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Auditor Report of G D Trading & Agencies Ltd.

Mar 31, 2014

We have audited the accompanying financial statements G-D.TRADING & AGENCIES LIMITED ("the Company"), which comprise the Balance Sheet as at March 31, 2014, the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of of significant accounting policies and other explanatory information.

MANAGEMENT''S RESPONSIBILITY STATEMENT FOR THE FINANCIAL STATEMENTS

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position financial performance and cash flows of the Company in accordance with the Accounting Standards 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 and in accordance with the accounting principles generally accepted in India. this responsibility includes the design, implementation and maintanenace of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

AUDITOR''S RESPONSIBILITY

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan 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 procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company''s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to 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, 2014;

b) In the case of the Profit and Loss Account, of the loss for the year ended on that date; and

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

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As reqUired by the Companies (Auditor''s Report) Order, 2003 ("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 explanation which to the best of our knowledge and belief were necessary for the purpose of our audit;

b) In our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books; c; The Balance Sheet, Statement of Profit and Loss and the Cash Flow statement dealt with by this Report are in agreement with the books of

d) In our opinion, the Balance Sheet, Statement of Profit and Loss and the Cash Flow Statement comply with Accounting Standards notified under the Act read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of the Section 133 of the companies Act, 2013; subject to note no 2.18.12 of the Notes to the Accounts regarding non provision of diminution of the value of the long term quoted investments Rs 7,40,70,921/- which is not accordance with the Accounting Standard 13 on " Accounting of Investments"

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

ANNEXURE TO THE AUDITORS'' REPORT

Annexure referred to in the Auditors'' Report of G.D.TRADING & AGENCIES LIMITED on the Accounts for the year ended on 31 ST MARCH 2014.

i) In respect of its Fixed Assets:

a. The Company has no fixed Assets and hence this caluse is not applicable,

ii) In respect of Inventory of goods:

a. The inventory has been physically verified by the management during the year.In our opinion,the 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 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.No material discrepancies were noticed on physical verification as compared to book records.

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

a. The Company has granted loans aggregating Rs.NIL during the previous year and the outstanding balances of such loan is Rs.NIL

b. In our opinion,the rate of interest and other terms and conditions of such loans are not,prima facie, prejudicial to the interest of the company.

c. In respect of loans and advances in the nature of loans given by the company,wherever stipulations have been made,the parties a generally repaying the principals amount and interest amount wherever applicable;

d. There is no overdue amount in respect of loans granted to companies,firme or other parties listed in the register maintained under section 301 of the Companies Act, 1956.

e. The company has taken loans from party coverd under register maintained under section 301 of the Companies Act 1956. Maximum amount involve during the year was 7,71,75,056/- & year end balance of loan taken was Rs.7,70,57,057/-.

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 with regards to purchase of fixed assets and with regards to sale of services. In our opinion and according to the information and explanations given to us, we have not observed any major weakness in internal control system during the course of audit,

v) Based on the audit procedure applied by us and according to the information and explanations provided by the management, we are of the opinon that the transaction that need to be entered in the register mantained under Section 301 of the Companies Act, 1956, have been so entered.

vi) The Company has not accepted any deposits from the public within the meaning of Section 58A and 58AA of companies Act,1956 and the rules framed thereunder.

vii) In our opinion and according to the information and explanations given to us, the Company has an internal audit system commensurate with the size and nature of its business.

viii) The Central Government has not prescribed the maintenance of cost records under section 209(1)(d) of the Companies Act, 1956 for any of the services rendered by the Company.

ix) In respect of statutory dues:

a) For the year review we are informed that the provisions of Employees Provident Fund and the Employee State Insurance Scheme were not applicable. The company is regular with appropriate authorities undisputed statuatory dues including Provident Fund, Investor Education Protection Fund, Employees'' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other material statuatory dues applicable to it.

b) Further, since the central Government has till date not prescribed the amount of cess payable under section 441A of the sompanies Act, 1956, we are not in position to comment upon the regularity or otherwise of the company in depositing the same.

c) According to the books of account and records as produces and examined by us, there are no undisputed amount payable in respect of Income Tax, Sales Tax, profession Tax, Cess were in arrears as on 31.03.2014 for a period of more than 6 months.

x) The company have accumulated losses to the extent of Rs. 27,11,898 (previous year Rs. 27,14,410/-)

xi) Based on our audit procedure and according to the information and explanation given to us, we are of the opinion that the Company has not defaulted in repayment of dues to financial institution, banks or debenture holders.

xii) In our opinion and according to the information and explanation given to us, no loans and advances have been granted by the Company on the basis of security by way of pledge of shares, debentures and other securities.

xiii) In our opinion and according to the information and explanation given to us, the Company is not a chit fund or a nidhi/mutual benefit funds/spciety.

xiv) The company has maintained proper records with regards to its transaction and contracts in respects of investments in shares and other securities and timely entries have been held by the company in its own name, except tp the extent of exemption granted under section 49 of the Companies Act, 1956 and save for certain shares which are lodged for transfer or held with valid transfer forms.

xv) In our opinion and according to the information and explanation given to us, the Company has not given any guarantees for loans given by others from banks or financial institutions, the terms and condition whereof are prejudicial to the interest of the company.

xvi) In our opinion and according to the information and explanation given to us, the company has not taken any term loan during the year.

xvii) On the basis an overall examination of the balance sheet of the Company, in our opinion and according to the information and explanation given to us, there are no funds raised on a short-term basis, which have been used for long-term investment and vice versa.

xviii) The Company has not made any preferential allotment of shares to companies/firms/parties covered in the register maintained under section 301 of the companies Act, 1956.

xix) The Company has not raised funds by way of debentures.

xx) The Company has not raised any money by public issue during the year.

xxi) In our opinion and according to the information and explanation given to us, no fraud on or by the Company has been noticed reported during the year that causes the financial statements to be materially misstated.

For J.K.Lahoti & Co. Chartered Accountants

J.K.Lahoti Proprietor


Mar 31, 2011

We have audited the attached Balance Sheet of G.D. TRADING & AGENCIES LTD, 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.

We conducted our audit in accordance with the 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.

As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Government of . India in terms of sub-section (4-A) of Section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 & 5 of the said Order, to the extent applicable to the Company.

Further to our comments in the annexure referred to above, we report that:

1. 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;

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 those books;

3. The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the Books of Account;

4. In our opinion, the Balance Sheet and Profit and Loss Account dealt with by this report comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956, to the extent applicable, except for non provision of diminution in the values of long term investment amounting to Rs.7,40,70,921/- which is not in accordance with Accounting Standard 13 on "Accounting for Investment" (Refer Note No.B-4 of Schedule 17).

5. On the basis of the written representations received from the directors as on March 31,2011 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on March 31, 2011 from being appointed as a director in terms of clause (g) we report that of sub-section (1) of section 274 of the Companies Act, 1956; 6. Subject to above in paragraph 4 above, in our opinion and to the best of our information and according to the explanations given to us, the said Accounts, read together with other Notes given in Schedule '17', 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 affairs of the Company as at 31st March,2010 and

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

ANNEXURE TO THE AUDITORS' REPORT (REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE)

On the basis of such checks, as we considered appropriate and in terms of the information and explanations given to us, we state that: -

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

(b) As explained to us, the fixed assets have not been physically verified by the management during the year but there is a regular program, which in our opinion is reasonable having regards to the size of the company and the nature of its assets. As informed to us, no material discrepancies were noticed on such verification.

(c) No substantial part of fixed assets has been disposed off during* the year.

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

(b) According to information & explanation given to us, the procedures followed for physical verification of the inventory are, in our opinion, reasonable and adequate in relation to size of the company & nature of its business,

(c) According to record produced before us for our verification, there were no material discrepancies noticed on physical verification of stocks referred to in Para 2(a) as compared to book records.

(iii) (a) According to the information and explanations given to us, the Company has granted loans, secured or unsecured, to Companies, firms or other party listed in the register maintained under Section 301 of the Companies Act, 1956/pie maximum amount out standing during the year out of loan granted in the previous years was Rs.2,98,94,499/- & year end balance of the loan granted is Rs.2,98,94,499/-.

(b) In our opinion, the rate of interest and other terms and conditions of such loans are not, prima facie, prejudicial to the interest of the company.

(c) In respect of loans and advances in the nature of loans given by the Company, wherever stipulations have been made, the parties are generally repaying the principals amounts and interest amounts where applicable;

(d) There is no overdue amount in respect of loans granted to companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956;

(e)The company has taken loan from one party covered under register maintained under section 301 of the Companies Act, 1956 .Maximum amount involve during the year was Rs.2,83,30,986/- & yearend balance of loan taken was Rs.2,83,30,986/-;

(f) In our opinion, the rate of interest and other terms and conditions on which loans have been taken from the party 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) During the year company is regular in repaying principal amount has been stipulated and has not paid any interest;

(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 and fixed assets and with regards to sale of goods & services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls;

(v) According to the information and explanations given to us and based on our verification, we are of the opinion that there are no transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956;

(vi) According to the information and explanations given to us, the Company has not accepted any deposits from the public as defined in Non-Banking Financial Companies Acceptance of Public Deposit (Reserve Bank) Directions, 1998;

(vii) In our opinion, the internal audit system of the company needs to be strengthened so as to be commensurate with the size and nature of its business;

(viii) The maintenance of cost records has not been prescribed by the Central Government under clause (d) of subsection (1) of section 209 of the Act;

(ix) (a) For the year under review we are informed that the provisions of Employees Provident Fund and the Employees State Insurance Scheme were not applicable. The company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education protection fund, employees' state insurance, income tax, sales tax, wealth tax, service tax, custom duty, excise duty, cess and other material statutory dues applicable to it.

Further, since the Central Government has till date not prescribed the amount of cess payable under section 441A of the Companies Act, 1956, we are not in a position to comment upon the regularity or otherwise of the company in depositing the same.

(b) According to the information and explanations given to us, there are no undisputed amounts payable in respect of Income Tax, Sales Tax, Custom Duty, Wealth Tax, service tax, Excise Duty and Cess, were in arrears as at 31.03.2011 for a period of more than 6 months;

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

(x) In our opinion, the accumulated losses of the company are not more than fifty percent of its net worth. The company has not incurred cash losses during the financial year covered by our audit and the immediately preceding financial year;

(xi) In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to a financial institution, bank or debenture holders;

(xii) According to the information's and explanations given to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities;

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

(xiv) The company has maintained proper records with regards to its transactions and contracts in respects of investments in shares and other securities and timely entries have been made therein. All these shares and other securities have been held by the company in its own name, except to the extent of exemption granted under Section 49 of the Companies Act, 1956 and save for certain shares which are lodged for transfer or held with valid transfer forms;

(xv) According to the information's and explanations given to us, the Company has not given any guarantee for loan taken by others from bank or financial institutions, the terms and conditions whereof are prejudicial to the interest of the company.

(xvi) According to the information's and explanations given to us, the Company has not taken any term loans during the year;

(xvii) According to the information's and explanations given to us and on an overall examination of the balance sheet of the company, we report that the no funds raised on short-term basis have been used for long-term investment.

(xviii)According to the information's and explanations given to us, the Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Companies Act, 1956;

(xix) According to the information and explanations given to us, the Company has not issued debentures;

(xx) According to the information and explanations given to us, the Company has not raised money by public issues during the year;

(xxi) According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

For J.K. LAHOTI & CO.

Chartered Accountants, .

FRN. 105508W

(J- K-LAHOTI) proprietor

Membership No.16655

Place: Mumbai

Date : 02/09/2011


Mar 31, 2009

We have audited the attached Balance Sheet of G.D. TRADING & AGENCIES LTD, as at 31st March 2009 and also the Profit and Loss Account for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys Management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with the 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 basic, 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.

As required by the Companies (Auditors Report) Order, 2003 issued by the central Government of. India in terms of sub-section (4-A) of Section 227 of the Companies Act 1956. vc enclose in the Annexurc a statement on the matters specified in paragraphs 4 & 5 of the said Order, to the extent

applicable to the Company.

Further to our comments in the annexure referred to above, we report that:

1 We have obtained all the informations 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 those books:

3 The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the Breks of Account.

In our opinion, the Balance Sheet and Profit and Loss Account creat with by this report comply with the Accounting Standards referred to in sub-section of Section 211 of the Companies Act. 1956. to the extent applicable, except for diminution in the values of long term investment amounting to Rs.7.4070921 which is not in accordance with Accounting Standard 13 on "Accounting for Investment" (Refer Note No.B-4 of Schedule 17).

5. On the basis of the written representations received from the directors as on March 31 2009 and taken on record by the Board of Directors. we report that none of the directors is disqualified as on March 31. 2007 from being appointed as a director in terms of clause (g) we report that of sub-section (I) of section 274 of the Companies Act. 1956;

6.Subject to above in paragraph 4 above, in our opinion and to the best of our information and according to the explanations given to us, the said Accounts, read together with other Notes given in Schedule 17 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 affairs of the Company as at 31st March,2008 and

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

ANNEXURE TO THE AUDITORS REPORT

(REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE)

i On the basis of such checks, as we considered appropriate and in terms of the information and explanations given to us, we state that: -

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

(b) As explained to us, the fixed assets have not been physically verified by the management during the year but there is a regular program, which in our opinion is reasonable having regards to the size of the company and the nature of its assets. As informed to us, no material discrepancies were noticed on such verification.

(c) No substantial part of fixed assets has been disposed off during the year.

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

(b) According to information & explanation given to us, the procedures followed for physical verification of the inventor, are, in our opinion, reasonable and adequate in relation to size of the company & nature of its

business,

(c) According to record produced before us for our verification, there were no material discrepancies noticed on physical verification of stocks referred to in Para 2(a) as compared to book records.

iiii) (a) According to the information and explanations given to as the Company has not granted any loans, secured or unsecured, to any Companies, firms or other party listed in the register maintained under Section 301 of the Companies Act. 1956.The maximum amount out standing during the year out of loan granted in the previous years was

(v) According to ihe infonnation and explanations given to us and based on our verification, we are of the opinion that there are no transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956 ;

(vi) According to the infonnation and explanations given to us, the Company has not accepted any deposits from the public as defined in Non-Banking Financial Companies Acceptance of Public Deposit (Reserve Bank) Directions, 1998;

(vii) In our opinion, the internal audit system of the company needs to be strengthened so as to be commensurate with the size and nature of its business;

(viii) The maintenance of cost records has not been prescribed by the Central Government under clause (d) of subsection (1) of section 209 of the Act;

(ix) (a) For the year under review we are informed that the provisions of Employees Provident Fund and the Employees State Insurance Scheme were not applicable. The company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education protection fund, employees state insurance, income tax, sales tax, wealth tax, service tax, custom duty, excise duty, cess and other material statutory dues applicable to it.

Further, since the Central Government has till date not prescribed the amount of cess payable under section 441A of the Companies Act, 1956, we are not in a position to comment upon, the regularity or otherwise of the company in depositing the same.

(b) According to the informations and explanations given to us, there are no undisputed amounts payable in respect of Income Tax. Sales ia. Custom Duty, Wealth tax. service tax. Excise Duty .and Cess, were in arrears as at 31.03.2003 for a period of more than 6 months.

Rs.2,62,11,574/- & year end balance of the loan granted is Rs.2,62,11,574/-.

(b) In our opinion, the rate of interest and other terms and conditions of such loans are not, prima facie, prejudicial to the interest of the company.

(c) In respect of {pans and advances in the nature of loans given by the Company, wherever stipulations have been made, the parties are generally repaying the principals amounts and interest amounts where applicable;

(d) There is no overdue amount in respect of loans granted to companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956;

(e)The company has taken loan from one party covered under register maintained under section 301 of the Companies Act.1956 .Maximum amount involve during me year was Rs.2,36,81,859/- & yearend balance of loan taken was Rs.2,36,81,859/-;

(f) In our opinion, the rate of interest and other terms and conditions on which loans have been taken from the party 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) During the year company is regular in repaying principal amount has been stipulated and has not paid any interest;

(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 and fixed assets and with regards to sale of goods & services. During the course of our audit, we have not observers any continuing failure to correct major weaknesses in internal controls.

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

(x) In our opinion, the accumulated losses of the company are not more than fifty percent of its net worth. The company has not incurred cash losses during the financial year covered by our audit and the immediately preceeding financial-year;

(xi) In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to a financial institution, bank or debenture holders,

(xii) According to the informations and explanations given to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities;

(xiii) In our opinion, the company is not a chit fund or a nidhi/ mutual benefit fund/ society. Therefore, the provisions of clause 4 (xiii) of the Companies (Auditors Report) Order, 2003 are not applicable to the company;

(xiv) The company has maintained proper records with regards to its transactions and contracts in respects of investments in shares and other securities and timely entries have been made therein. All these shares and other securities have been held by the company in its own name, except to the extent of exemption granted under Section 49 of the Companies Act, 1956 and save for certain shares which are lodged for transfer or held with valid transfer forms;

(xvi) According to the informations and explanations given to us. the Company has not given any guarantee for loan taken by others from bank or financial institutions, the terms and conditions whereof are prejudicial to the interest of the company

(xvi) According to the informations and explanations given to us, the Company has not taken any term loans during the year;

(xvii) According to the informations and explanations given to us and on an overall examination of the balance sheet of the company, we report that the no funds raised on short-term basis have been used for long-teirm investment.

(xviii) According to the informations and explanations given to us, the Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Companies. Act, 1956;

(xix) According to the information and explanations given to us, the Company has not issued debentures:

(xx) According to the information and explanations given to us. the Company has not raised money by public issues during the year;

(xxi) According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

ForJ.K. LAHOTI & CO. Chartered Accountants,

(J. K.LAHOTI) PROPRITOR Membership No. 16655 Place : Munibai Date : 30th June.2009

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