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Auditor Report of Nikki Global Finance Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of NIKKI GLOBAL FINANCE LTD. ("the company"), which comprise the Balance Sheet as at 31 March 2015, the Statement of Profit and Loss, the 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

The Company's Board of Directors is responsible for the matters in section 134(5) of the Companies Act, 2013 ("the Act") with respect to 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 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 the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding of the assets of the Company and for preventing and detecting the 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 internal financial control, 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.

Auditor's Responsibility

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

We have taken into 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 our 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, we considers internal financial control relevant to the Company's preparation of the financial statements that give true and fair view 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 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 financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, except for the company has not completely followed Schedule II of the companies Act 2013 for depreciation of fixed assets & its effect on Profit & Loss a/c, the aforesaid 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, 2015;

b) In the case of the Statement of Profit and Loss, 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

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 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 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 those books.

c) [The reports on the accounts of the branch offices of the Company audited under Section 143(8) of the Act have been properly dealt by us in preparing this report.

d) The Balance Sheet, the Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account.

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

f) There is nothing to disclose which is having adverse effect on the functioning of the company.

g) On the basis of written representations received from the directors as on 31 March, 2015, taken on record by the Board of Directors, none of the directors is disqualified as on 31 March, 2015, from being appointed as a director in terms of Section 164(2) of the Act.

h) With respect to the other matters included in the Auditor's Report and to our best of our information and according to the explanations given to us:

i. The Company has no pending litigations on its financial position in its financial statements.

ii. The Company did not have any long-term contracts including derivatives contracts for which there were any material foreseeable losses.

iii. As informed by the company, there were no amounts which required to be transferred.

for J AGARWAL AND ASSOCIATES Chartered Accountants

Place : NEW DELHI CA JALAJ AGARWAL

Date : 28/05/2015 124/Z-1, HEMANT VIHAR, BARRA-2, KANPUR- 208027 UTTAR PRADESH


Mar 31, 2014

We have audited the accompanying financial statements of NIKKI GLOBAL FINANCE LTD,, which comprise the Balance Sheet as at 31st March , 2014, the Statement of Profit and Loss & Cash Flow Statement for the year then ended, and a summary of the significant accounting policies. Notes to Accounts and other explanatory information.

Management''s Responsibility for the Financial Statements

The Company''s 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"). 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 the 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 the 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 the 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 the 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 31st March, 2014;

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

(c) in the case of Cash Flow Statement for the year ended

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 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 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 Balance Sheet, Statement of Profit and Loss, and the Cash Flow Statement comply with the Accounting Standards referred to in the provisions of the applicable Companies Act.

(e) On the basis of the written representations received from the directors as on 31st March, 2014 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2014 from being appointed as a director in terms of provisions of the applicable Companies Act.

ANNEXURE TO THE AUDITORS'' REPORT Referred to in our Report of even date:

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 programme 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) No disposal of fixed assets of the Company has taken place during the year.

2. (a) As explained to us, the Inventories has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

(b) In our opinion and according to the information and explanation given to us, the procedure 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 its Business.

(c) In our opinion and according to the information and explanation given to us, the Company has maintained proper records of its Inventories.

3. In our opinion and according to the information and explanation given to us, the Company has granted or taken loans & advances unsecured to or from the Companies, Firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956 & these transactions have been appropriately entered in the register maintained under section 301 of the Companies Act, 1956. The details are provided in Point No. 16 of Significant accounting policies & Notes to accounts.

4. The Company has adequate internal control procedure commensurate with the size of the Company and nature of its Business with regard to purchase of stores, raw materials including components, plant and machinery, equipment and other assets, and for sale of goods. We have not come across any major weakness in internal control.

5. (a) In our opinion and according to the information and explanations given to us, the transactions that need to be entered into a register in pursuance of section 301 of the Companies Act, 1956, have been so entered.

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

6. In our opinion and according to the information and explanations given to us, the Company has not accepted / invited any deposits falling within the preview of Section 58A / 58AA of the Companies Act, 1956 during the financial year.

7. In our opinion, the Company has Internal Audit system commensurate with the size and nature of its Business

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

9. (A) According to the records of the Company, the Company is regular in depositing with appropriate authorities undisputed Statutory dues including Provident Fund, Investor Education Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Cess and other material statutory dues applicable to it.

(b) According to the information and explanations given to us, no undisputed amount payable in respect of Income Tax, Wealth Tax, Sales Tax, Customs Duty, Excise Duty and Cess were in arrears, as of 31st March, 2014 for a period of more than six months from the date they became payable.

(c) According to the information and explanation given to us, there are no dues of Income Tax, Customs duty, Wealth Tax, Excise duty and Cess.

10. The Company has no accumulated losses.

11. In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to financial Institutions, Banks or debenture holders.

12. In our opinion and according to the information and explanations given to us, the Company has not granted any loans and advance on the basis of security by way of pledge of shares, debentures and other securities.

13. In our opinion, the Company is not 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, the Company has dealt in trading in Shares, Securities, Debentures and other investments in F.Y. 2013-14. The company has maintained proper records for the same transactions. The company has held the securities in its own name.

15. In our opinion and according to the information and explanations given to us, the Company has not given guarantees for loans taken by others from Bank or financial institutions.

16. The Company has not taken any term loan during the year therefore the question of its application for the purpose for which they were raised does not arise.

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. No long-term funds have been used to finance short-term assets except permanent working Capital.

18. The Company has not made preferential allotment of shares during the year to parties and companies covered in the register maintained under Section 301 of the Companies Act, 1956.

19. The Company has not issued any debentures during the year and therefore the question of creating security in respect thereof does not arise.

20. The Company has not made any Public Issue during the year and therefore the question of disclosing the end use of money does

21. According to the information and explanations given to us, based upon the audit procedures performed and representations made by the management, we report that no fraud on or by the Company has been noticed or reported during the course of our Audit.

for J AGARWAL AND ASSOCIATES Chartered Accountants

CA JALAJ AGARWAL PARTNER M.NO. 071738 Place : NEW DELHI 124 / Z-1, HEMANT VIHAR, BARRA-2, Date . 29/05/2014 KANPUR,UTTAR PRADESH-208027


Mar 31, 2013

1. We have audited the attached Balance Sheet of M/S NIKKI GLOBAL FINANCE LTD. as at 31st March, 2013 and the annexed Profit and Loss account for the year ended on that date and the Cash flow statement for the year ended on that date. 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 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 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 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956 we enclose in the Annexure a statement on the matters specified in Paragraph 4 & 5 of the said order, to the extent applicable to the company. .

4. Further to our comments in the Annexure referred to 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 and Profit/ loss a/c and cash flow statement dealt with by this report are in agreement with the books of account.

(iv) In our opinion, the Balance Sheet and Profit/loss A/c dealt with by this report comply with the accounting standards referred to in Sub Section (3C) of Section 211 of Companies Act, 1956.

(v) On the basis of written representations received from the directors, as on 31st March, 2013 and taken on record by the Board of Directors, we report that none of the directors are disqualified as on 31st March, 2013 from being appointed as 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 give the information required by the Companies Act, 1956 in the manner so required and give a true & fair view in conformity with the.accounting principles generally accepted in India.

(a) In the case of the Balance Sheet of the state of affairs of the Company as at 31st March, 2013.

(b) In the case of the profit & 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.

(i)(a) The company has maintained proper records to show full particulars including quantitative details and situation of its fixed assets;

(b) The physical verification of fixed assets has been carried out by the management at reasonable intervals and no discrepancies were noticed on such verification;

(ii) The company has maintained proper records of the inventory;

(iii)(a) The company has granted loan, secured or unsecured, from companies, firms or other parties covered in the register maintained under section .301 of the Companies Act, 1956. The details whereof are provided in Notes to the accounts & Significant Accounting Policies.

(b) The company has taken loan, secured or unsecured, from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. The details whereof are provided in point no. 8 & 9 of Significant Accounting Policies.

(iv) 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. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

(v) Based on the audit procedures applied by us and according to the information and explanations given to us, we are of the opinion that the particulars of contracts or arrangements referred to in section 301 of the Companies Act, 1956 have been entered in the register required to be maintained under the section and the transactions have been made at prices which are reasonable having regard to prevailing market price;

(vi) The company has not accepted any deposit from public within the meaning of Sections 58A and 58AA or any other relevant provision of the Companies Act, 1956 and the Rules framed there under and the directives issued by the Reserve Bank of india.

(vii) In our opinion and according to the information and explanation given to us, the internal audit system commensurate with the size of the company and nature of its business.

(viii) Maintenance of cost records has not been prescribed by the Central Government under section 209(1)(d) of the Companies Act, 1956;

(ix)(a) According to the records of the company, the company is regular in depositing with appropriate authorities undisputed.statutory, ,dues,jncludiDgJnvestoc edycation.,and protection fund, income tax, service tax and cess. As regards provident fund, employees, state insurance, sales tax, wealth tax custom duty and excise duty these are not applicable to the company. According to the information and explanations given to us, no undisputed amount payable in respect of income tax was outstanding, as at 31st March, 2013 for a period of more than six months from the date it became payable;

(b) According to the information and explanation given to us, there are no dues of sales tax, income tax, customs duty, wealth tax, excise duty and cess which have not been deposited on account of any dispute.

(x) In our opinion, the accumulated losses,of the.company are not more than fifty percent of its net worth. The company has not incurred cash losses during the financial year covered by our audit and the immediately preceding financial year.

(xi) In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to a financial institution, bank or debenture holder.

(xii) The company has not granted loans and advances 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 or mutual benefit fund or society, therefore, the provision or clause 4(xiii) of the Order is not applicable to the company.

(xiv) 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 of the transaction and contracts and timely entries have been made in those records. The company holds shared, securities, debentures and other investments as at 31st March, 2013 in its own name.

(xv) According to information and explanations given, the company has not given any guarantee for loans taken by others from bank or financial institutions;

(xvi) The company has not obtained any term loans;

(xvii) In our opinion and according to the information and explanation given to us funds raised on short term basis have not been used for long term investment.

(xviii) The company has not made preferential allotment of shares during the year;

(xix) As the company has not issued any debentures, the provision of clause 4(xix) of the order is not applicable;

(xx) As no money has been raised by the company by public issue during the year, the provision of clause 4(xx) of the order is not applicable to the company.

(xxi) 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 J AGARWAL & ASSOCIATES

(CHARTERED ACCOUNTANTS)

PLACE: NEW DELHI

DATE : 29/05/2013 CA JALAJ AGARWAL

(PARTNER)

M.No.071738


Mar 31, 2012

1. We have audited the attached Balance Sheet of M/S NIKKI GLOBAL FINANCE LTD. as at 31st March, 2012 and the annexed Profit and Loss account for the year ended on that date and the Cash flow statement for the year ended on that date. 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 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 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 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956 we enclose in the Annexure a statement on the matters specified in Paragraph 4 & 5 of the said order, to the extent applicable to the company.

4. Further to our comments in the Annexure referred to 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 and Profit & loss a/c and cash flow statement dealt with by this report are in agreement with the books of account.

(iv) In our opinion, the Balance Sheet and Profit & loss A/c dealt with by this report comply with the accounting standards referred to in Sub Section (3C) of Section 211 of 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 are disqualified as on 31st March, 2012 from being appointed as 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 give the information required by the Companies Act, 1956 in the manner so required and give a true & fair view in conformity with the accounting principles generally accepted in India.

(a) In the case of the Balance Sheet of the state of affairs of the Company as at 31st March, 2012.

(b) In the case of the profit & 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.

(i)(a) The company has maintained proper records to show full particulars including quantitative details and situation of its fixed assets;

(b) The physical verification of fixed assets has been carried out by the management at reasonable intervals and no discrepancies were noticed on such verification;

(ii) The company has maintained proper records of the inventory;

(iii)(a) The company has not granted any loan, secured or unsecured, from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Therefore, the provisions of clauses (iii)(b), (c) and (d) are not applicable.

(b) The company has taken any loan, secured or unsecured, from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. The details whereof are provided in Notes to the accounts & Significant Accounting Policies.

(;V) 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. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

(v) Based on the audit procedures applied by us and according to the information and explanations given to us, we are of the opinion that the particulars of contracts or arrangements referred to in section 301 of the Companies Act, 1956 have been entered in the register required to be maintained under the section and the transactions have been made at prices which are reasonable having regard to prevailing market price;

(vi) The company has not accepted any deposit from public within the meaning of Sections 58A and 58AA or any other relevant provision of the Companies Act, 1956 and the Rules framed there under and the directives issued by the Reserve Bank of India.

(vii) In our opinion and according to the information and explanation given to us, the internal audit system , commensurate with the size of the company and nature of its business.

(viii) Maintenance of cost records has not been prescribed by the Central Government under section 209(1 )(d) of the Companies Act, 1956;

(ix)(a) According to the records of the company, the company is regular in depositing with appropriate authorities undisputed statutory dues including investor education and protection fund, income tax, service tax and cess. As regards provident fund, employees, state insurance, sales tax, wealth tax custom duty and excise duty these are not applicable to the company. According to the information and explanations given to us, no undisputed amount payable in respect of income tax was outstanding, as at 31s< March, 2012 for a period of more than six months from the date it became payable;

(b) According to the information and explanation given to us, there are no dues of sales tax, income tax, customs duty, wealth tax, excise duty and cess which have not been deposited on account of any dispute.

(x) In our opinion, the accumulated losses of the company are not more than fifty percent of its net worth. The company has not incurred cash losses during the financial year covered by our audit and the immediately preceding financial year.

(xi) In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to a financial institution, bank or debenture holder.

(xii) The company has not granted loans and advances 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 or mutual benefit fund or society, therefore, the provision or clause 4(xiii) of the Order is not applicable to the company.

(xiv) 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 of the transaction and contracts and timely entries have been made in those records. The company did not hold any shares, securities, debentures and other investments as at 31st March, 2012.

(xv) , According to information and explanations given, the company has not given any guarantee for loans-taken by others from bank or financial institutions;

(xvi) The company has not obtained any term loans;

(xvii) In our opinion and according to the information and explanation given to us funds raised on short term basis have not been used for long term investment.

(xviii) The company has not made preferential allotment of shares during the year;

(xix) As the company has not issued any debentures, the provision of clause 4(xix) of the order is not applicable;

(xx) As no money has been raised by the company by public issue during the year, the provision of clause 4(xx) of the order is not applicable to the company.

(xxi) 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 J AGARWAL& ASSOCIATES

(CHARTERED ACCOUNTANTS)

PLACE: Delhi

DATE : 20/08/2012

CA JALAJ AGARWAL

(PARTNER)

M.No.071738


Mar 31, 2009

1 We have audited the attached Balance Sheet of M/S NIKKl GLOBAL FINANCE LTD. as at 31st March, 2009 the annexed Profit and Loss account for the year ended on that date and the Cash flow statement for the year ended on that date. These financial statements arte 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 estimstes 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 issued by the Central Government of India in

terms of sub-section (4A) of section 227 of the Companies Act, 1956 we enclose in the Annexure a statement on the matters specified in Paragraph 4 & 5 of the said order, to the extent applicable to the company.

4. Further to our comments in the Annexure referred to 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 beep kept by the company so far as appears from our examination of those books.

i (iii) The Balance sheet and Profit/ loss a/c and cash flow statement dealt with by this report are in agreement with the books of account.

(iv) In our opinion, the Balance Sheet and Profit/loss A/c dealt with by This report company with the accounting standards referred to in Sub Section (3C) of Section 211 of Companies Act, 1956.

(v) On the basis of written representations received from the directors, as on March, 2009 and taken on record by the Board of Directors, we report that none of the directors are disqualified as on 31st March, 2009 from being appointed as 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 give the information required by the Companies Act, 1956 in the manner so required and give a true & fair view in conformity with the accounting principles generally accepted in India.

(a) In the case of the Balance Sheet of the state of affairs of the Compariy as at 31st March, 2009.

(b) In the case of the profit & loss account, of the profit and loss 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.

(i)(a) The company has maintained proper records to show full partculars including quantitative details and situation of its fixed assets;

(b) The physical verification of fixed assets has been carried out by the management at reasonable intervals and no discrepancies were noticed on such verification ;

(c) Substantial part of fixed assets were disposed off by the company during the year but it has not affected the going concern assumption ;

(ii) As the company has not dealt in any inventory, clause 4(ii) of the order is not applicable;

(iii)(a) The company has not granted any loan, secured or unsecured, from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Therefore, the provisions of clauses (iii)(b), (c) and (d) are not applicable.

(b) The company has not taken any loan, secured or unsecured, from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Therefore, the provisions of clause4(iii)(f), and (g) of the order are not applicable to the company

(iv) 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. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in intenal controls.

(v) Based on the audit procedures applied by us and according to the information and explanations given to us, we are of the opinion that the particulars of contracts or arrangements referred to in section 301 of the Companies Act, 1956 have been entered in the register required to be maintained under the section and the transactions have been made at prices which are reasonable having regard to prevailing market price;

(vi) The company has not accepted any deposit from public within the meaning of Sections 58A and 58AA or any other relevant provision of the Companies Act, 1956 and the Rules framed there under and the directives issued by the Reserve Bank of India.

(vii) In our opinion and according to the information and explanation given to us, the internal audit system commensurate with the size of the company and nature of its business.

(viii) Maintenance of cost records has not been proscribed by the Central Government under section 209(1 )(d) of the Companies Act, 1956;

(ix)(a) According to the records of the company, the company is regular in depositing with appropriate authorities undisputed statutory dues including investor education and protection fund, income tax, service tax and cess. As regards provident fund, employees, state insurance, sales tax, Wealth tax custom duty and excise duty these are not applicable to the company. According to the information and explanations given to us, no undisputed amount payable in respect of income tax was outstanding, as at 31st March, 2009 for a period of more than six months from the date it became payable;

(b) According to the information and explanation given to us, there tare no dues of sales tax, income tax, customs duty, wealth tax, excise duty and cess which have not been|deposited on account of any dispute.

(x) In our opinion, the accumulated losses of the company are not more than fifty percent of its net worth. The company has not incurred cash losses during the financial year covered by our audit and the immediately preceding financial year.

(xi) In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to a financial institution, bank or debenture holder.

(xii) The company has not granted loans and advances 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 or mutual benefit fund or society, therefore, the provision or clause 4(xiii) of the Order is not applicable to the company.

(xiv) 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 of the transaction and contracts and timely entries have been made in those records. The company did not hold any shares, securities, debentures and other investments as at 31st March, 2009.

(xv) According to information and explanations given, the company has not given any guarantee for loans taken by others from bank or financial institutions;

(xvi) The company has not obtained any term loans;

(xvii) In our opinion and according to the information and explanation given to us funds raised on short term basis have not been used for long term investment.

(xviii) The company has not made preferential allotment of shares during : he year;

(xix) As the company has not issued any debentures, the provision of clause 4(xix) of the order is not applicable;

(xx) As no money has been raised by the company by public issue during the year, the provision of clause 4(xx) of the order is not applicable to the company.

(xxi) 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 SINGH BAJPAl & ASSOCIATES CHARTERED ACCOUNTANTS PLACE : DELHI DATE : 31.8.2009 RANJISH VISWAKARMA PARTNER M.No.404363

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