Auditor Report of K Z Leasing & Finance Ltd.

Mar 31, 2014

We have audited the attached Balance sheet of K. Z. Leasing & Finance Ltd. As on the 31/03/2014 and also the Profit & loss A/c / Cash Flow Statement of the company for the year ended on that date annexed there to. There is financial statement are the responsibility of the company management. our responsibility is to express an opinion on these financial statement based on our audit.

We conduct our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amount and disclosures in the financial statements. An audit also include assessing the accounting principles used and significant estimates made by management as well as evaluating the overall financial statement presentation. we believe that our audit provides a reasonable basis for our opinion.

As required by the companies ( Auditors Report ) order, 2004 issued by the central Government in terms of section 227( 4A ) of the companies Act, 1956, we give in the Annexure a Statement on the Matters specified 4 & 5 if the said order.

Further to our comment in the Annexure referred to in the above paragraph, 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 and cash flow statement, as required by low have been kept by the Company so as far it appears from our examination of the books.

( C ) The Balance sheet and 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 and the profit & loss account comply with the accounting standards referred to in sub - section (3C) of section 211 of the companies Act. 1956. Except accounting standard 28 (Impairment of assets), AS-22 (Tax on Income) and AS-18 (Related party discloser).

( E ) On the basis of written representations received from the directors as on 31/03/2014 and taken on record by the board of directors, we report that none of the directors are disqualified as on 31/03/2013 from being appointed as a director in terms of clause (g) of sub section (1) of section 274 of the companies Act. 1956

Subject to the foregoing, in our opinion and to the best of our information and according to the explanations given to us, the said balance sheet and profit & loss account read together with notes thereon, give the information required by the companies Act. 1956. in the manner so required and give a true & fair view in conformity with the accounting principles generally applicable in India:

1 ) In case of the balance sheet, of the state of affairs of the company as at March 31,2014 and

2 ) In case of Profit & loss account of the Profit(Previous year''s loss) for the year ended on that date.

3 ) In case of cash flow Statement of the company for the year ended on that date.

1. In Respect of Fixed Assets

a. The Company is maintained proper records showing full particulars, including quantitative details and situation of fixed assets;

b. as explained to us, these fixed assets have been physically verified by the management at reasonable intervals: no discrepancies were noticed on such verification.

c. In our opinion the company has not disposes off a part of fixed assets during the year. Which will affect he going concern of the company.

2. In Respects Of Its Inventories.

a. Physical verification of Inventory has been conducted at reasonable interval by the management.

b. 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 business.

c. The company is maintaining proper records of inventory. There were no material discrepancy noticed on physical verification.

3. In Respect of loan, secured or unsecured, granted or taken by the company to/from companies,

Firm or other parties, covered in the register Maintain under section 301 of the companies ACT 1956;

a. According to the information and explanation given to us. The company has not granted / taken any loans, secured or unsecured, to / from companies, firms, or other parties covered under section 301 of the Companies Act. 1956 except deposits accepted from promoters.

b. As stated by management the rate of interest and other terms and conditions of the unsecured loan taken by the company are prima facie not prejudicial to the interest of the company.

c. Payment of the principal amount and interest are also regular repaid and repayable on demand.

d. There is no overdue amount in respect of loan taken by the company. In respect of loans given by the company, these are repayable on demand and therefore the question of overdue amount does not arise.

4. In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business for the purchase of fixed assets and also for the sale of shares.

5. In respect of the transactions covered under section 301 of the companies Act. 1956;

a. In our opinion and according to the information and explanation given to us, there are no transactions that need to be entered in to the registered maintained under Section 301 of the Companies Act. 1956 except deposits accepted from promoters.

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

7. In our Opinion, the internal audit system of the company is commensurate with its size and nature of its business.

8. As this company is in the business of finance and therefore cost records under section 209( 1 ) ( d ) does not arises.

9. In respect Of Statutory Dues

a. according to information and explanation given to us the company is regular in depositing undisputed statutory dues including Provident Fund, Investor, Education and Protection Fund, Employees State Insurance, Income Tax, sales Tax, Wealth Tax, Custom Duty, Excise Duty, cess and any other statutory dues with the appropriate authorities.

10. The company has accumulated Profit and has not incurred any cash losses during the financial year covered by our audit or in the immediately preceding financial year.

11. Based on our audit procedures and according to the information and explanation given to us, we are of the opinion that the company has not defaulted in repayment of dues to financial institutions, banks or debenture holders.

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

13. As explained to us, it is the company''s intention to make investments on a long term basis and therefore it is not dealing or trading in shares, securities, debenture and other investments, company''s has made trading in shares.

14. The company has maintained proper records of transactions and contracts in respect of trading in securities, debentures and other investments and timely entries have been made therein. All shares, debentures and other investments have been held by the company in its own name.

15. According to information and explanation given to us. The company has not given any guarantee for loans taken by others from bank of finance institutions.

16. According to information and explanation given to us. The company has not raised any term loan during the year under review and hence question of its application does not arise.

17. According to information and explanation given to us and on an overall examination of the balance sheet of the company there is proper utilization of all short term and long term resources and as per objects of the company.

18. During The Year, the company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the companies Act. 1956.

19. According to the information and explanation given to us there is no debenture issue therefore this clause is not applicable.

20. The Company has not raised any money by the way of public issue during the year.

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

22. The board of Directors has passed a resolution on dated. 30/08/2002 for the non acceptance of public deposits.

23. The company has not accepted public deposit and old deposits ( except from promoter and relative ) were repaid.

24. The Company has complied with the prudential norms relating to income recognition, accounting standards, asset classification and provisioning for bad and doubtful debts as applicable to it.

25. Capital Adequacy

(a) The capital adequacy ratio as disclosed in the return submitted to the bank in from (NBS -1,2,3) has been an correctly arrived at and find ratio is in compliance with the minimum CRAR Prescribed by the bank.

(b) The Company has furnished to the bank the annual statement as capital funds, risk assets/exposures and risk asset ratio ( NBS 1,2,3 ) within the stipulated period.

26. The company has received registration as provided in section 45IA of the Reserve bank Of India Act. 1934.

Place : Ahmedabad For, J. M. Patel & Bros. Date : 22-05-2014 Chartered Accountants

J. M. Patel (Proprietor) FR NO.107707W

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Mar 31, 2012

We have audited the attached Balance sheet of K. Z. Leasing & Finance Ltd. As on the 31/03/2012 and also the Profit & loss A/c / Cash Flow Statement of the company for the year ended on that date annexed there to. There is financial statement are the responsibility of the company management, our responsibility is to express an opinion on these financial statement based on our audit.

We conduct our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amount and disclosures in the financial statements. An audit also include assessing the accounting principles used and significant estimates made by management as well as evaluating the overall financial statement presentation, we believe that our audit provides a reasonable basis for our opinion.

As required by the companies ( Auditors Report) order, 2004 issued by the central Government in terms of section 227( 4A ) of the companies Act, 1956, we give in the Annexure a Statement on the Matters specified 4 & 5 if the said order.

Further to our comment in the Annexure referred to in the above paragraph, 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 and cash flow statement, as required by low have been kept by the Company so as far it appears from our examination of the books. ( C ) The Balance sheet and 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 and the profit & loss account comply with the accounting standards referred to in sub - section (3C) of section 211 of the companies Act. 1956. Except accounting standard 28 (Impairment of assets), AS-22 (Tax on Income) and AS-18 (Related party discloser).

( E ) On the basis of written representations received from the directors as on 31/03/2012 and taken on record by the board of directors, we report that none of the directors are disqualified as on 31/03/2012 from being appointed as a director in terms of clause (g) of sub section (1) of section 274 of the companies Act. 1956

Subject to the foregoing, in our opinion and to the best of our information and according to the explanations given to us, the said balance sheet and profit & loss account read together with notes thereon, give the information required by the companies Act. 1956. in the manner so required and give a true & fair view in conformity with the accounting principles generally applicable in India:

1 ) In case of the balance sheet, of the state of affairs of the company as at March 31, 2012 and

2 ) In case of Profit & loss account of the Profit(Previous year's loss) for the year ended on that date.

3 ) In case of cash flow Statement of the company for the year ended on that date.

ANNEXURE TO AUDITORS REPORT AS ON 31/03/2012

1. In Respect of Fixed Assets

a. The Company is maintained proper records showing full particulars, including quantitative details and

situation of fixed assets;

b. as explained to us, these fixed assets have been physically verified by the management at reasonable intervals: no discrepancies were noticed on such verification.

c. In our opinion the company has not disposes off a part of fixed assets during the year. Which will affect he going concern of the company.

2. In Respects Of Its Inventories.

a. Physical verification of Inventory has been conducted at reasonable interval by the management.

b. 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 business.

c. The company is maintaining proper records of inventory. There were no material discrepancy noticed on physical verification.

3. In Respect of loan, secured or unsecured, granted or taken by the company to/from companies,

Firm or other parties, covered in the register Maintain under section 301 of the companies ACT 1956;

a. According to the information and explanation given to us. The company has not granted / taken any loans, secured or unsecured, to / from companies, firms, or other parties covered under section 301 of the Companies Act. 1956 except deposits accepted from promoters.

b. As stated by management the rate of interest and other terms and conditions of the unsecured loan taken by the company are prima facie not prejudicial to the interest of the company.

c. Payment of the principal amount and interest are also regular repaid and repayable on demand.

d. There is no overdue amount in respect of loan taken by the company. In respect of loans given by the company, these are repayable on demand and therefore the question of overdue amount does not arise.

4. In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business for the purchase of fixed assets and also for the sale of shares.

5. In respect of the transactions covered under section 301 of the companies Act. 1956;

a. In our opinion and according to the information and explanation given to us, there are no transactions that need to be entered in to the registered maintained under Section 301 of the Companies Act. 1956 except deposits accepted from promoters.

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

7. In our Opinion, the internal audit system of the company is commensurate with its size and nature of its business.

8. As this company is in the business of finance and therefore cost records under section 209( 1 ) ( d ) does not arises.

9. In respect Of Statutory Dues

a. according to information and explanation given to us the company is regular in depositing undisputed statutory dues including Provident Fund, Investor, Education and Protection Fund, Employees State Insurance, Income Tax, sales Tax, Wealth Tax, Custom Duty, Excise Duty, cess and any other statutory dues with the appropriate authorities.

10. The company has no accumulated Profit and has not incurred any cash losses during the financial year covered by our audit or in the immediately preceding financial year.

11. Based on our audit procedures and according to the information and explanation given to us, we are of the opinion that the company has not defaulted in repayment of dues to financial institutions, banks or debenture holders.

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

13. As explained to us, it is the company's intention to make investments on a long term basis and therefore it is not dealing or trading in shares, securities, debenture and other investments.

14. The company has maintained proper records of transactions and contracts in respect of trading in securities, debentures and other investments and timely entries have been made therein. All shares, debentures and other investments have been held by the company in its own name.

15. According to information and explanation given to us. The company has not given any guarantee for loans taken by others from bank of finance institutions.

16. According to information and explanation given to us. The company has not raised any term loan during the year under review and hence question of its application does not arise.

17. According to information and explanation given to us and on an overall examination of the balance sheet of the company there is proper utilization of all short term and long term resources and as per objects of the company.

18. During The Year, the company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the companies Act. 1956.

19. According to the information and explanation given to us there is no debenture issue therefore this clause is not applicable.

20. The Company has not raised any money by the way of public issue during the year.

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

22. The board of Directors has passed a resolution on dated. 30/08/2002 for the non acceptance of public deposits.

23. The company has not accepted public deposit and old deposits ( except from promoter and relative ) were repaid.

24. The Company has complied with the prudential norms relating to income recognition, accounting standards, asset classification and provisioning for bad and doubtful debts as applicable to it.

25. Capital Adequacy

(a) The capital adequacy ratio as disclosed in the return submitted to the bank in from (NBS -7) has been an correctly arrived at and find ratio is in compliance with the minimum CRAR Prescribed by the bank.

(b) The Company has furnished to the bank the annual statement as capital funds, risk assets/exposures and risk asset ratio ( NRS-7 ) within the stipulated period.

26. The company has received registration as provided in section 45IA of the Reserve bank Of India Act. 1934.

27. The copy has sudmitted nbs-1 Annual return on deposit in time.

Place : Ahmedabad For, J. M. Patel & Bros.

Date : 01-08-2012 Chartered Accountants.

(J. M. Patel)

M.com, F.C.A.

FRNO. 107707W

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Mar 31, 2010

We have audited the attached Balance sheet of K. Z. Leasing & Finance Ltd. As on the 31/03/2010 and also the Profit & loss A/c / Cash Flow Statement of the company for the year ended on that date annexed there to. There is financial statement are the responsibility of the company management, our responsibility is to express an opinion on these financial statement based on our audit.

We conduct our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amount and disclosures in the financial statements. Audits also include assessing the accounting principles used and significant estimates made by management as well as evaluating the overall financial statement presentation, we believe that our audit provides a reasonable basis for our opinion.

As required by the companies ( Auditors Report) order, 2003 issued by the central Government in terms of section 227( 4A ) of the companies Act, 1956, we give in the Annexure a Statement on the Matters specified 4 & 5 if the said order.

Further to our comment in the Annexure referred to in the above paragraph, 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 and cash flow statement, as required by low have been kept by the Company so as far it appears from our examination of the books.

( C ) The Balance sheet and 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 and the profit & loss account comply with the accounting standards referred to in sub - section (3C) of section 211 of the companies Act. 1956. Except accounting standard 28 (Impairment of assets), AS-22 (Tax on Income) and AS-18 (Related party discloser).

( E ) On the basis of written representations received from the directors as on 31/03/2010 and taken on record by the board of directors, we report that hone of the directors are disqualified as on 31/03/2010 from being appointed as a director in terms of clause (g) of sub section (1) of section 274 of the companies Act. 1956

Subject to the foregoing, in our opinion and to the best of our information and according to the explanations given to us, the said balance sheet and profit & loss account read together with notes thereon, give the information required by the companies Act. 1956. in the manner so required and give a true & fair view in conformity with the accounting principles generally applicable in India:

1 ) In case of the balance sheet, of the state of affairs of the company as at March 31, 2010 and

2 ) In case of Profit & loss account of the Profit(Previous years loss) for the year ended on that date.

3 ) In case of cash flow Statement of the company for the year ended on that date.



ANNEXURE TO AUDITORS REPORT AS ON 31/03/2010

1. In Respect of Fixed Assets

a. The Company is maintained proper records showing full particulars, including quantitative details and situation of fixed assets;

b. as explained to us, these fixed assets have been physically verified by the management at reasonable intervals: no discrepancies were noticed on such verification.

c. In our opinion the company has not disposes off a part of fixed assets during the year. Which will affect he going concern of the company.

2. In Respects Of Its Inventories.

a. Physical verification of Inventory has been conducted at reasonable interval by the management.

b. 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 business.

c. The company is maintaining proper records of inventory. There were no material discrepancy noticed on physical verification.

3. In Respect of loan, secured or unsecured, granted or taken by the company to/from companies, Firm or other parties, covered in the register Maintain under section 301 of the companies ACT 1956;

a. According to the information and explanation given to us. The company has not granted / taken any loans, secured or unsecured, to / from companies, firms, or other parties covered under section 301 of the Companies Act. 1956 except deposits accepted from promoters.

b. As stated by management the rate of interest and other terms and conditions of the unsecured loan taken by the company are prima facie not prejudicial to the interest of the company.

c. Payment of the principal amount and interest are also regular repaid and repayable on demand.

d. There is no overdue amount in respect of loan taken by the company. In respect of loans given by the company, these are repayable on demand and therefore the question of overdue amount does not arise.

4. in our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business for the purchase of fixed assets and also for the sale of shares.

5. In respect of the transactions covered under section 301 of the companies Act. 1956;

a. In our opinion and according to the information and explanation given to us, there are no transactions that need to be entered in to the registered maintained under Section 301 of the Companies Act. 1956 except deposits accepted from promoters.

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

7. In our Opinion, the internal audit system of the company is commensurate with its size and nature of its business.

8. As this company is in the business of finance and therefore cost records under section 209(1) (d) does not arises.

9. In respect Of Statutory Dues

a. according to information and explanation given to us the company is regular in depositing Undisputed statutory dues including Provident Fund, Investor, Education and Protection Fund, Employees State Insurance, Income Tax, sales Tax, Wealth Tax, Custom Duty, Excise Duty, cess and any other statutory dues with the appropriate authorities.

10. The company has no accumulated losses and has not incurred any cash losses during the financial year covered by our audit or in the immediately preceding financial year.

11. Based on our audit procedures and according to the information and explanation given to us, we are of the opinion that the company has not defaulted in repayment of dues to financial institutions, banks or debenture holders.

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

13. As explained to us, it is the companys intention to make investments on a long term basis and therefore it is not dealing or trading in shares, securities, debenture and other investments.

14. The company has maintained proper records of transactions and contracts in respect of trading in Securities, debentures and other investments and timely entries have been made therein. All shares, debentures and other investments have been held by the company in its own name.

15. According to information and explanation given to us. The company has not given any guarantee for loans taken by others from bank of finance institutions.

16. According to information and explanation given to us. The company has not raised any term loan during the year under review and hence question of its application does not arise.

17. According to information and explanation given to us and on an overall examination of the balance sheet of the company there is proper utilization of all short term and long term resources and as per objects of the company.

18. During The Year, the company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the companies Act. 1956.

19. According to the information and explanation given to us there is no debenture issue therefore this clause is not applicable.

20. The Company has not raised any money by the way of public issue during the year.

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

22. The board of Directors has passed a resolution on dated. 30/08/2002 for the non acceptance of public deposits.

23. The company has not accepted public deposit and old deposits ( except from promoter and relative ) were repaid.

24. The Company has complied with the prudential norms relating to income recognition, accounting standards, asset classification and provisioning for bad and doubtful debts as applicable to it.

25. Capital Adequacy

(a) The capital adequacy ratio as disclosed in the return submitted to the bank in from (NBS -7) has been an correctly arrived at and find ratio is in compliance with the minimum CRAR Prescribed by the bank.

(b) The Company has furnished to the bank the annual statement as capital funds, risk assets/exposures and risk asset ratio (NRS-7) within the stipulated period.

26. The company has received registration as provided in section 45IA of the Reserve bank Of India Act. 1934.

Place : Ahmedabad For, J. M. Patel & Bros.

Date : 16-08-2010 Chartered Accountants.

(J. M. Patel)

M.com, F.C.A.