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Auditor Report of Rajkot Investment Trust Ltd.

Mar 31, 2013

We have audited the accompanying financial statements of Rajkot Investment Trust Limited ("the Company") which comprise the Balance Sheet as at 31st March, 2013, the statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of the significant accounting policies 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") and in accordance with the accounting principal generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal 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, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

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

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

(c) in the case of the Cash Flow Statement, of the cash flows of the Company 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 Companies Act, 1956;

(e) On the basis of the written representation received from the directors as on 31st March, 2013 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2013 from being appointed as a director in term of Section 274(1)(g) of the Act.

Referred to in Paragraph 1 of our report of even date.

Statement referred to in paragraph 1 of the Auditor's Report of even date to the Members of Rajkot Investment Trust Limited on the accounts for the year ended 31st March, 2013.

The comments herein below are based on the data compiled by the Company in order to comply with the requirements of the new order from the effective date. On the basis of such checks as considered appropriate and in terms of the information and explanations given to us, we state as under:

I a. The Company has maintained proper records showing full particulars, including quantitative details and situations of fixed assets. The fixed assets of the Company were physically verified by the management

b. The fixed assets of the Company were physically verified by the management during the current year and no serious discrepancies were noticed between the books and the physical inventory

c. During the year Company has not disposed off any substantial/major part of fixed assets.

ii a. Physical verification of Inventories has been conducted at reasonable intervals during the year by the management.

b. In our opinion and according to the information and explanations given to us , procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

c. The Company is maintaining proper records of inventory.

iii The Company has not granted/taken any loans, secured or unsecured, to/from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

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 and the nature of its business with regard to purchase of inventory and fixed assets and for the sale of goods. We have not observed any continuing failure to correct major weaknesses in internal control.

v a. According to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements, that need to be entered into the register maintained under Section 301 of the Companies Act, 1956 have been recorded in the register.

b. According to information and explanation given to us, the transactions referred to under sub clause (a) above, which exceeds Rs.500000/- in each case have been made at prices which are reasonable having regard to the prevailing market prices at the relevant date.

vi The Company has not accepted any deposits during the year from the public within the meaning of the provisions of Section 58A and 58AA of the Companies Act, 1956 and rules made there under. Hence the Clause (vi) of the order is not applicable.

vii The Company has an internal audit system, which in our opinion, commensurate with the size and the nature of its business.

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

ix a. The Company is regular in depositing undisputed statutory dues including Income Tax and other applicable dues with appropriate authorities. There are no arrears of outstanding dues as at the last day of the financial year for a period of more than six months from the date those became payable.

x The Company has no accumulated losses at the end of the financial year, however the Company had incurred cash loss of Rs.521460/- in the immediate previous year and has incurred cash loss during the year under audit of Rs.1134486/-.

xi The Company has not defaulted in repayment of dues to any financial Institution or Bank. The Company has no debenture holders.

xii The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities and therefore the question of maintenance of documents and records in respect thereof does not arise.

xiii Clause (xiii) of the Order is not applicable as the Company is not a chit fund company or nidhi/mutual benefit fund/society.

xiv Subject to Note Nos.6 & 7(Sch.6) proper records have been maintained of the transactions and contracts or dealings of trading in shares, debentures and bonds and were held by the company in its own name except in and subject to the positions as stated in Note Nos. 5 & 6(Sch.6).

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

xvi No Term Loans are obtained by the Company during the year under audit.

xvii According to the information and explanations given to us and on an overall examination of the balance sheet of the Company, we report that 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 for permanent working capital.

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

xix The Company has no debentures.

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

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

For Dholakia & Co.

Chartered Accountants

(Registration No.102515w)

(G.G.DHOLAKIA)

Place: Rajkot Proprietor

Date:31.08.2013 M. No. 15744


Mar 31, 2012

We have verified the attached Balance Sheet of Rajkot Investment Trust Limited as at 31st March,2012 and also the Profit & Loss Account of the Company for the year ended on that date annexed thereto and Cash Flow Statement for the year ended on that day. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on test basis, evidence supporting the amounts and disclosures in 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 Companies(Auditors Report) Order 2003 issued by the Central Government of India in terms of sub-clause (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure hereto a statement on the matters specified in paragraphs 4 & 5 of the said order.

2 Further to our comments in the Annexure referred to in our para 1 above, we report that:

a We have obtained all the information and explanation which to the best of our knowledge and 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 books.

c The Balance Sheet , the Profit & Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of accounts.

d In our opinion, the Profit & Loss Account, the Balance Sheet and Cash Flow Statement comply with the Accounting Standards referred to in Sub-section 3(C) of Section 211 of the Companies Act, 1956.

e As per the information and explanations given to us none of the directors of the Company are disqualified as 0n 31-03-2012 from being appointed as 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 abovementioned Balance Sheet and the Profit & Loss Account, together with the notes thereon, give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view:

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 Profit & Loss Account of the Profit for the year ended on that date.

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

Referred to in Paragraph 1 of our report of even date.

Statement referred to in paragraph 1 of the Auditor's Report of even date to the Members of Rajkot Investment Trust Limited on the accounts for the year ended 31st March, 2012.

The comments herein below are based on the data compiled by the Company in order to comply with the requirements of the new order from the effective date. On the basis of such checks as considered appropriate and in terms of the information and explanations given to us, we state as under:

I a. The Company has maintained proper records showing full particulars, including quantitative details and situations of fixed assets. The fixed assets of the Company were physically verified by the management

b. The fixed assets of the Company were physically verified by the management during the current year and no serious discrepancies were noticed between the books and the physical inventory

c. During the year Company has not disposed off any substantial/major part of fixed assets.

ii a. Physical verification of Inventories has been conducted at reasonable intervals during the year by the management.

b. In our opinion and according to the information and explanations given to us, procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

c. The Company is maintaining proper records of inventory.

iii The Company has not granted/taken any loans, secured or unsecured, to/from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

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 and the nature of its business with regard to purchase of inventory and fixed assets and for the sale of goods. We have not observed any continuing failure to correct major weaknesses in internal control.

v a. According to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements, that need to be entered into the register maintained under Section 301 of the Companies Act, 1956 have been recorded in the register.

b. According to information and explanation given to us, the transactions referred to under sub clause (a) above, which exceeds Rs.500000/- in each case have been made at prices which are reasonable having regard to the prevailing market prices at the relevant date.

vi The Company has not accepted any deposits during the year from the public within the meaning of the provisions of Section 58A and 58AA of the Companies Act, 1956 and rules made there under. Hence the Clause (vi) of the order is not applicable.

vii The Company has an internal audit system, which in our opinion, commensurate with the size and the nature of its business.

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

ix a. The Company is regular in depositing undisputed statutory dues including Income Tax and other applicable dues with appropriate authorities. There are no arrears of outstanding dues as at the last day of the financial year for a period of more than six months from the date those became payable.

x The Company has no accumulated losses at the end of the financial year, however the Company had incurred cash loss of Rs.1164667/- in the immediate previous year and has incurred cash loss during the year under audit of Rs.521460/-.

xi The Company has not defaulted in repayment of dues to any financial Institution or Bank. The Company has no debenture holders.

xii The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities and therefore the question of maintenance of documents and records in respect thereof does not arise.

xiii Clause (xiii) of the Order is not applicable as the Company is not a chit fund company or nidhi/mutual benefit fund/society.

xiv Subject to Note Nos.6 & 7(Sch.6) proper records have been maintained of the transactions and contracts or dealings of trading in shares, debentures and bonds and were held by the company in its own name except in and subject to the positions as stated in Note Nos. 5 & 6(Sch.6).

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

xvi No Term Loans are obtained by the Company during the year under audit.

xvii According to the information and explanations given to us and on an overall examination of the balance sheet of the Company, we report that 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 for permanent working capital.

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

xix The Company has no debentures.

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

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

For Dholakia & Co.

Chartered Accountants

(Registration No.102515w)

(G.G.DHOLAKIA)

Place: Rajkot Proprietor

Date:25.08.2012 M. No. 15744


Mar 31, 2011

We have audited the accompanying financial statements of Rajkot Investment Trust Limited ("the Company") which comprise the Balance Sheet as at 31st March, 2013, the statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of the significant accounting policies 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") and in accordance with the accounting principal generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal 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, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

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

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

(c) in the case of the Cash Flow Statement, of the cash flows of the Company 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 Companies Act, 1956;

(e) On the basis of the written representation received from the directors as on 31st March, 2013 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2013 from being appointed as a director in term of Section 274(1)(g) of the Act.

Referred to in Paragraph 1 of our report of even date.

Statement referred to in paragraph 1 of the Auditor's Report of even date to the Members of Rajkot Investment Trust Limited on the accounts for the year ended 31st March, 2013.

The comments herein below are based on the data compiled by the Company in order to comply with the requirements of the new order from the effective date. On the basis of such checks as considered appropriateand in terms of the information and explanations given to us, we state as under:

I a. The Company has maintained proper records showing full particulars, including quantitative details and situations of fixed asssets. The fixed assets of the Company were physically verified by the management

b. The fixed assets of the Company were physically verified by the management during the current year and no serious discrepancies were noticed between the books and the physical inventory

c. During the year Company has not dispossed off any substantial/major part of fixed assets.

ii a. Physical verification of Inventories has been conducted at reasonable intervals during the year by the management.

b. In our opinion and according to the information and explanations given to us , procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

c. The Company is maintaining proper records of inventory.

iii The Company has not granted/taken any loans, secured or unsecured, to/from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

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 and the nature of its business with regard to purchase of inventory and fixed assets and for the sale of goods. We have not observed any continuing failure to correct major weaknesses in internal control.

v a. According to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements, that need to be entered into the register maintained under Section 301 of the Companies Act, 1956 have been recorded in the register.

b. According to information and explanation given to us, the transactions referred to under sub clause (a) above, which exceeds Rs.500000/- in each case have been made at prices which are reasonable having regard to the prevailing market prices at the relevant date.

vi The Company has not accepted any deposits during the year from the public within the meaning of the provisions of Section 58A and 58AA of the Companies Act, 1956 and rules made thereunder. Hence the Clause (vi) of the order is not applicable.

vii The Company has an internal audit system, which in our opinion, commensurate with the size and the nature of its business.

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

ix a. The Company is regular in depositing undisputed statutory dues including Income Tax and other applicable dues with appropriate authorities. There are no arrears of outstanding dues as at the last day of the financial year for a period of more than six months from the date those became payable.

x The Company has no accumalated losses at the end of the financial year, however the Company had incurred cash loss of Rs.521460/- in the immediate previous year and has incurred cash loss during the year under audit of Rs.1134486/-.

xi The Company has not defaulted in repayment of dues to any financial Institution or Bank. The Company has no debentureholders.

xii The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities and therefore the question of maintenance of documents and records in respect thereof does not arise.

xiii Clause (xiii) of the Order is not applicale as the Company is not a chit fund company or nidhi/mutual benefit fund/society.

xiv Subject to Note Nos.6 & 7(Sch.6) proper records have been maintained of the transactions and contracts or dealings of trading in shares, debentures and bonds and were held by the company in its own name except in and subject to the positions as stated in Note Nos. 5 & 6(Sch.6).

xv According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from Bank or finanacial institution.

xvi No Term Loans are obtained by the Company during the year under audit.

xvii According to the information and explanations given to us and on an overall examination of the balance sheet of the Company, we report that 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 for permanent working capital.

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

xix The Company has no debentures.

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

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

For Dholakia & Co.

Chartered Accountants

(Registration No.102515w)

(G.G.DHOLAKIA)

Place: Rajkot Proprietor

Date:31.08.2013 M. No. 15744

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