Auditor Report of Indtradeco Ltd.

Mar 31, 2014

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

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

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

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

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the 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 Statement of Profit and Loss, of the loss for the year ended on that date; and

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

Report on Other Legal and Regulatory Requirements

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

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

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

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

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

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

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 directors is disqualified as on March 31, 2014, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

Annexure to the Auditors'' Report

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

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

(b) The fixed assets are physically verified by the management as per phased programme of verification. In our opinion, the frequency of verification is reasonable having regard to the size of the Company and the nature of its assets. To the best of our knowledge, no material discrepancies were reported on such verification.

(c) In our opinion and according to the information and explanations given to us, the company has not disposed off any substantial part of the fixed assets during the year.

2. (a) The management has conducted physical verification of inventory at reasonable intervals.

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

(c) In our opinion and according to the information and explanations given to us, the Company is maintaining proper records of inventory. During the year, no material discrepancies were noticed on physical verification.

3. (a) The Company has granted loans to three parties covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs.154.00 lacs and the year end balance of such loans was Rs.154.00 lacs

(b) According to information and explanation given to us, the rate of interest and other terms and conditions of the loans given are not prima facie prejudicial to the interest of the Company.

(c) The principle amount of loan in respect of loan granted to associates is repayable on call.

(d) The company has taken loans from one party covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs. 56.77 lacs and the year end balance of such loans was Rs.56.77 lacs.

(e) According to information and explanation given to us, the rate of interest and other terms and conditions of the loans taken are not prima facie prejudicial to the interest of the Company.

(f) The principle amount of loan in respect of loan taken from associate companies is repayable on call.

4. In our opinion and according to the information and explanations given to us, there is an adequate internal control procedure commensurate with the size of the company and the nature of its business, for the purpose of inventory and fixed assets, and for the sale of goods and services. In our opinion and according to information and explanations given to us, there is no continuing failure to correct major weaknesses in internal control.

5. Based on the audit procedures applied by us and according to the information and explanations provided by the management, the transactions made in pursuance of contracts or arrangements during the period that needed to be entered in the register required to be maintained under section 301 of the Act aggregating to Rs. 5,00,000/- (Rupees Five lacs) or more in respect of any party.

6. In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from the public, within the meaning of sections 58A and 58AA of the Act and rules framed there under.

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

8. As informed to us, the maintenance of cost records has not been prescribed by the Central Government under section 209(1)(d) of the Companies Act, 1956, in respect of the activities carried on by the Company.

9. (a) According to the information and explanations given to us and according to the books and records as produced and examined by us, in our opinion, the company is generally regular in depositing undisputed statutory dues with the appropriate authorities during the year.

(b) According to the books of account and records as produced and examined by us, there are no dues payable in respect of Sales tax, Income tax, Excise duty, Custom duty or cess which have not been deposited on account of any dispute.

10. The Company has no accumulated losses at the end of the financial year and it has not incurred any cash losses in the current year and in the immediately preceding financial year.

11. According to the information and explanations given to us and the records examined by us, the company has not defaulted in repayment of dues to financial institution or bank.

12. According to the information and explanations given to us and the records examined by us, the Company has not granted any loans on the basis of security by way of pledge of shares, debentures or other securities.

13. In our opinion and according to the information and explanations given to us, the nature of the activities of the Company does not attract any special statute applicable to the chit fund and nidhi/mutual benefit fund/societies.

14. In our opinion and according to the information and explanations given to us, the Company is not a dealer or trader in the securities.

15. According to the information and explanations given to us and records examined by us, the Company has not given any guarantees for loans taken by others from banks or financial institutions, the terms and conditions whereof are prima facie prejudicial to the interest or the Company.

16. According to information and explanations given to us, the Company has not taken any term loan during the year.

17. On the basis of overall examination of the Balance Sheet and Cash flows of the Company and the information and explanation given to us, we report that the Company has not utilised any funds raised on short term basis for long term investments.

18. The Company has not made any preferential allotment of shares to parties or companies covered under section 301 of the Act.

19. According to the explanations given to us and the records examined by us, the Company has not issued any debentures during the year.

20. The Company has not raised any money through a public issue during the year.

21. Based upon the audit procedures performed and information and explanations given by the management, we report that no fraud on or by the Company has been noticed or reported during the year.

For WILLIAM SERRAO Chartered Accountants

WIILIAM SERRAO (Proprietor) Membership No: 14383

Place: Mumbai. Date : 01/09/2014.

---

Mar 31, 2013

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

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

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

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

Opinion

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

a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31,2013;

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

c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date. Report on Other Legal and Regulatory Requirements

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

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

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

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

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

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

e) on the basis of written representations received from the directors as on March 31,2013, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31,2013, from being appointed as a director in terms of 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 1 under ''Report on the Other Legal and Regulatory Requirements'' section of Our Report of even date)

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

(b) The fixed assets are physically verified by the management as per phased programme of verification. In our opinion, the frequency of verification is reasonable having regard to the size of the Company and the nature of its assets. To the best of our knowledge, no material discrepancies were reported on such verification.

(c) In our opinion and according to the information and explanations given to us, the company has not disposed off any substantial part of the fixed assets during the year.

2. (a) The management has conducted physical verification of inventory at reasonable intervals.

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

(c) In our opinion and according to the information and explanations given to us, the Company is maintaining proper records of inventory. During the year, no material discrepancies were noticed on physical verification.

3. (a) The Company has granted loans to three parties covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs.146.73 lacs and the year end balance of such loans was Rs. 146.63 lacs

(b) According to information and explanation given to us, the rate of interest and other terms and conditions of the loans given are not prima facie prejudicial to the interest of the Company.

(c) The principle amount of loan in respect of loan granted to associates is repayable on call.

(d) The company has taken loans from one party covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs. 1.81 lacs and the year end balance of such loans was Rs. 1.81 lacs.

(e) According to information and explanation given to us, the rate of interest and other terms and conditions of the loans taken are not prima facie prejudicial to the interest of the Company.

(f) The principle amount of loan in respect of loan taken from associate companies is repayable on call.

4. In our opinion and according to the information and explanations given to us, there is an adequate internal control procedure commensurate with the size of the company and the nature of its business, for the purpose of inventory and fixed assets, and for the sale of goods and services. In our opinion and according to information and explanations given to us, there is no continuing failure to correct major weaknesses in internal control.

5. Based on the audit procedures applied by us and according to the information and explanations provided by the management, the transactions made in pursuance of contracts or arrangements during the period that needed to be entered in the register required to be maintained under section 301 of the Act aggregating to Rs.5,00,000/- (Rupees Five lakhs) or more in respect of any party.

6. In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from the public, within the meaning of sections 58A and 58AA of the Act and rules framed there under.

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

8. As informed to us, the maintenance of cost records has not been prescribed by the Central Government under section 209(1 )(d) of the Companies Act, 1956, in respect of the activities carried on by the Company.

9. (a)According to the information and explanations given to us and according to the books and records as produced and examined by us, in our opinion, the company is generally regular in depositing undisputed statutory dues with the appropriate authorities during the year.

(b) According to the books of account and records as produced and examined by us, there are no dues payable in respect of Sales tax, Income tax, Excise duty, Custom duty or cess which have not been deposited on account of any dispute.

10. The Company has no accumulated losses at the end of the financial year and it has not incurred any cash losses in the current year and in the immediately preceding financial year.

11. According to the information and explanations given to us and the records examined by us, the company has not defaulted in repayment of dues to financial institution or bank.

12. According to the information and explanations given to us and the records examined by us, the Company has not granted any loans on the basis of security by way of pledge of shares, debentures or other securities.

13. In our opinion and according to the information and explanations given to us, the nature of the activities of the Company does not attract any special statute applicable to the chit fund and nidhi/mutual benefit fund/societies.

14. In our opinion and according to the information and explanations given to us, the Company is not a dealer or trader in the securities.

15. According to the information and explanations given to us and records examined by us, the Company has not given any guarantees for loans taken by others from banks or financial institutions, the terms and conditions whereof are prima facie prejudicial to the interest or the Company.

16. According to information and explanations given to us, the Company has not taken any term loan during the year.

17. On the basis of overall examination of the Balance Sheet and Cash flows of the Company and the information and explanation given to us, we report that the Company has not utilised any funds raised on short term basis for long term investments.

18. The Company has not made any preferential allotment of shares to parties or companies covered under section 301 of the Act.

19. According to the explanations given to us and the records examined by us, the Company has not issued any debentures during the year.

20. The Company has not raised any money through a public issue during the year.

21. Based upon the audit procedures performed and information and explanations given by the management, we report that no fraud on or by the Company has been noticed or reported during the year.



For William Serrao

Chartered Accountants





William Serrao

Proprietor

(Membership No. 014383)

Mumbai, September 2, 2013

---

Mar 31, 2012

1. We have audited the attached Balance Sheet of IndTraDeco Limited as at March 31, 2012 and also the Profit and Loss Account and 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 the Auditing Standards generally accepted in India. Those Standards require 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 the Management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis of our opinion.

3. As required by the Companies (Auditor's Report) order, 2003 issued by the Central Government of India in terms of section 227 (4A) of the Companies Act, 1956, we annex hereto a statement on the matters specified in paragraphs 4 and 5 of the said Order.

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

(a) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the 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 it appears from our examination of such books.

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

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

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

(i) in the case of Balance Sheet, of the state of affairs of the Company as at March 31, 2012 ;

(ii) in the case 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 for the year ended on that date.

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

ANNEXURE TO THE AUDITOR'S REPORT

Referred to in paragraph 3 of our report of even date on the accounts of Ind Tra Deco Limited for the year ended March 31, 2012 :

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

(b) The fixed assets are physically verified by the management as per phased programme of verification. In our opinion, the frequency of verification is reasonable having regard to the size of the Company and the nature of its assets. To the best of our knowledge, no material discrepancies were reported on such verification.

(c) In our opinion and according to the information and explanations given to us, the company has not disposed off any substantial part of the fixed assets during the year.

2. (a) The management has conducted physical verification of inventory at reasonable intervals.

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

(c) In our opinion and according to the information and explanations given to us, the Company is maintaining proper records of inventory. During the year, no material discrepancies were noticed on physical verification.

3. (a) The Company has granted loans to four parties covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs.700.50 lacs and the year end balance of such loans was Rs. 104.00 lacs

(b) According to information and explanation given to us, the rate of interest and other terms and conditions of the loans given are not prima facie prejudicial to the interest of the Company.

(c) The principal amount of loan in respect of loan granted to associates is repayable on call.

(d) The company has taken 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.10.63 lacs and the year end balance of such loans was Rs.Nil.

(e) According to information and explanation giver, to us, the rate of interest and other terms and conditions of the loans taken are not prima facie prejudicial to the interest of the Company.

(f) The principal amount of loan in respect of loan taken from associate companies is repayable on call.

4. In our opinion and according to the information and explanations given to us, there is an adequate internal control procedure commensurate with the size of the company and the nature of its business, for the purpose of inventory and fixed assets, and for the sale of goods and services. In our opinion and according to information and explanations given to us, there is no continuing failure to correct major weaknesses in internal control.

5. Based on the audit procedures applied by us and according to the information and explanations provided by the management, the transactions made in pursuance of contracts or arrangements during the period that needed to be entered in the register required to be maintained under section 301 of the Act aggregating to Rs.5,00,000/- (Rupees Five lakhs) or more in respect of any party.

6. In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from the public, within the meaning of sections 58A and 58AA of the Act and rules framed there under.

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

8. As informed to us, the maintenance of cost records has not been prescribed by the Central Government under section 209(l)(d) of the Companies Act, 1956, in respect of the activities carried on by the Company.

9. (a) According to the information and explanations given to us and according to the books and records as produced and examined by us, in our opinion, the company is generally regular in depositing undisputed statutory dues with the appropriate authorities during the year.

(b) According to the books of account and records as produced and examined by us, there are no dues payable in respect of Sales tax, Income tax, Excise duty, Custom duty or cess which have not been deposited on account of any dispute.

10. The Company has no accumulated losses at the end of the financial year and it has not incurred any cash losses in the current year and in the immediately preceding financial year.

11. According to the information and explanations given to us and the records examined by us, the company has not defaulted in repayment of dues to financial institution or bank.

12. According to the information and explanations given to us and the records examined by us, the Company has not granted any loans on the basis of security by way of pledge of shares, debentures or other securities.

13. In our opinion and according to the information and explanations given to us, the nature of the activities of the Company does not attract any special statute applicable to the chit fund and nidhi/mutual benefit fund/societies.

14. In our opinion and according to the information and explanations given to us, the Company is not a dealer or trader in the securities.

15. According to the information and explanations given to us and records examined by us, the Company has not given any guarantees for loans taken by others from banks or financial institutions, the terms and conditions whereof are prima facie prejudicial to the interest or the Company.

16. According to information and explanations given to us, the Company has not taken any term loan during the year.

17. On the basis of overall examination of the Balance Sheet and Cash flows of the Company and the information and explanation given to us, we report that the Company has not utilised any funds raised on short term basis for long term investments.

18. The Company has not made any preferential allotment of shares to parties or companies covered under section 301 of the Act.

19. According to the explanations given to us and the records examined by us, the Company has not issued any debentures during the year.

20. The Company has not raised any money through a public issue during the year.

21. Based upon the audit procedures performed and information and explanations given by the management, we report that no fraud on or by the Company has been noticed or reported during the year.

For and on behalf of

William Serrao

Chartered Accountants

Sd/-

Proprietor

Membership No: 014383

Mumbai, September 1, 2012

---

Mar 31, 2010

1. We have audited the attached Balance Sheet of Ind Tra Deco Limited as at March 31, 2010 and also the Profit and Loss Account and the Cash Flow statement of the Company 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 the Auditing Standards generally accepted in India. Those Standards require 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 the Management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis of our opinion.

3. As required by the Companies (Auditors Report) order, 2003 issued by the Central Government of India in terms of section 227 (4A) of the Companies Act, 1956, we annex hereto a statement on the matters specified in paragraphs 4 and 5 of the said Order.

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

(a) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the 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 it appears from our examination of such books.

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

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

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

(i) in the case of Balance Sheet, of the state of affairs of the Company as at March 31, 2010 ;

(ii) in the case 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 for the year ended on that date.

5. On the basis of written representation received from the directors of the Company as on March 31, 2010, and taken on record by the Board of Directors, we report that none of the directors of the Company is disqualified as on March 31, 2010, from being appointed as director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956.







Annexure to the Auditors Report

Referred to in paragraph 3 of our report of even date on the accounts of Ind Tra Deco Limited for the year ended March 31, 2010:

1. (a) The Company has maintained proper records showing full particulars, including quantitative

details and situation of fixed assets.

(b) The fixed assets are physically verified by the management as per phased programme of verification. In our opinion, the frequency of verification is reasonable having regard to the size of the Company and the nature of its assets. To the best of our knowledge, no material discrepancies were reported on such verification.

(c) In our opinion and according to the information and explanations given to us, the Company has not disposed off any fixed assets during the year.

2. (a) The management has conducted physical verification of inventory at reasonable intervals.

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

(c) In our opinion and according to the information and explanations given to us, the Company is maintaining proper records of inventory. During the year, no material discrepancies were noticed on physical verification.

3. (a) The Company has granted loans to twelve parties covered in the register maintained under Section 301 of

the Companies Act, 1956. The maximum amount involved during the year was Rs. 1,196.44 Lacs and the year end balance of such loans was Rs. 915.28 Lacs.

(b) According to information and explanation given to us, the rate of interest and other terms and conditions of the loans given are not prima facie prejudicial to the interest of the Company.

(c) The principle amount of loan in respect of loan granted to associates is repayable on call.

(d) The Company has taken loans from eleven parties covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs.495.51 and the year end balance of such loans was Rs. Nil.

(e) According to information and explanation given to us, the rate of interest and other terms and conditions of the loans taken are not prima facie prejudicial to the interest of the Company.

(f) The principle amount of loan in respect of loan taken from associate companies is repayable on call.

4. In our opinion and according to the information and explanations given to us, there is an adequate internal control procedure commensurate with the size of the Company and the nature of its business, for the purpose of inventory and fixed assets, and for the sale of goods and services. In our opinion and according to information and explanations given to us, there is no continuing failure to correct major weaknesses in internal control.

5. Based on the audit procedures applied by us and according to the information and explanations provided by the management, the transactions made in pursuance of contracts or arrangements during the period that needed to be entered in the register required to be maintained under section 301 of the Act aggregating to Rs.5,00,000/- (Rupees Five lakhs) or more in respect of any party.

6. In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from the public, within the meaning of sections 58A and 58AA of the Act and rules framed there under.

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

8. As informed to us, the maintenance of cost records has not been prescribed by the Central Government under Section 209( 1 )(d) of the Companies Act, 1956, in respect of the activities carried on by the Company.

9. (a) According to the information and explanations given to us and according to the books and records as

produced and examined by us, in our opinion, the Company is generally regular in depositing undisputed statutory dues with the appropriate authorities during the year.

(b) According to the books of account and records as produced and examined by us, there are no dues payable in respect of Sales tax, Income tax, Excise duty, Custom duty or cess which have not been deposited on account of any dispute.

10. The Company has no accumulated losses at the end of the financial year and it has not incurred any cash losses in the current year and in the immediately preceding financial year.

11. According to the information and explanations given to us and the records examined by us, the Company has not defaulted in repayment of dues to financial institution or bank.

12. According to the information and explanations given to us and the records examined by us, the Company has not granted any loans on the basis of security by way of pledge of shares, debentures or other securities.

13. In our opinion and according to the information and explanations given to us, the nature of the activities of the Company does not attract any special statute applicable to the chit fund and nidhi/mutual benefit fund/societies.

14. In our opinion and according to the information and explanations given to us, the Company is not a dealer or trader in the securities.

1 5. According to the information and explanations given to us and records examined by us, the Company has not given any guarantees for loans taken by others from banks or financial institutions, the terms and conditions whereof are prima facie prejudicial to the interest or the Company.

16. According to information and explanations given to us, the Company has not taken any term loan during the year.

17. On the basis of overall examination of the Balance Sheet and Cash flows of the Company and the information and explanation given to us, we report that the Company has not utilized any funds raised on short term basis for long term investments.

18. The Company has not made any preferential allotment of shares to parties or companies covered under Section 301 of the Act.

19. According to the explanations given to us and the records examined by us, the Company has not issued any debentures during the year.

20. The Company has not raised any money through a public issue during the year.

21. Based upon the audit procedures performed and information and explanations given by the management, we report that no fraud on or by the Company has been noticed or reported during the year.



For and on behalf of

William Serrao

Chartered Accountants



sd/-

Proprietor

Membership No: 014383

Mumbai, August 21, 2010