Auditor Report of Maxgrow India Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of INANNA FASHION AND TRENDS LIMITED (Formally known as M/s. FRONTLINE BUSINESS SOLUTIONS LIMITED) ("the Company"), which comprise the Balance Sheet as at March 31, 2015, the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

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

Auditor's Responsibility

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

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

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 misstatements.

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

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

Opinion

In our opinion and to the best 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, of the state of affairs of the Company as at March 31, 2015, and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors' Report) Order 2015("the Order") issued by the Central Government in terms of Section 143(11) of the Act, we give in the annexure a statement on the matters specified in paragraphs 3 and 4 of the order.

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

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

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

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

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

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

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 which would impact its financial position.

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

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

Annexure to Independent Auditor's Report

(Referred to in paragraph 1 under 'Report on Other Legal and Regulatory Requirements' section of our report of even date)

(i) In respect of its fixed assets :

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

b) The Company has a programme of physical verification of all its fixed assets in a phased manner which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. In accordance with such a programme, certain fixed assets were physically verified by the management during the year. According to the information and explanation given to us, no material discrepancies were noticed on such verification.

(ii) In respect of its inventories :

a) As explained to us, the inventories were physically verified during the year by the Management at reasonable intervals.

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

c) In our opinion and according to the information and explanations given to us, the Company has maintained proper records of its inventories and no material discrepancies were observed during the course of physical verification.

(iii) The Company has granted interest free unsecured loans to four parties covered in the register maintained under Section 189 of the Companies Act, 2013. The maximum amount outstanding during the year and year end balance of such loan aggregate to Rs. 2.04 Crore and Rs. 0.57 crore respectively. Since the loans are repayable on demand the question of overdue amount does not arise.

(iv) There is an adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchases of inventory and fixed assets and the sale of goods and services. During the course of our audit, we have not observed any major weakness in such internal control system.

(v) According to the information and explanations given to us, the Company has not accepted any deposit from the public as per directives issued by the Reserve Bank of India and the provisions of section 73 to 76 or any other relevant section of the Companies Act and the rules framed thereunder.

(vi) The Central Government has not prescribed the maintenance of cost records under section 148(1) of the Act for any of the services rendered by the Company.

(vii) According to the information and explanations given to us in respect of statutory dues ;

a) The Company has generally been regular in depositing undisputed statutory dues including provident fund, employees' state insurance, income-tax, sales tax, wealth tax, service tax, customs duty, excise duty, value added tax, cess and any other statutory dues with the appropriate authorities.

b) There were no undisputed amount payable in respect of Provident fund, Employees' State Insurance, Income tax, Sales tax, Service tax and any other material statutory dues in arrears as at March 31, 2015 for a period of more than six months from the date they become payable.

c) Details of Sales tax dues which have not been deposited as on March 31,2015 on account of dispute are given below:

Name of Statue Nature of dues Amount Period

JCCI Penalty 534523/- 1991-92

Sales tax Assessment due 647571/- 1996-97

Name of Statue Forum where dispute is pending Appeal

JCCI Appeal

Sales tax Appeal

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

(viii) The Company has accumulated losses at the end of the financial year. However it has not incurred cash losses during the financial year under report and immediately preceding financial year.

(ix) In our opinion and according to the information and explanations given to us, the Company does not have any borrowing from any bank, financial institutions and debenture holders.

(x) In our opinion and according to the information and explanations given to us, the Company has not given any guarantees for loans taken by others from banks and financial institutions.

(xi) In our opinion and according to the information and explanations given to us, the Company has not taken term loans during the year.

(xii) To the best of our knowledge and according to the information and explanations given to us, no fraud by the Company and no material fraud on the Company has been noticed or reported during the year.

FOR P. C. BARADIYA & CO. CHARTERED ACCOUNTANTS FIRM REGN. NO. 101017W

K.C. KANKARIYA PARTNER MEMBERSHIP NO: 43951

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Mar 31, 2014

1. Report on the Financial Statements

We have audited the accompanying financial statements of M/s FRONTLINE BUSINESS SOLUTIONS LIMITED (the Company), which comprise the Balance Sheet as at 31 March 2014, the Statement of profit and Loss and the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information.

2. Management''s Responsibility for the Financial Statements

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

3 Auditors'' Responsibility

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

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements.

The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company''s internal control. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Management, as well as evaluating the overall presentation of the financial statements.

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

4 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 31March 2014.

(b) in the case of the Statement of Profit and Loss, of the profit of the Company 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.

5 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 in terms of Section 227(4A) of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by Section 227(3) of the Act, we report that:

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

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

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

(d) In our opinion, the Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement comply with the Accounting Standards notified under the Act (which continue to be applicable in respect of Section 133 of the Companies Act, 2013 in terms of General Circular 15/2013 dated 13 September 2013 of the (Ministry of Corporate Affairs).

(e) On the basis of the written representations received from the directors as on 31 March 2014 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 Section 274(1)(g) of the Act.

ANNEXURE TO THE INDEPENDENT AUDITOR''S REPORT

Referred to in paragraph "1" under Report on other legal and the regulatory requirements section of our report of even date of Frontline Business Solution Limited for the year ended 31st March, 2014

1.

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

(b) As explained to us, the assets have been physically verified by the management at reasonable intervals in accordance with the phased programme of verification which, in our opinion, is reasonable considering the size of the Company and the nature of its fixed assets. According to the information and explanation given to us, no material discrepancies have been noticed on such physical verification.

(c) In our opinion and according to the information and explanation give to us, no fixed assets has been disposed off during the year and therefore does not affect the going concern assumption.

2.

(a) The inventory of the Company has been physically verified by the Management at reasonable intervals.

(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 nature of its business.

(c) On the basis of examination of the records of the Company, we are of the opinion that the Company is maintained proper records of inventory and no material discrepancies were noticed on such physical verification.

3. (a) The Company has granted unsecured loan to four parties covered in the register maintained under section 301 of the Companies Act. The maximum amount involved during the year was Rs. 168.17 Lakh and the year-end balance of such loans was 55.13 Lakh. There were no stipulation as to when the interest was payable, wherever applicable. In our opinion, the rate of interest and the other terms and condition of such loans are prima facie not prejudicial to the interest of the Company.

(b) The Company has taken unsecured loans from two parties covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs. 13.85 Lakh and the year end balance of such loan was Rs. NIL Lakh. There were no stipulation as to when the interest was payable, wherever applicable. In our opinion, the rate of interest and the other terms and condition of such loans are prima facie not prejudicial to the interest of the Company.

4. 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 fixed assets and for the sale of goods and services. During the course of our audit, no major weakness has been noticed in the internal control procedures.

5. In our opinion and according to the information and explanation given to us, there are no contracts or arrangements referred to in section 301 of the Companies Act, 1956 during the year to be entered in the register required to be maintain under that section. Accordingly, the question of commenting on transaction made in pursuance of such contract or arrangement does not arise.

6. The Company has not accepted any deposits from the Public and consequently, the directives issued by the Reserve Bank of India , the provisions of Section 58A and 58AA of the Companies Act, 1956 and the rules framed there under are not applicable.

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

8. The Central Government has not prescribed maintenance of cost records under Cause (d) of sub-section (1) of Section 209 of the Companies Act, 1956 in respect of activities of the Company.

9 (a) According to the records of the Company, the Company is generally regular in depositing undisputed statutory dues including Provident Fund, Employees State Insurance, Investor Education and Protection Fund, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other material Statutory dues to the extent applicable with the appropriate authorities and there are no undisputed statutory dues payable for a period more than six months from the date they became payable as at 31st March, 2013.

(b) According to the records and information and explanation given to us, there are no dues in respect of Income Tax, Service Tax, Custom Duty, Wealth Tax, Excise Duty that have not been deposited with the appropriate authorities on account of any dispute except the following :

Name of Nature of Dues Amount Period Forum where the the dispute is pending Statute

JCCI Penalty 5,34,523 91-92 Appeal

Sales Tax Assessment Dues 6,47,571 96-97 Appeal

10. Accumulated losses of the Company are less than 50% of its net worth. The company has earned profit during the current financial year.

11. The Company has not taken any loan from financial institution, banks and debenture holders and as such the question of commenting on default in repayment of dues to any financial institution, banks and debenture holder does not arise.

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. In our opinion, Company is not a chit fund or a nidhi/ mutual benefit fund or society and as such the provision of clause 4 (xiii) of the Order are not applicable to the Company.

14. In our opinion, the Company is not dealing or trading in shares, securities, debentures, and other investments and as such the provision of clause 4 (xiv) of the Order are not applicable to the company.

15. According to the information and explanation given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions and as such the provision of clause 4 (xv) of the Order are not applicable to the Company.

16. The Company has not raised any term loans and as such the provisions of Clause 4 (xvi) of the Order are not applicable to the Company.

17. According to the information and explanation given to us and on and overall examination of the balance sheet of the Company, in our opinion, the funds raised on short-term basis have, prima-facie, not been used for long term investment.

18. According to the information and explanation given to us, the company has not made preferential allotment of shares to company & parties covered in the Register maintained under Section 301 of Companies Act, 1956.

19. The Company has not raised any money by way of issue of debenture during the year and as such the provision of 4 (xix) of the Order is not applicable to the Company.

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

21. During the course of our examination of the books and records of the company, carried out in accordance with the generally accepted auditing practice in India and according to the information and explanations given to us, 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 cases by the management.

22. Based on the audit procedures performed and on the basis of information and explanations provided by the management, no fraud on or by the Company has been noticed or reported during the course of our audit nor we have been informed by the management about any such instance.

For P.C. BARADIYA & CO Chartered Accountants

(K.C. KANKARIYA) PARTNER MUMBAI Membership No. : 43951 May 30, 2014 Firm Regn. No. : 101017W

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Mar 31, 2013

1. Report on the financial statements

We have audited the accompanying financial statements of M/s FRONTLINE BUSINESS SOLUTIONS LIMITED, which comprise the balance sheet as at 31st March, 2013, and the statement of the profit & loss and the cash flow statement for the year then ended, and a summary of the significant accounting policies and other explanatory information.

2. Management''s responsibility for the financial statements

Management is responsible for the preparation of these financial statements that give a true and the 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 section 211 of the Companies Act, 1956 ("the Act"). This maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and free from material misstatement, whether due to fraud or error.

3. 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 Institute of Chartered Accountant of India. Those standard require that we comply with the ethical requirements and plan and perform the audit to obtain the reasonable assurance about whether the financial statements are free from material misstatements.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including assessment of risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, 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 the financial statements.

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

4. Emphasis of matter

Attention is drawn to note no. 22 regarding balances of debtors, fixed assets lying with the third parties and current liabilities (including advances from customers) and secured loans as stated in the said note are in the process of confirmation/reconciliation.

5. Opinion

In our opinion and best of our information and according to the explanations given to us, the financial statements read together with notes thereon give the information required by 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 the affairs of the company as at 31st March, 2013.

b. In case of the statement of the profit and loss, of the profit for the year ended on that date, and

c. In case of the cash flow statement, of the cash flows for the year ended on that date.

6. Report on other legal and the regulatory requirements

a. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order") issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the order.

b. 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 accounts, as required by the Law, have been kept by the Company so far as appears from our examination of the books.

c) The Balance Sheet, the Statement of Profit and Loss Account and the Cash Flow Statement of the Company referred to in this report are in agreement with the books of Accounts .

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

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

ANNEXURE TO THE INDEPENDENT AUDITOR''S REPORT

Referred to in paragraph "a." under Report on other legal and the regulatory requirements section of our report of even date of Frontline Business Solution Limited for the year ended 31st March, 2013

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

(b) As explained to us, the assets have been physically verified by the management at reasonable intervals in accordance with the phased programme of verification which, in our opinion, is reasonable considering the size of the Company and the nature of its fixed assets. According to the information and explanation given to us, no material discrepancies have been noticed on such physical verification.

(c) In our opinion and according to the information and explanation give to us, no fixed assets has been disposed off during the year and therefore does not affect the going concern assumption.

2. (a) The inventory of the Company has been physically verified by the Management at reasonable intervals.

(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 nature of its business.

(c) On the basis of examination of the records of the Company, we are of the opinion that the Company is maintained proper records of inventory and no material discrepancies were noticed on such physical verification.

3. (a) The Company has granted unsecured loan to four parties covered in the register maintained under section 301 of the Companies. The maximum amount involved during the year was Rs. 125.45 Lakh and the year-end balance of such loans was NIL. There were no stipulation as to when the interest was payable, wherever applicable. In our opinion, the rate of interest and the other terms and condition of such loans are prima facie not prejudicial to the interest of the Company. (b) The Company has taken unsecured loans from two parties covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs. 35.31 Lakh and the year end balance of such loan was Rs. 23 Lakh. There were no stipulation as to when the interest was payable, wherever applicable. In our opinion, the rate of interest and the other terms and condition of such loans are prima facie not prejudicial to the interest of the Company. 4 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 fixed assets and for the sale of goods and services. During the course of our audit, no major weakness has been noticed in the internal control procedures.

5. In our opinion and according to the information and explanation given to us, there are no contracts or arrangements referred to in section 301 of the Companies Act, 1956 during the year to be entered in the register required to be maintain under that section. Accordingly, the question of commenting on transaction made in pursuance of such contract or arrangement does not arise.

6. The Company has not accepted any deposits from the Public and consequently, the directives issued by the Reserve Bank of India , the provisions of Section 58A and 58AA of the Companies Act, 1956 and the rules framed there under are not applicable.

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

8. The Central Government has not prescribed maintenance of cost records under Cause (d) of sub-section (1) of Section 209 of the Companies Act, 1956 in respect of activities of the Company.

9. (a) I According to the records of the Company, the Company is generally regular in depositing undisputed statutory dues including Provident Fund, Employees State Insurance, Investor Education and Protection Fund, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other material Statutory dues to the extent applicable with the appropriate authorities and there are no undisputed statutory dues payable for a period more than six months from the date they became payable as at 31st March, 2013. (b) According to the records and information and explanation given to us, there are no dues in respect of Income Tax, Service Tax, Custom Duty, Wealth Tax, Excise Duty that have not been deposited with the | appropriate authorities on account of any dispute except the following :



Name of Nature of Dues Amount Period Forum where the the dispute is Statute pending

JCCI Penalty 5,34,523 91-92 Appeal

Sales Tax Assessment Dues 6,47,571 96-97 Appeal

10. Accumulated losses of the Company are less than 50% of its net worth. The company has earned profit during the current financial year.

11. The Company has not taken any loan from financial institution, banks and debenture holders and as such the question of commenting on default in repayment of dues to any financial institution, banks and debenture holder does not arise.

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. In our opinion, Company is not a chit fund or a nidhi/ mutual benefit fund or society and as such the provision of clause 4 (xiii) of the Order are not applicable to the Company.

14. In our opinion, the Company is not dealing or trading in shares, securities, debentures, and other investments and as such the provision of clause 4 (xiv) of the Order are not applicable to the company.

15. According to the information and explanation given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions and as such the provision of clause 4 (xv) of the Order are not applicable to the Company.

16. The Company has not raised any term loans and as such the provisions of Clause 4 (xvi) of the Order are not applicable to the Company.

17. According to the information and explanation given to us and on and overall examination of the balance sheet of the Company, in our opinion, the funds raised on short-term basis have, prima-facie, not been used for long term investment.

18. The Company has allotted the shares on exercise of share warrant issued in the earlier years to the parties and Companies covered and recorded in the Register maintained under section 301 of the Companies Act, 1956. In our opinion, the price at which shares has been issued is not prejudicial to the interest of the Company.

19. The Company has not raised any money by way of issue of debenture during the year and as such the provision of 4 (xix) of the Order is not applicable to the Company.

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

21. During the course of our examination of the books and records of the company, carried out in accordance with the generally accepted auditing practice in India and according to the information and explanations given to us, 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 cases by the management.

22. Based on the audit procedures performed and on the basis of information and explanations provided by the management, no fraud on or by the Company has been noticed or reported during the course of our audit nor we have been informed by the management about any such instance.



For P.C. BARADIYA & CO

Chartered Accountants





(K.C. KANKARIYA)

PARTNER MUMBAI Membership No. : 43951

14th August, 2013 Firm Regn. No. : 101017W

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Mar 31, 2012

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

2 We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurances about whether the financial statements are free of material misstatements. An audit includes examining, on test basis, evidence supporting the amounts and disclosure made by the management, in the financial statements. An audit 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 the Companies (Auditor's Report) Order, 2003 (as amended by the Amendment Order 2004), issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, (hereinafter referred to as the "Act") We enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order to the extent applicable.

4 Further to our comments in the Annexure referred to in paragraph 3 above, we state 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 Accounts as required by the Law have been kept by the Company so far as appears from our examination of the books.

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

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

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

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

i. In the case of Balance Sheet, of the state of affairs of the company as at 31st March 2012;

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

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

ANNEXURE TO AUDITOR'S REPORT REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE

1. (a) The Company has maintained proper records showing full

particulars

including quantitative details and location of fixed assets.

(b) As explained to us, the assets have been physically verified by the management at reasonable intervals in accordance with the phased program of verification which, in our opinion, is reasonable considering the size of the Company and the nature of its fixed assets. According to the information and explanation given to us, no material discrepancies have been noticed on such physical verification.

(c) The assets disposed off during the year are not significant and therefore do not affect the going concern assumption.

2. (a) The Company has granted unsecured loan to one party covered in the register maintained under section 301 of the Companies. The maximum amount involved during the year was Rs. 10 Lakh and the year-end balance of such loans aggregated to Rs.10 Lakh. There were no stipulation as to when the interest was payable, wherever applicable. In our opinion, the rate of interest and the other terms and condition of such loans are prima facie not prejudicial to the interest of the Company.

(b) The Company has taken unsecured loans from 1 party covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs. 24 Lakh and the same has been repaid by the company. There were no stipulation as to when the interest was payable, wherever applicable. In our opinion, the rate of interest and the other terms and condition of such loans are prima facie not prejudicial to the interest of the Company.

3. 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 fixed assets and for the sale of services. During the course of our audit, no major weakness has been noticed in the internal control procedures.

4. In our opinion and according to the information and explanation given to us, there are no contracts or arrangements referred to in section 301 of the Companies Act, 1956 during the year to be entered in the register required to be maintain under that section. Accordingly, the question of commenting on transaction made in pursuance of such contract or arrangement does not arise.

5. The Company has not accepted any deposits from the Public and consequently, the directives issued by the Resen/e Bank of India , the provisions of Section 58A and 58AA of the Companies Act, 1956 and the rules framed there under are not applicable.

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

7. The Central Government has not prescribed maintenance of cost records under Cause (d) of sub-section (1) of Section 209 of the Companies Act, 1956 in respect of activities of the Company.

8. According to the information and explanation given to us, and the record of the Company examined by us, in our opinion, the company is regular in depositing the undisputed statutory dues including provident fund, employees' state insurance, service tax and other material statutory dues as applicable with the appropriate authorities.

(a) According to the information and explanation given to us, no undisputed dues payable in respect of sales tax, income tax, custom duty, provident fund were outstanding at 31st March ,2012 for a period of more than six months from the date they became payable. No undisputed amount payable in respect of the aforesaid statutory dues were outstanding as at the last day of financial year for a period of more than six months from the date they become payable.

(b) According to the records of the Company, there are no dues of Income Tax, Sales Tax, Custom Duty, Wealth Tax, Excise Duty which have not been deposited with the appropriate authorities on account of any dispute except the following :

Name of Nature of Dues Amount Period Forum the where the Statute dispute is pending

JCCI Penalty 5,34,523 91-92 Appeal

Sales Tax Assessment Dues 6,47,571 96-97 Appeal

9. Accumulated losses of the Company are less than 50% of its net worth. The company has earned profit during the current financial year.

10. The Company has not taken any loan from financial institution, banks and debenture holders and as such the question of commenting on default in repayment of dues to any financial institution, banks and debenture holder does not arise.

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

12. In our opinion, Company is not a chit fund or a nidhi/ mutual benefit fund or society and as such the provision of clause 4 (xiii) of the Order are not applicable to the Company.

13. In our opinion, the Company is not dealing or trading in shares, securities, debentures, and other investments and as such the provision of clause 4 (xiv) of the Order are not applicable to the company.

14. According to the information and explanation given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions and as such the provision of clause 4 (xv) of the Order are not applicable to the Company.

15. The Company has not raised any term loans and as such the provisions of Clause 4 (xvi) of the Order are not applicable to the Company.

16. According to the information and explanation given to us and on and overall examination of the balance sheet of the Company, in our opinion, the funds raised on short-term basis have, prima-facie, not been used for long term investment.

17. The Company, in strict compliance with the provision of Regulation 72(1) (2) of SEBI (ICDR) Regulation, 2009, has made preferential allotment of shares to the parties and Companies covered and recorded in the Register maintained under section 301 of the Companies Act, 1956. In our opinion, the price at which shares has been issued is not prejudicial to the interest of the Company.

18. The Company has not raised any money by way of issue of debenture during the year and as such the provision of 4 (xix) of the Order is not applicable to the Company.

19. The Company has not raised any money by public issues during the year. Accordingly clause 4 (xx) of the Order is not applicable to the Company.

20. During the course of our examination of the books and records of the company, carried out in accordance with the generally accepted auditing practice in India and according to the information and explanations given to us, 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 cases by the management.

21. Considering the nature of business conducted by the Company, the clause, (ii) of paragraph 4 of the Companies (Auditor's Report) Order, 2003, as amended by the Companies (Auditor's Report) (Amendment) Order, 2004, is not applicable in the case of the Company for the current year, and hence in our opinion there is no matter which arises to be reported in the aforesaid clause of the order.

For P.C. BARADIYA & CO

Chartered Accountants

Place: Mumbai sd/-

Date: 10th August, 2012 (K.C. KANKARIYA)

PARTNER

Membership No. : 43951 Firm Regn. No.: 101017W

---

Mar 31, 2011

1 We have audited the attached Balance Sheet of FRONTLINE BUSINESS SOLUTIONS LIMITED as at 31st March, 2011 and also the Profit & Loss Account for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

2 We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurances about whether the financial statements are free of material misstatements. An audit includes examining, on test basis, evidence supporting the amounts and disclosure made by the management, in the financial statements. An audit 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 the Companies (Auditor's Report) Order, 2003 (as amended by the Amendment Order 2004), issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, (hereinafter referred to as the "Act") We enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order to the extent applicable.

4 Further to our comments in the Annexure referred to in paragraph 3 above, we state 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 Accounts as required by the Law have been kept by the Company so far as appears from our examination of the books.

c) The Balance Sheet & Profit and Loss Account dealt with by this report are in agreement with the books of Accounts .

d) In our opinion, the Balance Sheet and the Profit and Loss Account dealt with by this report comply with the Accounting Standards referred to in Section 211(3C) of the Companies Act, 1956.

e) On the basis of the written representation received from the directors as on 31st March, 2011, and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March, 2011 from being appointed as a director in the terms of clause (g) of sub section (1) of section 274 of the Companies Act, 1956;.

f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with 'Significant Accounting Policies and Notes to Accounts' in Balance Sheet and the Profit and Loss Account, read together with the notes thereon give the information as required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India :

i. In the case of Balance Sheet, of the State of Affairs of the Company as on 31st March 2011 ;

ii. In the case of Profit and Loss Account, of the Loss of the Company for the year ended on that date; and

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

ANNEXURE TO AUDITOR'S REPORT REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE

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

(b) As explained to us, the assets have been physically verified by the management at reasonable intervals in accordance with the phased programme of verification which, in our opinion, is reasonable considering the size of the Company and the nature of its fixed assets. According to the information and explanation given to us, no material discrepancies have been noticed on such physical verification.

(c) The assets disposed off during the year are not significant and therefore do not affect the going concern assumption.

2)

(a) The Company has not granted any loan, secured or unsecured, to the firms. Companies or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

(b) The Company has taken unsecured loans from 2 parties covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs. 48.73 lakh and the year-end balance of such loans aggregated to Rs.15.95 lakh. There were no stipulation as to when the interest was payable, wherever applicable. In our opinion, the rate of interest and the other terms and condition of such loans are prima facie not prejudicial to the interest of the Company.

3) 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 fixed assets and for the sale of services. During the course of our audit, no major weakness has been noticed in the internal control procedures.

4) In our opinion and according to the information and explanation given to us, there are no contracts or arrangements referred to in section 301 of the Companies Act, 1956 during the year to be entered in the register required to be maintain under that section. Accordingly, the question of commenting on transaction made in pursuance of such contract or arrangement does not arise.

5) The Company has not accepted any deposits from the Public and consequently, the directives issued by the Reserve Bank of India , the provisions of Section 58A and 58AA of the Companies Act, 1956 and the rules framed there under are not applicable.

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

7) The Central Government has not prescribed maintenance of cost records under Cause (d) of sub-section (1) of Section 209 of the Companies Act, 1956 in respect of activities of the Company.

8) According to the information and explanation given to us, and the record of the Company examined by us, in our opinion, the company is regular in depositing the undisputed statutory dues including provident fund, employees' state insurance, service tax and other material statutory dues as applicable with the appropriate authorities.

(a) According to the information and explanation given to us, no undisputed dues payable in respect of sales tax, income tax, custom duty, provident fund were outstanding at 31st March ,2011 for a period of more than six months from the date they became payable. No undisputed amount payable in respect of the aforesaid statutory dues were outstanding as at the last day of financial year for a period of more than six months from the date they become payable.

(b) According to the records of the Company, there are no dues of Income Tax, Sales Tax, Custom Duty, Wealth Tax, Excise Duty which have not been deposited with the appropriate authorities on account of any dispute except the following :

Name of the Nature of Dues Amount Period Forum where the Statute dispute is pending

JCCI Penalty 5,34,523 91-92 Appeal

Sales Tax Assessment Dues 6,47,571 96-97 Appeal

9) Accumulated losses of the Company at Rs. 25,12,41,173/- is less than 50% of its net worth. It has incurred cash losses in the current financial year and the immediately preceding financial year.

10) The Company has not taken any loan from financial institution, banks and debenture holders and as such the question of commenting on default in repayment of dues to any financial institution, banks and debenture holder does not arise.

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

12) In our opinion, Company is not a chit fund or a nidhi/ mutual benefit fund or society and as such the provision of clause 4 (xiii) of the Order are not applicable to the Company.

13) In our opinion, the Company is not dealing or trading in shares, securities, debentures, and other investments and as such the provision of clause 4 (xiv) of the Order are not applicable to the company.

14) According to the information and explanation given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions and as such the provision of clause 4 (xv) of the Order are not applicable to the Company.

15) The Company has not raised any term loans and as such the provisions of Clause 4 (xvi) of the Order are not applicable to the Company.

16) According to the information and explanation given to us and on and overall examination of the balance sheet of the Company, in our opinion, the funds raised on short-term basis have, prima-facie, not been used for long term investment.

17) The Company, in strict compliance with the provision of Regulation 72(1)(2) of SEBI (ICDR) Regulation, 2009, has made preferential allotment of shares to the parties and Companies covered and recorded in the Register maintained under section 301 of the Companies Act, 1956. In our opinion, the price at which shares has been issued is not prejudicial to the interest of the Company.

18) The Company has not raised any money by way of issue of debenture during the year and as such the provision of 4 (xix) of the Order is not applicable to the Company.

19) The Company has not raised any money by public issues during the year. Accordingly clause 4 (xx) of the Order is not applicable to the Company.

20) During the course of our examination of the books and records of the company, carried out in accordance with the generally accepted auditing practice in India and according to the information and explanations given to us, 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 cases by the management.

21) Considering the nature of business conducted by the Company, the clause, (ii) of paragraph 4 of the Companies (Auditor's Report) Order, 2003, as amended by the Companies (Auditor's Report) (Amendment) Order, 2004, is not applicable in the case of the Company for the current year, and hence in our opinion there is no matter which arises to be reported in the aforesaid clause of the order.

For P.C.Baradiya & Co.

Chartered Accountants

Sd/-

(K.C.Kankariya)

Partner

Mumbai (M. No. 43951)

August 22, 2011.

---

Mar 31, 2010

1 We have audited the attached Balance Sheet of FRONTLINE BUSINESS SOLUTIONS LIMITED as at 31st March, 2010 and the Profit & 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.

2 We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurances about whether the financial statements are free of material misstatements. An audit includes examining, on test basis, evidence supporting the amounts and disclosure made by the management, in the financial statements. An audit 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 the Companies (Auditors Report) Order,2003 (as amended by the Amendment Order 2004), issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, We enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order to the extent applicable .

4 Further to our comments in the Annexure referred to in paragraph 3 above, we state 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 Accounts as required by the Law have been kept by the Company so far as appears from our examination of the books.

c) The Balance Sheet & Profit and Loss Account dealt with by this report are in agreement with the books of Accounts .

d) In our opinion, the Balance Sheet and the Profit and Loss Account dealt with by this report comply with the Accounting Standards referred to in Section 211(3C) of the Companies Act, 1956.

e) On the basis of the written representation received from the directors, and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March, 2010 from being appointed as a director in the terms of clause

(g) of sub section (1) of section 274 of the Companies Act, 1956;.

f) In our opinion and as per the information and according to the explanations given to us, the said Balance Sheet and the Profit and Loss Account, read together with the notes thereon give the information as required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India :

i. In the case of Balance Sheet, of the State of Affairs of the Company as on 31st March 2010 ;

ii. In the case of Profit and Loss Account, of the Loss of the Company for the year ended on that date; and

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

ANNEXURE TO AUDITORS REPORT REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE

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

(b) There is a regular program of physical verification, which in our opinion is reasonable, having regard to the size of the Company and the nature of the fixed assets. No material discrepancies have been noticed in respect of the assets physically verified during the year.

(c) The Company has not disposed off any substantial part of fixed assets during the year.

2) The Provision of clause 4 (II) is not applicable to the Company.

3) According to the information and explanation given to us, in respect of loan, 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 taken loans of Rs. 30,33,752.00 from 2 (Two) parties covered in the register maintained under section 301 of the Companies Act, 1956 during the year

(b) The Company has not granted any loan during the year to the parties covered in the register maintained under section 301 of the Companies Act, 1956.

4) 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 Fixed Assets. There is no major weakness in the internal control procedures.

5) a) To the best of our knowledge and belief and according to the information and explanation given to us, we are of the opinion that the transaction that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered .

b) In our opinion, and having regard to our comments in paragraph above, and according to the information and explanation given to us, transaction made in pursuance of contracts or arrangement entered in the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of Rupees Five Lakhs in respect of each party during the year have been made at price which are reasonable having regards to prevailing market prices at the relevant time.

6) The Company has not accepted any deposits from the Public and consequently, the directives issued by the Reserve Bank of India , the provisions of Section 58A and 58AA of the Companies Act, 1956 and the rules framed there under are not applicable.

7) The Provision of Clause 4 (VII) of the order is not applicable to the Company.

8) The Central Government has not prescribed maintenance of cost records under Cause (d) of sub-section (1) of Section 209 of the Companies Act, 1956 for the product of the Company.

9) According to the information and explanation given to us, and on the basis of our information of the books of account, the Company has been generally regular in depositing with appropriate authorities undisputed statutory dues with the appropriate authorities outstanding as at 31st March, 2010 for a period of more that six month from the date on which they become payable.

10) According to the information and explanation given to us, no undisputed dues payable in respect of sales tax, income tax, custom duty, provident fund were outstanding at 31st March ,2010 for a period of more than six months from the date they became payable.

11) According to the information and explanation given to us, there are following dues in respect of sales tax, custom duty, that have not been deposited with the appropriate authorities on account of some dispute.



Name of Nature of Dues Amount Period Forum where the Statute dispute is pending

JCCI Penalty 5,34,523 91-92 Appeal

Sales Tax Assessment Dues 6,47,571 96-97 Appeal



12) The Company has accumulated losses of Rs. 25,12,41,173/- as at 31st March 2010 and it has incurred cash losses in the financial year ended on that date however the company has not incurred cash losses in the immediately preceding financial year.

13) The Company has not defaulted during the year in repayment of dues to any financial institution and banks and company has not issued any debenture. Accordingly clause 4 (xi) of the order is not applicable.

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

15) As the Company is not a chit fund, nidhi, mutual benefit fund or society, the provision of clause 4 (xiii) of Order is not applicable to the Company.

16) As the Company is not dealing or trading in shares, securities, debentures, and other investments, the provision of clause 4 (xiv) of the Order is not applicable to the company.

17) According to the information and explanation given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions. Accordingly clause 4 (xv) of the Order is not applicable to the Company.

18) The Company has not obtained any term loans. Accordingly clause 4 (xvi) of the Order is not applicable to the Company.

19) According to the information and explanation given to us, the Company has not raised any funds on short-term or long term basis.

20) The Company has not made any preferential allotment of shares to the parties and Companies covered in the register maintained under section 301 of the Companies Act, 1956 which is prejudicial to the interest of the Company.

21) The Company has not issued any debentures. Accordingly clause 4 (xix) of the Order is not applicable to the Company.

22) The Company has not raised any money by public issues during the year. Accordingly clause 4 (xx) of the Order is not applicable to the Company.

23) According to the information and explanation given to us, no fraud on or by the Company has been noticed or reported during the year.

For G. M. Purohit & Co.

Chartered Accountants

SD/-

G. M. Purohit

Proprietor

Mumbai, August 31, 2010