Auditor Report of Trans Freight Containers Ltd.

Mar 31, 2015

We have audited the accompanying standalone financial statements of Trans Freight Containers Limited ('the Company'), which comprise the balance sheet as at 31 March 2015, the statement of profit and loss and the cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation and presentation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made 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 31 March 2015 and its Loss and its Cash Flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2015 ("the Order") issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure a statement on the matters specified in the paragraph 3 and 4 of the Order, to the extent applicable.

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

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

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

(c) the Balance Sheet, the Statement of Profit and Loss and the Cash Flow statement dealt with by this Report are in agreement with the books of account;

(d) in our opinion, the aforesaid 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; and

(f) with respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us, the same is not applicable.

ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT

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

1. Fixed Assets

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

b. All the assets have not been physically verified by the management during the year but there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

c. In our opinion and according to the information and explanations given to us, the Company has not made substantial disposal of fixed assets, so as to affect the going concern assumption.

2. Inventory

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

b. The procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

c. On the basis of our examination of the records of inventory, we are of the opinion that the company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material.

3. Loans taken by the Company

a. Following are the particulars of loans taken by the company from companies, firms and other parties covered in the Register maintained under Section 189 of the Companies Act, 2013

S. Name of Party Relationship Amount No. with Company (Rs.in Lakhs)

1. Niranjanlal Some of the Advance Dalmia Pvt. Ltd. Directors of during the (Formerly the Company year Nil New Bombay Dyeing are Directors & Bleaching Mills)

S. Name of Party Year End Balance No. (Rs.)

1. Niranjanlal 272.35 Dalmia Pvt. Ltd. (Formerly New Bombay Dyeing & Bleaching Mills)

b. No interest is charged on loan taken.

c. The company is not regular in repaying the principal amount.

d. There are overdue amounts of loans taken from companies, firms or other parties listed in the registers maintained under section 189 of Companies Act, 2013.

4. Internal Control over purchase of inventory and fixed assets and for sale of goods

In our opinion and according to the information and explanation given to us, there are adequate Internal control procedures commensurate with the size of the Company and the nature of its business for the purchase of inventory, fixed assets and also for the sale of goods. During the course of our audit, we have not observed any major weakness in internal controls.

5. Transactions with parties listed u/s 189 of the Companies Act, 2013

a. Based on the audit procedure applied by us and according to 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 189 have been so entered.

b. 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 registers maintained under section 189 and exceeding the value of five lakhs 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.

6. Deposits from the public

The Company has not accepted any deposits from the public.

7. Internal Audit System

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

8. Cost Records

The Central Govt. has not notified the maintenance of Cost records under Section 148(1) of the Companies Act, 2013 in the case of the Company.

9. Statutory Dues

According to the information and explanations given to us, no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax, Custom Duty and Excise Duty were outstanding as at 31st March, 2015 for a period for more than six months from the date they became payable.

10. Documents in respect of loans granted

Based on our examination of documents and records, we are of the opinion that the company has maintained adequate records where the company has granted loans and advances without any security by way of pledge.

11. Accumulated Losses

In our opinion, and according to the information and explanation given by the Company, the Company's accumulated losses does not exceed the net worth of the company at the end of the financial year. The Company has incurred cash losses in the financial year covered by our report as also to cash loss incurred in the immediately preceding financial year.

12. No Outstanding Dues

In our opinion, and according to the information and explanation given to us, the company, has not defaulted in repayment of dues to its bankers. The Company did not have outstanding dues to financial institutions during the year.

13. Loan & Advances

The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

14. Chit Fund/Nidhi

In our 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.

15. Dealing in Shares, Investment

According to the information and explanations given to us, the Company is not dealing or trading in shares, securities, debentures and other investments.

16. Guarantee

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.

17. Use of Fund

In our opinion and according to the information and explanations given to us, the Company has not taken / utilized any term loans during the year.

18. Utility of Finance

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 funds raised on short-term basis have not been used for long-term investment.

19. Preferential Allotment

The Company has not made any preferential allotment of shares to companies/firms/ parties covered in the register maintained under Section 189 of the Act.

20. Debenture

According to the information and explanations given to us, the Company did not have any outstanding debentures during the year.

21. Public Issue

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

22. Frauds

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

For J. F. SHAH & COMPANY Chartered Accountants Firm Registration No 109602 W (J. F. SHAH) Proprietor ICAI Membership No.6723 PLACE: NEW JERSEY, U.S.A. DATE: 29th May, 2015

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Mar 31, 2014

We have audited the accompanying financial statements of Trans Freight Containers Limited ("the Company"), which comprise the Balance Sheet as at 31st March 2014, the Statement of Profit and Loss and the 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 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 Section 211(3C) of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors'' Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We have 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 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 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 the 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 ("the Order") issued by the Central Government in terms of Section 227(4A) of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

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

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

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

(c) The Balance Sheet and 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 Balance Sheet and the Statement of Profit and Loss comply with the Accounting Standards referred to in Section 211(3C) of the Act.

(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 Section 274(1)(g) of the Act.

ANNEXURE TO THE AUDITOR''S REPORT

Referred to in Paragraph 1 under the heading of "Report on Other Legal and Regulatory Requirements" of our report of even date.

1. Fixed Assets

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

b. All the assets have not been physically verified by the management during the year but there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

c. In our opinion and according to the information and explanations given to us, the Company has not made substantial disposal of fixed assets, so as to affect the going concern assumption.

2. Inventory

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

b. The procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

c. On the basis of our examination of the records of inventory, we are of the opinion that the company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material.

3. Loans taken by the Company

a. Following are the particulars of loans taken by the company from companies, firms and other parties covered in the Register maintained under Section 301 of the Companies Act, 1956 :

S. Name of Party Relationship with Amount Year End No. Company (Rs. in Lakhs) Balance(Rs. in Lakhs)

1. Niranjanlal Some of the Advance 272.35 Dalmia Pvt. Ltd. Directors of the during the (Formerly Company are Year New Bombay Directors Nil Dyeing & Bleaching Mills)

b. No interest is charged on loan taken.

c. The company is not regular in repaying the principal amount.

d. There are overdue amounts of loans taken from companies, firms or other parties listed in the registers maintained under section 301 of Companies Act, 1956.

4. Internal Control over purchase of inventory and fixed assets and for sale of goods

In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business for the purchase of inventory, fixed assets and also for the sale of goods. During the course of our audit, we have not observed any major weakness in internal controls.

5. Transactions with parties listed u/s 301 of the Companies Act, 1956

a. Based on the audit procedure applied by us and according to 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.

b. 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 registers maintained under section 301 and exceeding the value of five lakhs 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.

6. Deposits from the public

In our opinion and according to the information and explanations given to us, the provisions of Section 58A and 58AA of the Companies Act, 1956 and Company (Acceptance of Deposits) Rules, 1975 with regard to the deposits accepted from the public are not applicable to the Company. No order has been passed by the Company Law Board.

7. Internal Audit System

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

8. Cost Records

The Central Govt. has not notified the maintenance of Cost records under Section 209(1)(d) of the Companies Act, 1956 in the case of the Company.

9. Statutory Dues

According to the information and explanations given to us, no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax, Custom Duty and Excise Duty were outstanding as at 31st March, 2014 for a period for more than six months from the date they became payable.

10. Documents in respect of loans granted

Based on our examination of documents and records, we are of the opinion that the company has maintained adequate records where the company has granted loans and advances without any security by way of pledge.

11. Accumulated Losses

In our opinion, and according to the information and explanation given by the Company'' the Company''s accumulated losses do not exceed net worth of the company at the end of the financial year. The Company has not incurred cash losses in the financial year covered by our report.

12. No Outstanding Dues

In our opinion, and according to the information and explanation given to us, the company, has not defaulted in repayment of dues to its bankers. The Company did not have outstanding dues to financial institutions during the year.

13. Loan & Advances

The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

14. Chit Fund/Nidhi

In our 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.

15. Dealing in Shares, Investment

According to the information and explanations given to us, the Company is not dealing or trading in shares, securities, debentures and other investments.

16. Guarantee

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.

17. Use of Fund

In our opinion and according to the information and explanations given to us, the Company has not taken / utilized any term loans during the year.

18. Utility of Finance

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 funds raised on short-term basis have not been used for long-term investment.

19. Preferential Allotment

The Company has not made any preferential allotment of shares to companies/firms/ parties covered in the register maintained under Section 301 of the Act.

20. Debenture

According to the information and explanations given to us, the Company did not have any outstanding debentures during the year.

21. Public Issue

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

22. Frauds

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

For J. F. SHAH & COMPANY Chartered Accountants

(J. F. SHAH) Proprietor PLACE: Mumbai Membership No: 109602 W DATE : 30th May, 2014 ICAI Registration No. 6723

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Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of Trans Freight Containers Limited ("the Company"), which comprise the Balance Sheet as at 31st March 2013, the Statement of Profit and Loss and the 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 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 Section 211(3C) of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors'' Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We have 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 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 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 the 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, 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 ("the Order") issued by the Central Government in terms of Section 227(4A) of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

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

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

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

(c) The Balance Sheet and 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 Balance Sheet and the Statement of Profit and Loss comply with the Accounting Standards referred to in Section 211(3C) of the Act.

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

ANNEXURE TO THE AUDITOR''S REPORT

Referred to in Paragraph 1 under the heading of " Report on Other Legal and Regulatory Requirements " of our report of even date.

1. Fixed Assets

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

b. All the assets have not been physically verified by the management during the year but there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

c. In our opinion and according to the information and explanations given to us, the Company has not made substantial disposal of fixed assets, so as to affect the going concern assumption.

2. Inventory

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

b. The procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

c. On the basis of our examination of the records of inventory, we are of the opinion that the company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material.

3. Loans taken by the Company

a. Following are the particulars of loans taken by the company from companies, firms and other parties covered in the Register maintained under Section 301 of the Companies Act, 1956 :

S. Name of Party Relationship with Amount Year End Balance No. Company (Rs. in Lakhs) (Rs. in Lakhs)

1. New Bombay Some of the Nil 272.35 Dying & Directors of the Bleaching Company are Mills (Prop. Directors NLD Pvt. Ltd.)

b. No interest is charged on loan taken.

c. The company is not regular in repaying the principal amount.

d. There are overdue amounts of loans taken from companies, firms or other parties listed in the registers maintained under section 301 of Companies Act, 1956.

4. Internal Control over purchase of inventory and fixed assets and for sale of goods

In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business for the purchase of inventory, fixed assets and also for the sale of goods. During the course of our audit, we have not observed any major weakness in internal controls.

5. Transactions with parties listed u/s 301 of the Companies Act, 1956

a. Based on the audit procedure applied by us and according to 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.

b. 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 registers maintained under section 301 and exceeding the value of five lakhs 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.

6. Deposits from the public

In our opinion and according to the information and explanations given to us, the provisions of Section 58A and 58AA of the Companies Act, 1956 and Company (Acceptance of Deposits) Rules, 1975 with regard to the deposits accepted from the public are not applicable to the Company. No order has been passed by the Company Law Board.

7. Internal Audit System

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

8. Cost Records

The Central Govt. has not notified the maintenance of Cost records under Section 209(1)(d) of the Companies Act, 1956 in the case of the Company.

9. Statutory Dues

According to the information and explanations given to us, no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax, Custom Duty and Excise Duty were outstanding as at 31st March, 2013 for a period for more than six months from the date they became payable.

10. Documents in respect of loans granted

Based on our examination of documents and records, we are of the opinion that the company has maintained adequate records where the company has granted loans and advances without any security by way of pledge.

11. Accumulated Losses

In our opinion, and according to the information and explanation given by the Company, the Company''s accumulated losses exceed the net worth of the company at the end of the financial year. The Company has not incurred cash losses in the financial year covered by our report as compared to cash loss incurred in the immediately preceding financial year.

12. No Outstanding Dues

In our opinion, and according to the information and explanation given to us, the company, has not defaulted in repayment of dues to its bankers. The Company did not have outstanding dues to financial institutions during the year.

13. Loan & Advances

The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

14. Chit Fund/Nidhi

In our 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.

15. Dealing in Shares, Investment

According to the information and explanations given to us, the Company is not dealing or trading in shares, securities, debentures and other investments.

16. Guarantee

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.

17. Use of Fund

In our opinion and according to the information and explanations given to us, the Company has not taken / utilized any term loans during the year.

18. Utility of Finance

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 funds raised on short-term basis have not been used for long-term investment.

19. Preferential Allotment

The Company has not made any preferential allotment of shares to companies/firms/ parties covered in the register maintained under Section 301 of the Act.

20. Debenture

According to the information and explanations given to us, the Company did not have any outstanding debentures during the year.

21. Public Issue

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

22. Frauds

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



For J. F. SHAH & COMPANY Chartered Accountants

Firm Registration No 109602W

(J. F. SHAH)

PLACE: Mumbai Proprietor

DATE : 12th July, 2013. ICAI Membership No.6723

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Mar 31, 2011

1) We have audited the attached Balance Sheet of TRANS FREIGHT CONTAINERS LTD., as at 31st March, 2011, the Profit & Loss Account of the Company for the year ended on that date, and the Cash Flow Statement for the year ended on that date annexed thereto. We have to state that these financial statements are the responsibility of the company's management and our responsibility to express our opinion on these financial statements is complied with by this report based on our audit.

2) As for the scope and basis of our opinion, we state that we have conducted the audit in accordance with the auditing standards generally accepted in India and obtained reasonable assurance about the financial statements being free of material misstatement. Our audit includes, wherever necessary, examining on a test basis, the evidence supporting the amounts and disclosures in the financial statements and also includes assessing adherence to the accounting principles and significant estimates made by the 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 (Auditor's Report ) Order, 2003 (CARO, 2003), as amended issued by the Central Government of India in terms of Section 227 ( 4A ) of the Companies Act, 1956 on the basis of such checks of books and records that were considered appropriate and the information and explanations given to us during the course of the audit we annex hereto 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 above, we report that :

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

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

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

(d) In our opinion, and according to the explanations given to us the Balance Sheet and Profit & Loss Account and the Cash Flow Statement comply with the Accounting Standards referred to in Section 211 ( 3C ) of the Companies Act, 1956.

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

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

(i) in the case of the Balance Sheet of the state of affairs of the Company as at 31st March, 2011 and

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

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

ANNEXURE TO THE AUDITOR'S REPORT

Annexure referred to in Paragraph (3) of our report of even date;

1. Fixed Assets

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

b. All the assets have not been physically verified by the management during the year but there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

2. Inventory

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

b. The procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

c. On the basis of our examination of the records of inventory, we are of the opinion that the company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material.

3. Loans taken by the Company

a. Following are the particulars of loans taken by the company from companies, firms and other parties covered in the Register maintained under Section 301 of the Companies Act, 1956 :

S. Name of Party Relationship with Amount Year End Balance No. Company (Rs. in Lacs) (Rs. in Lacs)

1. New Bombay Some of the Nil 272.35 Dying & Directors of the Bleaching Company are Mills (Prop. Directors NLD Pvt.Ltd.)

b. No interest is charged on loan taken.

c. The company is not regular in repaying the principal amount as stipulated.

d. There are overdue amounts of loans taken from companies, firms or other parties listed in the registers maintained under section 301 of Companies Act, 1956.

4. Internal Control over purchase of inventory and fixed assets and for sale of goods

In our opinion and according to the information and explanations given to us, regarding internal control system, there are no purchases or production during the year.

5. Transactions with parties listed u/s 301 of the Companies Act, 1956

a. Based on the audit procedure applied by us and according to 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.

b. 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 registers maintained under section 301 and exceeding the value of five lakhs 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.

6. Deposits from the public

In our opinion and according to the information and explanations given to us, the provisions of Section 58A and 58AA of the Companies Act, 1956 and Company (Acceptance of Deposits) Rules, 1975 with regard to the deposits accepted from the public are not applicable to the Company. No order has been passed by the Company Law Board.

7. Internal Audit System

The Company does not have an internal audit system during the year.

8. Cost Records

The Central Govt. has not notified the maintenance of Cost records under Section 209(1)(d) of the Companies Act, 1956 in the case of the Company.

9. Statutory Dues

According to the information and explanations given to us, no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax, Custom Duty and Excise Duty were outstanding as at 31st March, 2011 for a period for more than six months from the date they became payable.

10. Documents in respect of loans granted

Based on our examination of documents and records, we are of the opinion that the company has maintained adequate records where the company has granted loans and advances without any security by way of pledge.

11. Frauds

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 J. F. SHAH & COMPANY

Chartered Accounts

Firm Registration

No 109602 W (J. F. SHAH)

PLACE:Mumbai Proprietor

DATE :31st August, 2011 ICAI Membership No. 6723

---

Mar 31, 2010

1) We have audited the attached Balance Sheet of TRANS FREIGHT CONTAINERS LTD., as at 31st March, 2010, the Profit & Loss Account of the Company for the year ended on that date, and the Cash Flow Statement for the year ended on that date annexed thereto. We have to state that these financial statements are the responsibility of the companys management and our responsibility to express our opinion on these financial statemen ts is complied with by this report based on our audit.

2) As for the scope and basis of our opinion, we state that we have conducted the audit in accordance with the auditing standards generally accepted in India and obtained reasonable assurance about the financial statements being free of material misstatement. Our audit includes, wherever necessary, examining on a test basis, the evidence supporting the amounts and disclosures in the financial statements and also includes assessing adherence to the accounting principles and significant estimates made by the 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 (CARO, 2003), as amended issued by the Central Government of India in terms of Section 227 ( 4A ) of the Companies Act, 1956 on the basis of such checks of books and records that were considered appropriate and the information and explanations given to us during the course of the audit we annex hereto 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 above, we report that :

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

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

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

(d) In our opinion, and according to the explanations given to us the Balance Sheet and Profit & Loss Account and the Cash Flow Statement comply with the Accounting Standards referred to in Section 211 ( 3C ) of the Companies Act, 1956.

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

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

(i) in the case of the Balance Sheet of the state of affairs of the Company as at 31st March, 2010 and

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

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

ANNEXURE TO THE AUDITORS REPORT Annexure referred to in Paragraph (3) of our report of even date;

1. Fixed Assets

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

b. All the assets have not been physically verified by the management during the year but there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets, No material discrepancies were noticed on such verification.

2. Inventory

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

b. The procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

c. On the basis of our examination of the records of inventory, we are of the opinion that the company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material.

3. Loans taken by the Company

a. Following are the particulars of loans taken by the company from companies, firms and other parties covered in the Register maintained under Section 301 of the Companies Act, 1956 :

S. Name of Party Relationship with Amount Year End Balance

No. Company (Rs. in Lacs) (Rs. in Lacs)

1. New Bombay Some of the Nil 272.35

Dying & Directors of the

Bleaching Company are

Mills (Prop. Directors

NLD Pvt. Ltd.)

b. No interest is charged on loan taken.

c. The company is not regular in repaying the principal amount as stipulated.

d. There are overdue amounts of loans taken from companies, firms or other parties listed in the registers maintained under section 301 of Companies Act, 1956.

4. Internal Control over purchase of inventory and fixed assets and for sale of goods

In our opinion and according to the information and explanations given to us, regarding internal control system, there are no purchases or production during the year.

5. Transactions with parties listed u/s 301 of the Companies Act, 1956

a. Based on the audit procedure applied by us and according to 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.

b. 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 registers maintained under section 301 and exceeding the value of five lakhs 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.

6. Deposits from the public

In our opinion and according to the information and explanations given to us, the provisions of Section 58A and 58AA of the Companies Act, 1956 and Company (Acceptance of Deposits) Rules, 1975 with regard to the deposits accepted from the public are not applicable to the Company. No order has been passed by the Company Law Board.

7. Internal Audit System

The Company does not have an internal audit system during the year.

8. Cost Records

The Central Govt. has not notified the maintenance of Cost records under Section 209(1)(d) of the Companies Act, 1956 in the case of the Company.

9. Statutory Dues

According to the information and explanations given to us, no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax, Custom Duty and Excise Duty were outstanding as at 31st March, 2010 for a period for more than six months from the date they became payable.

10. Documents in respect of loans granted

Based on our examination of documents and records, we are of the opinion that the company has maintained adequate records where the company has granted loans and advances without any security by way of pledge.

11. Frauds

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 J. F. SHAH & COMPANY

Chartered Accountants

(J. F. SHAH)

PLACE:Mumbai Proprietor

DATE :31st August, 2010 ICAI Membership No. 6723

---

Mar 31, 2009

1) We have audited the attached Balance Sheet of TRANS FREIGHT CONTAINERS LTD., as at 31st March, 2009, the Profit & Loss Account of the Company for the year ended on that date, and the Cash Flow Statement for the year ended on that date annexed thereto. We have to state that these financial statements are the responsibility of the companys management and our responsibility to express our opinion on these financial statements is complied with by this report based on our audit.

2) As for the scope and basis of our opinion, we state that we have conducted the audit in accordance with the auditing standards generally accepted in India and obtained reasonable assurance about the financial statements being free of material misstatement. Our audit includes, wherever necessary, examining on a test basis, the evidence supporting the amounts and disclosures in the financial statements and also includes assessing adherence to the accounting principles and significant estimates made by the 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 (CARO, 2003), as amended issued by the Central Government of India in terms of Section 227 (4A) of the Companies Act, 1956 on the basis of such checks of books and records that were considered appropriate and the information and explanations given to us during the course of the audit we annex hereto 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 above, we report that:

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

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

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

(d) In our opinion, and according to the explanations given to us the Balance Sheet and Profit & Loss Account and the Cash Flow Statement comply with the Accounting Standards referred to in Section 211 (3C) of the Companies Act, 1956.

(e) On the basis of written representations received from the directors as on March 31st, 2009 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on March 31st, 2009 from being appointed as a director in the terms of section 274 (1)(g) of the Companies Act, 1956.

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

(i) in the case of the Balance Sheet of the state of affairs of the Company as at 31 st March, 2009 and

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

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

ANNEXURE TO THE AUDITORS REPORT Annexure referred to in Paragraph (3) of our report of even date;

1. Fixed Assets

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

b. All the assets have not been physically verified by the management during the year but there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets, No material discrepancies were noticed on such verification.

2. Inventory

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

b. The procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

c. On the basis of our examination of the records of inventory, we are of the opinion that the company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material.

3. Loans taken by the Company

a. Following are the particulars of loans taken by the company from companies, firms and other parties covered in the Register maintained under section 301 of the Companies Act, 1956:

S. Name of Party Relationship with Amount Year End Balance No. Company (Rs. in Lacs) (Rs. in Lacs)

1. New Bombay Some of the Nil 272.35 Dying & Directors of the Bleaching Company are Mills (Prop. Directors NLD Pvt. Ltd.)

b. No interest is charged on loan taken.

c. The company is not regular in repaying the principal amount as stipulated.

d. There are overdue amounts of loans taken from companies, firm or other parties listed in the registers maintained under section 301 of Companies Act, 1956.

4. Internal Control over purchase of inventory and fixed assets and for sale of goods

In our opinion and according to the information and explanations given to us, regarding internal control system, there are no purchases or production during the year.

5. Transactions with parties listed u/s 301 of the Companies Act, 1956

a. Based on the audit procedure applied by us and according to 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.

b. 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 registers maintained under section 301 and exceeding the value of five lakhs 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.

6. Deposits from the public

In our opinion and according to the information and explanations given to us, the provisions of Section 58A and 58AA of the Companies Act, 1956 and Company (Acceptance of Deposits) Rules, 1975 with regard to the deposits accepted from the public are not applicable to the Company. No order has been passed by the Company Law Board.

7. Internal Audit System

The Company does not have an internal audit system during the year.

8. Cost Records

The Central Govt, has not notified the maintenance of Cost records under Section 209(1 )(d) of the Companies Act, 1956 in the case of the Company.

9. Statutory Dues

According to the information and explanations given to us, no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax, Custom Duty and Excise Duty were outstanding as at 31st March, 2009 for a period for more than six months from the date they became payable.

10. Documents in respect of loans granted

Based on our examination of documents and records, we are of the opinion that the company has maintained adequate records where the company has granted loans and advances without any security by way of pledge.

11. Frauds

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 J. F. SHAH & COMPANY Chartered Accounts

(J. F. SHAH)

PLACE: Mumbai Proprietor

DATE : 31st August, 2009 ICAI Membership No. 6723