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Auditor Report of Standard Capital Markets Ltd.

Mar 31, 2014

We have audited the accompanying financial statements of STANDARD CAPITAL MARKETS LIMITED (the ''Company'') which comprise the Balance Sheet as at March 31,2014, the Statement of Profit & Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information, which we have signed under reference to this report.

Management''s Responsibility for the Financial Statements

The Company''s Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956 of India (the "Act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation 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 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 risk of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the Company''s preparation and fair presentation of the financial statement in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial 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 explanation given to us, the accompanying 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 Balance Sheet, of the state of affairs of the company as at March 31,2014;

b) In the case of Statement of Profit & Loss, of the Profit for the year ended on that date; and iii)

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

Report on Other Legal and Regulatory Requirements

1. As required by ''the Companies (Auditor''s Report) Order, 2003'', as amended by ''the Companies (Auditor''s Report) (Amendment) Order, 2004'', issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Act (hereinafter referred to as the ''Order''), and explanations given to us, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Orders.

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

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

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

c) The Balance Sheet, Statement of Profit & Loss and Cash Flow Statement dealt with by this Report are in agreement with the books of accounts;

d) In our opinion, the Balance Sheet, Statement of Profit & Loss and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in the sub-section (3C) of section 211 of the Act;

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

RE.: STANDARD CAPITAL MARKETS LTD. NEW DELHI

ENCLOSURE TO AUDITORS'' REPORT PURSUANT TO THE COMPANIES (AUDITOR''S REPORT) ORDER'' 2003 UNDER SECTION 227 (4A) OF COMPANIES ACT.

1. a) The Company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets.

b) Fixed Assets have been physically verified by the management during the year and no material discrepancies were identified on such verification.

c) There was no substantial disposal of fixed assets during the year.

2. a) The management has conducted physical verification of inventory at reasonable intervals during the year.

b) 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 the business.

c) The company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification.

3. a) As per information and explanations given to us and the records produced before us, the company has granted loans to five parties, covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved is Rs. 36.30 Lacs and balance outstanding is Rs 26.30 Lacs.

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

c) In respect of the loan given by the company, the same is repayable on demand and therefore the question of overdue amount does not arise.

d) hr our opinion and according to the information and explanations given to us, the company has not taken any loans from parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, para (iii) (e)(f)(g) of the Order are not applicable.

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 and fixed assets and for the sale of goods. During the course of our audit, no major weakness has been observed in the internal controls.

5. 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 Companies Act'' 1956 and aggregating during the year to Rs. 5 Lac or more in respect of any party.

6. According to the information and explanations given to us, the company has not accepted any deposits from the public. Hence, the provisions of Clause (vi) of the Companies (Auditor''s Report) order 2003 are not applicable to the Company.

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

8. The Central Govt. has not prescribed for the maintenance of cost records under section 209 (1) (d) of the Companies Act for this Company.

9. a) According to the records examined by us the company, undisputed statutory dues including Income Tax, Sales Tax, Custom duty ESI, Provident fund and other statutory dues as applicable have been generally regularly deposited by the company during the year with the appropriate authorities.

b) According to the information and explanations given to us, no undisputed amount payable in respect of any statutory dues, applicable to the company, were outstanding at the year end for a period of more than six months for the date they became payable.

c) According to the information and explanations given to us, there are no dues of Sales Tax, Income Tax, Custom Duty, Wealth Tax, Excise Duty, ESI, Provident Fund, Cess etc. that have not deposited on account of any dispute.

10. The company has accumulated losses at the end of the financial year, but it is less than 50% of the net worth of the company. The company has not incurred cash losses in such financial year and immediately preceding financial year.

11. Based on our audit procedures and the information and explanations given by the management, the company has not defaulted in repayment of dues to any financial institution, bank or debenture holders.

12. According to the information and explanation given to us and based on the documents and records produced to us, the company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. In our opinion and according to the information and explanations given to us, the nature of activities of the company does not attract any special statute applicable to Chit Fund and Nidhi/Mutual benefit Fund/Societies.

14. The company has maintained proper records of the transactions and contacts in respect of dealing or trading in Shares, Securities, Debentures and other Investments and timely entries have been made therein, All shares, Securities, Debentures and other Investments 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 guarantee for loans taken by others from Banks or financial institutions.

16. According to the information and explanations given to us, the company has not taken any term loan.

17. According to the information and explanation given to us and on an overall examination of the Balance sheet, we report than no funds raised on short-term basis have been used for long term investment.

18. There was no any allotment of shares during the year. Thus there was no any preferential allotment to persons covered in the Register maintained under section 301 of the Act.

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

20. The company has not raised any money through a public issue during the year.

21. Based upon the audit procedures performed and as per information and explanations given by the management, we report that no fraud on or by the company has been noticed on reported during the course of our audit.

Place : New Delhi For TIWARI & ASSOCIATES Dated: 30.05.2014 Chartered Accountants (FRN-002870N) (KRISHAN KUMAR) Partner (M. No. 085415)


Mar 31, 2013

Report on the Financial Statements

1. We have audited the accompanying financial statements of STANDARD CAPITAL MARKETS LIMITED (the ''Company'') which comprise the Balance Sheet as at March 31, 2013, the Statement of Profit & Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information, which we have signed under reference to this report. Management''s Responsibility for the Financial Statements

2. The Company''s Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956 of India (the "Act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation 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

3. 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.

4. 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 risk of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the Company''s preparation and fair presentation of the financial statement in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

6. In our opinion and to the best of our information and according to the explanation given to us, the accompanying 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 Balance Sheet, of the state of affairs of the company as at March 31,2013; ii) In the case of Statement of Profit & Loss, of the Profit 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

7. As required by ''the Companies (Auditor''s Report) Order, 2003'', as amended by ''the Companies (Auditor''s Report) (Amendment) Order, 2004'', issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Act (hereinafter referred to as the ''Order''), and explanations given to us, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Orders.

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

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

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

c) The Balance Sheet, Statement of Profit & Loss and Cash Flow Statement dealt with by this Report are in agreement with the books of accounts;

d) In our opinion, the Balance Sheet , Statement of Profit & Loss and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in the sub-section (3C) of section 211 of the Act;

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

RE.: STANDARD CAPITAL MARKETS LTD. NEW DELHI

ENCLOSURE TO AUDITORS'' REPORT PURSUANT TO THECOMPANIES (AUDITORS REPORT) ORDER''2003 UNDER SECTION 227 (4A) OF COMPANIES ACT.

1. a) The Company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets.

b) Fixed Assets have been physically verified by the management during the year and no material discrepancies were identified on such verification.

c) There was no substantial disposal of fixed assets during the year.

2. a) The management has conducted physical verification of inventory at reasonable intervals during the year.

b) 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 the business.

c) The company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification.

3. a) As per information and explanations given to us and the records produced before us, the company has granted loans to four parties, covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved is Rs. 50.23 Lacs and balance outstanding is Rs 24.06 Lacs.

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

c) In respect of the loan given by the company, the same is repayable on demand and therefore the question of overdue amount does not arise.

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

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 and fixed assets and for the sale of goods. During the course of our audit, no major weakness has been observed in the internal controls.

5. 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 Companies Act'' 1956 and aggregating during the year to Rs. 5 Lakh or more in respect of any party.

6. According to the information and explanations given to us, the company has not accepted any deposits from the public. Therefore the provisions of Clause (vi) of the Companies (Auditor''s Report) order 2003 are not applicable to the Company.

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

8. The Central Govt, has not prescribed for the maintenance of cost records under section 209 (1) (d) of the Companies Act for this Company.

9. a) According to the records examined by us the company, undisputed statutory dues including Income Tax, Sales Tax,

Custom duty ESI, Provident fund and other statutory dues as applicable have been generally regularly deposited by the company during the year with the appropriate authorities.

b) According to the information and explanations given to us, no undisputed amount payable in respect of any statutory dues, applicable to the company, were outstanding at the year end for a period of more than six months for the date they became payable.

c) According to the information and explanations given to us, there are no dues of Sales Tax, Income Tax, Custom Duty, Wealth Tax, Excise Duty, ESI, Provident Fund, Cess etc. that have not deposited on account of any dispute.

10. The company has accumulated losses at the end of the financial year, but it is less than 50% of the net worth of the company. The company has not incurred cash losses in such financial year and immediately preceding financial year.

11. Based on our audit procedures and the information and explanations given by the management, the company has not defaulted in repayment of dues to any financial institution, bank or debenture holders.

12. According to the information and explanation given to us and based on the documents and records produced to us, the company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. In our opinion and according to the information and explanations given to us, the nature of activities of the company does not attract any special statute applicable to Chit Fund and Nidhi/Mutual benefit Fund/Societies.

14. The company has maintained proper records of the transactions and contacts in respect of dealing or trading in Shares, Securities, Debentures and other Investments and timely entries have been made therein, All shares, Securities, Debentures avd othev Irwrestemerrts name.

15. According to the information and explanations given to us, the company has not given any guarantee for loans taken by others from Banks or financial institutions.

16. According to the information and explanations given to us, the company has not taken any term loans.

17. According to the information and explanation given to us and on an overall examination of the Balance sheet, we report than no funds raised on short-term basis have been used for long-term investment.

18. There was no any allotment of shares during the year. Thus there was no any preferential allotment to persons covered in the Register maintained under section 301 of the Act.

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

20. The company has not raised any money through a public issue during the year.

21. Based upon the audit pi ocedures performed and as per information and explanations given by the management, we report that no fraud on or by the company has been noticed on reported during the course of our audit.

Place : New Delhi For TIWARI& ASSOCIATES

Dated : 30.05.2013 Chartered Accountants

(FRN-002870N)

(KRISHAN KUMAR)

Partner

(M.No. 085415)


Mar 31, 2010

1. We have audited the attached Balance Sheet of STANDARD CAPITAL MARKETS LIMITED as at March 31, 2010 and the Profit and Loss account 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.

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 about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditors Report) Order, 2003 issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956, (hereinafter referred to as the Acf) we enclose 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 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 such books;

c) The Balance Sheet, Profit and Loss Account dealt with by this report are in agreement with the books of account;

d) In our opinion, the Balance Sheet and Profit and Loss Account dealt with by this report are in compliance with the Accounting Standards referred to in Section 211 (3C) of the Companies Act, 1956;

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

b) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with Significant Accounting Policies and notes on the accounts give the information required by the Companies Act, 1956, in the manner so required and give true and fair view in conformity with 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 of the company for the period ended on that date.

ANNEXURE TO THE AUDITORS REPORT (Referred to in paragraph 3 of our report of even date)

i) In respect of its fixed assets:

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

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

(c) In our opinion, the company has not disposed of a substantial part of its fixed assets during the year and the going concern status of the Company is not affected.

ii) In respect of its Inventories:

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

(b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the management were reasonable and adequate in relation to the size of the company and the nature of its business.

(c) In our opinion and according to the information and explanations given to us, the Company has maintained proper records of its inventories and no material discrepancies were noticed on physical verification.

iii) 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 not granted any fresh loans during the year. However, the company has granted loans in the past and maximum amount outstanding at any time during the year was Rs. 25.82 Lacs and balance at the close of the year was Rs. 22.76 Lacs.

(b) In our opinion and according to the information and explanations given to us, the other terms and conditions in respect of aforesaid loan are not prima facie prejudicial to the interest of the Company.

(c) The said loan along with interest due is repayable on demand and there is no repayment schedule.

(d) In respect of the loan given by the company, the same is repayable on demand and therefore the question of overdue amount does not arise.

(e) The company has not taken any loans, secured or unsecured, from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

(f) As no loans have been taken, the clause on rate of interest and other terms and conditions is not applicable.

(g) As no loans have been taken, the clause on repayment of principal and interest is not applicable.

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 nature of its business for purchase of inventory and fixed assets and also for the sale of the goods and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control system.

v). In respect of particulars of contracts or arrangements and transactions entered in the register maintained in pursuance of section 301 of the Companies Act, 1956:

(a) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements, that needed to be entered in the register maintained under section 301 of the Companies Act, 1956 have been so entered.

(b) In our opinion and according to the information and explanations given to us, there are transactions in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 aggregation during the year to Rs. 5,00,000/ - (Rupees Five Lacs only) or more in respect of any party in the said financial year.

vi). According to the information and explanations given to us, the company has not accepted any deposits from the public. Therefore the provisions of Clause (vi) of the Companies (Auditors Report) order 2003 are not applicable to the Company.

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

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 nature of its business for purchase of inventory and fixed assets and also for the sale of the goods and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control system.

v). In respect of particulars of contracts or arrangements and transactions entered in the register maintained in pursuance of section 301 of the Companies Act, 1956:

(a) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements, that needed to be entered in the register maintained under section 301 of the Companies Act, 1956 have been so entered.

(b) In our opinion and according to the information and explanations given to us, there are transactions in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 aggregation during the year to Rs. 5,00,000/- (Rupees Five Lacs only) or more in respect of any party in the said financial year.

vi). According to the information and explanations given to us, the company has not accepted any deposits from the public. Therefore the provisions of Clause (vi) of the Companies (Auditors Report) order 2003 are not applicable to the Company.

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

viii). The nature of the companys business/activities is such that clause 4 (viii) of the Companies (Auditors Report) Order 2003 regarding maintenance of cost records is not applicable to the company.

ix) In respect of Statutory dues:

(a) According to the records of the company and information and explanation given to us, the company has been generally regular in depositing undisputed statutory dues including Provident Fund, Employees State Insurance, Income-tax, Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise duty, Cess, and any other material Statutory Dues with the appropriate authorities during the year. According to the information and explanations given to us, no undisputed amounts payable in respect of aforesaid dues were outstanding as at 31st March 2010 for a period of more than six months from the date they become payable.

(b) According to the records of the company and information & explanations given to us, there are dues under income tax amounting to Rs. 1.28 lacs pending litigation with the department which were outstanding as on date. There are no dues in respect of Sales tax, Customs duty, Excise duty cess that have not been deposited with the appropriate authorities on account of any dispute.

x) According to the records of the company the companyhave accumulated losses Rs73.40 Lacs at the end of the financial year. The company has incurred cash loss during the financial year covered by the audit.

xi) Based on our audit procedures and according to the information and explanations given to us, we are of the opinion that Company has not defaulted in repayment of dues to financial institutions, banks or debenture holders.

xii) 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 and hence the question of maintenance of adequate records for this purpose does not arise.

xiii) In cur opinion and according to the information and explanations given to us, the company is not a chit fund or a Nidhi / Mutual Benefit Fund / Society. Therefore, the provisions of clause (xiii) of paragraph 4 of the Companies (Auditors Report) Order 2003 are not applicable to the company.

xiv) The company has maintained proper records of the transactions and contracts in respect of dealing or trading in shares, securities, debentures and other investments and timely entries have been made therein. All shares, securities, debentures and other investments have been held by the company in its own name.

xv) 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.

xvi) According to the information and explanations given to us, the company has not taken any term loans.

xvii) According to the Information and explanations given to us and on an overall examination of the balance sheet of the company, we are of the opinion that the company has not raised any funds during the year on long term or short term basis.

xviii) 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 during the year and question of whether the price at which the shares have been issued is prejudicial to the interest of the company does not arise.

xix) The company has neither issued any debentures during the year nor there are any old debentures outstanding, and hence the question of Creating Securities in respect thereof does not arise.

xx) The Company has not raised money by any public issues during the year and hence the question of disclosure and verification of end use of such money does not arise.

xxi) To the best of our knowledge and belief and according to the information and explanation given to us, we have place reliance, no fraud on or by the company was noticed or reported during the year.

For TIWARI & ASSOCIATES

(Firm Registration No. 002870N)

Chartered Accountants

(KRISHAN KUMAR) PARTNER

PLACE : NEW DELHI MEMBERSHIP NO. 085415

DATE : 25.08.2010

 
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