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Auditor Report of Roselabs Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of Roselabs Limited which comprise the Balance Sheet as at March 31, 2015, and the Statement of Profit and Loss for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management 'a Responsibility for the Financial Statements

The Company Board of Directors is responsible for the matters stated in section 134(5) or the Companies Act, 2013 ("the Act") with respect to the preparation and presentation 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 ninth die 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 judgment and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate 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, wither 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 die 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 hereunder,

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 tree from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The mead Ltd res selected depend on the auditor's judgment including the assessment of the risks of material] misplacement of the financial statements, whether due to fraud or error. In making those risk assessments the auditor considers internal financial control relevant to the company's preparation of the financial statements that give true and view in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on whether the company has in place an adequate internal financial controls 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 onion 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 principle generally accepted in India.

a) in the case of the Balance Sheet of the state of affairs of the company as at March, 2015,

b) in the case of the profit and loss Account of the loss for the year ended on that date;

Report on other legal and Regulatory requirements

1. As required by the companies (Auditors 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 give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the order.

2. As required by section 143(3) 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 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 it appears from our examination of those books.

c) 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.

d) 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.

e) 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 director is disqualified as on 31 March, 2015, from being appointed as a director in terms of Section 164{2) of the Act.

f) In our opinion and to the teat of our information and according lu the explanations given to such we report as under with respect to other matters to be intruded in the Auditor's Report in accordance with Rule 11 of the Competes (Audit and Auditors) Rules; 2014:

Referred to in paragraph the under Report on Other Legal and Regulatory Requirements* of our Report of even date to the members of Rose Jabs Limited on the accounts of the company for the year ended 31st March, 2015.

On the basis of such checks as we considered appropriate and according to the information and Explanations given to us during the course of our audit we import that:

(i) In respect of its fixed assets:

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

(b) As explained to us, fixed assets have been physically verified by the management during die year in accordance with the phased program of verification adopted by the management which, in our opinion, provides for physical verification of all the fixed assets at reasonable intervals. According to the information and explanations given to us no material discrepancies were noticed on such verification.

(ii) In respect of its inventory:

a) As explained to us, the inventories of finalized goods, semi-finished goods, stores, spare parts and raw materials were physically verified at regular intervals by the Management. In case of inventories lying with third parties, certificates of stocks holding have been received.

b) In our opinion and according to the information and explanation given to us, the procedures of physical verification of inventories followed by the Management were 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 explanations given to us, the Company has maintained proper records of is inventories and no material discrepancies were noticed on physical verification of stocks as compared to book records.

(ii) In respect of bans, secured or unsecured, granted to the parties covered in register maintained under section 189 of the Companies Act 2013:

(a) According to the information and explanations given to us, the Company has not granted unsecured loans to other parties covered in the Register- maintained under Section 189 of the Companies Act, 2013.

b) The principal amounts and interest are being received regularly as per stipulations.

c) In respect of the aforesaid loans there is no overdue amount more than Rs, one Lakh;

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 for the purchase of inventory fixed assets and for the sale of goods During the course of our Audit we have not observed any continuing failure to correct weaknesses in internal control.

v) The company has not received any public deposits during the year.

vi) We have broadly reviewed the cost records maintained by the company pursuant to The Rule made by the central Government under section 148(1) of the companies Act, 2013 and are of the opinion that prima facie the prescribed cost records have been made and maintained we have however not made a detailed examination of these records with a view to determining whether they are accurate or complete.

vii) In respect of Statutory dues;

a) According to the records of the company and information and explanations given to us, the company has generally been regular in depositing undisputed at source professional Tax, sales Tax, value added tax (VAT) Service Tax and other material statutory dues applicable to it with the appropriate authorities.

b) According to the information and explanations given to us, there were no undisputed amounts payable in respect of Income - tax wealth tax, custom Duty, Excise Duty sales tax VAT Cess and other material statutory dues in arrears/were outstanding as at 31st March,2015 for a period of more than six months from the date they became payable.

NATURE OF Nature of Amount in Period Forum Statute Dues Rs,

Income Tax Income Tax 701810/- 2006-07 Appellate Act Authority CIT AHMEDBAD

C) According to the information and explanation given to us, the clause for Transferring amount in Investor Education & Protection Fund is not applicable to company.

(viii) The company have the accumulated losses at the end of financial year. But The company has not incurred any cash losses during the financial covered by our Audit and the immediately preceding financial year.

(ix) In our opinion and according to the Information and emanations given to us the Company has not defaulted in the repayment of dues to financial institutions, banks and debenture holders.

ix) In our opinion and adding to the information and the explanation given to us, the company ha. not given any finance for loans laken be others from hanks ordinance institutional during the year:

{x) The company has not obtained any term to an during the year, so [his Para of order is not applicable,

(xi) To the best of CM knowledge and according to the information and explanations giver, to us, no fraud by the Company and no material fraud on the Company has been noticed or reported during the year.

For Ashok R Shah & Associates.

Chartered Accountants

(Firm Registration No. 129423w)



CA Ashnk R Shah

Proprietor

(Membership No : 130417)



Place: Ahmadabad

Date: 05/09/2015


Mar 31, 2014

We have audited the accompanying financial statement Roselabs Limited, which comprise the Balance sheet as at March, 31,2014 and the statement of Profit and Loss and cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The company management is responsible for the preparation of these financial statement that gives a fair and true view of the financial position, financial performance and cash flow of the company is accordance with the Accounting with the Accounting Standards referred to in sub- section (3C) of section 211 of the companies Act, 196. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that gives a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

An audit involves performing procedures to obtain audit evidence about the amount and disclosure in the financial statement. The procedure selected depend on the auditors judgment, including the assessment of the risk of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditors considers internal control relevant to the company's preparation of the financial statement 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 statement.

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

Opinion

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

a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2014;

b) in the case of the Profit and 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.

Report on Other Legal and Regulatory Requirements

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

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

On the basis of such checks as we considered approve and according to the information and explanation given to us during the course of our audit, we report that: 1. In respect of its Fixed Assets:

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

b) As explained to us, fixed assets have been physically verified by the management at reasonable intervals, no material discrepancies were noticed on such verification

c) in our opinion and according to the information and explanations given to us no fixed asset has been disposed during the year and therefore does not affect the going concern assumption.

2. In respect of its Inventories:

a) As explained to us, inventories have been physically verified during the year by the management at reasonable intervals.

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) In our opinion and on the basis of our examination of the records, the company is generally maintaining proper records of its inventories, No material discrepancy was noticed on physical verification of stocks by the management as compared to book records.

3. a) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has granted loans, secured or unsecured, to Companies, firms or other parties listed in the Register maintained under Section 301 of the Companies Act, 1956. The details of parties and amount involved in the transaction are as below: Number of Parties involved - 4

a. Loan granted -1351.97 lacs

b. Balance Sheet as on 31.03.2014 - 778.07 lacs

b) The loan granted are interest free, as per the information given by the management and to the best of our knowledge and belief the terms and conditions on which loans have been taken from companies, firms or other parties 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) In our opinion and as per the information given to us the payment of the principal amount ,s payable on demand and the same is regular.

d) There is no overdue Principal amount during the year hence further comment on this clause not given .

e)According to the information and explanation given to us and the basis of our examination of the books of accounts, the company has taken loans, secured or unsecured, from following Companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956. The details of parties and amount involved in the transaction are below.

f) Number of parties involved -1

a. Loan taken - 25.00 lacs

b. Bal. o/s as on 31.03.2014 - 25.00 lacs

g) The loan taken are interest free as per the information given by the management and to the best of our knowledge and belief the terms and conditions on which loans have been taken from companies, firms or other parties listed in the register maintained under section 301 of the companies Act, 1956 are not prima facie prejudicial to the interest of the company.

h) In our opinion and as per the information given to us, the payment of the principal amount is on demand and the same is regular.

i) There is no overdue Principal amount during the year hence further comment on this clause not given.

4. In our opinion and according to the Information and explanation given to us there is, adequate internal, canto, procedure commensurate with the size of the company and the nature of its business. for the purchase of inventories & fixed assets and payment for expenses & for sale of goods. During the course of our audit, no major instance of continuing failure to correct any weaknesses in the internal controls has been noticed.

5. In respect of contracts or arrangements referred to in section 301 of the companies Act, 1956:

a) Based on the audit procedures applied by us, and according to the information and explanation provided by the management, the particulars of contracts or arrangements referred to in section 301 of the Act have been entered in the register required to be maintained under that section.

b) In our opinion and according to the information and explanations given to us, the transactions made in purchase of contracts/ arrangements entered in the register maintained under section 301 of the companies Act, 1956 exceeding the value of rupees five lacs in respect of each party during the year has been made at a price which appear reasonableness as per the information available with the company.

6. The Company has not accepted deposits from the public covered under section 58A and 58AA of the Companies Act,1956.

7. As per information & explanation given by the management, the company has an internal audit system commensurate with its size and the nature of its business.

8.As per information & explanation given by the management, maintenance of cost records has been prescribed by the Central Government under Clause (d) of sub-section (1) of Section 209 of the Act and we are of the opinion that prima facie the prescribed accounts and records have been made and maintained

9. According to the records of the company. undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees state Insurance, Income- tax, Wealth tax, Service Tax, Custom Duty with the appropriate authorities. According to the , Excise Duty, cess to the extent applicable and any other statutory dues have generally been regularly deposited with appropriate authorities According to the information and explanation given to us there were no outstanding statutory dues as on 31st of March, 2014 for a period of more than six months from the date they became payable.

b. According to the information and explanations given to us, there is no amounts payable in respect of wealth tax, service tax, custom duty and excise duty which have not been deposited on account of any dispute, On account of the following dispute is outstanding as on 30.03.2014.

10. The company does not have any accumulated loss and has not incurred cash loss during the financial year covered by our audit and in the immediately preceding financial year.

11. Based on per audit procedures and on the informed and explanations given by the management, we are of the opinion that. the Company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

12. According to the information and explanations given to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. The Company is not a chit fund or a nidhi mutual benefit fund/ society Therefore the provision of this clause of the Companies (Auditor's Report) Order, 2003 (as amended) is not applicable to the Company.

14. According to the information & explanation given to us, the company is trading in shares, Mutual Funds & other Investments. Proper records & timely entries in this regard no applicable & further the investments outstanding are held in their own name.

15. According to the information and explanations given to us, the Company has not given any guarantees for loan taken by others from a bank or financial institution.

16. Based on our audit procedures and on the information given by the management, we report that the company has not raised any term loans during the year.

17. Based on the information and explanations given to us and on an overall examination of the Balance Sheet of the Company as at 31s1 March, 2014, we report that no funds raised on short-term basis have been used for long-term investment by the Company.

18. Based on the audit procedures performed and the information and explanations given to us by the management, we report that the Company has not made any preferential allotment of shares during the year,

19- The Company has no outstanding debentures during the period under audit.

20. The Company has not raised any money by public issue during the year.

21. Based on the audit procedures performed and the information and explanations given to us, we report that no fraud on or by the Company has been noticed or reported during the year, nor have we been informed of such case by the management.

For Ashok R Shah & Associates.

Chartered Accountants

Firm Reg, No 129423W

Place: Ahmedabad

Date : 10/06/2015 (Proprietor)

M. No.: 130417


Mar 31, 2013

REPORTONTHE FINANCIAL STATEMENTS

We have audited the accompanying financial statements of Roselabs Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2013, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

MANAGEMENT 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"). 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. 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.

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

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

b) in the case of the Profit and 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. 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 written representations received from the directors as on March 31,2013, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2013, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

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

The Annexure referred to in paragraph 1 of the Our Report of even date to the members of Roselabs Limited on the accounts of the company for the year ended 31" March, 2013.

On the basis of such checks as we considered appropriate and according to the information and explanation given to us during the course of our audit, we report that:

1. In respect of its Fixed Assets:

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

(b) As explained to us, fixed assets have been physically verified by the management at reasonable intervals; no material discrepancies were noticed on such verification.

(c) In our opinion and according to the information and explanations given to us, no fixed asset has been disposed during the year and therefore does not affect the going concern assumption.

2. In respect of its Inventories:

(a) As explained to us, inventories have been physically verified during the year by the management at reasonable intervals.

(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) In our opinion and on the basis of our examination of the records, the Company is generally maintaining proper records of its inventories. No material discrepancy was noticed on physical verification of stocks by the management as compared to book records.

3.

(a) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has granted loans, secured or unsecured, to companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. The details of parties and amount involved in the transaction are as below:

Numberof parties involved - 6

Loan granted - 882.70 lacs

Bal.o/sason31.03.13 - 0

(b) The loan granted are interest free, as per the information given by the management and to the best of our knowledge and belief the terms and conditions on which loans have been taken from companies, firms or other parties 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) In our opinion and as per the information given to us the payment of the principal amount is payable on demand and the same is regular.

(d) There is no overdue Principal amount during the year hence further comment on this clause not given.

(e) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has taken loans from companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. The details of parties and amount involved in the transaction are below:

Numberof parties involved - 3

Loan taken - 2389.00 lacs

Bal.o/sason31.03.13 - 0

(f) The loan taken are interestfree, as perthe information given by the management and to the best of our knowledge and belief the terms and conditions on which loans have been taken from companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956 are not prima facie prejudicial to the interest of the company.

(g) In our opinion and as per the information given to us the repayment of the principal amount is on demand and the same is regular. (h) There is no overdue Principal amount during the year hence further comment on this clause not given.

4. In our opinion and according to the information and explanations given to us, there is generally an adequate internal control procedure commensurate with the size of the company and the nature of its business, for the purchase of inventories & fixed assets and payment for expenses & for sale of goods. During the course of our audit, no major instance of continuing failure to correct any weaknesses in the internal controls has been noticed.

5. In respect of contracts or arrangements referred to in section 301 of the companies Act 1956:

(a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, the particulars of contracts or arrangements referred to in section 301 of the Act have been entered in the register required to be maintained under that section.

(b) In our opinion and according to the informations explanations given to us, the transactions made in pursuance of contracts/arrangements entered in the register maintained under section 301 of the companies Act, 1956 exceeding the value of rupees five lacs in respect of each party during the year has been made at a price which appear reasonableness as per the information available with the company.

6. The Company has not accepted any deposits from the public covered under section 58Aand 58AAof the Companies Act, 1956.

7. As per information & explanations given by the management, the Company has an internal audit system commensurate with its size and the nature of its business.

8. As per information & explanation given by the management, maintenance of cost records has been prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Act and we are of the opinion that prima facie the prescribed accounts and records have been made and maintained.

9. In respect of Statutory dues :

(a) According to the records of the company, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, cess to the extent applicable and any other statutory dues have generally been regularly deposited with the appropriate authorities. According to the information and explanations given to us there were no outstanding statutory dues as on 31 st of March, 2013 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us, there is no amounts payable in respect of wealth tax, service tax, sales tax, customs duty and excise duty which have not been deposited on account of any disputes. On account of the Income tax the following dispute is outstanding as on 31.03.2013

10. The Company does not have any accumulated loss and has not incurred cash loss during the financial year covered by our audit and in the immediately preceding financial year.

11. Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that, the Company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

12. According to the information and explanations given to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. The Company is not a chit fund or a nidhi /mutual benefit fund/society. Therefore, the provision of this clause of the Companies (Auditor''s Report) Order, 2003 (as amended) is not applicable to the Company.

14. According to information and explanations given to us, the Company is not trading in any Shares, Mutual funds & other Investments hence Proper records & timely entries in this regard not applicable and further the investments outstanding are held in their own name.

15. According to the information and explanations given to us, the Company has not given any guarantees for loan taken by others from a bank or financial institution.

16. Based on our audit procedures and on the information given by the management, we report that the company has not raised any term loans during the year.

17. Based on the information and explanations given to us and on an overall examination of the Balance Sheet of the Company as at 31 st March, 2013, we report that no funds raised on short-term basis have been used for long-term investment by the Company.

18. Based on the audit procedures performed and the information and explanations given to us by the management, we report that the Company has made preferential allotment of 1500000 Share warrants of Rs. 60/- each allotted on 9.11.2012, called up Rs.15/- per share, convertible at the option of the holder at any time with in 18 months from the date of issue into one fully paid-up equity share of Rs. 10/- each at a price of Rs. 60/- per share, to the parties/companies covered in the register maintained under section 301 of the companies Act, 1956 the during the year.

19. The Company has no outstanding debentures during the period under audit.

20. The Company has not raised any money by public issue during the year.

21. Based on the audit procedures performed and the information and explanations given to us, we report that no fraud on or by the Company has been noticed or reported during the year, nor have we been informed of such case by the management.

For SUNIL PODDAR & CO.

Chartered Accountants

Firm Reg. No. 110603W

PLACE AHMEDABAD.

Date : 29.05.2013 [SUNILPODDAR]

Partner

M. No.41209

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