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Auditor Report of Maitri Enterprises Ltd.

Mar 31, 2014

We have audited the accompanying financial statements of Parth Alluminium Limited ("the Company"), 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 September 2013 of Ministry of Corporate Affairs in respect of Section 133 of 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 misstatements.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgments, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanation 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 profit for the year ended on that date; and

c. In the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order") issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by section 227(3) of the Act, we report that:

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

b. In our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books;

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

d. In our opinion, the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Company''s Act, 1956 read with general circular 15/2013 dated 13th September 2013 of Ministry of Corporate Affairs in respect of Section 133 of Companies Act 2013

e. On the basis of written representation received from the directors as on March 31,2014 and taken in record by the Board of Directors, none of the directors is disqualified as on March 31,2014, from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956.

ANNEXURE TO THE AUDITOR''S REPORT RE: PARTH ALLUMINIUM LIMITED

(Referred to in Paragraph 1 of our Report of even date.)

(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. The same are in the process of being updated;

(b) As explained to us, fixed assets, according to the practice of the Company, are physically verified by the management at reasonable intervals, in a phased verification-programmed, which, in our opinion, is reasonable, looking to the size of the Company and the nature of its business.

(c) The Company has not disposed off significant part of the fixed assets during the year,

(ii) (a) During the year, the inventories have been physically verified by the management at reasonable intervals. In our opinion, the frequency of verification is reasonable.

(b) In our opinion and according to the information and explanations given to us, 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 its business.

(c) On the basis of our examination of the record of inventories, we are of the opinion that, the Company is maintaining proper records of inventories. The discrepancies noticed on physical verification of inventories as compared to book records were not material and have been properly dealt with in the books of account.

(iii) (a) According to the information and explanation given to us, the Company has not granted loans to companies or firms or other parties covered in the Register, maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year to company or firms or other parties Rs. NIL ( P.Y. Rs.Nil) and the period end balances of such loan is Rs. NIL ( P.Y. Rs. Nil Lacs)

(b) In our opinion, the other terms and conditions on which interest free loan has been granted to the company listed in the Register maintained under section 301 of the Companies Act, 1956 are not, prima facie, prejudicial to the interest of the Company.

(c) The repayment of the principal amount and interest are regular.

(iv) (a) As per the information and explanation given to us, there were no transactions of loan given to the director during the year which require necessary entries in the Register maintained under section 301 of the Companies Act, 1956.

(b) According to the information and explanation given to us, the Company has not taken loan from the parties covered in the Register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year is NIL (P. Y. Rs. NIL) and the period end balance of such loan is Rs. NIL (P.Y. Rs. NIL).

(v) According to the information and explanations given to us, there is adequate internal control system commensurate with the size of the Company and the nature of its business, for the purchase of inventory and fixed assets. During the course of our audit, no major weakness has been noticed in the internal control system.

(vi) (a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, we are of the opinion that the particulars of the contracts or arrangements that need to be entered into the register maintained under section 301 have been so entered.

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

(vii) The Company has not accepted deposits from the public within the meaning of section 58A & AA of the Companies Act, 1956 or any other relevant provisions of the act and the Rules framed hereunder. We are informed that no Order has been passed by the Company Law Board or national company law tribunal or reserve bank of India or any court or any other Tribunal.

(viii) The maintenance of cost records under Section 209(1)(d) of the Companies Act, 1956 is not applicable to the Company.

(ix) According to the information and explanations given to us and on the basis of our examination of the records of the Company, amounts deducted/ accrued in the books of account in respect of undisputed dues including Provident Fund, Income-tax, Value Added tax, & other material statutory dues have been generally regularly deposited by the Company with the appropriate authorities though there has been some delay in a few cases, which were not in arrears at the end of the financial year for a period of more than 6 months from the date they become payable.

(x) The accumulated losses at the end of the Financial year exceed fifty percent of its net worth and has incurred cash loss during financial year.

(xi) Since the Company has not taken/issued any loan from financial institution, bank or debentures, paragraph (xi) of the order is not applicable to the Company.

(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 and according to the information and explanation given to us, the Company is not a chit fund or a nidhi/mutual benefit fund/society.

(xiv) According to our audit procedure and on the basis of information and explanations given to us , the Company has not indulged in dealing or trading of shares, securities , debentures and other investments, the provisions of clause (xiv) of the paragraph 4 of the Order is not applicable to the Company.

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

(xvi) According to the information and explanations given to us, the Company has not taken any term loan so paragraph (xvi) of the order is not applicable to the Company.

(xvii) According to the records examined by us and the information and explanations given to us, there are no funds raised on a short term basis which have been used for long term investment.

(xviii) 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 during the year.

(xix) Since the Company has not issued debentures, the provision of clause (xix) of the paragraph 4 of the Order is not applicable.

(xx) During the year, the Company has not raised money by way of public issue.

(xxi) Based upon the audit procedures performed and information and explanations given 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 the period ended 31st March, 2014.

For RAVAL SUTARIA & ASSOCIATES Chartered Accountants Firm Registration Number: 122981W

Pinakin U. Raval Date :28th May, 2014 Partner Place : Ahmedabad Membership No. 109981


Mar 31, 2013

We have audited the attached Balance Sheet of Parth Alluminium Limited as at 31st March, 2013 and also Profit & Loss Account for the year ended on that date annexed thereto and the Cash Flow statement for the year ended on that date, which we have signed under reference to this report. 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.

We have conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provide a reasonable basis for our opinion.

1. As required by the Companies (Auditor''s 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 paragraphs 4 & 5 of the said Order.

2. 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 accounts as required by law have been kept by the Company so far as appears from our examination of those books;

iii) The Balance Sheet, Profit & Loss Account & Cash Flow statement dealt with by this report, is in agreement with the books of accounts.

iv) In our opinion, the Balance Sheet, Profit & Loss Account & Cash Flow statement dealt with this report comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956;

v) On the basis of written representations received from the directors, as on 31st March, 2013, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 2013 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956;

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

a) in the case of the Balance Sheet, of the State of affairs of the Company as at 31st March, 2013;

b) in case of Profit & Loss Account, of the Profit for the period ended on that date; and

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

ANNEXURE TO THE AUDITOR''S REPORT RE: PARTH ALLUMINIUM LIMITED

(Referred to in Paragraph 1 of our Report of even date.)

(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. The same are in the process of being updated;

(b) As explained to us, fixed assets, according to the practice of the Company, are physically verified by the management at reasonable intervals, in a phased verification-programmed, which, in our opinion, is reasonable, looking to the size of the Company and the nature of its business.

(c) The Company has not disposed off significant part of the fixed assets during the year,

(ii) (a) During the year, the inventories have been physically verified by the management at reasonable intervals. In our opinion, the frequency of verification is reasonable.

(b) In our opinion and according to the information and explanations given to us, 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 its business.

(c) On the basis of our examination of the record of inventories, we are of the opinion that, the Company is maintaining proper records of inventories. The discrepancies noticed on physical verification of inventories as compared to book records were not material and have been properly dealt with in the books of account.

(iii) (a) According to the information and explanation given to us, the Company has not granted loans to companies or firms or other parties covered in the Register, maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year to company or firms or other parties Rs. Nil (P.Y. Rs.43.50 lacs) and the period end balances of such loan is Rs. NIL (P.Y. Rs.43.50 Lacs).

(b) In our opinion, the other terms and conditions on which interest free loan has been granted to the company listed in the Register maintained under section 301 of the Companies Act, 1956 are not, prima facie, prejudicial to the interest of the Company.

(c) The repayment of the principal amount and interest are regular.

(iv) (a) As per the information and explanation given to us, there were no transactions of loan given to the director during the year which require necessary entries in the Register maintained under section 301 of the Companies Act, 1956.

(b) According to the information and explanation given to us, the Company has not taken loan from the parties covered in the Register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year is NIL (P. Y. Rs. NIL) and the period end balance of such loan is Rs. NIL (P.Y. Rs. NIL).

(v) According to the information and explanations given to us, there is adequate internal control system commensurate with the size of the Company and the nature of its business, for the purchase of inventory and fixed assets. During the course of our audit, no major weakness has been noticed in the internal control system.

(vi) (a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, we are of the opinion that the particulars of the contracts or arrangements that need to be entered into the register maintained under section 301 have been so entered.

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

(vii) The Company has not accepted deposits from the public within the meaning of section 58A & AA of the Companies Act, 1956 or any other relevant provisions of the act and the Rules framed hereunder. We are informed that no Order has been passed by the Company Law Board or national company law tribunal or reserve bank of India or any court or any other Tribunal.

(viii) The maintenance of cost records under Section 209(1)(d) of the Companies Act, 1956 is not applicable to the Company.

(ix) According to the information and explanations given to us and on the basis of our examination of the records of the Company, amounts deducted / accrued in the books of account in respect of undisputed dues including Provident Fund, Income-tax, Value Added tax, & other material statutory dues have been generally regularly deposited by the Company with the appropriate authorities though there has been some delay in a few cases, which were not in arrears at the end of the financial year for a period of more than 6 months from the date they become payable.

(x) The accumulated losses at the end of the Financial year exceed fifty percent of its net worth and has not incurred cash loss during financial year.

(xi) Since the Company has not taken / issued any loan from financial institution, bank or debentures, paragraph (xi) of the order is not applicable to the Company.

(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 and according to the information and explanation given to us, the Company is not a chit fund or a nidhi / mutual benefit fund / society.

(xiv) According to our audit procedure and on the basis of information and explanations given to us, the Company has not indulged in dealing or trading of shares, securities, debentures and other investments, the provisions of clause (xiv) of the paragraph 4 of the Order is not applicable to the Company.

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

(xvi) According to the information and explanations given to us, the Company has not taken any term loan so paragraph (xvi) of the order is not applicable to the Company.

(xvii) According to the records examined by us and the information and explanations given to us, there are no funds raised on a short term basis which have been used for long term investment.

(xviii) 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 during the year.

(xix) Since the Company has not issued debentures, the provision of clause (xix) of the paragraph 4 of the Order is not applicable.

(xx) During the year, the Company has not raised money by way of public issue.

(xxi) Based upon the audit procedures performed and information and explanations given 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 the period ended 31st March, 2013.

For, RAVAL SUTARIA & ASSOCIATES.

Chartered Accountants FRN : 122981W

Ramesh K. Mansharmani

Date 24th May, 2013 Partner

Place: Ahmedabad Membership No. 100339


Mar 31, 2012

We have audited the attached Balance Sheet of Parth Aluminium Limited as at 31st March, 2012 and also Profit & Loss Account for the year ended on that date annexed thereto and the Cash Flow statement for the year ended on that date, which we have signed under reference to this report. 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.

We have conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provide a reasonable basis for our opinion.

1. As required by the Companies (Auditor's 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 paragraphs 4 & 5 of the said Order.

2. 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 accounts as required by law have been kept by the Company so far as appears from our examination of those books;

iii) The Balance Sheet, Profit & Loss Account & Cash Flow statement dealt with by this report, is in agreement with the books of accounts.

iv) In our opinion, the Balance Sheet, Profit & Loss Account & Cash Flow statement dealt with this report comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956;

v) On the basis of written representations received from the directors, as on 31st March, 2012, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 2012 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956;

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

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

b) in case of Profit & Loss Account, of the Loss for the period ended on that date; and

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

ANNEXURE TO THE AUDITOR'S REPORT RE: PARTH ALLUMINIUM LIMITED

(Referred to in Paragraph 1 of our Report of even date.)

(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. The same are in the process of being updated;

(b) As explained to us, fixed assets, according to the practice of the Company, are physically verified by the management at reasonable intervals, in a phased verification-programmed, which, in our opinion, is reasonable, looking to the size of the Company and the nature of its business.

(c) The Company has not disposed off significant part of the fixed assets during the year,

(ii) (a) During the year, the inventories have been physically verified by the management at reasonable intervals.

In our opinion, the frequency of verification is reasonable.

(b) In our opinion and according to the information and explanations given to us, 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 its business.

(c) On the basis of our examination of the record of inventories, we are of the opinion that, the Company is maintaining proper records of inventories. The discrepancies noticed on physical verification of inventories as compared to book records were not material and have been properly dealt with in the books of account.

(iii) (a) According to the information and explanation given to us, the Company has granted loans to companies covered in the Register, maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year to company Rs. 43.50 lacs. Company has not granted any loan to firms or other parties covered in the Register maintained under section 301 of the Companies Act, 1956.

(b) In our opinion, the other terms and conditions on which interest free loan has been granted to the company listed in the Register maintained under section 301 of the Companies Act, 1956 are not, prima facie, prejudicial to the interest of the Company.

(c) The repayment of the principal amount and interest are regular.

(iv) (a) As per the information and explanation given to us, there were no transactions of loan given to the director during the year which require necessary entries in the Register maintained under section 301 of the Companies Act, 1956.

(b) According to the information and explanation given to us, the Company has not taken loan from the parties covered in the Register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year is NIL (P. Y. Rs. NIL) and the period end balance of such loan is Rs. NIL (P.Y. Rs. NIL).

(v) According to the information and explanations given to us, there is adequate internal control system commensurate with the size of the Company and the nature of its business, for the purchase of inventory and fixed assets. During the course of our audit, no major weakness has been noticed in the internal control system.

(vi) (a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, we are of the opinion that the particulars of the contracts or arrangements that need to be entered into the register maintained under section 301 have been so entered.

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

(vii) The Company has not accepted deposits from the public within the meaning of section 58A & AA of the Companies Act, 1956 or any other relevant provisions of the act and the Rules framed hereunder. We are informed that no Order has been passed by the Company Law Board or national company law tribunal or reserve bank of India or any court or any other Tribunal.

(viii) The maintenance of cost records under Section 209(l)(d) of the Companies Act, 1956 is not applicable to the Company.

(ix) According to the information and explanations given to us and on the basis of our examination of the records of the Company, amounts deducted/ accrued in the books of account in respect of undisputed dues including Provident Fund, Income-tax, Value Added tax, & other material statutory dues have been generally regularly deposited by the Company with the appropriate authorities though there has been some delay in a few cases, which were not in arrears at the end of the financial year for a period of more than 6 months from the date they become payable.

(x) The accumulated losses at the end of the Financial year exceed fifty percent of its net worth and also incurred cash loss during financial year.

(xi) Since the Company has not taken/issued any loan from financial institution, bank or debentures, paragraph (xi) of the order is not applicable to the Company.

(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 and according to the information and explanation given to us, the Company is not a chit fund or a nidhi/mutual benefit fund/society.

(xiv) According to our audit procedure and on the basis of information and explanations given to us , the Company has not indulged in dealing or trading of shares, securities, debentures and other investments, the provisions of clause (xiv) of the paragraph 4 of the Order is not applicable to the Company.

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

(xvi) According to the information and explanations given to us, the Company has not taken any term loan so paragraph (xvi) of the order is not applicable to the Company.

(xvii) According to the records examined by us and the information and explanations given to us, there are no funds raised on a short term basis which have been used for long term investment.

(xviii) 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 during the year.

(xix) Since the Company has not issued debentures, the provision of clause (xix) of the paragraph 4 of the Order is not applicable.

(xx) During the year, the Company has not raised money by way of public issue.

(xxi) Based upon the audit procedures performed and information and explanations given 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 the period ended 31st March, 2012.

For, RAVAL SUTARIA & ASSOCIATES.

Chartered Accountants FRN : 122981W

RAMESH K. MANSHARAMANI

Place : Ahmedabad Partner

Date : 14th August, 2012 Membership No. 100339


Mar 31, 2010

1. We have audited the Attached Balance Sheet of Parth Alluminium Limited as at March 31st, 2010 and also 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 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 also 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 give in the annexure a statement on the matters specified in paragraph 4 and 5 of the said order.

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

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

ii) 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 those books.

iii) the balance sheet, profit & loss Account and cash flow statement dealt with by this report are in agreement with books of account produced before us.

iv) in our opinion, the balance sheet, profit and loss account and cash flow statement dealt with by this report do not comply with the accounting standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956;

v) Subject to the notes regarding nornxovision Qf all expenses and income on accrual basjs, in our opinion and to the best of our information and according to the explanations given to us, the said accounts read with notes thereon give the information required by the Companies Act, 1956 in the manner so required and give 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, 2010:

b) in the case of the Profit and Loss Account, of the 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.

5. 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 is disqualified as on 31st March, 2010 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

ANNEXURE TO THE AUDITORS REPORT Referred to in paragraph 3 of our report of even date on accounts for the year ended 31st March, 2010 of Parth Alluminium Limited.

(i) As the company does not have any fixed assets, paragraph (i) of the order is not applicable to the company.

(ii) As the company has neither carried out any production activity nor purchased any Good, paragraph (ii) of the order is not applicable to the company.

(iii) As per the information and explanation given to us, there were no transactions during the year, which require necessary entries in the Register maintained under section 301 of the Companies Act, 1956.

(iv) Since there is no business transaction during the year, the requirement of Internal control systems commensurate with the size of the company and nature of its business for the purchase of inventory, fixed assets and for the sale of goods and services does not require.

(v) As the company has not carried out any activity of purchasing goods, material or entered into contract with any parties, paragraph (v) of the order is not applicable to the company.

(vi) As the company has not accepted deposits from the public and therefore the provisions of Sections 58A and 58AA of the Companies Act, 1956 and rules there under are not applicable to the Company.

(vii) As the Company has not done any business activity, during the year under report, the Company does not require internal audit system commensurate with the size of the company and the nature of its business.

(viii) Since the company has not commenced its operations, the Central government has not prescribed maintenance of cost records under section 209(1) (d) of the Companies Act, 1956 for the products of the company.

(ix) P.F. & E.S.I, is not applicable as the company has not commenced operations. There were no amounts outstanding in respect of undisputed Income tax, Sales tax, Custom duty and Excise duty which were due for more than six months from the date they became payable

(x) The Accumulated losses at end of financial year do not exceed fifty percent of its net worth and the cash losses incurred during financial year are not material.

(xi) Since the company has not taken/issued any loan from financial institution, bank or debentures, paragraph

(xi) of the order is not applicable to the company.

(xii) As the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities, paragraph (xii) of the order is not applicable to the company.

(xiii) The provisions of any special statute as specified under paragraph (xiii) of the order are not applicable to the company.

(xiv) In our opinion and according to the information and explanations given to us, the company is not dealer or trader in securities.

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

(xvi) According to the information and explanations given to us, the company has not taken any term loan so paragraph (xvi) of the order is not applicable to the company.

(xvii) According to the information and explanations given" to us, there are no funds raised on a short term basis which have been used for long term investment.

(xviii) 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 during the year.

(xix) As the company has no debentures outstanding at any time during the year, paragraph (xix) of the order is not applicable to the company.

(xx) The company has not raised any money by public issue during the year.

(xxi) According to the information and explanations given to us, during the year, no material fraud on or by the company has been noticed or reported.

For, Alkesh C. Shah & Co.

Chartered Accountants

Place : Ahmedabad Alkesh C. Shah

Date 13/08/2010 (Proprietor)

M. No. -31465

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