Auditor Report of Tavernier Resources Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of TAVERNIER RESOURCES LIMITED, which comprise the Balance Sheet as at 31st March, 2015, the Statement of Profit and Loss, the Cash flow statement for the year 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 matters stated in section 134 (5) of the Companies Act 2013 ("the Act") with respect to 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 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 of 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.

Auditors' 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 thereunder.

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 in terms of Section 143(11) of the Act, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order.

2. As required by Section 143 (3) of the Act, we report that:

(a) we have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the 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 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 31st March, 2015 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2015 from being appointed as a director in terms of Section 164 (2) of the Act.

(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 does not have any pending litigations which would impact its financial position.

(ii) the Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

(iii) there were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

ANNEXURE TO THE AUDITOR'S REPORT OF EVEN DATE

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:

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

b. The fixed assets have been physically verified by the management at reasonable intervals during the year. We are informed that no material discrepancies were noticed by the management on such verification.

ii. a. As explained to us, physical verification of inventories has been conducted during the year by the management at reasonable intervals.

b. In our opinion, the procedures of physical verification of inventories 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 explanation given to us, the company is maintaining proper records of its inventories and no material discrepancies were noticed on physical verification.

iii. According to the information and explanations given to us, the Company has not granted loans to companies, firms or other parties covered in the Register maintained u/s. 189 of the Companies Act 2013.

iv. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business. During the course of audit, we have not observed any continuing failure to correct major weaknesses in internal control.

v. In our opinion and according to the information and explanations given to us, the company has not accepted deposits from public and hence directives issued by the Reserve Bank of India and provisions of Section 73 to Section 76 of the Companies Act, 2013 and rules framed thereunder are not applicable for the year under audit.

vi. The Central Government has not prescribed the maintenance of Cost records under section 148 of the Companies Act, 2013, for any of the services rendered by the company.

vii. a. According to the records of the company, the Company is generally regular in depositing with appropriate authorities undisputed statutory dues, including provident Fund, Employees State Insurance, Income Tax, Sales Tax and Value Added Tax, Wealth Tax, Custom Duty, cess and other statutory dues applicable to it.

b. According to information & explanation given there were no undisputed amounts payable in respect of income tax, wealth tax, service tax, sales tax, custom duty, cess & other statutory dues which remained outstanding as at 31st March, 2015 for a period more than six months from the date they became payable.

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, 1956 (1 of 1956) and rules there under has been transferred made thereunder.

viii. According to the information and explanation given to us, the Company does not have accumulated losses at the end of the financial year. The Company has not incurred any cash losses during the year.

ix. Based on our audit procedures and on the information and explanations given by the management, we are of opinion that the company has not defaulted in repayment of dues if any, to any financial institution or banks.

x. According to the information and explanation given to us the company has not given any guarantee for loans taken by others from bank or financial institutions.

xi. Based on our audit procedures and the information and explanations provided by the management, we are of the opinion that the term loans were applied for the purpose for which the loans were obtained.

xii. Based upon the audit procedures performed and information and explanations given by the Management, we report that no fraud on or by the Company has been noticed or reported during the course of our audit.

For HAREN SANGHVI & ASSOCIATES CHARTERED ACCOUNTANTS

Sd/-

Haren Sanghvi (Managing Partner) Membership No.109246 Firm Registration No. 120743W

Place: Mumbai Date: 11th May, 2015

---

Mar 31, 2014

We have audited the accompanying financial statements of Tavernier Resources Limited, which comprise the Balance Sheet as at 31st March, 2014, the Statement of Profit and Loss, 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 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 read with General Circular 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of Companies Act, 2013. 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 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 the 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 the 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 31st March, 2014;

(b) in the case of the 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 Cash Flow Statement, of the cash flows of the Company 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, as issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

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

(a) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the 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, 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 Balance Sheet, Statement of Profit and Loss, and the Cash Flow Statement comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Act read with the General Circular 15/2013 dated 13 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 31st March, 2014 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2014 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Act.

ANNEXURE TO THE AUDITOR''S REPORT OF EVEN DATE (Referred to in paragraph 1 thereof)

i. In respect of Fixed Assets –

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

b. The fixed assets have been physically verified by the management at reasonable intervals during the year. We are informed that no material discrepancies were noticed by the management on such verification.

c. Based on our scrutiny of the records of the Company and the information & explanation received by us, we report that the fixed assets disposed off during the year, do not constitute a substantial part of the fixed assets of the Company and such disposal has, in our opinion, not affected the going concern status of the Company.

ii. In respect of Inventories-

a. As explained to us, physical verification of inventories has been conducted during the year by the management at reasonable intervals.

b. In our opinion, the procedures of physical verification of inventories 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 explanation given to us, the company is maintaining proper records of its inventories and no material discrepancies were noticed on physical verification.

iii. The Company has not granted any loans to companies, firms or other parties covered in the Register maintained u/s. 301 of the Companies Act 1956. Accordingly, sub-clause (f) and (g) paragraph 4(iii) of the order are not applicable.

iv. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business. During the course of audit, we have not observed any continuing failure to correct major weaknesses in internal control.

v. Based on the audit procedures applied by us and the information and explanations provided by the management, we are of the opinion that the transactions that need to be entered into the register maintained under section 301 have been so entered.

In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 and exceeding the value of five lakh rupees in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

vi. In our opinion and according to the information and explanations given to us since the Company has not accepted any deposits from public within the meaning of section 58-A, 58AA or any other provision of the Act, the question of compliance with the Provisions of Sections 58A, 58AA or any other provisions of the Act do not arise.

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

viii. As information to us, the Central Government has not prescribed the maintenance of Cost records under section 209(1)(d) of the Companies Act, 1956.

ix. a. According to the records of the Company, the Company is generally regular in depositing with appropriate

authorities undisputed statutory dues, including provident Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Custom Duty, cess and other statutory dues applicable to it.

b. According to information & explanation given there were no undisputed amounts payable in respect of income tax, wealth tax, service tax, sales tax, custom duty, cess & other statutory dues which remained outstanding as at 31st March, 2014 for a period more than six months from the date they became payable.

x. According to the information and explanation given to us, the Company does not have accumulated losses at the end of the financial year. The Company has incurred a loss of Rs. 2,43,69,170/- during the financial year covered by the audit.

xi. Based on our audit procedures and on the information and explanations given by the management, we are of opinion that the company has not defaulted in repayment of dues to banks.

xii. According to the information and explanation given to us the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures or other securities.

xiii. In our opinion and to the best of our information and according to the explanations provided by the management, we are of the opinion that the company is neither a chit fund nor a nidhi / mutual benefit society. Hence, in our opinion, the requirements of Para 4 (xiii) of the Order do not apply to the company.

xiv. As per records of the company and information and explanations given to us by the management, company is dealing in or trading in shares, securities, and debentures and other investments.

xv. The company has not given guarantee in connection with loans taken by others from banks.

xvi. According to the records of the company, the company has not given any term loan. Hence, comments under the clause are not required.

xvii. According to the information and explanations given to us and, on an overall examination of the balance sheet of the company, we report that no funds raised on short-term basis have been used for long-term investment by the company.

xviii. According to the records of the company and the information and explanations provided by the management, the company has not made any preferential allotment of shares to parties and companies covered in the register maintained u/s 301 of the Act.

xix. No debentures have been issued by the Company during the year and hence, the question of creating securities in respect thereof does not arise.

xx. The Company has not raised any money by public issues during the period covered by our Audit report.

xxi. Based upon the audit procedures performed and information and explanations given by the Management, we report that no fraud on or by the Company has been noticed or reported during the course of our audit.

For HAREN SANGHVI & ASSOCIATES Chartered Accountants

Sd/- CA Haren Sanghvi (Managing Partner) Membership No. 109246 Firm Registration No. 120743W

Place : Mumbai Date : 13st May, 2014

---

Mar 31, 2013

Report on the Financial Statements

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

Management''s Responsibilityforthe Financial Statements

The Company''s Management is responsible forthe 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 w i th the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956. 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

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 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 the 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 the 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 31 st March, 2013;

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

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

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by Section 227(3) oftheAct, we report that:

(a) We have obtained all the information and explanations which to the best of our knowledge and belief were necessaryforthe purposesof ouraudit.

(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, 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 Balance Sheet, Statement of Profit and Loss, and the Cash Flow Statement comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Act.

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

ANNEXURE TO THE AUDITORS REPORT

(Referred to in paragraph 1 thereof)

i. In respect of Fixed Assets -

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

b. The fixed assets have been physically verified by the management at reasonable intervals during the year. We are informed that no material discrepancies were noticed by the management on such verification.

c. Based on our scrutiny of the records of the Company and the information & explanation received by us, we report that there was no sale of fixed assets during the year. Hence, the question of reporting whether the sale of any substantial part of fixed assets has affected the going concern of the company does not arise.

ii. In respect of Inventories-

a. As explained to us, physical verification of inventories has been conducted during the year by the management at reasonable intervals.

b. In our opinion, the procedures of physical verification of inventories 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 explanation given to us, the Company is maintaining proper records of its inventories and no material discrepancies were noticed on physical verification.

iii. The Company has not granted any loans to companies, firms or other parties covered in the Register maintained u/s.301 of the Companies Act, 1956. Accordingly, sub-clause (f) and (g) paragraph 4(iii) of the order are not applicable.

iv. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business. During the course of audit, we have not observed any continuing failure to correct major weaknesses in internal control

v. Based on the audit procedures applied by us and the information and explanations provided by the management, we are of the opinion that the transactions that need to be entered into the register maintained under section 301 have been so entered.

In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 and exceeding the value of five lakh rupees in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time

vi. In our opinion and according to the information and explanations given to us, since the Company has not accepted any deposits from public within the meaning of section 58-A 58AAorany other provision ofthe Act, the question ofcompliancewith the Provisions ofsection 58A, 58AAoranyotherprovisions oftheActdo notarise.

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

viii. As informed to us, the Central Government has not prescribed the maintenance of Cost records under section 209(1 )(d) of the Companies Act, 1956.

ix. a. According to the records of the company, the Company is generally regular in depositing with appropriate authorities undisputed statutory dues, including Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Cess and other statutory dues applicable to it.

b. According to, information & explanation given to us, there were no undisputed amounts payable in respect of income tax, wealth tax, service tax, sales tax, custom duty, cess & other statutory dues which remained outstanding as at31s,March, 2013for a period more than six months from the date they became payable.

x. According to the information and explanation given to us, the Company does not have accumulated losses at the end of the financial year. The Company has not incurred cash losses during the financial year covered by the audit and in the financial year2011-12, the company has incurred a loss ofRs. 15,92,888/-.

xi. Based on our audit procedures and on the information and explanations given by the management, we are of opinion thatthe company has not defaulted in repayment of dues to banks.

xii. According to the information and explanation given to us, the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures or other securities.

xiii. In our opinion and to the best of our information and according to the explanations provided by the management, we are of the opinion that the Company is neither a chit fund nor a nidhi/mutual benefit society. Hence in our opinion, the requirements of Para 4 (xiii) of the Order do not apply to the Company.

xiv. In our opinion and as per records produced before us and explanation given to us, the Company is dealing in or trading in shares, securities, debentures and other investments and has maintained appropriate and timely records with respect to such activity. Such activities have been dealt by the Company in its own name.

xv. According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks orfinancial institutions.

xvi. According to the records of the Company, the Company has not given any term loan. Hence, comments under the clause are not required.

xvii. According to the information and explanations given to us and on an overall examination of the balance sheet of the Company, we report that no funds raised on short-term basis have been used for long-term investment by the company Such activities have been dealt by the Company its own name.

xviii. According to the records of the Company and the information and explanations provided by the management, the company has not made any preferential allotment of shares to parties and companies covered in the register maintained u/s 301 of the Act.

xix. No debentures have been issued by the Company during the year and hence, the question of creating securities in respect thereof does not arise.

xx. The Company has not raised any money by public issues during the period covered by our Audit report.

xxi. Based upon the audit procedures performed and information and explanations given by the Management, we report that no fraud on or by the Company has been noticed or reported during the course of our audit

For HAREN SANGHVI & ASSOCIATES

CHARTERED ACCOUNTANTS

CA Haren Sanghvi

(Proprietor)

Membership No.109246

Firm Registration No. 120743W

Place : Mumbai

Date : 25th May, 2013

---

Mar 31, 2012

1. We have audited the attached Balance Sheet of Tavernier Resources Limited (Formerly known as A.V. Cottex Limited), as at 31st March 2012, the Profit and Loss Account and the Cash Flow Statement 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.

2. We conducted our audit in accordance with the 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 from 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. (i) As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956(the Act), we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order, to the extent applicable to the companies.

(ii) Further to our comments in the Annexure referred to 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 accounts 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 and Loss Account and Cash Flow Statements 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 Statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act. 1956.

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

(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 notes thereon and attached thereto give the information required by the Companies Act, 1956 in the manner, so required & give a true and fair view in conformity with the accounting principles generally accepted in India:

(i) In case of the Balance Sheet, of the State of Affairs of the Company as at 31st March, 2012; (ii) In case of Profit & Loss Account, of the loss of the company for the year ended on that date; (iii) In case of Cash Flow statement, of the cash flows of the company for the year ended on that date.

Annexure referred to in paragraph *3(i)' of the Auditors' Report to the Members of Tavernier Resources Limited (Formerly known as A.V Cottex Limited) ("The Company") for the year ended 31st March 2012.

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

(b) As explained to us, the assets have been physically verified by the management in accordance with a phased programme of verification, which in our opinion is reasonable, considering the size and the nature of its business. The discrepancies noticed on such verification were not material and have been properly dealt with in the books of accounts.

(c) No Fixed assets have been sold/disposed off during the year.

(ii) (a) Physical verification of inventory has been conducted by the management during the year. In our opinion, the frequency of such verification is reasonable. The Company held no inventory as at 31st March, 2012.

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

(c) In our opinion, the Company is maintaining proper records of inventory. The discrepancies noticed on such verification were not material and have been properly dealt with in the books of accounts.

(iii) The Company has not granted or 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. Accordingly, sub-clause (f) and (g) of paragraph 4(iii) of the Order are not applicable.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures to commensurate with the size of Company and the nature of its business with regard to purchases of inventories, fixed assets and with regard to the sale of goods. During the course of our audit, no weakness has been noticed in the underlying internal controls.

(v) In our opinion and according to the information and explanations given to us, the contracts and arrangements the particulars of which need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered

In our opinion and according to the information and explanations given to us, the transactions made in pursuance of such contracts or arrangements and exceeding the value or 5 Lacs (if any) in respect of any party during the year, have been made at the prices which are reasonable having regard to the prevailing market price for such services with the other parties.

(vi) The Company has not accepted any deposits from the public during the year.

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

(viii) According to the information and explanations given to us, the Central Government has not prescribed the maintenance of Cost records under Section 209(1) (d) of the Companies Act, 1956 for any products of the company.

(ix) According to the records of the Company, the Company is generally regular in depositing undisputed statutory dues including Income Tax, Sales Tax, Cess and other statutory dues with appropriate authorities. According to the information and explanations given to us, there are no arrears of undisputed amounts in respect of such statutory dues, which have remained outstanding for more than six months as at 31st March, 2012 from the date they became payable.

(x) According to the information and explanations given to us, the company has no accumulated losses on 31st March, 2012, The Company has incurred losses worth Rs. 1,592,888 during the financial year 2011 -12,

(xi) Based on our examination of records and according to the information and explanations given to us, no term loan has been taken by the company The Company has not defaulted in repayment of dues to financial institutions and banks.

(xii) Based on our examination of records and according to the information and explanations given to us, no loans and advances have been granted by the company on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) 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.

(xiv) In our opinion, the company is not a chit fund or a nidhi/ mutual benefit fund/ society.

(xv) In our opinion and as per records produced before us and explanation given to us, the company is dealing in or trading in shares, securities, debentures and other investments and has maintained appropriate and timely records with respect to such activity. Such activities have been dealt by the company in its own name.

(xvi) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we report that no funds raised on short term basis have been used for long term investment. No long term funds have been used to finance short term assets except permanent working capital.

(xvii) The Company has not made any preferential allotment of shares to any party during the year.

(xviii) As per records produced before us and explanation given to us the company has not issued any debentures during the year.

(xix) The company has not raised any money by way of public issue during the year.

(xx) Based upon the audit procedures performed and information and explanations given by the management, we report that, no fraud on or by the Company, has been noticed or reported during the course of our audit for the year ended 31st March, 2012.

For HAREN SANGHVI & ASSOCIATES

Chartered Accountants

Firm Registration No. 120743W

Sd/- Haren Sanghvi Place : Mumbai Proprietor

Dated: 19th May 2012 Membership No. 109246

---

Mar 31, 2011

1. We have audited the attached Balance Sheet of A. V. COTTEX LIMITED, as at 31st March 2011 and the related Profit and Loss Account and 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.

2. We conducted our audit in accordance with the 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 from 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. We report as under:- (i) As required by the Companies (Auditor's Report) Order, 2003, as amended, issued by the Central

Government of India in terms of sub-section (4A) of Section 227 of 'The Companies Act, 1956' of India (the Act) and on the basis of such checks of the books and records of the company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order, to the extent applicable to the companies. (ii) Further to our comments in the Annexure referred to 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 accounts 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 and Loss Account and Cash Flow Statements 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 Statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956.

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

(f) We cannot, as required by S.227(3)(g) of the Companies Act, 1956,state whether the cess payable u/s 441A of the Companies Act, 1956, has been paid and, if not, the details of the amount of cess not so paid because the Central Government has not, till the date of this report, notified u/s 441 A(1) the amount of cess payable u/s 441 A(2) and has not specified u/s 441 A(4) the manner in which the said cess is to be paid.

(g) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with notes thereon and attached thereto give the information required by the Companies Act, 1956 in the manner, so required & give a true and fair view in conformity with the accounting principles generally accepted in India:

(i) In case of the Balance Sheet, of the State of Affairs of the Company as at 31st March, 2011; (ii) In case of Profit & Loss Account, of the profit of the company for the year ended on that date; (iii) In case of Cash Flow statement, of the cash flow for the year ended on that date.

Annexure referred to in paragraph '3(I)' of the Auditors' Report to the Members of A.V. Cottex Limited ("The Company") for the year ended 31st March, 2011.

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

b) As explained to us, the assets have been physically verified by the management in accordance with a phased programme of verification, which in our opinion is reasonable, considering the size and the nature of its business. The discrepancies noticed on such verification were not material and have been properly dealt with in the books of accounts.

c) No Fixed assets have been sold/disposed off during the year.

(ii) a) Physical verification of inventory has been conducted by the management during the year. In our opinion, the frequency of such verification is reasonable. The Company held no inventory as at 31st March, 2011.

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

c) The Company is maintaining proper records of inventory. The discrepancies noticed on such verification were not material and have been properly dealt with in the books of accounts.

(iii) The Company has not granted or taken any loan from the parties covered in the register maintained under section 301 of the Companies Act, 1956.

(iv) According to the information and explanations given to us, there are adequate internal control procedures to commensurate with the size of Company and the nature of its business with regard to purchases of inventories, fixed assets and with regard to the sale of goods. During the course of our audit, no weakness has been noticed in the underlying internal controls.

(v) According to the information and explanations given to us, we are of the opinion that the transactions that need to be entered into the register maintained under section 301 of Companies Act, 1956 have been so entered.

In our opinion and according to the information and explanations given to us, the transactions made in pursuance of such contracts or arrangements and exceeding the value of Rs 5 lacs (if any) in respect of any party during the year, have been made at the prices which are reasonable having regard to the prevailing market price for such services with the other parties.

(vi) The Company has not accepted any deposits from the public during the year.

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

(viii)We are informed that the Provision for the maintenance of Cost records under Section 209(1) (d) of the Companies Act, 1956 is not applicable to the Company in accordance to the provision of Cost Accounting Record (Textile) Rules 1977 with respect to activity carried out during the year under audit.

(ix) According to the records of the Company, the Company is generally regular in depositing undisputed statutory dues including Provident Fund, Employees' State Insurance, Income Tax, Sales Tax, Cess and other statutory dues with appropriate authorities. According to the information and explanations given to us, there are no arrears of undisputed amounts in respect of such statutory dues, which have remained over due more than six months as at 31st March, 2011.

(x) According to the information and explanations given to us, the company has no accumulated losses on 31st March, 2011. The Company has not incurred any cash losses during the said financial year.

(xi) Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that the Company has not defaulted in repayment of dues to financial institutions and banks.

(xii) In our opinion and according to the information and explanations given to us, no loans and advances have been granted by the company on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) In our opinion, the company is not a chit fund or a nidhi/ mutual benefit fund/ society.

(xiv) In our opinion and as per records produced before us and explanation given to us, the company is dealing in or trading in shares, securities, debentures and other investments and has maintained appropriate & timely records with respect to such activity. Such activities have been dealt by the company in its own name.

(xv) 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.

(xvi) In our opinion and according to the information and explanation given to us, no term loan has been taken by the company.

(xvii) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we report that the no funds raised on short term basis have been used for long term investment. No long term funds have been used to finance short term assets except permanent working capital.

(xviii) The Company has not made any preferential allotment of shares to any party during the year.

(xix) As per records produced before us and explanation given to us the company has not issued any debentures during the year.

(xx) The company has not raised any money by way of public issue during the year.

(xxi) Based upon the audit procedures performed and information and explanations given by the management, we report that, no fraud on or by the Company, has been noticed or reported during the course of our audit for the year ended 31st March, 2011.

For HAREN SANGHVI & ASSOCIATES

Chartered Accountants

Haren Sanghvi

Proprietor

Membership No. 109246

Firm Registration No. 120743W

MUMBAI, Dated: 30th May 2011

---

Mar 31, 2010

1. We have audited the attached Balance Sheet of A. V. COTTEX LIMITED, as at 31st March 2010 and also the Profit and Loss Account and 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.

2. We conducted our audit in accordance with the 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 from 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. We report as under :-

I) As required by the Companies (Auditors Report) Order, 2003, as amended, issued by the Central Government of India in terms of sub-section (4A) of Section 227 of The Companies Act, 1956 of India (the Act) and on the basis of such checks of the books and records of the company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order, to the extent applicable to the companies.

II) Further to our comments in the Annexure referred to 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 accounts 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 and Loss Account and Cash Flow Statements 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 Statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956.

(e) On the basis of written representations received from the directors and taken on record by the Board of Directors, we report that none of the Directors is

disqualified as on 31st March 2010 from being appointed as a Director in terms of Section 274(1 )(g) of the Companies Act, 1956.

(f) We cannot, as required by S.227(3)(g) of the Companies Act, 1956,state whether the cess payable u/s 441A of the Companies Act, 1956, has been paid and, if not, the details of the amount of cess not so paid because the Central Government has not, till the date of this report, notified u/s 441 A(1) the amount of cess payable u/s 441 A(2) and has not specified u/s 441 A(4) the manner in which the said cess is to be paid.

(g) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with notes thereon and attached thereto give the information required by the Companies Act, 1956 in the manner, so required & give a true and fair view in conformity with the accounting principles generally accepted in India:

CO In case of the balance sheet, of the state of affairs of the Company as at 31st March, 2010; 00 In case of profit & loss Account, of the loss of the company for the year ended on that date; (Hi) In case of cash flow statement, of the cash flow for the year ended on that date.

Annexure referred to in paragraph 3(1) of the Auditors Report to the Members of A.V Cottex Limited ("The Company") for the year ended 31st March, 2010.

(i)

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

b) As explained to us, the assets have been physically verified by the management in accordance with a phased programme of verification, which in our opinion is reasonable, considering the size and the nature of its business. The discrepancies noticed on such verification were not material and have been properly dealt with in the books of accounts.

c) No Fixed assets have been sold/disposed off during the year.

(ii)

a) Physical verification of inventory has been conducted by the management during the year. In our opinion, the frequency of such verification is reasonable. The Company held no inventory as at 31st March, 2010.

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

c) The Company is maintaining proper records of inventory. The discrepancies

noticed on such verification were not material and have been properly dealt with in the books of accounts.

(iii) The Company has not granted or taken any loan from the parties covered in the register maintained under section 301 of the Companies Act, 1956.

(iv) According to the information and explanations given to us, there are adequate internal control procedures to commensurate with the size of Company and the nature of its business with regard to purchases of inventories, fixed assets and with regard to the sale of goods. During the course of our audit, no weakness has been noticed in the underlying internal controls.

(v) According to the information and explanations given to us, we are of the opinion that the transactions that need to be entered into the register maintained under section 301 of Companies Act, 1956 have been so entered.

In our opinion and according to the information and explanations given to us, the transactions made in pursuance of such contracts or arrangements and exceeding the value of Rs. 5 lacs (if any) in respect of any party during the year, have been made at the prices which are reasonable having regard to the prevailing market price for such services with the other parties.

(vi) The Company has not accepted any deposits from the public during the year.

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

(viii)We are informed that the Provision for the maintenance of Cost records under Section 209(1) (d) of the Companies Act, 1956 is not applicable to the Company in accordance to the provision of Cost Accounting Record (Textile) Rules 1977 with respect to activity carried out during the year under audit.

(ix) According to the records of the Company, the Company is generally regular in depositing undisputed statutory dues including Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Cess and other statutory dues with appropriate authorities. According to the information and explanations given to us, there are no arrears of undisputed amounts in respect of such statutory dues, which have remained over due more than six months as at 31st March, 2010.

(x) In our opinion, the accumulated losses of the company are not more than fifty percent of its net worth. Further, the company has incurred cash losses (Rs. 55.99 Lakhs approx.) during the financial year covered by our audit but it has not incurred any cash losses immediately in the preceding financial year.

(xi) Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that the Company has not defaulted in repayment of dues to financial institutions and banks.

(xii) In our opinion and according to the information and explanations given to us, no loans and advances have been granted by the company on the basis of security by way of pledge of shares, debentures and other securities.

(xiii)ln our opinion, the company is not a chit fund or a nidhi/ mutual benefit fund/ society.

(xiv)ln our opinion and as per records produced before us and explanation given to us the company is dealing in or trading in shares, securities, debentures and other investments and has maintained appropriate & timely records with respect to such activity. Such activities have been dealt by the company in its own name.

(xv) 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.

(xvi)ln our opinion and according to the information and explanation given to us, no term loan has been taken by the company.

(xvii)According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we report that the no funds raised on short term basis have been used for long term investment. No long term funds have been used to finance short term assets except permanent working capital.

xviii) The Company has not made any preferential allotment of shares to any party during the year.

xix) As per records produced before us and explanation given to us the company has not issued any debentures during the year.

(xx) The company has not raised any money by way of public issue during the year.

(xxi) Based upon the audit procedures performed and information and explanations given by the management, we report that, no fraud on or by the Company, has been noticed or reported during the course of our audit for the year ended 31st March, 2010.

For HAREN SANGHVI & ASSOCIATES Chartered Accountants

Haren Sanghvi

Proprietor

Membership No. 109246

Firm Registration No. 120743W

MUMBAI, Dated: 5th August, 2010