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Auditor Report of Econo Trade (India) Ltd.

Mar 31, 2015

We have audited the accompanying standalone financial statement of ECONO TRADFE INDIA LIMITED , which comprises the Balance sheet as at 31st March, 2015 and the statement of Profit and Loss and Cash Flow statement for the year then ended and a summary of Significant accounting policies and other explanatory information.

Management Responsibility for the Financial Statements

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

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the auditor report under the provision 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 disclosures in the financial statement. The procedures selected depend on auditor's judgement, 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 auditors consider internal 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 operating effectiveness of such control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Company's Director, as well as evaluating the overall presentation of financial statements.

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

Opinion

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

(a) In case of the Balance sheet, of the state of affairs of the company as at March 31,2015;

(b) In the case of profit and loss Account, 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, 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 paragraphs 30 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 beat of ouyr Knowledge and belief were necessary for the purposes of our audit.

b) In our opinion proper books of accounts 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 dalt with by this report are in agreement with books of account;

d) In our opinion, the aforesaid standalone financial statements comply with the accounting Standard Specified under Section 133 of the Act, read with Rule 7 of the Companies (Account) Rules, 2014;

e) On the basis of the written representation received from the Directors as on 31st March, 2015 and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2015 from being appointed as a director, in 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 does not have any pending litigations on its financial position in its financial Statements;

(ii) The Company does not have any requirement for making provision under the applicable law or Accounting standards;

(iii) The company does not have any requirement to transfer any amount to Investor Education and Protection fund by the Company.

The Annexure referred to in our Audit Report to the Members of the Company on the standalone financial Statements for the year ended 31st March 2015, we report that:

1 a) The Company has maintained proper records showing full particulars including quantitative details and situation of its Fixed Assets.

b) According to the information and explanations given to us, the management at reasonable intervals has physically verified the Fixed Assets of the Company and no discrepancies were noticed.

c) None of the Fixed Assets have been revalued during the year.

2 a) The management has conducted physical verification at suitable intervals in respect of stock of shares & securities.

b) In our opinion the procedure of physical verification of stock followed by the management is reasonable and adequate in relation to size of company and nature of the business.

c) The Company is maintaining proper records of the stock of shares & securities and no discrepancies are noticed on physical verification.

3 The Company has granted Loans and Advances to Four Parties covered in the register maintained under Section 189 of the Companies Act, 2013.

a) The Borrowers have been regular in payment of the Interest as stipulated. The terms of arrangements do not stipulate any repayment schedule and the loans are repayable on demand. Accordingly the provisions of CARO 2015 are not applicable for the overdue amount of Rupees One Lakhs.

4 In our opinion and according to the information and explanations given to us, there is an adequate internal control procedures commensurate with the size of the company and the nature of business with regard to purchase and sale of shares & securities, and services. During the course of our Audit, we have not observed any major weakness in the internal control system during the course of audit.

5. The Company has not accepted any deposits from the public.

6. The Central Government has not prescribed the maintenance of Cost records under Section 148(1) of the Act, for any of the Business rendered by the Company.

7. As explained to us, the provident Fund Scheme, Sales Tax, Excise Duty, Custom Duty, wealth Tax, Value Added Tax and Employees State Insurance Scheme are not applicable to the Company.

Details of dues of Income Tax which have not been deposited as on March 31,2015 on account of disputes are given below :-

Name of Statue Nature of Dues Amount ( Rs.) Period Forum

Income Tax, 1961 Income Tax 7,1 7,540/- 2009-2010 CIT (Appeals) 8. The Company does not have any accumulated loss at the end of the Year. The Company has not incurred cash loss during the financial year covered by our audit and in the immediately preceding financial year.

9. The Company has not defaulted in repayment of dues to any financial institution or bank or debenture holders as at the Balance Sheet date.

10. The Company has not given any guarantee for loans taken by others from banks or financial institutions.

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

12. According to the information and explanations given no fraud on or by the Company has been noticed or reported during the year.

161/1, Mahatma Gandhi Road, 3rd Floor, Room No. 706, Kolkata - 700 007

For, Ashok Kumar Natwarlal & Co. Chartered Accountants

Dated: The 02Nd Day of July 2015

ASHOK KUMAR AGARWAL Proprietor Membership No. 056189 Firm Regn No.322307E


Mar 31, 2014

We have audited the accompanying financial statement of ECONO TRADE (INDIA) LTD, which comprises the Balance sheet as at 31st March, 2014 and the statement of Profit and Loss and Cash Flow for the year then ended, and a summary of Significant accounting policies and other explanatory information.

Management Responsibility for the Financial Statements

Management is responsible for 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") 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 accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statement. The procedures selected depend on auditor''s judgement, 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 auditors consider 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 the management, as well as evaluating the overall presentation of 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 case of the Balance sheet, of the state of affairs of the company as at March 31, 2014;

(b) In the case of Statement of profit and loss , of the profit 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 as amended by Companies (Auditor''s Report) ( Amended) Order, 2004 issued by the Central Government of India in terms of Section 227(4A) of the Act, we give in the annexures a statement on the matters specified in the 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 the book

c) The Balance Sheet, Statement of Profit and loss, and Cash flow Statement dealt with by this report are in agreement with books or account;

d) In our opinion, the Balance Sheet and Statement of Profit and Loss dealt with by this report comply with the accounting Scub-sect|on (3C> of Section 211 of the Companies Act, 1956 ("the Act") read with the General CoTpanies Act 2013 September 13>2013 the Ministery of CorPorate Affairs in respect of Section 133 of the

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

(f) Interal governtent has not issued a"y notification as to the rate at which the cess is to be paid under Section 441A of the companies Act, 1956 nor has it issued any rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the company.

ANNEXURE TO THE AUDITORS REPORT

Statements referred to in point No. 1 of our report of even date to the members of M/s. ECONO TRADE (INDIA) LIMITED on the accounts for the year ended 31 st March,2014,

In terms of the information and explanations given to us and the books and records examined by us in normal course of audit and to the best of our knowledge and belief we state that:

1. a) The Company has maintained proper records showing full particulars including quantitative details and situation of its Fixed Assets.

b) According to the information and explanations given to us, the management at reasonable intervals has physically verified the Fixed Assets of the Company and no discrepancies were noticed.

c) None of the Fixed Assets have been revalued during the year.

2. a) The management has conducted physical verification at suitable intervals in respect of stock of shares & securities.

b) In our opinion the procedure of physical verification of stock followed by the management is reasonable and adequate in relation to size of Company and nature of the business.

c) The Company is maintaining proper records of the stock of shares & securities and no discrepancies are noticed on physical verification.

3. In respect of unsecured Loans granted to companies covered in the register maintained u/s 301 of the Companies Act, 1956 and according to information and explanation given to us :

(a) During the year the company has not given any unsecured loans to companies, firms or other parties listed in the register maintained u/s 301 of the Companies Act, 1956 and as such clause 4 (iii) (a) to 4(iii) (d) is not applicable.

(b) The company has not taken unsecured loans from Directors listed in the register maintained u/s. 301 of the Companies Act, 1956 and as such clause 4 (iii) (e) to 4(iii) (f) is not applicable.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with its size and the nature of business with regard to purchase and sale of shares & securities or services. During the course of our Audit, we have not observed any continuing failure to correct major weaknesses in internal control.

5 a) In our opinion and according to the information and explanations given to us, there are no transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956.

b) In our opinion and according to the information and explanations given to us, there are no transactions of purchase of shares & securities, goods, materials and services made in pursuance of contracts or arrangements with any party entered in the register maintained under Section 301 of the Companies Act, 1956 for value aggregating to Rs.5,00,000/- or more during the year under review.

6. The Company has not accepted deposits from the public, compliance of the provision of section 58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance of Deposit) Rules 1975, with regard to the deposits accepted from public does not apply.

7. In our opinion and according to the information and explanations, given to us there is an adequate internal audit system commensurate with the size and nature of its business.

8. According to the information and explanations given to us, the Central Government has not prescribed the maintenance of costs records under section 209(l)(d) of the Companies Act, 1956, for any products of the Company.

9 a) As explained to us, the Provident Fund Scheme, Investor Education and Protection Fund, Service Tax Excise and Custom Duties and Employees State Insurance Scheme are not applicable to the Company. No Undisputed amounts payable in respects in respect of aforesaid dues were outstanding as on March 31, 2014 for a period of more than six Months from the date of becoming payable.

b) Details of dues of Income Tax which have not been deposited as on March 31, 2014 on account of disputes are given below:-

Name of Statue Nature of Dues Amount (Rs.) Period Forum

Income Tax,1961 Income Tax 7,17,540/- 2009-2010 CIT (Appeals)

10. The Company has not incurred any cash losses during the financial year covered by our audit and the immediately preceding financial year.

11. In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to bank with whom transactions have been made during the year.

12. The Company has not granted any loans and advances on the basis of security by way of pledge of shares debentures and other securities. ''

13. The Company is not a chit fund nidhi/mutual benefit fund and therefore the requirements'' petai"m> to su^ classes of companies is not applicable. Therefore the provisions of clause 4(xiii) of the order are not applicable to the Company.

14. According to the information and explanations given to us, the Company has maintained proper records of transactions and contracts in respect of its dealing in. shares, securities, debentures and other investments and timely entries have been made therein. The aforesaid 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.

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

16. In our opinion and according to the information and explanations given to us, the Company has not taken any long-term loans during the year.

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

18. According to the information and explanations given to us, the Company has not made any preferential allotment of shares during the year to parties and companies covered in the Register maintained under section 301 of the Companies Act, 1956.

19. The Company has not issued any debentures during the year and therefore the question of creating security or charge in respect thereof does not arise.

20. The Company has not made any public deposits during the year.

21. According to the information and explanations given no fraud on or by the Company has been noticed or reported during the year.

16/1 lahatma G andhi Road, Ashok Kumar Natwarlal & Co 3rd Floor room No.70B Chartered Accountants kolkata -700007 Phone:9468913311


Mar 31, 2013

Report on Financial Statements

We have audited the accompanying financial statement of ECONO TRADE (INDIA) LTD, which comprises the Balance sheet as at 31st March, 2013 and the statement of Profit and Loss and Cash Flow for the year then ended, and a summary of Significant accounting policies and other explanatory information.

Management Responsibility for the Financial Statements

Management is responsible for 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. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statement. The procedures selected depend on auditor’s judgement, 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 auditors consider 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 the management, as well as evaluating the overall presentation of 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 case of the Balance sheet, of the state of affairs of the company as at March 31, 2013;

(b) In the case of Statement of profit and loss , of the profit 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 issued by the Central Government of India in terms of Section 227(4A) of the Act, we give in the annexures a statement on the matters specified in the 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 the book ;

c) The Balance Sheet, Statement of Profit and loss, and Cash flow Statement dealt with by this report are in agreement with books of account;

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

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

f) Since the central government has not issued any notification as to the rate at which the cess is to be paid under Section 441A of the companies Act, 1956 nor has it issued any rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the company.

ANNEXURE TO THE AUDITORS REPORT

Statements referred to in point No. 1 of our report of even date to the members of M/s. ECONO TRADE (INDIA) LIMITED on the accounts for the year ended 31st March,2013.

In terms of the information and explanations given to us and the books and records examined by us in normal course of audit and to the best of our knowledge and belief we state that:

1. a) The Company has maintained proper records showing full particulars including quantitative details and situation of its Fixed Assets.

b) According to the information and explanations given to us, the management at reasonable intervals has physically verified the Fixed Assets of the Company and no discrepancies were noticed.

c) None of the Fixed Assets have been revalued during the year.

2. a) The management has conducted physical verification at suitable intervals in respect of stock of shares & securities.

b) In our opinion the procedure of physical verification of stock followed by the management is reasonable and adequate in relation to size of Company and nature of the business.

c) The Company is maintaining proper records of the stock of shares & securities and no discrepancies are noticed on physical verification.

3. In respect of unsecured Loans granted to companies covered in the register maintained u/s 301 of the Companies Act, 1956 and according to information and explanation given to us :

(a) During the year the company has not given any unsecured loans to companies, firms or other parties listed in the register maintained u/s 301 of the Companies Act, 1956 and as such clause 4 (iii) (a) to 4(iii) (d) is not applicable.

(e) The company has taken unsecured loans from Directors listed in the register maintained u/s. 301 of the Companies Act, 1956.

(f) The terms and conditions are prima facie not prejudicial to the interest of the company.

(g) The receipt of the principal amount is as per the terms of the loan agreement.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with its size and the nature of business with regard to purchase and sale of shares & securities or services. During the course of our Audit, we have not observed any continuing failure to correct major weaknesses in internal control.

5 a) In our opinion and according to the information and explanations given to us, there are no transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956.

b) In our opinion and according to the information and explanations given to us, there are no transactions of purchase of shares & securities, goods, materials and services made in pursuance of contracts or arrangements with any party entered in the register maintained under Section 301 of the Companies Act, 1956 for value aggregating to Rs.5,00,000/- - or more during the year under review.

6. The Company has not accepted deposits from the public, compliance of the provision of section 58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance of Deposit) Rules 1975, with regard to the deposits accepted from public does not apply.

7. In our opinion and according to the information and explanations, given to us there is an adequate internal audit system commensurate with the size and nature of its business.

8. According to the information and explanations given to us, the Central Government has not prescribed the maintenance of costs records under section 209(1 )(d) of the Companies Act, 1956, for any products of the Company.

9 a) As explained to us, the Provident Fund Scheme and Employees State Insurance Scheme are not applicable to the Company.

b) According to the information and explanations given to us no undisputed amount payable in respect of Income-Tax, Sales-Tax, Wealth-Tax, Service Tax, Custom Duty and Excise Duty were outstanding as at 31st March, 2013 for a period of more than six months from the date they become payable.

10. The Company has not incurred any cash losses during the financial year covered by our audit and the immediately preceding financial year.

11. In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to bank with whom transactions have been made during the year.

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

13. The Company is not a chit fund, nidhi/mutual benefit fund and therefore the requirements’ pertaining to such classes of companies is not applicable. Therefore the provisions of clause 4(xiii) of the order are not applicable to the Company.

14. According to the information and explanations given to us, the Company has maintained proper records of transactions and contracts in respect of its dealing in shares, securities, debentures and other investments and timely entries have been made therein. The aforesaid 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.

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

16. In our opinion and according to the information and explanations given to us, the Company has not taken any long-term loans during the year.

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

18. According to the information and explanations given to us, the Company has not made any preferential allotment of shares during the year to parties and companies covered in the Registrar maintained under section 301 of the Companies Act, 1956.

19. The Company has not issued any debentures during the year and therefore the question of creating security or charge in respect thereof does not arise.

20.. The Company has not made any public deposits during the year.

21. According to the information and explanations given no fraud on or by the Company has been noticed or reported during the year.

For, Ashok Kumar Natwarlal & Co. Chartered Accountants 161/1, Mahatma Gandhi Road, 3rd Floor, Room No. 70B, Kolkata-700 007 Ashok Kumar Agarwal Proprietor The 31st day of May ,2013 Membership No. 56189 Firm Regn No.322307E


Mar 31, 2011

TO

THE MEMBERS OF M/S.ECONO TRADE (INDIA) LIMITED

We have audited the attached Balance Sheet of M/s. ECONO TRADE (INDIA) LIMITED as at 31st March 2011 and also the Prom and Loss Account and the cash flow statement of the company for the year ended on that date, both annexed hereto. 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.

We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that e 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 as evaluating the overall financial Statement presentation. We believe that our audit provides a reasonable basis of our opinion.

As required by the Companies (Auditor’s Report) Order, 2003 as amended by the Companies (Auditor’s Report) (Amendment) Order, 2004 (the Order) issued by the Central Government in terms of Section Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order

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

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

2) 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;

3) The Balance Sheet and Profit and Loss accounts dealt with by this report are in agreement with the books of accounts;

4) In our opinion, the Balance Sheet and Profit and Loss Accounts dealt with by this report Comply with the accounting standards referred to in sub-section (3C) of the Companies Act, 1956;

5) On the basis of the written representation received from the Board of Directors and taken on record by the Board of Directors, none of the directors of the Company was 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 explanation given to me, they said accounts give the information required by the Companies Act, 1956, in the manner so required and give true and fair view in conformity with the accounting principles generally accepted in India;

a) in the case of the Balance Sheet, of the state of affairs of the company as at 31st March, 2011; and

b) in the case of the Profit and Loss Account, of the profit of the company for the year ended on that date.

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

ANNEXURE TO THE AUDITORS REPORT

Statements referred to in paragraph 3 of our report of even date to the members of M/s. ECONO TRADE (INDIA) LIMITED on the accounts for the year ended 31st March, 2011.

In terms of the information and explanations given to us and the books and records examined by us in normal course of audit and to the best of our knowledge and belief we state that:

1. a) The Company has maintained proper records showing full particulars including quantitative details and situation of its Fixed Assets.

b) According to the information and explanations given to us, the management at reasonable intervals has physically verified the Fixed Assets of the Company and no discrepancies were noticed.

c) None of the Fixed Assets have been revalued during the year.

2. a) The management has conducted physical verification at suitable intervals in respect of stock of shares & securities.

b) In our opinion the procedure of physical verification of stock followed by the management is reasonable and adequate in relation to size of Company and nature of the business.

c) The Company is maintaining proper records of the stock of shares & securities and no discrepancies are noticed on physical verification.

3. In respect of unsecured Loans granted to companies covered in the register maintained u/s 301 of the Companies Act, 1956 and according to information and explanation given to us :

(a) During the year the company has not given any unsecured loans to companies, firms or other parties listed in the register maintained u/s 301 of the Companies Act, 1956 and as such clause 4 (iii) (a) to 4(iii) (d) is not applicable.

(e) The company has taken unsecured loans from Directors listed in the register maintained u/s. 301 of the Companies Act, 1956.

(f) The terms and conditions are prima facie not prejudicial to the interest of the company.

(g) The receipt of the principal amount is as per the terms of the loan agreement.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with its size and the nature of business with regard to purchase and sale of shares & securities or services. During the course of our Audit, we have not observed any continuing failure to correct major weaknesses in internal control.

5 a) In our opinion and according to the information and explanations given to us, there are no transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956.

b) In our opinion and according to the information and explanations given to us, there are no transactions of purchase of shares & securities, goods, materials and services made in pursuance of contracts or arrangements with any party entered in the register maintained under Section 301 of the Companies Act, 1956 for value aggregating to Rs.5,00,000/- or more during the year under review.

6. The Company has not accepted deposits from the public, compliance of the provision of section 58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance of Deposit) Rules 1975, with regard to the deposits accepted from public does not apply.

7. In our opinion and according to the information and explanations, given to us there is an adequate internal audit system commensurate with the size and nature of its business.

8. According to the information and explanations given to us, the Central Government has not prescribed the maintenance of costs records under section 209(1 )(d) of the Companies Act, 1956, for any products of the Company.

9 a) As explained to us, the Provident Fund Scheme and Employees State Insurance Scheme are not applicable to

b) According to the information and explanations given to us no undisputed amount payable in respect of Income-tax, sales -Tax, Wealth-Tax, Service Tax, Custom Duty and Excise Duty were outstanding as at 31st March 2011 to a period of more than six months from the date they become payable.

10. The Company has not incurred any cash losses during the financial year covered by our audit and the immediately preceding financial year.

11. In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to bank with whom transactions have been made during the year.

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

13. The Company is not a chit fund, nidhi/mutual benefit fund and therefore the requirements’ pertaining to such classes Companyis not applicable. Therefore the provisions of clause 4(xiii) of the order are not applicable to the Company.

14. According to the information and explanations given to us, the Company has maintained proper records of transactions and contracts in respect of its dealing in shares, securities, debentures and other investments and timely entries have been made therein. The aforesaid 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.

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

16. In our opinion and according to the information and explanations given to us, the Company has not taken any long term loans during the year.

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

18. According to the information and explanations given to us, the Company has not made any preferential allotment of shares during the year to parties and companies covered in the Registrar maintained under section 301 of the Companies Act, 1956.

19. The Company has not issued any debentures during the year and therefore the question of creating security or charge in respect thereof does not arise.

20. The Company has not made any public deposits during the year.

21. According to the information and explanations given no fraud on or by the Company has been noticed or reported during the year.

For, Ashok Kumar Natwarlal & Co.

Chartered Accountants

161/1, Mahatma Gandhi Road, ,

3rd Floor, Room No. 70B,

Kolkata-700 007 Ashok Kumar Agarwal

Proprietor

The 30'' June, 2011 Membership No. 56189

Firm Regn No.322307E

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