Auditor Report of GACM Technologies Ltd.

Mar 31, 2015

We have audited the accompanying Financial Statements of M/s. Stampede Capital Limited (''the 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 maintenance of adequate 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 reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, 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 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 financial statements.

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") 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 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 Financial Statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;

(e) On the basis of 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.

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

iii. There are no 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 financial statements for the year ended 31 March 2015, we report that:

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

(b) As per the information and explained given to us, the management has carried out physical verification of fixed assets at the year end, which is considered reasonable and as informed to us, no material discrepancies were noticed on such verification. In our opinion, this periodicity of physical verification is reasonable having regard to the size of the Company and the nature of its business.

(ii) As per the information and explained given to us , as the company''s business does not involve maintenance of inventories Viz. Finished, Stores, Spare Parts, Goods in Process and Raw materials, the provisions of Clause 3(ii)(a) to Clause 3(ii) (c) of the Order are not applicable to the Company for the Current Year.

(iii) According to the information and explanation given to us, the company has granted unsecured loans to One body corporate covered under the register maintained under section 189 of the Companies Act 2013 which has since been received back.

(iv) In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchase of fixed assets and providing of Services. We have not observed any major weakness in the internal control system during the course of the audit.

(v) The Company has not accepted any deposits from the public in accordance with the provisions of section 73 to 76 of the act and rules framed there under.

(vi) The Central Government has not prescribed the maintenance of cost records under section 148 of the Companies Act 2013.

(vii) (a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, there are no dues in respect of amounts deducted/ accrued in the books of account in respect of undisputed statutory dues including provident fund, sales tax, wealth tax, service tax, duty of customs, value added tax, Cess with the appropriate authorities during the year and other material statutory dues applicable to the Company except that of income tax ( both regular Tax as well as in th nature of TDS)where in there are certain delays and in respect of this dues, there are no outstanding dues as on 31.03.2015 which are outstanding 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.

c) According to the information and explanations given to us there are no amounts which were required to be transferred to the investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules there under.

(viii) The Company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in the financial year and in the immediately preceding financial year.

(ix) In our opinion and according to the information and explanation given to us , the company did not avail any loans from the Banks/financial institutions or issued any debentures during the year under review., Accordingly the provisions of Clause 3(ix) of the Order are not applicable to the Company for the Current Year .

(x) In our opinion and according to the information and the explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

(xi) The Company did not avail any term loans during the year.

(xii) 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 Sarath & Associates

Chartered Accountants

Firm''s Regn.No.005120S

P Sarath Kumar

Partner

M. No. 021755

Place: Hyderabad

Date : 29.05.2015

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Mar 31, 2014

We have audited the accompanying financial statements of M/s. STAMPEDE CAPITAL LIMITED("the Company"), which comprise the Consolidated Balance Sheet as at 31 March, 2014, the Consolidated Statement of Profit and Loss and the Consolidated Cash Flow Statement for the year then ended and a summary of the significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

The Company''s Management is responsible for the preparation of these consolidated financial statements that give a true and fair view of the consolidated financial position, consolidated financial performance and consolidated cash flows of the Company in accordance with accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal controls relevant to the preparation and presentation of the consolidated 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 consolidated financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the consolidated financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal controls relevant to the Company''s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company''s internal control. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Management, as well as evaluating the overall presentation of the consolidated 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 aforesaid consolidated 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 consolidated Balance Sheet, of the state of affairs of the Company as at 31March, 2014;

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

(c) in the case of the consolidated Cash Flow Statement, of the cash flows of the Company for the year ended on that date.

Emphasis of Matter

(a) Attention is drawn to Note No.25(a) of the Notes to the Accounts of the Company, relating to extensive damage due to the major fire accident which completely destroyed the physical vouchers upto 10.2.2014 and also affected the data processing equipment, including computers and servers and the steps taken by the Company for recovering the data from the Backup systems. We have conducted limited review of the accounts for the nine months period ending 31.12.2013. We have also conducted Audit for the year ending March 2014, based on data retrieved from the systems including scanned/ soft copies and physical records available.

(b) Attention is also drawn to Note No.25(b) of the Notes to the Accounts with respect to balances under Sundry Debtors/Claims Recoverable/Loans & Advances/ Sundry Creditors/Other Liabilities which have not been confirmed by the certain parties.

For Sarath& Associates Chartered Accountants Firm Regn. No.005120S

Place: Hyderabad P.Sarath Kumar Date: 30.05.2014 Partner (M.No.021755)

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Mar 31, 2011

1. We have audited the attached Balance Sheet of BRILLIANT SECURITIES LIMITED ("the Company") as at 31st March, 2011, the Profit and Loss Account and also the Cash Flow Statement for the year ended on that date. 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.

2. We conducted our audit in accordance with auditing standards generally accepted in India. These standards require that we plan and perform the audit to obtain reasonable assurance whether the financial statements are free of material misstatements. 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 statements. We believe that our audit provides a reasonable basis for our opinion.

3. 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 Companies Act,1956('the Act') and on the basis of such checks as we considered appropriate and according to the information and explanations given to us, we set out in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

4. Further to our comments in the Annexure referred to in paragraph 3 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 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 these books.

c. The Balance Sheet, Profit and 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 and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in section 211(3C) of the Companies Act, 1956, to the extent applicable.

e. On the basis of written representations received from the directors as on 31st March, 2011, and taken on record by the Boards of Directors, we report that none of the directors is disqualified as on 31st March, 2011 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

f. The company has neither paid nor provided for the Cess payable under section 441A of the Companies Act,1956 since the aforesaid section is not yet been made effective by the Central Government.

g. In our opinion, and to the best of our information and according to the explanations given to us, the said accounts together with the notes and accounting policies thereon 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 31st March,2011;

ii. In the case of the Profit and Loss Account, of the loss for the year ended on that date.

iii. In the case of the Cash flow statement, of the cash flows for the year ended on that date.

ANNEXURE REFERRED TO IN PARAGRAPH- 3 OF AUDIT REPORT OF EVEN DATE ON THE ACCOUNTS OF BRILLIANT SECURITIES LIMITED FOR THE YEAR ENDED 31ST MARCH, 2011.

1. a. The company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets.

b. As per the information and explanations given to us, the Management has carried out physical verification of Fixed Assets at the year end, which is considered reasonable and as informed to us, no material discrepancies were noticed on such verification.

c. The company has not disposed off any fixed assets during the year.

2. As per the information and explanations given to us, as the Company's business does not involve maintenance of inventories viz. Finished Goods, Stores, Spare parts, Goods in Process and Raw Materials, the provisions of Clause 4(ii) (a), 4(ii)(b) and 4(ii)(c) of the Order are not applicable to the Company for the current year.

3. a. As the company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the Register maintained under section 301 of the Act, the provisions of Clauses 4(iii)(a), 4(iii)(b), 4(iii)(c) and 4

(iii)(d) of the Order are not applicable to the Company for the current year.

b. The company had taken unsecured loans from two parties covered in the register maintained under section 301 of the Act, aggregating to Rs.13,47,571/- and the maximum balance outstanding during the year was Rs. 1,59,23,311/-.

c. In our opinion and as per the information and explanations given to us, the rate of interest and other terms and conditions of loans taken by the company are not prima facie prejudicial to the interests of the Company and the Company is regular in repayment of principal amount and interest, wherever applicable.

4 In our opinion and according to the information 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 purchase of fixed assets and for the sale of services. During the course of our audit, we have not observed any instances of continuing failure to correct major weakness in internal control systems.

5. a. According to the information and explanations given to us and as confirmed by the Management of the company, we are of the opinion that particulars of contracts or arrangement that need to be entered into the register maintained under section 301 of the Act have been so entered.

b. In our opinion and according to the information and explanations given to us, there are no transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Act and exceeding the value of Rs.5,00,000/- in respect of each party during the year.

6. According to the information and explanations given to us, as the Company has not accepted any deposits from the public covered by the directives issued by the Reserve Bank of India and the provisions of Sections 58A or 58AA or any other relevant provisions of the Act and the rules framed under, the provisions of Clause 4(vi) of the Order are not applicable to the Company for the current year.

7. As per the information and explanations given to us by the management, the company's internal control procedure together with the internal checks conducted by the management staff during the year can be considered as an internal audit system commensurate with the size and nature of its business.

8. As the maintenance of Cost records has not been prescribed by the Central Government u/s 209(1) (d) of the Act to this company, the provisions of Clause 4(viii) are not applicable to the Company for the current year.

9. a. As per the records of the company and as per information and explanations given to us, the company is not liable for payment of dues of Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Sales Tax, Customs Duty, Wealth Tax, Excise Duty and Cess for the current financial year and in respect of payment of dues of Income Tax, Service Tax and any other statutory dues the Company is generally regular in the payment of dues with appropriate authorities and in respect of these dues there are no dues outstanding as on 31.03.2011 for a period of more than six months from the date they became payable.

b. As per the records of the Company, there are no dues of Income Tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty or Cess which have not been deposited on account of any dispute as on 31.03.2011.

10. As per the information and explanations given to us and overall examination of the financial statements of the Company for the current and immediately preceding financial year, we report that the accumulated losses at the end of the current financial year are more than fifty percent of its net worth and the company had also incurred cash losses both in current and immediately preceding financial years.

11. As the company had not availed any loan from any financial institution or bank and had not issued any debentures, the provisions of Clause 4(xi) are not applicable to the Company for the current year.

12. As per the information and explanations given to us, as the Company had not granted any loans and advances on the basis of security by way of pledge of shares, debentures or other securities to anybody during the year, the provisions of Clause 4(xii) of the Order are not applicable to the Company for the current year.

13. In our opinion as the company is not a Chit Fund or a Nidhi or Mutual Fund or Society, the provision of clause 4(xiii) of the Order are not applicable to the company for the current year.

14. According to the records of the company, we are of the opinion, that proper records are being maintained for recording the transactions and contracts in respect of shares, debentures and other securities traded or dealt with and the company is generally regular in recording the transactions in this regard.

15. According to the information and explanations given to us, as the company has not given any guarantee for loans taken by others from banks of financial institutions, the provision of Clause 4(xv) of the Order are not applicable to the Company for the current year.

16. As the Company had not availed any term loans, the provision of Clause 4(xvi) of the Order is not applicable to the company for the current year.

17. According to the records and on an overall examination of the financial statements for the current year of the Company, we are of the opinion that the funds raised on short term basis have not been used for any long-term investment.

18. As per records of the company, during the current financial year, the company has not made any preferential allotment of shares to any party covered in the Register maintained under section 301 of the Companies Act, 1956.

19. As the company has not issued any debentures, which required creation of security or charge, the provisions of Clause 4(xix) of the order is not applicable to the company for the current year.

20. As the company has not made any public issue during the year, the provisions of the Clause 4(xx) of the Order are not applicable to the Company for the current year.21. During the course of our examinations of the books and records of the company carried out in accordance with the generally accepted auditing practices in India and as per the representation given by the company and relied on by us, we neither come across any instance of material fraud on or by the Company, noticed or reported during the year, nor have we been informed of such cases by the Company.

For SARATH & ASSOCIATES,

Firm Regn. No.005120S

Chartered Accountants

G.L.N.Prasad,

Partner

Membership No.214735.

HYDERABAD.

30.05.2011.

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Mar 31, 2010

1. We have audited the attached Balance Sheet of BRILLIANT SECURITIES LIMITED (the Company) as at March 31, 2010, the Profit and Loss Account and also the Cash Flow Statement for the year ended on that date. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We have conducted our audit in accordance with generally accepted auditing standards in India. These Standards require that we plan and perform the audit to obtain reasonable assurance whether the financial statements are free of material misstatements. 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 statements. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditors Report) Order, 2003 (the Order), issued by the Central Government of India in terms of section 227 (4A) of The Companies Act, 1956 (the Act) and on the basis of such checks as we considered appropriate and according to the information and explanations given to us, we set out in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

4. Further to our comments in the Annexure referred to in paragraph 3 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 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 these books.

(c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report a re in agreement with the books of account.

(d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in Section 211 (3C) of the Companies Act, 1956, to the extent applicable.

(e) On the basis of written representations received from the directors as on 31st March, 2010, and taken on record by the Boards of Directors, we report that none of the rs is disqualified as on 31st March, 2010 from being appointed as a director in clause (g) of sub- section (1) of section 274 of the Companies Act, 1956.

(f) The Company has neither paid nor provided for the Cess payable under Section 441 A of the Companies Act, 1956 since the aforesaid section is not yet been made effective by the Central Government.

(g) In our opinion, and to the best of our information and according to the explanations given to us, the said accounts together with the notes and accounting policies thereon 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 March 31, 2010;

(ii) In the case of the Profit and Loss Account, of the loss for the year ended on that date.

(iii) In the case of the 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 ON THE ACCOUNTS OF BRILLIANT SECURITIES LIMITED FOR THE YEAR ENDED 31 ST MARCH, 2010

1 a. The Company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets.

b. As per the information and explanations given to us, the Management has carried out physical verification of Fixed Assets at the year end, which is considered reasonable and as informed to us, no material discrepancies were noticed on such verification.

c. The Fixed Assets disposed off during the year did not represent substantial part of fixed assets of the Company, which will affect the going concern status of the Company.

2. As per the information and explanations given to us, as the Companys business does not involve maintenance of inventories viz., Finished Goods, Stores, Spare parts, Goods in Process and Raw Materials, the provisions of Clause 4 (ii)(a), 4(ii) (b) and 4(ii) (c) of the Order are not applicable to the Company for the current year.

3. a. As The company has not granted any loans, secured or unsecured, to companies , firms or other parties covered in the Register maintained under Section 301 of the Act, the provisions of Clauses 4 (iii)(a), 4 (iii)(b) , 4(iii)( c) and 4 (iii)(d) of the Order are not applicable to the Company for the current year.

b. The Company had taken unsecured loans from two parties covered in the register maintained under Section 301 of the Act, aggregating to Rs. 1,46,97,830/- and the maximum balance outstanding during the year was Rs. 1,49,17,830/-.

c. In our opinion and as per the information and explanations given to us, the rate of interest and other terms and conditions of loans taken by the Company are not prima facie prejudicial to the interests of the Company and the Company is regular in repayment of principal amount and interest, wherever applicable.

4. In our opinion and according to the information 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 purchase of fixed assets and for the sale of services. During the course of our audit, we have not observed any instances of continuing failure to correct major weaknesses in internal control systems.

5. a. According to the information and explanations given to us and as confirmed by the Management of the Company, we are of the opinion that particulars of contracts or arrangement that need to be entered into the register maintained under section 301 of the Act have been so entered.

b. In our opinion and according to the information and explanations given to us, there are no transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Act and exceeding the value of Rs. 5,00,000/- in respect of each party during the year.

6. According to the information and explanations given to us, as the Company has not accepted any deposits from the public covered by the directives issued by the Reserve Bank of India and the provisions of Sections 58A, 58AA, or any other relevant provision of the Act and the rules framed there under, the provisions of Clause 4(vi) of the Order are not applicable to the Company for the current year.

7. In our opinion and according to the explanations given to us, the company has an internal audit system commensurate with the size and nature of its business.

8. As the maintenance of Cost Records has not been prescribed by the Central Government u/s. 209 (1) (d) of the Act to this Company, the provisions of Clause 4(viii) are not applicable to the Company for the current year.

9. a. As per the records of the Company and as per information and explanations given to us, the Company is not liable for payment of dues of Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Sales Tax, Wealth Tax, Excise Duty for the current financial year and in respect of payment of dues of Income Tax, Service Tax and Custom Duty, Cess and any other statutory dues the Company is generally regular in the payment of dues with appropriate authorities and in respect of these dues there are no dues outstanding as on 31.3.2010 for a period of more than six months from the date they became payable.

b. As per the records of the Company, there are no dues of Income Tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty or Cess which have not been deposited on account of any dispute as on 31.3.2010.

10. As per the information and explanations given to us and overall examination of the financial statements of the Company for the current and immediately preceding financial year, we report that the accumulated losses at the end of the current financial year are more than fifty percent of its net worth and the Company had also incurred cash losses both in the current and immediately preceding financial years.

11. As the Company had not availed any loan from any financial institution or bank and had not issued any debentures, the provisions of Clause 4(xi) are not applicable to the Company for the current year.

12. As per the information and explanations given to us, as the Company had not granted any loans and advances on the basis of security by way of pledge of shares, debentures or other securities to anybody during the year, the provisions of Clause 4(xii) of the Order are not to the Company for the current year.

13. In our opinion as the company, is not a chit fund or a nidhi or mutual benefit fund or society, the provisions of clause 4(xiii) of the Order are not applicable to the company for the current year.

14. According to the records of the Company, we are of the opinion, that proper records are being maintained for recording the transactions and contracts in respect of shares, debentures and other securities traded or dealt with and the company is generally regular in recording the transactions in this regard.

15. According to the information and explanations given to us, as the company has not given any guarantee for loans taken by others from banks or financial institutions, the provisions of Clause 4(xv) of the Order are not applicable to the Company for the current year.

16. As the Company had not availed any term loans, the provisions of Clause 4(xvi) of the Order are not applicable to the Company for the current year.

17. According to the records and on an overall examination of the financial statements for the current year of the Company, we are of the opinion that the funds raised on short-term basis have not been used for any long-term investment.

18. As per records of the Company, during the current financial year, the Company has not made any preferential allotment of shares to any party covered in the Register maintained under Section 301 of the Companies Act, 1956.

19. As the Company has not issued any debentures, which required creation of security or charge, the provisions of Clause 4 (xix) of the Order is not applicable to the Company for the current year.

20. As the company has not made any public issue during the year, the provisions of Clause 4 (xx) of the Order are not applicable to the Company for the current year.

21. During the course of our examination of the books and records of the Company carried out in accordance with the generally accepted auditing practices in India and as per the representation given by the Company and relied on by us, we neither come across any instance of material fraud on or by the Company, noticed or reported during the year, nor have we been informed of such cases by the Company.

For Sarath & Associates

Firm No. 005120S

Chartered Accountants

CAG. L.N. Prasad

Partner

M. No. 214735

Place : Hyderabad Date : 31.05.2010