Auditor Report of Multiplus Holdings Ltd.

Mar 31, 2014

We have Audited the attached Balance Sheet of MULTIPLUS HOLDINGS LIMITED as at 31st March 2014. and the Profit & Loss Account 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 theses 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 are free of material misstatement. An audit mcludes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principal 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.

We report as follows:

1) As required by the Companies (Auditors'' Report) Order, 2003 issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 & 5 of the said order.

2) Further to our comments in the Annexure referred to above, we state 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 law have been kept by the Company so far as appears from our examination of these books;

c) The Balance Sheet and the 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 dealt with by this report comply with the mandatory Accounting Standards referred in sub-section (3C) of Section 21l of the Companies Act, 1956;

e) On the basis of the written representations received from the Directors as on 31st March, 2014 and taken on record by the Board of Directors, we report that none of the Directors are disqualified as on 31st March, 2014 from being appointed as a Directors in terms of Clause (g) of sub section (1) of Section 274 of the Companies Act, 1956;

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

i) In so far as it relates to Balance Sheet, of the state of affairs of the Company as at 31st March, 2014.

ii) In so far as it relates to Profit and Loss Account, of the profit of the Company for the year ended on that date.

iii) Cash Flow Statement of the Company for the year ended on that date.

ANNEXURE TO AUDITORS'' REPORT Re : MULTIPLUS HOLDINGS LIMITED.

Referred to in point no. 1 of our report of even date.

i. In respect of its Fixed Assets:

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

(b) The fixed assets have been physically verified by the management at reasonable intervals. We have been informed that no material discrepancies were noticed on such verification.

(c) Substantial part of fixed assets have not been disposed off during the year.

ii. In respect of its inventories:

The company does not possess stock in trade of any kind whatsoever. Under these circumstances, the question of:

a) Physical Verification of Stocks;

b) Procedure for physical verification of Stocks;

c) Discrepancies between physical verification of Stocks and book records; and

d) Verification and Valuation of Stocks; does not arise.

iii. In respect of loans, secured or unsecured, granted or taken by the Company to/from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956 :

a) The company has not granted any loan secured or unsecured to any party listed in the register maintained under section 301 of the Companies Act, 1956 Accordingly paragraphs 4 (iii) (a), (b), (c), (d), (e), (f) and (g) of Companies (Auditor''s Report) Order,2003 (as ammended) are not applicable.

b) The company has not taken any loans secured or unsecured from party listed in the register maintained under section 301 of the Act.

iv. In our opinion and according to the information and explanation given to us, there is adequate internal control system commensurate with the size of the Company and the nature of its business. During the course of our audit, we have not observed any major weaknesses in internal controls.

v. In respect of transactions covered under Section 301 of the Companies Act, 1956 in our opinion and according to the information and explanations given to us:

a) The transaction made in pursuance of contracts or arrangements that needed to be entered into a register maintained under Section 301 of the Companies Act, 1956 have been so entered.

b) In our opinion, The Company has not entered into any transactions exceeding the value of five lakh rupees in respect of any party during the Financial Year and hence the question of verifying the reasonableness of prices having regard to the prevailing market prices at the relevant time does not arise.

vi. In our Opinion and according to the information and explanations given to us, the Company has not accepted any deposit from the public as per Section 58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance of deposits) Rules, 1975.

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

viii. The Central Government has not prescribed maintenance of Cost Records under Section 209 (1) (d) of the Companes Act, 1956

ix. In respect of statutory dues :

a) 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 where ever applicable.

b) According to the information & explanations given to us, no undisputed amounts payable in respect of Income-tax, Sales-tax, Wealth Tax, Custom Duty, Excise Duty and Cess were in arrears, as at 31st March 2014, for a period of more than 6 months from the date they became payable.

c) According to the information & explanations given to us, there are no dues of Income-tax, Sales-tax, Wealth Tax, Custom Duty, Excise Duty and Cess which have not been deposited on account of any dispute.

x. 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.

xi. 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 financial institutions or banks. The Company has not raised any money by issue of debentures.

xii. 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, debentures and other securities.

xiii. 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.

xiv. In our opinion, the Company has maintained proper records of dealing in or trading in shares, securities, debentures and the securities stands in the name of the company.

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

xvi. The company has not availed of any term loans, hence the question of it being applying for the purpose for which it is obtained does not arise.

xvii. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we are of the opinion that the funds raised on short-term basis have not been used for long-term investments during the year.

xviii. 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.

xix. The Company has not raised any monies by issue of debentures.

xx. In our opinion and according to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the year.

FOR HARDIK PARASIA & ASSOCIATES Chartered Accountants

Place: Mumbai HARDIK PARASIA Date: 30th May, 2014 (Proprietor) M.No. 153635

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Mar 31, 2012

We have Audited the attached Balance Sheet of MULTIPLUS HOLDINGS LIMITED as at 31st March 2012 and the Profit & Loss Account 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 theses 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 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 principal 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.

We report as follows:

1) As required by the Companies (Auditors' Report) Order, 2003 issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 & 5 of the said order.

2) Further to our comments in the Annexure referred to above, we state 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 law have been kept by the Company so far as appears from our examination of these books;

c) The Balance Sheet and the 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 dealt with by this report comply with the mandatory Accounting Standards referred in sub-section (3C) of Section 21l of the Companies Act, 1956;

e) On the basis of the 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 are disqualified as on 31st March, 2012 from being appointed as a Directors in terms of Clause (g) of sub section (1) of Section 274 of the Companies Act, 1956;

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

i) In so far as it relates to Balance Sheet, of the state of affairs of the Company as at 31st March, 2012.

ii) In so far as it relates to Profit and Loss Account, of the profit of the Company for the year ended on that date.

iii) Cash Flow Statement of the Company for the year ended on that date.



ANNEXURE TO AUDITORS' REPORT

Re : MULTIPLUS HOLDINGS LIMITED.

Referred to in point no. 1 of our report of even date.

i. In respect of its Fixed Assets:

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

(b) The fixed assets have been physically verified by the management at reasonable intervals. We have been informed that no material discrepancies were noticed on such verification.

(c) Substantial part of fixed assets have not been disposed off during the year.

ii. In respect of its inventories:

The company does not possess stock in trade of any kind whatsoever. Under these circumstances, the question of:

a) Physical Verification of Stocks;

b) Procedure for physical verification of Stocks;

c) Discrepancies between physical verification of Stocks and book records; and

d) Verification and Valuation of Stocks;

does not arise.

iii. In respect of loans, secured or unsecured, granted or taken by the Company to/from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956 :

a) The company has not granted any loan secured or unsecured to any party listed in the register maintained under section 301 of the Companies Act, 1956. Accordingly paragraphs 4 (iii) (a), (b), (c), (d), (e), (f) and (g) of Companies (Auditor's Report) Order, 2003 (as amended) are not applicable.

b) The company has not taken any loans secured or unsecured from party listed in the register maintained under section 301 of the Act.

iv. In our opinion and according to the information and explanation given to us, there is adequate internal control system commensurate with the size of the Company and the nature of its business. During the course of our audit, we have not observed any major weaknesses in internal controls.

v. In respect of transactions covered under Section 301 of the Companies Act, 1956 in our opinion and according to the information and explanations given to us:

a) The transaction made in pursuance of contracts or arrangements that needed to be entered into a register maintained under Section 301 of the Companies Act, 1956 have been so entered.

b) In our opinion, The Company has not entered into any transactions exceeding the value of five lakh rupees in respect of any party during the Financial Year and hence the question of verifying the reasonableness of prices having regard to the prevailing market prices at the relevant time does not arise.

vi. In our Opinion and according to the information and explanations given to us, the Company has not accepted any deposit from the public as per Section 58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance of deposits) Rules, 1975.

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

viii. The Central Government has not prescribed maintenance of Cost Records under Section 209 (1) (d) of the Companies Act, 1956.

ix. In respect of statutory dues :

a) 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 where ever applicable.

b) According to the information & explanations given to us, no undisputed amounts payable in respect of Income-tax, Sales-tax, Wealth Tax, Custom Duty, Excise Duty and Cess were in arrears, as at 31st March 2012, for a period of more than 6 months from the date they became payable.

c) According to the information & explanations given to us, there are no dues of Income-tax, Sales-tax, Wealth Tax, Custom Duty, Excise Duty and Cess which have not been deposited on account of any dispute.

x. 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.

xi. 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 financial institutions or banks. The Company has not raised any money by issue of debentures.

xii. 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, debentures and other securities.

xiii. 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.

xiv. In our opinion, the Company has maintained proper records of dealing in or trading in shares, securities, debentures and the securities stands in the name of the company.

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

xvi. The company has not availed of any term loans, hence the question of it being applying for the purpose for which it is obtained does not arise.

xvii. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we are of the opinion that the funds raised on short-term basis have not been used for long-term investments during the year.

xviii. 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.

xix. The Company has not raised any monies by issue of debentures.

xx. In our opinion and according to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the year.

FOR RAJESH THAKKAR & ASSOCIATES Chartered Accountants

Sd/- RAJESH THAKKAR (Proprietor) M. NO. 108714

Place: Mumbai Date: 30th May, 2012

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Mar 31, 2010

We have Audited the attached Balance Sheet of MULTIPLUS HOLDINGS LIMITED as at 31st March 2010.and the Profit & Loss Account and also 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 theses 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 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 principal 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.

We report as follows:

1) As required by the Companies (Auditors Report) Order, 2003 issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 & 5 of the said order.

2) Further to our comments in the Annexure referred to above, we state 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 law have been kept by the Company so far as appears from o.ur examination of these books;

c) The Balance Sheet and the 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 and Cash Flow Statement dealt with by this report comply with the mandatory Accounting Standards referred in sub-section (3C) of Section 211of the Companies Act, 1956;

e) On the basis of the written representations received from the Directors as on 31st March, 2010 and taken on record by the Board of Directors, we report that none of the Directors are disqualified as on 31st March, 2010 from being appointed as a Directors in terms of Clause (g) of sub section (1) of Section 274 of the Companies Act, 1956;

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

i) In so far as it relates to Balance Sheet, of the state of affairs of the Company as at 31st March, 2010

ii) In so far as it relates to Profit and Loss Account, of the profit of the Company for the year ended on that date; and

iii) In so far as it relates to the Cash Flow Statements, of the cash flows of the company for the year ended on that date.

ANNEXURE TO AUDITORS REPORT Re : MULTIPLUS HOLDINGS LIMITED.

Referred to in point no.1 of our report of even date.

i. In respect of its Fixed assets :

a) The company does not own any Fixed Assets, hence under these circumstances, the question of maintaining proper records showing particulars, including quantitative details and situation of fixed assets does not arise.

ii. In respect of its inventories:

The company does not possess stock in trade of any kind whatsoever. Under these circumstances, the question of:

a) Physical Verification of Stocks;

b) Procedure for physical verification of Stocks;

c) Discrepancies between physical verification of Stocks and book records; and

d) Verification and Valuation of Stocks; does not arise..

iii. In respect of loans, secured or unsecured, granted or taken by the Company to/from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956 :

a) The company has not granted any loan secured or unsecured to any party listed in the register maintained under section 301 of the Companies Act, 1956 .Accordingly paragraphs 4 (iii) (a), (b), (c), (d), (e), (f) and (g) of Companies (Auditors Report) Order,2003 (as ammended) are not applicable.

b) The company has not taken any loans secured or unsecured from party listed in the register maintained under section 301 of the Act.

iv. In our opinion and according to the information and explanation given to us, there is adequate internal control system commensurate with the size of the Company and the nature of its business. During the course of our audit, we have not observed any major weaknesses in internal controls.

v. In respect of transactions covered under Section 301 of the Companies Act, 1956 in our opinion and according to the information and explanations given to us:

a) The transaction made in pursuance of contracts or arrangements that needed to be entered into a register maintained under Section 301 of the Companies Act, 1956 have been so entered.

b) In our opinion, The Company has not entered into any transactions exceeding the value of five lakh rupees in respect of any party during the Financial Year and hence the question of verifying the reasonableness of prices having regard to the prevailing market prices at the relevant time does not arise.

vi. In our Opinion and according to the information and explanations given to us, the Company has not accepted any deposit from the public as per Section 58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance of deposits) Rules, 1975.

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

viii. The Central Government has not prescribed maintenance of Cost Records under Section 209 (1) (d) of the Companies Act, 1956.

ix. In respect of statutory dues :

a) 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 where ever applicable.

b) According to the information & explanations given to us, no undisputed amounts payable in respect of Income-tax, Sales-tax, Wealth Tax, Custom Duty, Excise Duty and Cess were in arrears, as at 31st March 2010, for a period of more than 6 months from the date they became payable.

c) According to the information & explanations given to us, there are no dues of Income-tax, Sales-tax, Wealth Tax, Custom Duty, Excise Duty and Cess which have not been deposited on account of any dispute.

x. 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.

xi. 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 financial institutions or banks. The Company has not raised any money by issue of debentures.

xii. 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, debentures and other securities.

xiii. 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 (Auditors Report) Order, 2003 are not applicable to the Company.

xiv. In our opinion, the Company has maintained proper records of dealing in or trading in shares, securities, debentures and the securities stands in the name of the company.

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

xvi. The company has not availed of any term loans, hence the question of it being applying for the purpose for which it is obtained does not arise.

xvii. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we are of the opinion that the funds raised on short-term basis have not been used for long-term investments during the year.

xviii. During the year, the Company has not made any preferential allotment of shares to panties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956.

xix. The Company has not raised any monies by issue of debentures.

xx. During the year the Company issued 12,50,000 equity Shares of Rs. 10/- each at premium of Rs. 50/- per Share aggregating the Rs. 7,50,00,000 on preferential allotment basis

xxi. In our opinion and according to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the year.

FOR RAJESH THAKKAR & ASSOCIATES

Chartered Accountants

RAJESH THAKKAR

(Proprietor)

M.NO. 108714

Place: Mumbai Date: 20th June, 2010

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Mar 31, 2002

We have audited the attached Balance Sheet of MULTIPLUS HOLDING LIMITED as at 31st March, 2002 and Profit & Loss Account for the year ended on that date, annexed hereto. 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 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 the test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

1 As required by the Manufacturing and the other Companies (Auditors Report) Order, 1988 issued by the Central Government in terms of Section 227 (4A) of the Companies Act, 1956, we annex hereto a statement on the matters specified in para 4 & 5 of the said order.

2. Further to our comments in the Annexure referred to in Paragraph 1 above, we state that:

a) We have obtained all the information & explanations which to the best of our knowledge & belief were necessary for the purpose of our audit.

b) In our opinion proper books of accounts as required by Law have been kept by the Company so far as appears from our examination of such Books.

c) The Balance Sheet and Profit & Loss Account referred to in this report are in agreement with the books of accounts.

d) In our opinion, the Balance Sheet and Profit & Loss Account is in compliance with the Accounting Standards as referred to in section 211 (3C) of the Companies Act, 1956 to the extent applicable.

e) On the basis of the written representations received from the Directors as on 31" March, 2002, And taken on record by the Board Of Directors, We report that none of the Directors is disqualified as on 31st March, 2002, from being appointed as a Director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

f) In our opinion & to the best of our information & according to the explanations given to us, the said Balance Sheet and Profit & loss a/c read together with the notes there on give the information required by the Companies Act, 1956 in the manner so required & give a true & fair view in conformity with the accounting principles generally accepted in India,

I) In so far as it relates to the Balance Sheet, of the state of affairs of the Company as at 31st March, 2002; and

II) In so far as it relates to the Profit & Loss Account, of the profit of the Company for the year ended on that date.

ANNEXURE REFERRED TO THE PARAGRAPH 1 OF OUR REPORT OF EVEN DATE

1. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. The fixed assets have been physically verified by the management and no serious discrepancies were noticed on such verification.

2. None of the Fixed assets have been revalued during the year.

3. The Company has not taken unsecured loans from parties listed in the register maintained under Section 301(1) (c) of the Companies Act, 1956 .The company has taken unsecured loans from Directors and members however the rate of interest & terms & conditions of such loans are prima facie not prejudicial to the interest of the Company.

4. The Company has granted loans & advances, secured or unsecured to Companies, Firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956 or to the Companies under same management as defined under sub section (1-b) of the Companies Act, 1956.

5. The Company has given Loans/deposits to various parties. According to information & explanation given to us there are no specific stipulation as to the repayment of loans as well as of the interest.

6. In our opinion & according to the information & explanations given to us, there are adequate internal control procedure commensurate with the size of the Company & the nature of its business.

7. As evidenced from the register of contracts maintained in terms of section 301 of the Companies Act, 1956, the Company has not made any purchases goods and materials and sale of goods, materials and services aggregating during the year under review to exceeding Rs. 50,000/- in respect of each such party.

8. As explained to us, no realisable by-products or scrap are generated by the Companys Operations.

9. In our opinion & according to the information & explanation given to us the Company has not accepted deposits from the Public in accordance with the provisions of Section 58-A of the Companies Act, 1956.

10. We are informed that the Company is not required to have Internal Audit System

11.We are informed that the Company is not required to maintain cost records under Section 209 (1) (d) of the Companies Act, 1956.

12. As informed to us the Employee Provident Fund Scheme & the Employee state Insurance Act are not applicable to the Company.

13. According to the information and explanation given to us there are no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sale Tax, Customs Duty and Excise Duty which are outstanding as on 31st March, 2002 for a period of more than six months from the date they become payable.

14. According to the information & explanations given to us personal expense has not been charged to revenue account other than those payable under contractual obligations for, in accordance with generally accepted business practice.

15. The Company is not a Sick Industrial Company within the meaning of Clause (o) of Sub Section (1) of Section 3 of the Sick Industrial Companies (Special Provisions) Act, 1985.

16.The remaining clauses of the order arc cither not applicable to the company or are not relevant and accordingly not reported thereon..

In respect of Investment Activities of the Company :

1. As explained to us no loans and advance have been made by the Company on the

basis of the security by way of pledge of shares, Debentures and other similar securities.

2. As explained to us the provisions of any special statute are not applicable to the Company.

3. During the year under report Company has not traded in shares, securities, debentures and other investments.



For Ketan Rupani & Co. Chattered Accountant

KETANI RUPANI Proprietor

Place : Mumbai Date : 27/08/2002