Auditor Report of Mahan Industries Ltd.

Mar 31, 2014

Report on the Financial Statements

We have audited the accompanying financial statements of MAHAN INDUSTRIES LIMITED, which comprise the Balance Sheet as at March 31, 2014, and 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 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'') read with general circular 15/2013 dated 13th Sept 2013 of the ministry of corporate affairs in respect of section 133 of the companies Act, 2013. 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 evidences 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 controls relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company''s internal control . An audit also includes evaluating the appropriateness of 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;

(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 and 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 and Statement of Profit and Loss comply with the Accounting Standards 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 Companies Act, 2013 ; and

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:

f. Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

ANNEXURE TO THE AUDITOR''S REPOERT

(1) (a) In our opinion and according to the information and explanation given to us, the company has maintained all the relevant records showing full particulars including quantitative details and situation of fixed assets.

(b) In our opinion, the fixed assets have been physically verified by the management at reasonable intervals having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

(c) The fixed assets have not disposed any fixed assets during the year.

2. (a) According to the information & explanations given to us, the Physical verification of shares has been followed by the management at reasonable intervals.

(b) In our opinion and according to the information and explanation given to us, the procedure of physical verification of stock of Shares followed by the management is reasonable and adequate in relation to the size of the company and the nature of its business.

(c) According to the information and explanation given to us, the company is maintaining proper records of inventory of shares. No material discrepancies were noticed on physical verification

(3) (a) According to the information and explanation given to us, the company has not granted any loans secured or unsecured to companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956 and hence clause (a) to (d) are not applicable.

(e) The company has taken unsecured loan from one party covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year is Rs. 683.63 lacs and the year end balance of such loan taken is Rs. 334.43 lacs.

(f) According to the information given to us, the loan taken by the company is interest free and there are no specific terms and conditions and as such the loans are prima facie not prejudicial to the interest of the company.

(g) The loans taken are interest free without any stipulation as to repayment.

(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 with regard to the purchase of inventory, fixed assets and with regard to the sale of goods. During the course of our audit, no major weakness has been noticed in the internal controls.

(5) (a) In our opinion and according to the information and explanation given to us, the transactions for the year that needed to be entered into the register maintained under section 301 of the Companies Act, 1956, have so been entered.

(b) In our opinion and according to the information and explanation given to us, the transactions made in pursuance of the contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 have been made at prices which are reasonable and having regard to prevailing market prices at the relevant time.

(6) The company has not accepted any deposits from the public which falls within the provisions of section 58 A and 58 AA of the Companies Act, 1956, and the rules framed there under.

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

(8) According to the best of knowledge and according to the information given to us, the Central Government has not prescribed maintenance of cost record under section 209 (1)(d) of the Companies Act, 1956.

(9) (a) According to the information and explanations given to us and on the basis of our examination of the books of accounts, the company is regular in depositing undisputed statutory dues including Provident Fund, Investor Education Protection Fund, Employee State Insurance, Sales Tax, Wealth Tax, Service-Tax, Custom Duty,

Excise Duty, Cess and other statutory dues with the appropriate authorities.

(b) According to information and explanation given to us, details of dues in respect of income tax, on account of dispute are as follows:

INCOME TAX LITIGATION PENDING

Name of the statute Nature of Amount Period to which dues (in lakhs) the amount relates

Income Tax Act, 1961 Income tax 2,225,639/- A.Y .:2000-2001

Income Tax Act, 1961 Income tax 6,584,951/- A.Y.:2006-2007

Name of the statute Forum where the dispute is pending

Income Tax Act, 1961 CIT Appeal

Income Tax Act, 1961 CIT Appeal

(10) In our opinion, the accumulated losses of the company are more than fifty per cent of its net worth at the end of the financial year. Further, the company has incurred cash losses only during the financial year covered by our audit, but not in the immediately preceding financial year.

(11) In our opinion and according to the information and explanation given to us, the company has not defaulted in repayment of dues to a financial institution / bank.

(12) According to the information & explanation given to us, the company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(13) In our opinion, the company is not a chit fund or a nidhi / mutual benefit fund/society. Therefore, the provisions of clause 4(xiii) of the companies (Auditor''s Report) Order, 2003 are not applicable to the company.

(14) In our opinion, proper records have been maintained of the transactions and contracts of trading in shares, securities, debentures and other investments and timely entries have been made therein. All stocks of trading shares have been held by the company except to the extent of exemption if any granted under section 49 of the Act.

(15) According to the information & explanations given to us, the company has not given any guarantees for the loans taken by others from banks or financial institutions

(16) In our opinion, the term loans have been applied for the purpose for which they were raised.

(17) According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that the no funds raised on short term basis have been used for long term investment.

(18) According to the information and explanation given to us, the company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act.

(19) According to the information and explanations given to us, Company has not issued any debenture during the year. Accordingly, the provisions of clause 4(xix) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

(20) The Company has not made any fresh allotment of equity shares during the year.

(21) Based upon the audit procedures performed and on the basis of information and explanation provided by the management, we report that no fraud on or by the company has been noticed or reported during the year.

For DJNV & CO. Chartered Accountants Firm Regn. NO.115145W

Jayesh Parikh (Partner) M.No.40650

Place: Ahmedabad Date:30/05/2014.

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Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of MAHAN INDUSTRIES LIMITED, which comprise the Balance Sheet as at March 31, 2013, and 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 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 . 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 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 controls 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 I 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;

(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 j statement on the matters specified in paragraphs 4 and 5 of the Order. l,

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 oui| 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 and Statement of Profit and Loss dealt with by this Report are irj agreement with the books of account; . j ,

d. In our opinion, the Balance Sheet and Statement of Profit and Loss comply with the Accounting F 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:

f. Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any Rules under the said ection, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

ANNEXURE TO THE AUDITOR''S REPORT

(1) (a) In our opinion and according to the information and explanation given to us, the company has maintained all the relevant records showing full particulars including I quantitative details and situation of fixed assets.

(b) In our opinion, the fixed assets have been physically verified by the management at reasonable intervals having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

(c) The fixed assets have not disposed any fixed assets during the year.

(2) (a) As explained to us, inventories have been physically verified by the management at reasonable intervals during the year. In our opinion, the frequency of such verification is reasonable.

(b) In our opinion and according to the information and explanation given to us, the procedures of physical verification of stock followed by the management are reasonable and adequate in relation to the size of the company and the nature of; i the business.

(c) The company has maintained proper records of inventory. No material discrepancies were noticed on physical verification.

(3) (a) According to the information and explanation given to us, the company has not granted any loans secured or unsecured to companies, firms or; other parties listed in the register maintained under section 301 of the | Companies Act, 1956 and hence clause (a) to (d) are not applicable.

(e) The company has taken unsecured loan from one party covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year is Rs. 680.83 lacs and the year end balance of such loan ji taken is Rs. 678.63 lacs.

(f) According to the information given to us, the loan taken by the company is interest free and there are no specific terms and conditions and as such the loans are prima facie not prejudicial to the interest of the company.

(g) The loans taken are interest free without any stipulation as to repayment.

(4) In our opinion and according to the information and explanation given to lb, there | are adequate internal control procedures commensurate with the size of the I company and the nature of its business with regard to the purchase of inventory, fixed assets and with regard to the sale of goods. During the course of our audit, no major weakness has been noticed in the internal controls.

(5) (a) In our opinion and according to the information and explanation given to us, the transactions for the year that needed to be entered into the register i maintained under section 301 of the Companies Act, 1956, have so been j ! entered.

(b) In our opinion and according to the information and explanation given to us, the transactions made in pursuance of the contracts or arrangements entered in the register maintained under section 301 of the Companies Act,1956 have been at prices which are reasonable and having regard to prevailing market prices I at the relevant time. ,

(6) The company has not accepted any deposits from the public which falls within the provisions of section 58 A and 58 AA of the Companies Act, 1956, and the rules framed there under.

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

(8) According to the best of knowledge and according to the information given to usj the Central Government has not prescribed maintenance of cost record under section 209 (l)(d) of the Companies Act, 1956.

(9)According to the information and explanations given to us and on the basis of our examination of the books of accounts, the company is regular in depositing] undisputed statutory dues including Provident Fund, Investor Education Protection Fund, Employee State Insurance, Sales Tax, Wealth Tax, Service-Tax, Custom Duty, Excise Duty, Cess and other statutory dues with the appropriate authorities except] from income tax where Rs. 6700/-is pending for the A. Y: 2005-06. hi According to information and explanation given to us, details of dues in respect ol income tax, on account of dispute are as follows:

(10) In our opinion, the accumulated losses of the company are more than fifty per cenl 1 of its net worth at the end of the financial year. Further, the company has incurred I cash losses only during the financial year covered by our audit, but not in the I immediately preceding financial year. I

(11) In our opinion and according to the information and explanation given to us, the: company has not defaulted in repayment of dues to a financial institution / bank.

(12) According to the information & explanation given to us, the company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(13) In our opinion, the company is not a chit fund or a nidhi / mutual benefit '' fund/society. Therefore, the provisions of clause 4(xiii) of the companies (Auditor''s Report) Order, 2003 are not applicable to the company. ,

(14) In our opinion, proper records have been maintained of the transactions and contracts of trading in shares, securities, debentures and other investments and timely entries have been made therein. All stocks of trading shares have been held by the company except to the extent of exemption if any granted under section 49 of the Act.

(15) According to the information & explanations given to us, the company has not givan any guarantees for the loans taken by others from banks or financial institutions

(16) In our opinion, the term loans have been applied for the purpose for which they were raised.

(17) According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that the no funds raised on short term basis have been used for long term investment.

(18) According to the information and explanation given to us, the company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act.

(19) According to the information and explanations given to us, Company has not issued any debenture during the year. Accordingly, the provisions of clause 4(xix) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

(20) The Company has not made any fresh allotment of equity shares during the year.

(21) Based upon the audit procedures performed and on the basis of information and explanation provided by the management, we report that no fraud on or by the company has been noticed or reported during the year.

For DJNV & CO.

Chartered Accountants

Firm Regn. N0.115145W

Jayesh Parikh

(Partner)

M.No.40650

Place: Ahmedabad

Date: 10th June, 2013.

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Mar 31, 2009

1. We have audited the attached Balance Sheet of MAHAN INDUSTRIES LIMITED for the year ended 31st March, 2009 and the Profit & Loss Account and the Cash Flow 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.

2. We conducted our audit in accordance with the 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 over-all 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 is sued by the Company Law Board in terms of Section 227 (4A) of the Companies Act, 1956 we enclose in the Annexure a statement on the matter specified in paragraphs 4 & 5 of the said order.

4. Further, we report that:

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

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

(c) The Balance Sheet, Profit & 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 Profit and Loss Account dealt with by this report comply with the Accounting Standards referred to in Sub Section (3C) of Section 211 of the Companies Act, 1956 except for:

-AS-15 (Revised) and Disclosure requirements as required by the said AS are not complied with

-AS-9 where sale purchase transaction of traded shares are not recorded, though records are maintained and only Profit/Loss on such trading are taken in the Profit & Loss Account. This, of course does not affect the Profit / Loss of the year.

(e) On the basis of written representations received from the Directors of the company as at March 31,2008 and taken on record by the board of directors, we report that no director is disqualified from being appointed as director of the company under clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

(fj The company has not provided for interest on bank borrowings for the earlier years and since the bank from whom the company has borrowed the money is closed the further interest till date is not ascertainable and the same is not provided and to that extent loss is understated. In absence of any account confirmation the amount of payment made during the year has been adjusted towards the principal.

Subject to the above and read together with Notes to Accounts the said Statements of Account, in our opinion and to the best of our information and according to the explanations given to us, give the information required by the Companies Act, 1956, in the man ner so required and give a true & fair view in accordance with the accounting principles generally accepted in India:

(I) in case of the Balance Sheet, of the state of Affairs of the company as at 31st March, 2009.

(II) in case of the Profit & Loss Account, of the Loss for the year ended on that date and

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

ANNEXURE TO THE AUDITORS REPORT

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

(b) All the assets have been physically verified by the management during the year. There is a regular program of verification which in our opinion is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

(c) None of the Fixed Assets has been disposed off during the year, which has bearing on the going concern assumption.

(2) (a) Physical verification of inventory have been conducted at reasonable intervals during the year by the management.

(b) In our opinion, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of the business.

(c) The company has maintained proper records of inventory. No material discrepancies were noticed on physical verification.

(3) (a) The company has not granted any loans, secured or unsecured, to companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956. As the company has not granted any loans, secured or unsecured, to parties listed in the register maintained under section 301 of the Companies Act, 1956 paragraphs (iii)(b), (c) and (d) of the Order, are not applicable.

(b) According to the information and explanations given to us, the company has taken unsecured loan from one covered in the register maintained under section 301 of the Companies Act, 1956. Maximum amount involved during the year is Rs.. 77.71 lacs and the year end balance of such loan taken is Rs.11.67 lacs .

(c) As per the information given to us the loan taken by the company are interest free and there are no specific terms and conditions and as such the loans are prima facie not prejudicial to the interest of the company.

(d) The loans taken are interest free without any stipulation as to repayment.

(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 with regard to the purchase of inventory, fixed assets and with regard to the sale of goods. During the course of our audit, no major weakness has been noticed in the internal controls.

(5) (a) According to the information and explanations given to us, we are of the opinion that the transactions that

need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered.

(b) In our Opinion & according to the information & explanations given to us , the transaction made with the parties during the year in pursuance of contract & arrangement entered in the register maintained under 301 of the Companies act, 1956 have been made at prices which are reasonable, having regard to the prevailing market prices at the relevant time, where such comparative market price are available.

(6) The company has not accepted any deposits from the public which falls within the provisions of section 58 A and 58 AA of the Companies Act, 1956.

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

(8) To the best of knowledge and according to the information given to us, the Central

Government has not prescribed maintenance of cost record under section 209 (1) (d) of the Companies Act, 1956.

(9) (a) According to the information and explanations given to us and on the basis of our examination of the books of accounts, the company is regular in depositing undisputed statutory dues including Provident Fund, Investor education protection fund, Employee State Insurance, Income Tax, Sales Tax, Wealth Tax , Service Tax, Custom Duty, Excise Duty, Cess and other statutory dues with the appropriate authorities.

(b) According to information and explanation given to us, details of dues in respect of income tax were in arrears, on account of dispute is as follows:

Particulars Financial Year, For which the Forum where dispute to Amount Rs. matter for pertains pending

Income Tax 2000-01 ITAT set aside for CIT 22,25,639 Appeals 2004-05 CIT Appeals 34,988

(10) The company has accumulated losses exceeding 50% of its net worth and has also incurred cash losses during the financial year and also in the immediately preceding financial year.

(11) In our opinion and according to the information and explanation given to us, the company has defaulted in repayment of dues to a financial institution / bank. Since the bank is closed and the account confirmation is not available the entire amount is considered as overdue.

(12) According to the information & explanation given to us, the company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(13) In our opinion, the company is not a chit fund or a nidhi / mutual benefit fund/society.

Therefore, the provision of clause 4(xiii) of the companies (Auditors Report) order, 2003 are not applicable to the company.

(14) In our opinion, proper records have been maintained of the transactions and contracts of trading in shares, securities, debentures and other investments and timely entries have been made therein. All stocks of trading shares have been held by the company except to the extent of exemption if any granted under section 49 of the Act.

(15) According to the information & explanations given to us, the company has not given any guarantees for the loans taken by others from banks or financial institutions

(16) In our opinion, the term loan has been applied for the purpose for which it was raised.

(17) According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that the no funds raised on short term basis have been used for long term.

(18) According to the information and explanation given to us, the company has not made

Preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act.

(19) According to the information and explanations given to us, Company has not issued any debenture during the year. Hence reporting on the question of secuterisation does not arise.

(20) The company has not raised any fund by way of public issue during the year.

(21) Based upon the audit procedures performed and on the basis of information and explanation provided by the management, we report that no fraud on or by the company has been noticed or reported during the year.

For DJNV&Co.

Chartered Accountants

(Jayesh Parikh) Partner

Ahmedabad: 03.09.2009