2,25,988/-, FBT of Rs 42540/- and TDS of Rs 5627/- is outstanding for more than six months. However the company has obtained an interim stay order from the high court of Gujarat against payment of the dues to the P.F.Department. Except above there are no undisputable amount payable in respect of Income Tax, Wealth Tax, Sales Tax, custom duty and excise duty and cess were outstanding as at 31st March, 2010 for a period of more than six months from the date they become payable.

(b) According to the records of the company, there are no dues of Sales Tax, Income Tax and Excise Duty and Cess which have not been deposited on account of any dispute.

(x) The accumulated losses of the company at the end of the financial year are in excess of 50% of its net worth. The company has incurred cash loss of Rs. 12,10,627/- during the financial year covered by our audit. There is no cash loss in the immediately preceding previous year.

(xi) In our opinion and according to information and explanation given to us the Company has not defaulted in repayment of dues to a Bank.

(xii) The company has not granted any loans against security by way of pledge of shares, debentures and other securities.

(xiii) The company is not a chit fund or a nidhi mutual benefit fund/society. Therefore, the provisions of this clause is not applicable to the company.

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

(xv) In our opinion the company has not given any guarantee for loans taken by others from bank or financial institution hence the provision of this clause is not applicable to the company.

(xvi) According to the information and explanations given to us, the company has not raised any term loans during the year and hence in our opinion this clause is not applicable to the company

(xvii) In our opinion and according to the information and explanation given to us and overall examination of the balance sheet of the company we report that no funds raised on short term basis has been used for long term investment by the company.

(xviii) The company has not made any preferential allotment of shares to any parties and companies covered under the register maintained u/s.301 of the Act.

(xix) During the period covered by our audit report, the company has not issued any debentures.

(xx) The company has not raised any money out of public issue during the period covered by our report.

(xxi) We report that no fraud on or by the company has been noticed or reported during the course of our audit.

For TALATI & TALATI Chartered Accountants (Firm Reg. No110758W)

(UMESH H.TALATI) PARTNER M.NO. 34834

AHMEDABAD DATE: 30/07/2010

 
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