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Auditor Report of Triliance Polymers Ltd.

Mar 31, 2010

We have audited the attached Balance Sheet of LEENA CONSULTANCY LIMITED as at 31st March, 2010 and also the Profit & Loss Account for the year ended on that data and the Cash -low Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys management. Our Responsibility is to express an opinion on these financial Statements based on our audit.

We conducted our audit in accordance with 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 arc free of material misstatement. An audit includes examining, on a lest 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 out audit provides a reasonable basis of our opinion,

As required by the Companies (Auditors Report) Order, 2003. issued by the Central Government at India in terms of sub-section (4A) of section 727 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order,

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

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

2} 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 ;

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

A) In our opinion, the Balance Sheet and Profit & 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.

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

6) in our opinion and to the best of our information and according to the explanations given to lis, the said accounts give the information required by Companies Act, 1956, in the manner so required and give a true and fair view in con for mity with accounting principles generally accepted in India:

a. In the case of the Balance Sheet of the state of affairs of the company as at 31st March, 2010 and

b. in the case of the Profit & Loss Account 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 THE AUDITORS REPORT

(Referred to in paragraph 3 of our report of even date)

(i) As explained to us, the Company did not have any fixed assets, hence the question of reporting under sub-clause (a) regarding maintaining proper records of fixed assets, sub-clause (b) regarding physical verfication of fixed assess and sub-clause (c) regarding disponing of substantial part of fixed assets of clause 4(i) of the Order does not arise.

(ii) As explained to us, the Company did not have any inventory, hence the question of reporting under sub-clause (a) regarding physical verification of inventory, sub- clause (b) regarding procedure of physical verification of inventory and sub-clause (c) regarding materia! discrepancies on physical verification of inventory of clause 4(ii) of the Order dees not arise.

(iii) As explained to us, the Company has neither granted nor taken any loans, secured or unsecured from companies, firms or other parties covered in the reglstei maintained under section 301 of the Companies Act. 1956, hence the question of reporting under sub-clause (a) regarding the number of parties and amount involved Of loans granted, sub-clause (b) regarding rate of interest and other terms and conditions of loans givan being prima facie prejudicial to the interest of the Company, sub-clause (c) regarding regularity in receipt of the principal amount and interest, sub-clause (d) regarding reasonable steps taken by the company for recovery of the principal and interest if overdue amount is more than rupees one lacs, sub clause (e) regarding the number of parties and amount involved of loans taken, sub-Jo use in regarding rate of interest and other terms and conditions of leans taken being prima facie prejudicial to the interest of the Company and sub- clause (g) regarding regularity of payment of principal and interest of clause 4(iii} of the Order does not arise,

(iv) As explained to us the Company did not purchase any fixed assets and inventory and has not sold any goods, hence the question of reporting under clause (iv) of the Order on internal control system commensurate with the size of the Company and the nature of its business with regard to purchase of inventory, fixed assets and with regard to sale of goods and services does not a rise.

(v) As axplained to us, the Company has not entered into any contracts or arrangements that need to be entered into a register maintained under section 301 of the Companies Act. 1956, hence the question of reporting under sub-clause (a) regarding particulars of contracts or arrangements to be entered into a register in pursuance of section 301 of the Act and sub-clause (b) regarding transactions made in pursuance of such contracts or arrangements at prevailing market price of clause 4 (v) Of the Order does not arise.

(vi) In our opinion and according to the Information and explanation given to us, the Company has not accepted deposits from the public and therefore, the provisions contained in sections 58A and 58AA or any relevant provisions of the Companies Act. 1956 and Rules there under are not applicable to the Company.

(vii) The Company has no formal internal audit system.

(will) We are informed that the Central Government has not prescribed the maintenance of cost records under section 209(1 )(d) of the Companies Act. 1956.

(in) (a) Based on the records produced before us. the Company is generally regular in depositing with appropriate authorities undisputed statu Lory dues such as President Fund, invstor Education and Protection Fund, Employees State Insurance, Income Tax. Sales Tax. Wealth Tax. Service Tax, Custom Duty, Excise Duty, cess and any other material statutory dues wherever applicable and there are no amounts in arrears as at March 31, 2010 for a period of more than six months from the date they became payable.

(b) According to the Information and explanations given to us. there are no dues of income tax, sales tax. wealth lax, secvice fax, custom duty, excise duty and cess which have not been deposited on account of any dispute.

(k) The Company did not have the accumulated losses at the end of the financial year and the Company has not incurred any cash loss in such financial year and in the financial year immediately preceding such financial year.

(xi) As explained to us, the Company has not taken any loans from financial institution of bank or from debenture holders, hence the question of reporting under clause 4(xi) of the Order regarding defait in repayment of dues does not arise.

(xii) As explained to us, the Company has not granted any loans and advances on the basis of security by way of pieces of shares, debentures and other securities, hence the question of reporting under clause 4(xii) of line Order regarding maintenance of adequate documents and records and the deficiencies therein does not arise.

(xiii) The Company is not a nidhi / mutual fund / society. Therefore the provisions of clause 4(xiii) of the Order are not applicable to the Company.

(xiv) The Company is not dealing or trading in shares, securities, debentures and other investments. Accordingly the question of reporting under clause 4(xiv) of the Order regarding maintenance of proper retards in respect thereof does notarise.

(xv) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

(xvi) As explained to us the Company has not taken any term loans and hence the question of reporting under clause 4(xvi) regarding applying term loans for the purpose for Which the loans were obtained does not arise.

(xvii) According to the information end explanations given to us and overall examination of the Cash Flow Statement and Balance Sheet of the Company, we report that the Company has not Tatsed any funds on short-term basis. All the assets have been funded by shareholders funds.

(xviii) The Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Seclion 301 of the Companies Act, 1956. during the period, hence the question of reporting under clause 4(xviiy of the Order regarding whether price at which shares have been issued is prejudicial to the interest of the Company does not arise. arise.

(xx) The Company has not raised any money by public issues during the period covered by our report.

(xxi) According to the information and explanations given to us, no fraud on or by the Company has been noticed or reporied during the period.

For K. L TH ACKER & ASSOCIATES

Charted Accountants

(FirmRean. No 110859W)

(KIRIT L. THACKERI)

Proprietor

Mem. No. 35086

PLACE : MUMBAI

DATED: , 01 SEP 2010

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