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Auditor Report of Expo Gas Containers Ltd.

Mar 31, 2015

1. We have audited the attached Balance Sheet of EXPO GAS CONTAINERS LIMITED, as at 31st March, 2015 and the related Profit and Loss Account for the year ended on that date annexed thereto which we have signed under reference to this report. These financial statements are the responsibility of the Company's Management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We have conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test check basis, evidences supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the 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 Companies (Auditors' Report) Order, 2003 issued by Central Government of India in terms of Section (4A) of Section 227 Companies Act, 1956, on the basis of such checks of the books and records of company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.

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

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

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

c) In our opinion, the Balance Sheet and Profit and Loss account dealt with by the report are in agreement with the books of accounts.

d) On the basis of 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 Clause (g) of sub section (i) of Section 274 of the Act.

e) In our opinion, subject to accounting treatment in respect of transactions discussed in the notes to the accounts viz: Note No:- 2.28 regarding non-provision of leave encashment and gratuity liability the amount of which is unascertainable, the Balance Sheet and Profit and Loss Account dealt with by this Report are in compliance with the accounting standards referred to in section 211 (3C) of the Companies Act, 1956 in so far as they apply to the Company.

f) In our opinion and to the best of our information and according to the explanations given to us, the said financial statements together with the notes thereon and attached statements, given in the prescribed manner the information required by the Act and give a true and fair view in conformity with the accounting principles generally accepted in India.

1. In the case of the Balance sheet of the state of affairs of the company as at 31st March, 2015.

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

(REFERRED TO IN PARAGRAPH 3 OF THE AUDITORS' REPORT OF EVEN DATE TO THE MEMBERS OF EXPO GAS CONTAINERS LIMITED ON THE FINANCIAL STATEMENT FOR THE YEAR ENDED 31st MARCH, 2015)

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

(b) The fixed assets of the company have been physically verified by the management during the year and no material discrepancies between the book records and the physical inventory have been noticed. In our opinion frequency of verification is reasonable.

(c) In our opinion, a substantial part of fixed assets has not been disposed off by the company during the year.

2. (a) Inventory has been physically verified by the management during the year. In our opimon frequency of verification is reasonable.

(b) In our opinion, the procedure of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

(c) On the basis of our examination of the inventory records, in our opinion, the company is maintaining proper records of inventory. The discrepancies noticed on physical verification of inventory as compared to book records were not material.

3. The Company has taken unsecured loans from Companies, firms and other parties covered under section 301 of the Companies Act 1956 / section 189 of the Companies Act, 2013. The rate of interest and other terms and conditions of such loans are prima facie not prejudicial to the interest of the Company.

4. In our opinion, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business for the purchase of inventory and fixed assets and for the sale of goods. Further, on the basis of our examination of the books and records of the Company, carried out in accordance with the auditing standards generally accepted in India, we have not observed any continuing failure to correct major weaknesses in the aforesaid internal control procedures.

5. a) In our opinion and according to the information and explanations given to us, transactions that need to be entered into the register in pursuance of section 301 of the Companies Act 1956 / section 189 of the Companies Act 2013 have been entered in the said Register.

b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the Register maintained under section 301 of the Companies Act 1956 / section 189 of the Companies Act 2013 have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

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

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

8. The Central Government of India has not prescribed the maintenance of cost records under clause (d) of sub-section (i) of Section 209 of the Companies Act 1956 / section 128 read with section 148 of the Companies Act 2013 for any of the products of the Company.

9. According to the records of the Company examined by us, in our opinion, the Company is generally regular in depositing undisputed statutory dues such as income tax, sales tax with the appropriate authorities in India.

10. The Company has no accumulated losses as at 31st March, 2015 or in the immediately preceding financial year.

11. In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to its ankers. As at the Balance Sheet date, the Company does not have any outstanding debentures or dues to any debenture holders.

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 provision of any special statute applicable to chit fund/nidhi/mutual benefit fund/societies are not applicable to the Company.

14. In our opinion, the Company is not dealer or trader in shares, securities, debentures and other investments.

15. The Company has not given any guarantee for loans taken by others from banks or financial institutions during the year.

16. On the basis of an overall examination of the Balance Sheet of the Company, in our opinion, there are no funds raised on a shot-term basis which have been used for long-term investment, and vice versa.

17. The Company has not made any preferential allotment of shares to parties and companies covered under Section 301 of the Companies Act, 1956 / section 189 of the Companies Act, 2013 during the year.

18. The Company has not issued any debentures.

19. During the year 2013-14, 45,00,000 warrants has been treated as converted into 45,00,000 equity shares of face value of Rs. 4/- each at a Kremium of Rs. 6/- each as per SAT order dated 2.12.2013 in Appeal To. 115/2012. Accordingly 67,50,000 equity shares allotted earlier stands cancelled and only 45,00,000 equity shares were listed in BSE. Further the Company has allotted 67,50,000 new equity shares of Rs. 4/- each issued at a premium of Rs. 2.5 each to promoter group. Flowever the shares are pending for listing in BSE as open offer is under process.

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

For Ketan N. Shah & Co., Chartered Accountants

Sd/- Place : Mumbai (K. N. SHAH) Dated: 29.05.2015 Proprietor


Mar 31, 2014

1. We have audited the attached Balance Sheet of EXPO GAS CONTAINERS LIMITED, as at 31" March, 2014 and the related Profit and Loss Account for the year ended on that date annexed thereto which we have signed under reference to this report. These financial statements are the responsibility of the " Company''s Management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We have conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test check basis, evidences supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the 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 Companies (Auditors'' Report) Order, 2003 issued by Central Government of India in terms of Section (4A) of Section 227 Companies Act, 1956, on the basis of such checks of the books and records of company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.

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

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

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

c) In our opinion, the Balance Sheet and Profit and Loss account dealt with by the report are in agreement with the books of accounts.

d) On the basis of written representation received from the Directors, as on 31st March, 2014 and taken on record by the Board of Directors, none of the Directors is disqualified as on 31" March, 2014 from being appointed as a Director in terms of Clause (g) of sub section (i) of Section 274 of the Act.

e) In our opinion, subject to accounting treatment in respect of transactions discussed in the notes to the accounts viz: Note No:- 2.28 regarding non- provision of leave encashment and gratuity liability the amount of whicb/fl^ is unascertainable, the Balance Sheet and Profit and Loss Account dealt - with by this Report are in compliance with the accounting standards referred to in section 211(3C) of the Companies Act, 1956 in so far as they apply to the Company.

f) In our opinion and to the best of our information and according to the explanations given to us, the said financial statements together with the notes thereon and attached statements, given in the prescribed manner the information required by the Act and give a true and fair view in conformity with the accounting principles generally accepted in India.

1. In the case of the Balance sheet of the state of affairs of the company as at 31st March, 2014.

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

ANNEXURE TO AUDITOR''S REPORT

(REFERRED TO IN PARAGRAPH 3 OF THE AUDITORS'' REPORT OF EVEN DATE TO THE MEMBERS OF EXPO GAS CONTAINERS LIMITED ON THE FINANCIAL STATEMENT FOR THE YEAR ENDED 31st MARCH, 2014)

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

(b) The fixed assets of the company have been physically verified by the management during the year and no material discrepancies between the book records and the physical inventory have been noticed. In our opinion frequency of verification is reasonable.

(c) In our opinion, a substantial part of fixed assets has not been disposed off by the company during the year.

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

(b) In our opinion, the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

(c) On the basis of our examination of the inventory records, in our opinion, the company is maintaining proper records of inventory. The discrepancies noticed on physical verification of inventory as compared to book records were not material.

3 The Company has taken unsecured loans from Companies, firms and other parties covered under section 301 of the Act. The rate of interest and other terms and conditions of such loans are prima facie not prejudicial to the interest of the Company.

4 In our opinion, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business for the purchase of inventory and fixed assets and for the sale of goods. Further, on the basis of our examination of the books and records of the Company, carried out in accordance with the auditing standards generally accepted in India, we have not observed any continuing failure to correct major weaknesses in the aforesaid internal control procedures.

5 %) In our opinion and according to the information and explanations given to us, transactions that need to be entered into the register in pursuance of section 301 of Act have been entered in the said Register.

b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the Register maintained under section 301 of the Act have been made at prices which are reasonable having regard to prevailing market prices at the relevant'''' time.

6 The Company has not accepted any deposits from the public within the meaning of section 58AA of the Act and the rules framed there under.

7 In our opinion, the Company has no internal audit system at present. We are given to understand that the Company is in the process of appointing a suitable person.

8 The Central Government of India has not prescribed the maintenance of cost records under clause (d) of sub-section (i) of Section 209 of the Act for any of the products of the Company.

9 According to the records of the Company examined by us, in our opinion, the Company is generally regular in depositing undisputed statutory dues such as income tax, sales tax with the appropriate authorities in India.

10 The Company has no accumulated losses as at 31 th March, 2014 or in the immediately preceding financial year.

11 As at the Balance Sheet date, the Company does not have any dues to any debenture holders.

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

13 The provisions of any special statute applicable to chit fund/nidhi/mutual benefit fund/societies are not applicable to the Company.

14 In our opinion, the Company is not dealer or trader in shares, securities, debentures and other investments.

15 The Company has not given any guarantee for loans taken by others from banks or financial institutions during the year.

16 On the basis of an overall examination of the Balance Sheet of the Company, in our opinion, there are no funds raised on a shot-term basis which have been used for long-term investment, and vice versa.

17 The Company has not made any preferential allotment of shares to parties and ^V companies covered under Section 301 of the Act during the year.

18 The Company has not issued any debentures.

19 During the year 45,00,000 warrants has been treated as converted into 45,00,000 equity shares of face value of Rs. 4/- each at a premium of Rs. 6/- each as per SAT order dated 2.12.2013 in Appeal No. 115/2012. Accordingly 67,50,000 equity shares allotted earlier stands cancelled and only 45,00,000 equity shares were listed in BSE. Further the Company has allotted 67,50,000 new equity shares of Rs. 4/- each issued at a premium of Rs. 2.5 each to promoter group. However the shares are pending for listing in BSE as open offer is under process.

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

For KetanN. Shah & CO., Chartered Accountants Place : Mumbai Dated :29.05.2014 Sd/- (K. N. SHAH) Proprietor


Mar 31, 2013

1. We have audited the attached Balance Sheet of EXPO GAS CONTAINERS LIMITED, as at 31st March, 2013 and the related Profit and Loss Account for the year ended on that date annexed thereto which we have signed under reference to this report. These financial statements are the responsibility of the Company''s Management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We have conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test check basis, evidences supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the 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 Companies (Auditors'' Report) Order, 2003 issued by Central Government of India in terms of Section (4A) of Section 227 Companies Act, 1956, on the basis of such checks of the books and records of company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.

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

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

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

c) In our opinion, the Balance Sheet and Profit and Loss account dealt with by the report are in agreement with the books of accounts.

d) On the basis of 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 (i) of Section 274 of the Act.

e) In our opinion, subject to accounting treatment in respect of transactions discussed in the notes to the accounts viz: Note No:- 2.28 regarding non-provision of leave encashment and gratuity liability the amount of which is unascertainable, the Balance Sheet and Profit and Loss Account dealt with by this Report are in compliance with the accounting standards referred to in section 211 (3C) of the Companies Act, 1956 in so far as they apply to the Company.

f) In our opinion and to the best of our information and according to the explanations given to us, the said financial statements together with the notes thereon and attached statements, given in the prescribed manner the information required by the Act and give a true and fair view in conformity with the accounting principles generally accepted in India.

1. In the case of the Balance sheet of the state of affairs of the company as at 31st March, 2013.

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

ANNEXURE TO AUDITOR''S REPORT

(REFERRED TO IN PARAGRAPH 3 OF THE AUDITORS'' REPORT OF EVEN DATE TO THE MEMBERS OF EXPO GAS CONTAINERS LIMITED ON THE FINANCIAL STATEMENT FORTHE YEAR ENDED 31st MARCH, 2013)

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

(b) The fixed assets of the company have been physically verified by the management during the year and no material discrepancies between the book records and the physical inventory have been noticed. In our opinion frequency of verification is reasonable.

(c) In our opinion, a substantial part of fixed assets has not been disposed off by the company during the year.

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

(b) In our opinion, the procedure of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

(c) On the basis of our examination of the inventory records, in our opinion, the company is maintaining proper records of inventory. The discrepancies noticed on physical verification of inventory as compared to book records were not material.

3 The Company has taken unsecured loans from Companies, firms and other parties covered in the Register maintained under section 301 of the Act. The rate of interest and other terms and conditions of such loans are prima facie not prejudicial to the interest of the Company.

4 In our opinion, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business for the purchase of inventory and fixed assets and for the sale of goods. Further, on the basis of our examination of the books and records of the Company, carried out in accordance with the auditing standards generally

5 a) In our opinion and according to the information and explanations given to us, transactions that need to be entered into the register in pursuance of section 301 of Act have been entered in the said Register.

b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the Register maintained under section 301 of the Act have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

6 The Company has not accepted any deposits from the public within the meaning of section 58AA of the Act and the rules framed there under.

7 In our opinion, the Company has no internal audit system at present. We are given to understand that the Company is in the process of appointing a suitable person.

8 The Central Government of India has not prescribed the maintenance of cost records under clause (d) of sub-section (i) of Section 209 of the Act for any of the products of the Company.

9 According to the records of the Company examined by us, in our opinion, the Company is generally regular in depositing undisputed statutory dues such as income tax, sales tax with the appropriate authorities in India.

10. The Company has no accumulated losses as at 31st March, 2013 and has not incurred cash losses in the financial year under report or in the immediately preceding financial year.

11. As at the Balance Sheet date, the Company does not have any dues to any debenture holders.

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

13. The provision of any special statute applicable to chit fund/nidhi/mutual benefit fund/ societies are not applicable to the Company.

14. In our opinion, the Company is not dealer or trader in shares, securities, debentures and other investments.

15. The Company has not given any guarantee for loans taken by others from banks or financial institutions during the year.

16. The Company has received additional cash credit facility from bank during the year.

17. On the basis of an overall examination of the Balance Sheet of the Company, in our opinion, there are no funds raised on a shot-term basis which have been used for long-term investment, and vice versa.

18 The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Act during the year.

19. The Company has not issued any debentures.

20. The warrants converted into equity shares are not listed on BSE till date. The company has however preferred an appeal in SAT.

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

For Ketan N. Shah & CO.

Chartered Accountan

Sd/-

Place : Mumbai (K. N. SHAH)

Dated: 29.05.2013 Proprietor


Mar 31, 2010

1. We have audited the attached Balance Sheet of EXPO GAS CONTAINERS LIMITED, as at 31st March, 2010 and the related Profit and Loss Account for the year ended on that date annexed thereto which we have signed under reference to this report. These financial statements are the responsibility of the Companys Management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We have conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test check basis, evidences supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the 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 Companies (Auditors Report) Order, 2003 issued by Central Government of India in terms of Section (4A) of Section 227 Companies Act, 1956, on the basis of such checks of the books and records of company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.

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

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

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

c) In our opinion, the Balance Sheet and Profit and Loss account dealt with by the report are in agreement with the books of accounts.

d) On the basis of written representation received from the Directors, as on 31st March, 2010 and taken on record by the Board of Directors, 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 (i) of Section 274 of the Act.

e) In our opinion, subject to accounting treatment in respect of transactions discussed in the notes to the accounts (Schedule U) viz: Note No:- 13 regarding non-provision of leave encashment and gratuity liability the amount of which is unascertainable, the Balance Sheet and Profit and Loss Account dealt with by this Report are in compliance

with the accounting standards referred to in section 211(3C) of the Companies Act, 1956 in so far as they apply to the Company.

f) In our opinion and to the best of our information and according to the explanations given to us, the said financial statements together with the notes thereon and attached statements together with the notes thereon and attached thereto, given in the prescribed manner the information required by the Act and give a true and fair view in conformity with the accounting principles generally accepted in India.

1. In the case of the Balance sheet of the state of affairs of the company as at 31st March, 2010.

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

ANNEXURE TO AUDITORS REPORT

(REFERRED TO IN PARAGRAPH 3 OF THE AUDITORS REPORT OF EVEN DATE TO THE MEMBERS OF EXPO GAS CONTAINERS LIMITED ON THE FINANCIAL STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2010)

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

(b) The fixed assets of the company have been physically verified by the management during the year and no material discrepancies between the book records and the physical inventory have been noticed. In our opinion frequency of verification is reasonable.

(c) In our opinion, a substantial part of fixed assets has not been disposed off by the company during the year.

2. (a) Inventory has been physically verified by the management during the year. In our opinion frequency of

verification is reasonable.

(b) In our opinion, the procedure of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

(c) On the basis of our examination of the inventory records, in our opinion, the company is maintaining proper records of inventory. The discrepancies noticed on physical verification of inventory as compared to book records were not material.

3. The Company has taken unsecured loans from Companies, firms and other parties covered in the Register maintained under section 301 of the Act. The rate of interest and other terms and conditions of such loans are prima facie not prejudicial to the interest of the Company.

4. In our opinion, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business for the purchase of inventory and fixed assets and for the sale of goods. Further, on the basis of our examination of the books and records of the Company, carried out in accordance with the auditing standards generally accepted in India, we have not observed any continuing failure to correct major weaknesses in the aforesaid internal control procedures.

5. a) In our opinion and according to the information and explanations given to us, transactions that need to be entered into the register in pursuance of section 301 of Act have been entered in the said Register.

b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the Register maintained under section 301 of the Act have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

6. The Company has not accepted any deposits from the public within the meaning of section 58AA of the Act and the rules framed there under.

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

8. The Central Government of India has not prescribed the maintenance of cost records under clause (d) of sub-section (i) of Section 209 of the Act for any of the products of the Company.

9. (a) According to the records of the Company examined by us, in our opinion, the Company is

generally regular in depositing undisputed statutory dues including provident fund, employees state insurance, income tax, sales tax and other material statutory dues as applicable with the appropriate authorities in India.

(b) According to the records of the Company examined by us, there are no dues of sales tax, customs duty, wealth tax, excise duty and cess which have not been deposited on account of any dispute.

10. The Company has no accumulated losses as at 31st March, 2010 and has not incurred cash losses in the financial year under report or in the immediately preceding financial year.

11. As at the Balance Sheet date, the Company does not have any dues to financial institutions and banks or to any debenture holders.

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

13. The provision of any special statute applicable to chit fund/nidhi/mutual benefit fund/societies are not applicable to the Company.

14. In our opinion, the Company is not dealer or trader in shares, securities, debentures and other investments.

15. The Company has not given any guarantee for loans taken by others from banks or financial institutions during the year.

16. The Company has received credit facility such as CC, Term loan & BG from bank during the year.

17. On the basis of an overall examination of the Balance Sheet of the Company, in our opinion, there are no funds raised on a shot-term basis which have been used for long-term investment, and vice versa.

18. The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Act during the year.

19. The Company has not issued any debentures.

20. The Company has not raised any money by public issues during the year.

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



For Ketan N. Shah & Co.,

Chartered Accountants

Place : Mumbai (K. N. SHAH)

Dated:17.08.2010 Proprietor

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