Auditor Report of Sangal Papers Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of SANGAL PAPERS LIMITED, MEERUT ("Company") which comprise the Balance sheet as at 31 March 2015, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in section 134(5) of 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 with the provision of the Act for safeguarding of the assets of the Company and for preventing and detecting the frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of 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, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material 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 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 financial control relevant to the Company's preparation of the financial statements that give a true and fair 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 system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the 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 qualified audit opinion. s

Opinion

(In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31 March 2015, and its profit and its 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, 2015 ("the Order"), as amended, 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 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 specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014 except AS-15 Accounting for Retirement Benefits of Employees.

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

f. Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

(i) The Company has disclosed the impact of pending litigations on its financial position in its financial statements as referred to in Note 31 to the financial statements.

(ii) The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, and as required on long-term contracts including derivative contracts.

(iii) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.

The Annexure referred to in our report to the members of SANGAL PAPERS LIMITED, MEERUT ('the Company') for the year ended 31 March 2015. We report that:

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

(b) According to the information and explanations given to us, physically verification of fixed assets have been carried out by the management and no material discrepancies were noticed on such verification. In our opinion, the frequency of verification is reasonable, having regard to the size of the company and nature of its assets.

(ii) (a) The inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

(b) The procedure of physical verification of inventories followed by the management is reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) In our opinion and according to information and explanations given to us, the company has maintained proper records of inventory. As explained to us, no material discrepancies were noticed on physical verification as compared to book records.

(iii) The Company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 189 of the Companies Act, 2013.

(iv) In our opinion and 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 and for the sale of goods and services. During the course of our audit, we have not observed any major weaknesses in internal controls.

(v) In our opinion and according to the information and explanations given to us, the company has not accepted any deposit from the public.

(vi) The Cost record has been specified by the Central Government under sub-section (1) of section 148 of the Companies Act, 2013. We have broadly reviewed the accounts and records of the Company in this connection and are of the opinion, that prima facie, the prescribed accounts and records have been made and maintained. We have not, however, carried out a detailed examination of the records with a view to determine whether they are accurate or complete.

(vii) (a) According to the records of company and information and explanation to us, the company is regular in depositing undisputed statutory dues including, provident fund employees' state insurance, income-tax, sales- tax, wealth tax, service tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues with the appropriate authorities during the year. There is no undisputed amounts payable, as at 31.03.2015 for a period of more than six months from the date they became payable.

(a) According to the information and explanations given to us, there are no dues of income tax, value added taxf7! wealth tax, duty of customs and cess which have not been deposited with the appropriate authorities on account of any dispute. However, according to information and explanations given to us, the following dues of sales tax and service tax have not been deposited by the Company on account of disputes:

Name of the Period to which Amount (in Rs.) Forum where dispute is pending Status the amount relates

Trade Tax 2001-2002 200000.00 Hon'ble High Court, Allahabad.

Trade Tax 2008-2009 1039591.00 Joint Commissioner Appeal, U.P. Commercial Tax Department.

Service Tax 2010-2011 11449.00 CESTAT, Delhi

(a) According to the information and explanations given to us there is no amount required to be transferred to investor education and protection fund in accordance with the relevant provision of the companies act, 1956 (1 of 1956) and rules made there under has been transferred to such fund within time.

(viii) The company has no accumulated losses and has not incurred any cash losses in such financial year and in the immediately preceding financial year.

(ix) In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to banks/financial institution. '

(x) In our opinion, the Company has not given any guarantee for loans taken by others from bank or financial institutions.

(xi) In our opinion and according to the information and explanations given to us, term loan were applied for the purpose for which the loans were obtained.

(xii) According to information and explanation given to us, no fraud on or by the Company has been noticed or reported during the course of our audit.

For SHIAM& Co.

Date : 25.05.2015 Chartered Accountants,

Place: MUZAFFARNAGAR Registration No. 000030C

Rajesh Kumar Jain

Partner

Membership No. 073352

---

Mar 31, 2010

We have audited the attached Balance Sheet of SANGAL PAPERS LIMITED, MEERUT as on 31st March, 2010, the Profits Loss Account and also the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys Management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting 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.

1. As required by the Companies (Auditors Report) order, 2003 as amended by the Companies (Auditors Report) (Amendment) Order, 2004 issued by the Central Government of India in terms of Section 227 (4-A) of Companies Act, 1956, we give in the annexure a statement on the matters specified in pararaph 4 & 5 of the said order.

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

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

ii) In our opinion, proper books of account as required by Law have been kept by the Company, so faras appears from our examination of those books.

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

iv) In our opinion the Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report comply with the accounting standards referred to in subsection 3 (c) of section 211 of the Companies Act, 1956 except AS-15 Accounting for Retirement Benefits of Employees.

v) On the basis of written representations received from the directors and taken on record by the Board of Directors, we report that none of the directors of the company as on 31 st March, 2010 is disqualified for appointment as director in aforesaid company in terms of clause (g) of sub 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 explanation given to us, the said accounts 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 affaires of the Company as at 31 st March, 2010;and

(b) In the case of the Profit & Loss Account, of the Profit for the year ended on that date.

(c) In the case of the Cash Flow Statemant, of the cash flows for the year ended on that date



ANNEXURE REFERRED TO IN PARAGRAPH 1 OF THE AUDITORS REPORT OF EVEN DATE TO THE MEMBERS OF SANGAL PAPERS LIMITED ON THE ACCOUNTS FOR THE YEAR ENDED MARCH, 31st 2010

(i) IN RESPECT OF FIXED ASSETS:

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

(b) As explained to us, the fixed assets have been physically verified by the management during the year. In our opinion, the frequency of verification is reasonable having regard to the size of the Company and the nature of its business. No material discrepancies were noticed on such verification.

(c) During the year, the Company has not made any substantial disposals of fixed assets during the year.

(ii) IN RESPECT OF INVENTORIES:

(a) As explained to us, inventories has been physically verified during the year by the management. In ouropinion, 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) In ouropinion and according to the information and explanations given to us, the Company has maintained proper records of inventories. The discrepancies noticed on verification between the physical stock and the book records were not material.

(III) In respect of loans, secured or unsecured, granted/taken by the company to or from companies, firms or other parties covered in the register maintained u/s 301 of the Companies Act, 1956:

(a) The Company had not granted any loan to any one. Accordingly, clauses (iii) (b) to (iii)(d) of paragraph 4 of the Order are not applicable to the Company for the current year.

(b) The Company had taken loan from four parties. The maximum amount involved during the year was Rs. 330.00 Lac and the year end balance of loans taken from such parties was Rs. 330.00 Lac.

(c) In our opinion and according to the information and explanations given to us, the rate of interest wherever applicable and otherterms and conditions of loans taken by the company are not, primafacie, prejudicial to the interest of the Company.

(d) The company is regular in payment of the principal amount and interest as stipulated. (iv) In our opinion and 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 and for the sale of goods and services. During the course of our audit, we have not observed any major weaknesses in internal controls. (v) IN RESPECT OF TRANSACTIONS COVERED u/s 301 OF THE COMPANIES ACT. 1956:

(a) According to the information and explanations given to us, the particulars of contracts or arrangements that need to be entered in the register maintained under section 301 of Companies Act 1956 have been so entered.

(b) In view and according to the information and explanations given to us, the transactions made in pursuance of such contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of

i) rupees five lacs in respect of any party during the year have been made at prices which are reasonable having regard to the prevailing market price at the relevant time.

(vi) In our opinion and according to the information and explanations givento us.the company has not accepted any deposit from the public within the meaning of section. 58Aand 58AAor any other relevant provision of the Companies Act 1956 and the rules framed there under.

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

(viii) As informed by the management, cost records for the year are under preparation.

(ix) IN RESPECT OF STATUTORY DUES:

(a) According to the records of company and information and explanations given to us, the company is regular in depositing undisputed statutory dues including Provident Fund, Investor Education ad Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and any other statutory dues with appropriate authorities during the year. Except water cess Rs. 6.99 lac, there is no undisputed amounts payable, as at 31.03.2010 for a period of more than six months from the date they became payable.

(b) According to information and explanations given to us, there is no undisputed amount payable in respect of dues of income tax wealth tax, Sales Tax, Customs duty, Service Tax, Custom Duty, Excise Duty, cess which have not been deposited on account of any dispute.

(c) According to information and explanations given to us, the disputed dues in respect of Sales Tax, Income Tax, Excise Duty, Electricity are as under:

NAME OF THE STATUE AMOUNT (Rs.) FORUM WHERE SIPUTE IS PENDING

Income Tax 2139575.00 Director of Income Tax, Delhi

Trade Tax 117000.00 Honble High Court, Allahabad

218454.00 Honble High Court, Allahabad

(x) The company has no accumulated losses and has not incurred any cash losses in such financial year and in the immediately preceding financial year.

(xi) In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to banks.

(xii) In our opinion, the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. Therefore the provision of clause

(xii) of the Companies (Auditors Report) Order 2003 as amended by the Companies (Auditors Report) (Amendment) Order, 2004 are not applicable to the company.

(xlli) In our opinion, the company is not a chit fund or nidhi mutual benefit fund/society. Therefore the provision of clause

(xiii) of the Companies (Auditors Report) Order, 2003 as amended by the Companies (Auditors Report) (Amendment) Order, 2004 are not applicable to the company.

(xiv) In our opinion, the company is not dealing or trading in shares, securities, debentures and other investment. Therefore the provision of clause 4(xiv) of the Companies (Auditors Report) Order, 2003 as amended by the Companies (Auditors Report) (Amendment) Order, 2004 are not applicable to the company.

(xv) In our opinion, the Company has not given any guarantee for loans taken by others from bank or financial institutions.

(xvi) According to the information and explanations given to us, no terms loan was obtained during the year.

(xvii)According to 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 funds raised on short-term basis have been used for long-term investment.

(xviii) According to the information and explanation given to us, the company has not made any V preferential allotment of shares to parties and companies covered in the register maintained I under section 301 of the Act.

(xix) According to the information and explanation given to us, the company has nc t issued any debentures during the year.

(xx) According to the information and explanation given to us, the company has not raised any money from public issue during the year.

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

For SHIAM & Co.

Chartered Accountants,

Registration No.000030C



Sd/-

Date: 20.05.2010 (R.K.JAIN)

Place: MUZAFFARNAGAR Partner

Membership No.073352

---

Mar 31, 2009

We have audited the attached Balance Sheet of SANGAL PAPERS LIMITED, MEERUT as on 31st March. 2009. the Profit & Loss Account and also the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys Management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting 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.

1. As required by the Companies (Auditors Report) order, 2003 as amended by the Companies (Auditors Report) (Amendment) Order, 2004 issued by the Central Government of India in terms of Section 227 (4-A) of Companies Act, 1956, we give in the annexure a statement on the matters specified in pararaph 4 & 5 of the said order.

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

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

ii) In our opinion, proper books of account as required by Law have been kept by the Company, so far as appears from our examination of those books.

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

iv) In our opinion the Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report comply with the accounting stanndards refferred to in sub section 3 (C) of section 211 of the Companies Act, 1956 except AS-15 Accounting for Retirement Benefits of Employees.

v) On the basis of written representations received from the directors and taken on record by the Board of Directors, we report that none of the directors of the company as on 31st March, 2009 is disqualified for appointment as director in aforesaid company in terms of clause (g) of sub of sub-section (1) of section 274 of the Companies Act, 1956.

vi) In our opinion and to the best of our Information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956. in the manner so .required and give a true 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. 2009; and

(b) In the case of the Profit & Loss Account of the Profit for the year ended on that date.

(c) In the case of the Cash Flow Statemant of the cash flows for the year ended on that date

ANNEXURE REFERRED TO IN PARAGRAPH 1 OF THE AUDITORS REPORT OF EVEN DATE TO THE MEMBERS OF SANGAL PAPERS LIMITED ON THE ACCOUNTS FOR THE YEAR ENDED MARCH, 31st 2009

(I) IN RESPECT OF FIXED ASSETS :

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

(b) As explained to us, the fixed assets have been physically verified by the management during the year. In our opinion, the frequency of verification is reasonable having regard to the size of the Company and the nature of its business. No material discrepancies were noticed on such verification.

(c) During the year, the Company has not made any substantial disposals of fixed assets during the year.

ii) IN RESPECT OF INVENTORIES :

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

(b) In our opinion and according to the information and explanations given to us, the procedure of physical verification of inventories followed by the Management are reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) In our opinion and according to the information and explanations given to us, the Company has maintained proper records of inventories. The discrepancies noticed on verification between the physical stock and the book records were not material.

(Ill) In respect of loans secured or unsecured, granted/taken by the company to or from companies, firms or other parties covered In the register maintained u/s 301 of the Companies Act, 1956

(a) The Company had not granted any loan to any one. Accordingly, clauses (iii) (b) to (iii) (d) of paragraph 4 of the Order are not applicable to the Company for the current year.

(b) The Company had taken loan from four parties. The maximum amount involved during the year was Rs. 343.25 Lac and the year.- end balance of loans taken from such parties was Rs. 300.00 Lac.

(c) In our opinion and according to the information and explanations given to us, the rate of interest wherever applicable and other terms and conditions of loans taken by the company are not, primafacie, prejudicial to the interest of the Company.

(d) The Company is regular in payment of the principal amounts and interest as stipulated.

(iv) In our opinion and 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 and for the sale of goods and services. During the course of our audit, we have not observed any major weaknesses in internal controls.

(v) IN RESPECT OF TRANSACTIONS COVERED u/s 301 OF THE COMPANIES ACT. 1956 :

(a) According to the information and explanations given to us, we are of the opinion that the particulars of contracts or arrangements 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, there is no transactions, W made in persuance of such contracts or arrangements exceeding Rs. five lac in respect of each party during the year.

(vi) According to the information and explanations given to us, the company has not accepted any public deposits during the year.

(vii) In our opinion, the company has an Internal Audit System commensurate with the size and nature of its business.

(viii) As informed by the management, cost records for the year are under preparation.

(ix) IN RESPECT OF STATUTORY DUES :

(a) According to the records of company and information and explanations given to us, the company is regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and any other statutory dues with appropriate authorities during the year. Except water cess Rs. 3.00 lac, there is no undisputed amounts payable, as at 31.03.2009 for a period of more than six months from the date they became payable.

(b) According to information and explanations given to us, there is no undisputed amount except Income Tax Rs. NIL ( Previous Year NIL) payable in respect of dues of Wealth Tax, Sales Tax Customs Duty, Service Tax, Custom Duty, Excise Duty, Cess which have not been deposited on account of any dispute.

(c) According to information and explanations given to us, the disputed dues in respect of Sales Tax. Income Tax, Excise Duty, Electricity are as under:



NAME OF THE STATUE AMOUNT (Rs.) FORUM WHERE DISPUTE IS PENDING Income

Income Tax 2,139,575.00 Director Of Income Tax, Delhi

Trade Tax 117,000.00 Honble High Court, Allahabad

- - 218,454.00 Trade Tax Tribunal, Meerut

Electricity 13,151,719.55 Chairman Cum Arbitrator U. P. P. C. L, Lucknow



(x) The company has no accumulated losses and has not incurred any cash losses in such financial year and in the immediately preceding financial year.

(xi) In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to banks.

(xii) In our opinion, the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. Therefore the provision of clause 4(xii) of the Companies (Auditors Report) Order, 2003 as amended by the Companies (Auditors Report) (Amendment) Order, 2004 are not applicable to the company.

(xiii) In our opinion, the company is not a chit fund or nidhi mutual benefit fund/ society. Therefore the provision of clause 4(xiii) of the Companies (Auditors Report) Order, 2003 as amended by the Companies (Auditors Report) (Amend- ment) Order, 2004 are not applicable to the company.

(xiv) In our opinion, the company is not dealing or trading in shares, securities, debentures and other investment. There- fore the provision of clause 4(xiv) of the Companies (Auditors Report) Order, 2003 as amended by the Companies (Auditors Report) (Amendment) Order, 2004 are not applicable to the company.

(xv) In our opinion, the Company has not given any guarantee for loans taken by others from bank or financial institutions.

(xvi) According to the information and explanations given to us, term loan availed by the company were, prima facie, applied by the company during the year for the purpose for which loans were obtained.

(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.

(xviii) According to the information and explanations given to us, the company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act

(xix) According to the information and explanations given to us, the company has not issued any debentures during the year.

(xx) According to the information and explanations given to us, the company has not raised any money from public issue during the year.

(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 SHIAM & CO.,

Chartered Accountants,

sd/-

Date : 26th June, 2009 (R. K.JAIN)

Place : MUZAFFARNAGAR Partner