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Auditor Report of Scan Steels Ltd.

Mar 31, 2015

We have audited the accompanying standalone financial statements of Scan Steels Limited (For- merly Known as Clarus Infrastructure Realties Limited) ('the Company'), which comprise the bal- ance 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 informa- tion.

Management's Responsibility for the Standalone 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 standalone 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 maintenance of ad- equate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reason- able and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the account- ing 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 standalone 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 misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers 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 the 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 audit opinion on the standalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone 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 31st 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") issued by the Central Government of India in terms of sub-section (11) of section 143 of the Companies Act 2013, we give in the Annexure a statement on the matters specified in the paragraph 3 and 4 of the Order, to the extent applicable.

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 purposes of our audit.

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

(c) The balance sheet, the statement of profit and loss and the cash flow statement dealt with by this Report are in agreement with the books of account;

(d) In our opinion, the aforesaid standalone financial statements comply with the Ac- counting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;

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

(f) With respect to the other matters to be included in the 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 – Refer Note 2(1) to the financial statements;

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

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

Annexure to the Independent Auditors' Report

The Annexure referred to in our Independent Auditors' Report to the members of the Company on the standalone financial statements for the year ended 31 March 2015, we report that:

1. (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 in phased periodic manner, which in our opinion is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies have been noticed on such verification

(c) Fixed assets disposed off during the year were not substantial, and therefore, don't affect the going concern assumption.

2. In respect of its Inventories:

(a) As explained to us, Stocks have been physically verified by the management at regular interval during the year. The frequency of verification is reasonable.

(b) In our opinion and according to the information and explanation given to us, the 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 has maintained proper records of inventories. As explained to us, there was no material discrepancies noticed on physical verification of inventories as com- pared to book records.

3. (a) The Company has not granted any loan during the year to the Related parties covered in the register maintained under section 189 of the Companies Act, 2013 ('the Act'). How- ever the company has taken loan from parties where maximum outstanding as on 31.03.2015 is Rs.2,52,41,699.00

(b) In the case of the loans granted to the bodies corporate listed in the register maintained under section 189 of the Act, the borrowers have been regular in the payment of the interest as stipulated. The terms of arrangements do not stipulate any repayment schedule and the loans are repayable on demand. Accordingly, paragraph 4(iii)(c) of the Order is not applicable to the Company in respect of repayment of the principal amount.

(c) There are no overdue amounts of more than rupees one lakh in respect of the loans granted to the bodies corporate listed in the register maintained under section 189 of the Act.

4. In our opinion and explanations given to us, there are adequate internal control systems commensurate with the size of the Company and the nature of its business with regard to purchases of inventory, fixed assets and with regard to the sale of goods. We have not ob- served any major weaknesses in internal control system of the Company.

5. The Company has accepted deposits from the public and in our opinion and according to the information and explanation given to us, the directives issued by Reserve Bank of India with respect to relevant provisions of Companies Act,2013 and rules framed there under, where applicable, have been complied with. We are informed that no order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other tribunal, in this context.

6. According to information and explanations given to us, the company is maintaining cost records as prescribed by Central Government under section 148(1) of the Act, for the products of company.

7. a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, amounts deducted/ accrued in the books of ac- count in respect of undisputed statutory dues including provident fund, income tax, sales tax, wealth tax, service tax, duty of customs, value added tax, cess and other material statutory dues have been regularly deposited during the year by the Company with the appropriate authorities. As explained to us, the Company did not have any dues on account of employees' state insurance and duty of excise.

According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, income tax, sales tax, wealth tax, service tax, duty of customs, value added tax, cess and other material statutory dues were in arrears as at 31 March 2015 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 are no material dues of 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 income tax, sales tax, service tax and value added tax have not been deposited by the Company on account of disputes:

STATEMENT OF DISPUTED DUES

Sl.Name of the Nature No.Statute of dues Amount ( )

1 OVAT Act. OVAT 56,67,306.00

2 OVAT Act. OVAT 69,40,305.00

3 OVAT Act. OVAT 6,53,111.00

4 OVAT Act. OVAT 4,33,82,725.00

5 OVAT Act. OVAT 3,17,563.00

6 OVAT Act. OST 18,79,165.00

7 Income Tax Income 88,93,575.00 Act. Tax

TOTAL 6,77,33,750.00

Sl.Name of the Period to which the Forum where No.Statute amt relates dispute is pending

1 OVAT Act. 2007-08, 2008-09 & Additional 2009-10 Commissioner of Commercial Tax

2 OVAT Act. 2002-03, 2003-04 & Assistant 2004-05 Commissioner of Commercial Tax, RKLA

3 OVAT Act. 2009-10 & 2010-11 Deputy Commissioner of Commercial Tax, Rourkela II Circle.

4 OVAT Act. 2005-06 & 2006-07 High Court of Odisha, Cuttack.

5 OVAT Act. 2008-09 & 2010-2011 Joint Commissioner of Commercial Tax.

6 OVAT Act. 2001-02, 2003-04 & Sales Tax Tribunal, 2004-05 Cuttack.

7 OVAT Act. 2009-10 & 2011-12 The Commissioner of Income Tax

* net of amounts paid under protest.

(c) According to the information and explanations given to us the amounts which were required to be transferred to the investor education and protection fund in accordance with the relevant provisions of the Companies Act, 2013 and rules there under has been transferred to such fund within time.

8 The company has no accumulated losses at the end of the financial year and has incurred cash profit of 17,67,18,631.00 during the financial year covered by our audit and in the immediately preceding financial year.

9 The Company did not have any outstanding dues to financial institutions, banks or debenture holders during the year.

10 In our opinion and according to the information and explanations given to us, the Company The Company has given guarantee for loans taken by its sister concern from banks or financial institutions.

11 The Company has raised term loan Nil during the year and the same has been applied for the purpose for which they were raised.

12 According to the information and explanations given to us, no material fraud on or by the Company has been noticed or reported during the course of our audit.

For SRB & Associates

Chartered Accountants Firm Regn. No: 310009E

B. Mohanty

Bhubaneswar Partner 29th May, 2015 M.N-056264


Mar 31, 2014

We have audited the accompanying financial statements of M/s SCAN STEELS LIMITED (the Company), which comprises the Balance Sheet as at 31st March , 2014, and the Statement of Profit and Loss for the year ended, and a summary of the significant accounting policies and other explanatory information.

MANAGEMENT''S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards notified under the companies Act, 1956 ("the Act"). Read with the general circular 15/203 dated 13th September,2013 of the ministry of corporate affairs in respect of section 133 of the companies Act 2013 and with accordance with the accounting principles 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.

AUDITORS'' RESPONSIBILITY

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

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the Auditors 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.

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 31st 2014;and

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

Meanwhile, it is to bring in notice that Clarus Infrastructure Realties Ltd, had a reverse merger with Scan Steels Ltd, whereby Scan Steels Ltd. was merged into Clarus Infrastructure Realties Ltd. And the name of the emerging Company is Scan Steels Ltd, as per the order of Hon. High Court of Orissa: Cuttack vide case No. COPET NO. 25 of 2011 (connected with COPET NO. 7 of 2011) Hon. Court given the order dated 25th February, 2014 and accordingly carrying operations under the name of Scan Steels Ltd. Meanwhile, we, have Audited books and accounts only of Clarus Infrastructure Realties Ltd. and verified the Consolidation of Accounts of the Scan Steels Ltd. and Clarus Infrastructure Realties Ltd. as on 31st March 2014.

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 Section 227(4A) of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

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

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

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

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

(d) In our opinion, the Balance Sheet, Statement of Profit and Loss, comply with the Accounting Standards notified under the Act read with the General Circular 15/2013 dated 13th September,2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013.

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

ANNEXURE TO INDEPENDENT AUDITORS REPORT CONSOLIDATED ANNEXURE TO THE AUDITORS'' REPORT OF INDEPENDENT AUDITOR OF SCAN STEELS LIMITED

(Formerly known as CLARUS INFRASTRUCTURE REALTIES LIMITED) post merger of Scan Steels Limited with Clarus Infrastructure Realties Limited

(Note: Standalone audit of Scan Steels Limited carried on by M/S SRB & Associates, Chartered Accountants, and we have consolidated and reviewed the report of auditors of Scan Steels Limited.)

(Referred to in paragraph 1 under Report on other Legal and Regulatory Requirements Section of our report of even date)

1. In respect of its Fixed Assets :

The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of information available.

a) As explained to us, the fixed assets have been physically verified by the Management in phased periodic manner, which in our opinion is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies have been noticed on such verification.

b) Fixed assets disposed off during the year were not substantial, and therefore, don''t affect the going concern assumption.

2. In respect of its Inventories:

(a) As explained to us, Stocks have been physically verified by the management at regular interval during the year. The frequency of verification is reasonable.

(b) In our opinion and according to the information and explanation given to us, the 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 has maintained proper records of inventories. As explained to us, there wa s n o m ateri al discrepancies noticed on physical verification of inventories as compared to book records.

3. In respect of loans, secured or unsecured , granted or taken by the Company to / from companies , firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956:

(a) The company had granted interest free unsecured loan to company & related parties covered in the register maintained under section 301 of the companies Act, 1956. The maximum amount involved during the year aggregate to Rs.20,00,000/- and the year end balance in respect of this loan was NIL. However the company has taken loan from related parties during the year where outstanding as on 31.03.2014 is Rs. 3,89,15,728/- and maximum amount outstanding during the year was Rs.6,54,21,699/-.

(b) In our opinion and according to the information and explanation given to us, the rate of interest, wherever applicable and other terms and conditions are not prima facie prejudicial to the interest of the company.

(c) In respect of loans taken the principal amount along with interest is repayable on demand and hence the question of overdue amount does not arise.

4. In our opinion and explanation given to us. There are adequate internal control systems commensurate with the size of the Company and the nature of its business with regard to purchases of inventory, fixed assets and with regard to the sale of goods. We have not observed any major weaknesses in internal control system of the Company.

5. (a) In our opinion and according to the information given to us, the particulars of contracts or arrangement 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 given to us, the transactions made in pursuance of contracts or arrangements referred to in (5) (a) above and exceeding the value of 5 Lakhs with any party during the year have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

6. The Company has accepted deposits from the public and in our opinion and according to the information and explanation given to us, the directives issued by Reserve Bank of India and the provisions of section 58A and 58AA and relevant provisions of companies Act, 1956 and rules framed there under, where applicable, have been complied with. We are informed that no order has been passed by the company law board or national company law tribunal or Reserve Bank of India or any court or any other tribunal, in this context.

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

8. According to information and explanations given to us, the company is maintaining cost records as prescribed by central government under section209 (1) (d) of companies Act, 1956 for the products of the company.

9. (a) According to information and explanations given to us and on the basis of the standalone auditors report of the Scan Steel Limited as per the records of the Company, amounts deducted/ accrued in the books of account in respect of undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Income- Tax, Sales-tax, Wealth tax, Service Tax and other material statutory dues have been regularly deposited during the year by the Company with the appropriate authorities.

According to information and explanations given to us, no undisputed amounts payable in respect of Provident Fund, Investor Education and Protection Fund, Income-Tax, Sales-tax, Wealth tax, Service Tax and other material statutory dues were in arrears as at 31 March 2014 for a period of more than six months from the date they became payable

(b) According to information and explanations given to us, the following dues of Orissa Sales Tax, Entry tax, And Central Sales Tax have not been deposited by the Company on account of disputes.

STATEMENT OF DISPUTED DUES

Sl. Nature of No. Name of the Statute dues Amount (rs)

1 Orissa Sales Tax Act. OST 1,37,958

2 Entry Tax Act Entry Tax 24,482

3 Orissa Sales Tax Act OST 22,96,983

4 Entry Tax Act Entry Tax 7,21,265

5 Entry Tax Act Entry Tax 7,97,111

6 Orissa Sales Tax Act OST 21,30,340

7 Orissa Sales Tax Act OST 17,15''871

8 Entry Tax Act Entry Tax 9,95,460

9 Orissa Sales Tax Act " OVAT " 1,07,26,881

10 Entry Tax Act Entry Tax 18,50,937

11 Central Sales Tax Act CST 5,30,992

12 Orissa Sales Tax Act OVAT 1,07,38,853

13 Central Sales Tax Act CST 1,61,83,731

14 Entry Tax Act Entry Tax 33,51,331

15 Entry Tax Act Entry Tax 1,36,613

16 Central Sales Tax Act CST 1,82,853

17 OVAT Act OVAT 2,25,331

18 Central Sales Tax Act CST 51,22,509

19 Central Sales Tax Act CST 3,17,563

20 Entry Tax Act Entry Tax 4,54,748

21 OVAT Act OVAT 1,98,363

TOTAL 5,88,40,175

Name of the Statute period to Forum where dispute is pending which the amt relates

Orissa Sales Tax Act. 2001-02 Sales Tax Tribunal, CTC

Entry Tax Act 2001-02 Sales Tax Tribunal, CTC

Orissa Sales Tax Act 2002-03 Asst. Commissioner of Commercial Tax, RKL

Entry Tax Act 2002-03 Sales Tax Tribunal, CTC

Entry Tax Act 2003-04 Asst. Commissioner of Commercial Tax, RKL

Orissa Sales Tax Act 2003-04 Asst. Commissioner of Commercial Tax, RKL

Orissa Sales Tax Act 2004-05 Asst. Commissioner of Commercial Tax, RKL

Entry Tax Act 2004-05 OST Tribunal, Cuttack

Orissa Sales Tax Act 2005-06 High Court of Orissa,Cuttack

Entry Tax Act 2005-06 High Court of Orissa,Cuttack

Central Sales Tax Act 2005-06 High Court of Orissa,Cuttack

Orissa Sales Tax Act 2006-07 High Court of Orissa,Cuttack

Central Sales Tax Act 2006-07 High Court of Orissa,Cuttack_

Entry Tax Act 2006-07 High Court of Orissa,Cuttack_

Entry Tax Act 2007-08 AddI. CCT, Sambulpur & 2008-09

Central Sales Tax Act 2007-08 AddI. CCT, Sambulpur & 2008-09

OVAT Act 2007-08 AddI. CCT, Sambulpur & 2008-09

Central Sales Tax Act 2009-10 AddI. CCT, Cuttack

Central Sales Tax Act 2008-09 Joint commissioner of & 2010-11 Commercial taxes

Entry Tax Act 2009-10 Dy. commissioner of & 2010-11 Commercial taxes Roulkela II circle, Panposh

OVAT Act 2009-10 Dy. commissioner of & 2010-11 Commercial taxes Roulkela II circle, Panposh



10. The company has no accumulated losses at the end of the financial year and in immediately preceding financial year.

11. According to information and explanations given to us, the Company did not have any default in repayment of installments to banks, financial institutions, or debenture holders which continued up the end of the financial year.

12. In our opinion and according to the information and explanations given to us, the Company has not granted any 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 provisions of paragraph 4 (xiii) of the order are not applicable to the Company.

14. The company has maintained proper records of the transaction and contracts in respect of dealing & trading in shares , securities, debentures, and other investment and timely entries have been made therein. All shares , securities , debentures and other investments have been held by the company in its name.

15. The Company has given guarantee for loans taken by associate concerns from banks.

16. The Company has raised term loan of Rs.55,60,424/- during the year and the same has been applied for the purpose for which they were raised.

17. The Company did not raise any funds on short term basis which have been used for long term purpose and vice versa.

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

19. The company has not issued any debentures during the year.

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

21. According to the information given to us, no material fraud on or by the Company has been noticed or reported during the course of our audit.

For Motilal & Associates Chartered Accountants FRN: 106584W

CA Motilal Jain Place: Mumbai Partner Date: 18th November, 2014 Membership No.: 036811


Mar 31, 2013

Report of Financial Statements

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

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view ofthe 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 ofthe financial statements.

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

Opinion

Reference is invited to the following:

(i) The company is yet to make the compounding application with the Central Government on account of non compliance with the provisions of Section 295 of the Companies Act, 1956 in form of obtaining the prior approval of the Central Government in the previous year on account of loan advanced to related parties covered in the register maintained under section 301 of the Companies Act, 1956. We are unable to quantify the financial impact on the financial statements in terms of penal consequences on account of this non compliance.

(ii) Note No. 21.3, wherein the company is yet to obtain the approval for the scheme of arrangement from the Hon''ble High Court of Orrisa. We reserve our opinion on the effectiveness of the scheme of arrangement since the company has not been able to provide convincing reasons for the inadvertent delay in obtaining the approval from the Hon''ble High Court of Orrisa.

Subject to the effects of matters discussed in para (i) and (ii) above and para 2(d) below, 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:

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

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

(iii) 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

a) As required by the Companies (Auditors Report) Order, 2003 ("the Order"), as amended, 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 ofthe Order.

b) As required by section 227(3) ofthe 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 except for Accounting Standard 15 "Accounting for Employee Benefits" in respect of leave encashment and Gratuity liability not provided as explained in note 21.15; and

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

Annexure to the Auditors'' Report

(Referred to in Paragraph 3 of our report of even date)

Based upon the information and explanations furnished to us, and the books and records examined by us in the normal course of our audit, we report that to the best of our knowledge and belief:

1. In respect of its fixed assets:

a) As explained to us, the company is in the process of maintaining proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information. As on the date of signing of this report the register was not available for verification.

b) According to the information and explanations given to us, the fixed assets of the company have been physically verified at the year-end, which in our opinion is reasonable, having regard to the size of the company and nature of its assets. As per the management representation, no material discrepancies have been reported on such verification as compared to book records.

c) In our opinion and according to the information and explanations given to us, the Company has not disposed of substantial part of fixed assets during the year and the going concern status of the Company is not affected.

2. In respect of its inventories:

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

b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories of shares followed by the management are reasonable and adequate in relation to the size ofthe company and 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 of shares. As explained to us, there was no material discrepancies noticed on physical verification of inventory of shares as compared to the book records.

3. In respect of loans, secured or unsecured, granted or taken by the Company to/from companies, firms or other parties covered in the register maintained under Section 301 ofthe Companies Act, 1956:

a) The Company had granted interest free unsecured loans to two companies covered in the register maintained under section 301 ofthe Companies Act, 1956. The maximum amount involved during the year aggregate to Rs. 50,05,000/- and the year-end balance in respect of these loans was Rs. Nil;

b) The above loans being interest free, the question of commenting on the rates of interest does not arise. Further the loans have been received back during the year and hence the question of whether receipt of principal is regular and reasonable steps has been taken for recovery ofprincipal does not arise.

c) The Company has taken interest free unsecured loans from one party and one company covered in the register maintained u/s. 301 of the Companies Act, 1956. The maximum amount involved during the year aggregate to Rs. 94,00,000/- and the year-end balance in respect of these loans was Rs. 68,00,000/-;

d) In our opinion and according to the information and explanations given to us, the terms and conditions on which such loans had been taken are not, prima facie prejudicial to the interest ofthe Company;

e) In respect of said loans, these are repayable on demand and hence the question of overdue amounts as such does not arise.

4. 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 with regard for the sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

5. To the best of our knowledge and belief and according to the information and explanations given to us, the particulars of contracts or arrangements that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered.

To the best of our knowledge and according to the information and explanations given to us, there were no transactions in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956, aggregating during the year to Rs. 5,00,000/- (Rupees five lacs) or more in respect of any party.

6. In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from the public within the meaning of section 58A and section 58AA or other relevant provisions ofthe of the Companies Act, 1956 and Companies (Acceptance of Deposits) Rules, 1975 with regard to acceptance of deposits from the public.

7. There is no internal audit system prevalent in the Company.

8. According to information and explanations give to us, Central Government has not prescribed maintenance of Cost Records under Section 209(1)(d) of the Companies Act, 1956 in respect of business activities of the Company.

9. In respect ofstatutory dues:

a) According to the records of the Company, and according to the information and explanations given to us, the company is generally regular in depositing undisputed statutory dues including Investor Education & Protection Fund, Income-Tax, Service tax and other material statutory dues applicable to the company with the appropriate authorities during the year.

b) According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at 31st March, 2013 for a period of more than six months from the date of becoming payable.

c) According to the records of the Company, and as per information and explanations given to us there are no disputed statutory dues outstanding during the year.

10. The accumulated losses of the Company at the end of the financial year are not less than 50% of its net worth. The Company has incurred cash loss in the current and immediately preceding financial year.

11. In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to banks. The company has not issued any debentures.

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

13. In our opinion, the Company is not a chit fund or a nidhi/mutual benefit fund/society.

14. As per information and explanation given to us and books and records produced before us, the company is dealing and trading in shares and securities and proper records have been maintained of transactions and contracts and timely entries have been made therein. Also, shares and securities have been held by the company in its own name.

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

16. The Company has not obtained any term loans during the year.

17. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, funds raised on short-term basis during the year have not been used for long-term investments.

18. According to the information and explanations given to us, during the year, the Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956.

19. The Company has not issued any debentures during the year.

20. The Company has not raised any money by way of public issue during the year covered by our audit report.

21. To the best of our knowledge and according to the information and explanations given to us by the management, no fraud on or by the Company has been noticed or reported during the year that causes the financial statements to be materially misstated.

For Tushar Parekh and Associates

Chartered Accountants

FRN No: 117307W

CA Tushar Parekh

Proprietor

Membership number: 103230

Place: Mumbai

Date: 29th May, 2013


Mar 31, 2012

1. We have audited the attached Balance Sheet of M/s. Clarus Infrastructure Realities Limited as at 31 st March, 2012 and also the Profit and loss Account and the Cash Flow Statement of the Company for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

We 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 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.

2. As required by the Companies (Auditors Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956 we enclose in the Annexure a statement on the matters specified in paragraph 4 and 5 of the said Order.

3. Further to our comments in the Annexure referred to in paragraph 2 above, 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, Profit Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account;

d) In our opinion the Balance Sheet, Profit and Loss Account and Cash Flow Statements dealt with by this report comply with the mandatory Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 except for Accounting Standard 15 "Accounting for Employee Benefits" in respect of leave encashment and Gratuity liability not provided as explained in note 21.14;

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

0 Reference is invited to Note 21.15, regarding non compliance with the provisions of Section 295 of the Companies Act, 1956 in obtaining the prior approval of the Central Government. The impact of this non compliance on the loss for the year and results is not ascertainable.

g) In our opinion and to the best of our information and according to the explanations given to us, the said accounts subject to the effects of matters discussed in para (d) and (f) above read together with the Significant Accounting Policies and other notes thereon give the information required by the Companies Act, 1956, in the manner so required, and present a true and fair view, in conformity with the accounting principles generally accepted in India:

i. in so far as it relates to Balance Sheet, of the state of affairs of the Company as at 31st March, 2012;

ii. in so far as it relates to the Profit and Loss Account, of the Loss for the year ended on that date;

iii. in case of Cash Flow Statement of the cash flows for the year ended on that date.

Annexure to the Auditors Report

(Referred to in Paragraph 3 of our report of even date)

Based upon the information and explanations furnished to us, and the books and records examined by us in the normal course of our audit, we report that to the best of our knowledge and belief:

1. In respect of its fixed assets:

a) As explained to us, the company is in the process of maintaining proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information. As on the date of signing of this report the register was not available for verification

b) According to the information and explanations given to us, the fixed assets of the company have been physically verified at the year-end, which in our opinion is reasonable, having regard to the size of the company and nature of its assets. As per the management representation, no material discrepancies have been reported on such verification as compared to book records.

c) In our opinion and according to the information and explanations given to us, the Company has not disposed of substantial part of fixed assets during the year and the going concern status of the Company is not affected.

2. In respect of its inventories:

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

b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories of shares followed by the management are reasonable and adequate in relation to the size of the company and 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 of shares. As explained to us, there was no material discrepancies noticed on physical verification of inventory of shares as compared to the book records.

3. In respect of loans, secured or unsecured, granted or taken by the Company to/from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956:

a) The Company has granted interest free unsecured loans to a company covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year aggregate to Rs. 50,05,000/- and the year-end balance in respect of these loans was Rs. 45,05,000/-;

b) The above loans being interest free, the question of commenting on the rates of interest does not arise. In the absence of any stipulated terms and conditions of the loans granted, we are unable to comment whether the same are prejudicial to the interest of the Company, whether receipt of principal is regular and reasonable steps have been taken for recovery of principal.

c) The Company has taken interest free unsecured loans from one party covered in the register maintained u/s. 301 of the Companies Act, 1956. The maximum amount involved during the year aggregate to Rs. 15,00,000/- and the year-end balance in respect of these loans was Rs. 15,00,000/-; .

d) In our opinion and according to the information and explanations given to us, the terms and conditions on which such loans had been taken are not, prima facie prejudicial to the interest of the Company;

e) In respect of said loans, these are repayable on demand and hence the question of overdue amounts as such does not arise. .

4. 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 with regard for the sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls. .

5. To the best of our knowledge and belief and according to the information and explanations given to us, the particulars of contracts or arrangements that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered.

To the best of our knowledge and according to the information and explanations given to us, there were no transactions in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956, aggregating during the year to 5,00,000/- (Rupees five lacs) or more in respect of any party.

6. In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from the public within the meaning of section 58A and section 58AA or other relevant provisions of the of the Companies Act, 1956 and Companies (Acceptance of Deposits) Rules, 1975 with regard to acceptance of deposits from the public.

7. There is no internal audit system prevalent in the Company.

8. According to information and explanations give to us, Central Government has not prescribed maintenance of Cost Records under Section 209(1)(d) of the Companies Act, 1956 in respect of business activities of the Company.

9. In respect of statutory dues:

a) According to the records of the Company, and according to the information and explanations given to us, the company is generally regular in depositing undisputed statutory dues including Investor Education & Protection Fund, Income-Tax, Service tax and other material statutory dues applicable to the company with the appropriate authorities during the year.

b) According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at 31st March, 2012 for a period of more than six months from the date of becoming payable.

c) According to the records of the Company, and as per information and explanations given to us there are no disputed statutory dues outstanding during the year.

10. The accumulated losses of the Company at the end of the financial year are not less than 50% of its net worth. The Company has incurred cash loss in the current and immediately preceding financial year.

11. In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to banks. The company has not issued any debentures.

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

13. In our opinion, the Company is not a chit fund or a nidhi/mutual benefit fund/society.

14. As per information and explanation given to us and books and records produced before us, the company is dealing and trading in shares and securities and proper records have been maintained of transactions and contracts and timely entries have been made therein. Also, shares and securities have been held by the company in its own name.

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

16. The Company has not obtained any term loans during the year.

17. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, funds raised on short-term basis during the year have not been used for long-term investments.

18. According to the information and explanations given to us, during the year, the Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956.

19. The Company has not issued any debentures during the year.

20. The Company has not raised any money by way of public issue during the year covered by our audit report.

21. To the best of our knowledge and according to the information and explanations given to us by the management, no fraud on or by the Company has been noticed or reported during the year that causes the financial statements to be materially misstated.

For Tushar Parekh and Associates

Chartered Accountants

(FRN: 117307W) CA Tushar Parekh

Proprietor

Membership No: 103230

Place: Mumbai

Date: 31st July, 2012


Mar 31, 2010

1. We have audited the attached Balance Sheet of M/s. Clarus Infrastructure Realities Limited (Formerly Known as Clarus Finance & securities Ltd) as at 31s1 March, 2010 and also the Profit and loss Account and the Cash Flow Statement of the Company 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 stapdards 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 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.

2. As required by the Companies (Auditors Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956 we enclose in the Annexure a statement on the matters specified in paragraph 4 and 5 of the said Order.

3. Further to our comments in the Annexure referred to in paragraph 2 above, 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, Profit Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account;

d) In our opinion the Balance Sheet, Profit and Loss Account and Cash Flow Statements dealt with by this report comply with the mandatory Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 except for Accounting Standard 15 "Accounting for Employee Benefits" in respect of leave encashment and Gratuity liability not provided as explained in note 9 of Schedule 14;

e) On the basis of written representations received from the directors, and taken on record by the Board of Directors, in our opinion none of the director is disqualified as on 31s1 March, 2010 from being appointed as directors in terms of clause (g) of sub-section (1) of section 274 of the Companies Act 1956 as on that date.

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

i. in so far as it relates to Balance Sheet, of the state of affairs of the Company as at 31st March, 2010;

ii. in so far as it relates to the Profit and Loss Account, of the Profit for the year ended on that date;

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

Annexure to the Auditors Report (Referred to in Paragraph 3 of our report of even date)

Based upon the information and explanations furnished to us, and the books and records examined by us in the normal course of our audit, we report that to the best of our knowledge and belief:

1. In respect of its fixed assets:

a) As explained to us, the company is in the process of maintaining proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information.

b) -As explained to us, the fixed assets have been physically verified at the year-end, which in our opinion is reasonable, having regard to the size of the company and nature of its assets. No material discrepancies have been reported on such verification as compared to book records.

c) In our opinion and according to the information and explanations given to us, the Company has not disposed of substantial part of fixed assets during the year and the going concern status of the Company is not affected.

2. In respect of its inventories:

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

b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories of shares followed by the management are reasonable and adequate in relation to the size of the company and 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 of shares. As explained to us, there was no material discrepancies noticed on physical verification of inventory as compared to the book records.

3. In respect of loans, secured or unsecured, granted or taken by the Company to/from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956:

a) The Company had granted interest free unsecured loans to two companies covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year aggregate to Rs. 57,40,000/- and the year-end balance in respect of these loans was Rs. Nil.

b) In our opinion and according to the information and explanations given to us, the terms and conditions on which such loans had been granted are not, prima facie prejudicial to the interest of the Company.

c) The principal amounts were payable on demand and there were no written stipulations as to the repayment schedule.

d) In respect of said loans, these have been repaid during the year and hence the question of overdue amounts as such does not arise.

e) The Company had taken interest free unsecured loans from two companies and a party covered in the register maintained u/s. 301 of the Companies Act, 1956. The maximum amount involved during the year aggregate to Rs. 2,44,00,000/- and the year-end balance in respect of these loans was Rs. Nil.

f) In our opinion and according to the information and explanations given to us, the terms and conditions on which such loans had been taken are not, prima facie prejudicial to the interest of the Company.

g) In respect of said loans, these have been repaid during the year and hence the question of overdue amounts as such does not arise.

4. 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 with regard for the sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

5. To the best of our knowledge and belief and according to the information and explanations given to us, the particulars of contracts or arrangements that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered.

According to the information and explanations given to us, there were no transactions in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956, aggregating during the year to Rs. 5,00,000/- (Rupees five lacs) or more in respect of any party.

6. In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from the public within the meaning of section 58A and section 58AA or other relevant provisions of the of the Companies Act, 1956 and Companies (Acceptance of Deposits) Rules, 1975 with regard to acceptance of deposits from the public.

7. There is no internal audit system prevalent in the Company.

8. According to information and explanations give to us, Central Government has not prescribed maintenance of Cost Records under Section 209(1 )(d) of the Companies Act, 1956 in respect of business activities of the Company.

9. In respect of statutory dues:

a) According to the records of the Company, and according to the information and explanations given to us, the company is generally regular in depositing undisputed statutory dues including Investor Education & Protection Fund, Income-Tax, Service tax and other material statutory dues applicable to the company with the appropriate authorities during the year.

b) According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at 31st March, 2010 for a period of more than six months from the date of becoming payable.

c) According to the records of the Company, and as per information and explanations given to us there are no disputed statutory dues outstanding during the year.

10. In our opinion, the Company does not have accumulated losses as at the end of the financial year exceeding fifty percent of its net worth and company has not incurred cash losses in the current year.

11., In our opinion the Company has not defaulted in repayment of dues to banks. The company has not issued any debentures.

12. 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. ¦

13. In our opinion, the Company is not a chit fund or a nidhi/mutual benefit fund/society.

14. As per information and explanation given to us and books and records produced before us, the company is dealing and trading in shares and securities and proper records have been maintained of transactions and contracts and timely entries have been made therein. Also, shares and securities have been held by the company in its own name.

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

16. The Company has not obtained any term loans during the year.

17. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, funds raised on short-term basts during the year have not been used for long-term investments.

18. According to the information and explanations given to us, during the year, the Company has made preferential allotment of 3,00,000 shares of Rs. 10/- each aggregating to Rs. 30,00,000/- to parties covered in the Register maintained under Section 301 of the Companies Act, 1956.

19. The Company has not issued any debentures during the year.

20. The Company has not raised any money by way of public issue during the year covered by our audit report.

21. To the best of our knowledge and according to the information and explanations given to us by the management, no fraud on or by the Company has been noticed or reported during the year that causes the financial statements to be materially misstated.

For Tushar Parekh and Associates

Chartered Accountants

(FRN: 117307W)

CA Tushar Parekh

Place : Mumbai. Proprietor

Date : 29th May, 2010 Membership No: 103230





 
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