Auditor Report of Elitecon International Ltd.

Mar 31, 2015

We have audited the accompanying standalone financial statements of KASHIRAM JAIN AND COMPANY LTD ("the Company"), which comprises the Balance Sheet as at March 31, 2015, the Statement of Profit, and Loss for the year ended March 31, 2015, and a summary of significant accounting policies and other explanatory information.

2. Management's Responsibility for the Standalone Financial Statements

Management is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ('the Act') with respect to the preparation of these Standalone financial statements that give a true and fair view of the financial position, financial performance 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 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.

3. Auditor's Responsibility

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

We have taken in to 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 misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal 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 and adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the 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 standalone financial statements

4. Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone 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 31st March, 2015, and its profit/ loss

a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2015;

b) in the case of the Profit and Loss Statement, of the profit for the year ended March 31, 2015.

5. Report on Other Legal and Regulatory Requirements

a. As required by the Companies (Auditor's Report) Order, 2015("the Order"), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure A statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

b. 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 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 those books;

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

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

e) On the basis of written representations received from the directors as on March 31, 2015, and 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 Companies Act, 2013;

FOR NMV & Co. Chartered Accountants Registration No. 327453E

Sd/- CA Nitesh Agarwal Partner M. No. 300071

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Mar 31, 2014

We have audited the accompanying financial statements of KASHIRAM JAIN AND COMPANY LIMITED which comprise the Balance Sheet as at March 31, 2014, the Statement of Profit and Loss and Cash Flow Statement for the year then ended and a summary of 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 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.

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 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 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 Profit and Loss Account, of the profit 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. The Balance Sheet, Statement of Profit and Loss and Cash Flow Statement comply with the Accounting Standards issued by the Institute of Chartered Accountants of India, to the extent applicable to the Company, as referred to in subsection (3C) of section 211 of the Companies Act, 1956, read with the General Circular 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the CompaniesAct,2013.

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 Independent Auditors' Report

Referred to in Paragraph 1 under the heading of "Report on Other Legal and Regulatory Requirements" of our report of even date

1. In respect of Fixed Assets:

a. The Company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets on the basis of available information.

b. As explained to us, the management has physically verified the Fixed Assets of the Company at reasonable intervals and no material discrepancies have been noticed on such physical verification.

c. During the year the Company has not disposed off substantial part of fixed assets and the going concern status of the Company is not affected.

2. In respect of Inventories:

a. No inventories is held by the Company at any time during the year.

3. In respect of Loans:

a. The Company didn't grant or take any loans, secured or unsecured from Companies, firms or other parties covered in the Register maintained under Section 301 of the Companies Act, 1956. Consequently, the requirements of Clauses (iii) (b), (iii)(c), (iii)(d), (iii)(e), (iii)(f) and (iii)(g) of Paragraph 4 of the Order are not applicable.

4. In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchases/sale of inventory, fixed assets and with regard to the sale of goods/services. During the course of our audit, we have not observed any continuing failure to correct major weakness in the internal control.

5. In respect of transaction covered under section 301 of the Companies Act, 1956:

a. According to the information and explanations given to us, there are no transactions that need to be entered in the register maintained under Section 301 of the Act.

6. According to the information and explanations given to us, the Company has not accepted any deposits from public, hence provisions of Section 58A, 58AA or any other relevant provisions of the Companies Act, 1956 and rules made there under are not applicable to the Company.

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

8. As informed and explained to us, maintenance of cost records has not been prescribed by the Central Government under Section 209(1) (d) of the Companies Act, 1956.

9. In respect of statutory dues;

a. According to the records of the Company, undisputed statutory dues including Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty and other Statutory dues have been generally regularly deposited with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at March 31, 2014 for a period of more than six months from the date of becoming payable.

10. The company does not have accumulated losses as at the end of the financial year. The Company has not incurred cash losses during the financial year covered by the audit and in the immediately preceding financial year.

11. Based on our audit procedures and according to the information and explanations given to us, we are of the opinion that the Company has not defaulted in repayment of dues to banks. The Company has not taken any loans from financial institutions and has not issued debentures.

12. In our opinion and information and explanation given to us and based on the information available, 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 the Company is not a chit fund or a nidhi/society. There fore the provisions of clause 4 (xiii) of the Companies (Auditor's Report) Order, 2003 are not applicable to the company.

14. Based on our examination of the records and evaluation of the related internal controls, we are of the opinion that proper records have been maintained by the Company of the transactions and contracts and timely entries have been made in those records. We also report that the Company has held the investments in its own name.

15. The company has not given any guarantee for loans taken by others from banks or financial institutions.

16. The company has not taken any term loan during the year.

17. Based on information and the explanations given to us and on the basis of over all review of the Financial Statements of the Company, funds raised for short term purposes have, prima facie, not been used for long term requirement.

18. The company has not made any preferential allotment of shares during the year.

19. The company has not issued any debentures during the years.

20. The company has not made any public issue during the year. Therefore the provisions of clause 4(xx) of the Companies (Auditor's Report) Order, 2003 are not applicable to the company.

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

For Patni & Associates Chartered Accountants (Registration No. 327367E)

CA Chandan Patni Partner Guwahati : August 16, 2014 Membership No. 300578

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Mar 31, 2013

We have audited the accompanying financial statements of KASHIRAM JAIN AND COMPANY LIMITED, which comprise the Balance Sheet as at March 31,2013, 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

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance 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.

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 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 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 Profit and Loss Account, of the profit 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, 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 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 Independent Auditors Report

Referred to in Paragraph:1 under the heading of Report on Other Regulatory Requirementsof our report of even date

1. In respect of Fixed Assets:

a. The Company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets on the basis of available information.

b. As explained to us, the management has physically verified the Fixed Assets of the Company at reasonable intervals and no material discrepancies have been noticed on such physical verification.

c. During the year the Company has not disposed off substantial part of fixed assets and the going concern status of the Company is not affected.

2. In respect of Inventories:

a. No inventories is held by the Company at any time during the year.

3. in respect of Loans:

a. The Company didn't grant or take any loans, secured or unsecured from Companies, firms or other parties covered in the Register maintained under Section 301 of the Companies Act, 1956. Consequently, the requirements of Clauses (iii) (b), (iii)(c), (iii)(d), (iii)(e), (iii)(f) and (iii)(g) of Paragraph 4 of the Order are not applicable.

4. In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchases/sale of inventory, fixed assets and with regard to the sale of goods/services. During the course of our audit, we have not observed any continuing failure to correct major weakness in the internal control.

5. In respect of transaction covered under section 301 of the Companies Act, 1956:

a. According to the information and explanations given to us, there are no transactions that need to be entered in the register maintained under Section 301 of the Act.

6. According to the information and explanations given to us, the Company has not accepted any deposits from public, hence provisions of Section 58A, 58AA or any other relevant provisions of the Companies Act, 1956 and rules made there under are not applicable to the Company.

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

8. As informed and explained to us, maintenance of cost records has not been prescribed by the Central Government under Section 209(1) (d) of the Companies Act, 1956.

9. In respect of statutory dues:

a. According to the records of the Company, undisputed statutory dues including Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty and other Statutory dues have been generally regularly deposited with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at March 31, 2013 for a period of more than six months from the date of becoming payable.

10. The company does not have accumulated losses as at the end of the financial year. The Company has not incurred cash losses during the financial year covered by the audit and in the immediately preceding financial year.

11. Based on our audit procedures and according to the information and explanations given to us, we are of the opinion that the Company has not defaulted in repayment of dues to banks. The Company has not taken any loans from financial institutions and has not issued debentures,

12. In our opinion and information and explanation given to us and based on the information available, 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 the Company is not a chit fund or a nidhi/society. There fore the provisions of clause 4 (xiii) of the Companies (Auditor's Report) Order, 2003 are not applicable to the company.

14. Based on our examination of the records and evaluation of the related internal controls, we are of the opinion that proper records have been maintained by the Company of the transactions and contracts and timely entries have been made in those records. We also report that the Company has held the investments in its own name.

15. The company has not given any guarantee for loans taken by others from banks or financial institutions.

16. The company has not taken any term loan during the year.

17. Based on information and the explanations given to us and on the basis of over all review of the Financial Statements of the Company, funds raised for short term purposes have, prima facie, not been used for long term requirement.

18. The company has not made any preferential allotment of shares during the year.

19. The company has not issued any debentures during the years.

20. The company has not made any public issue during the year. Therefore the provisions of clause 4(xx) of the Companies (Auditor's Report) Order, 2003 are not applicable to the company.

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

For Patni & Associates Chartered Accountants (Registration No 327367E)

CA Chandan Patni Partner Guwahati: August 16,2013 Membership No. 300578

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Mar 31, 2012

1. We have audited the attached Balance Sheet of KASHIRAM JAIN AND COMPANY LIMITED as at March 31, 2012 and also Profit and Loss 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 assurance about whether the Financial Statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditors' Report) Order, 2003, as amended by the Companies (Auditor's Report) (Amendment) Order, 2004 (together the 'Order') issued by Central Government of India in terms of Section 227(4A) of the Companies Act, 1956, and on the basis of such checks as we considered appropriate and according to the information and explanations given to us, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

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

i) 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;

ii) 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;

iii) The Balance Sheet, Profit and Loss Statement and cash flow statement dealt with by this report are in agreement with the books of account;

iv) In our opinion, the Balance Sheet, Profit and Loss Statement 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;

v) On the basis of written representations 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 terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956;

vi) 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 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:

a) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2012; and

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

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

ANNEXURE TO AUDITORS' REPORT

Referred to in paragraph 3 of our report of even date

As required by the Companies (Auditors' Report) Order, 2003 issued by Central Government of India in terms of Section 227(4A) of the Companies Act, 1956, and on the basis of such checks as we considered appropriate we further report that:

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

b) As explained to us, the Company has physically verified certain assets, in accordance with a phased program of verification, which on our opinion is reasonable, having regard to the size of the company. No material discrepancies were noticed on such verification.

c) In our opinion, the Company has not disposed off substantial part of the fixed assets during the year and the going concern status of the Company is not affected.

2) No stocks of goods is held by the Company at any time during the year.

3) The Company neither granted nor taken any loans, secured or unsecured from companies, firms or other parties covered in register maintained under section 301 of the Act. Consequently, clauses (iii)(b), (iii)(c), (iii)(d), (iii)(f) and (iii)(g) of paragraph 4 of the order are not applicable.

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.

5) According to the information and explanations given to us, there are no transactions that need to be entered into the register maintained in pursuance of Section 301 of the Companies Act, 1956.

6) The Company has not accepted any deposits from the public during the year under audit hence provision of section 58A, 58AA or any other relevant provision of the Companies Act, 1956 and rules made there under are not applicable to the Company.

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

8) As informed and explained to us, the Central Government has not prescribed the maintenance of cost records under section 209(1)(d) of the Companies Act, 1956.

9) a) The Company is regular in depositing undisputed statutory dues. According to the information and explanations, there were no undisputed amounts payable in respect of Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income-tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, cess and other statutory dues which have remained outstanding as at 31st March, 2012 for a period of more than six months from the date they became payable.

b) There are no disputed dues which have remained unpaid as on 31st March, 2012 in respect of sales tax, income tax, service tax, custom duty, wealth tax, excise duty, cess etc.

10) The company does not have any accumulated losses as at the end of the financial year and has not incurred cash losses during the financial year covered by the audit and in the immediately preceding financial year.

11) Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that the Company has not defaulted in repayment of dues to Banks. The Company has not taken any loans from financial institutions and has not issued debentures.

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) Provisions of any special statute applicable to chit funds are not applicable to the Company.

14) Based on our examination of the records and evaluation of the related internal controls, we are of

the opinion that proper records have been maintained by the Company of the transactions and contracts and timely entries have been made in those records. We also report that the Company has held the investments in its own name.

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

16) The Company has not taken any term loans.

17) The Company has not raised any short or long term funds.

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

19) The Company has never issued any debentures.

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

21) According to the information and explanations given to us, no material fraud on or by the Company has been noticed or reported during the course of our Audit.

For Patni & Associates Chartered Accontants F.R.No.327367E

Place:Guwahati Date: August 29, 2012

Sd/- Chandan Patni Proprietor Membership No.300578

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Mar 31, 2011

1. We have audited the attached Balance Sheet of KASHIRAM JAIN AND COMPANY LIMITED as at March 31, 2011 and also Profit and Loss 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 assurance about whether the Financial Statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditors' Report) Order, 2003, as amended by the Companies (Auditor's Report) (Amendment) Order, 2004 (together the 'Order') issued by Central Government of India in terms of Section 227(4A) of the Companies Act, 1956, and on the basis of such checks as we considered appropriate and according to the information and explanations given to us, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

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

i) 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;

ii) 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;

iii) The Balance Sheet, Profit and Loss Statement and cash flow statement dealt with by this report are in agreement with the books of account;

iv) In our opinion, the Balance Sheet, Profit and Loss Statement 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;

v) On the basis of written representations 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 terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956;

vi) 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 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:

a) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2011; and

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

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

Referred to in paragraph 3 of our report of even date

As required by the Companies (Auditors' Report) Order, 2003 issued by Central Government of India in terms of Section 227(4A) of the Companies Act, 1956, and on the basis of such checks as we considered appropriate we further report that:

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

b) As explained to us, the Company has physically verified certain assets, in accordance with a phased program of verification, which on our opinion is reasonable, having regard to the size of the company. No material discrepancies were noticed on such verification.

c) In our opinion, the Company has not disposed off substantial part of the fixed assets during the year and the going concern status of the Company is not affected.

2) No stocks of goods is held by the Company at any time during the year.

3) The Company neither granted nor taken any loans, secured or unsecured from companies, firms or other parties covered in register maintained under section 301 of the Act. Consequently, clauses (iii)(b), (iii)(c), (iii)(d), (iii)(f) and (iii)(g) of paragraph 4 of the order are not applicable.

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.

5) According to the information and explanations given to us, there are no transactions that need to be entered into the register maintained in pursuance of Section 301 of the Companies Act, 1956.

6) The Company has not accepted any deposits from the public during the year under audit hence provision of section 58a, 58AA or any other relevant provision of the Companies Act, 1956 and rules made there under are not applicable to the Company.

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

8) As informed and explained to us, the Central Government has not prescribed the maintenance of cost records under section 209(1)(d) of the Companies Act, 1956.

9) a) The Company is regular in depositing undisputed statutory dues. According to the information and explanations, there were no undisputed amounts payable in respect of Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income-tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other statutory dues which have remained outstanding as at 31st March, 2011 for a period of more than six months from the date they became payable.

b) There are no disputed dues which have remained unpaid as on 31st March, 2011 in respect of sales tax, income tax, service tax, custom duty, wealth tax, excise duty, cess etc.

10) The company does not have any accumulated losses as at the end of the financial year and has not incurred cash losses during the financial year covered by the audit and in the immediately preceding financial year.

11) Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that the Company has not defaulted in repayment of dues to Banks. The Company has not taken any loans from financial institutions and has not issued debentures.

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) Provisions of any special statute applicable to chit funds are not applicable to the Company.

14) Based on our examination of the records and evaluation of the related internal controls, we are of the opinion that proper records have been maintained by the Company of the transactions and contracts and timely entries have been made in those records. We also report that the Company has held the investments in its own name.

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

16) The Company has not taken any term loans.

17) The Company has not raised any short or long term funds.

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

19) The Company has never issued any debentures.

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

21) According to the information and explanations given to us, no material fraud on or by the Company has been noticed or reported during the course of our Audit.

For Patni & Associates. Chartered Accountants F R No. 327367E

Sd/- Chandan Patni Proprietor Guwahati : August 29, 2011 Membership No. 300578