Auditor Report of Abhishek Finlease Ltd.

Mar 31, 2014

We have audited the accompanying financial statements of Abhishek finlease Limited, which comprise the Balance Sheet as at March 31, 2014, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

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 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

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

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

a) in the case of the Balance Sheet, of the State of affairs of the Company as at March 31, 2014;

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

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

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 ("theOrder") 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 purpose of our audit;

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

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

d. In our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956;

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

f. Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company. X. In our opinion the company does not have accumulated losses of more than 50% of its networth, However the Company has not incurred cash losses during the financial year under report as well as in the preceding financial year.

XI. In our opinion, the Company has not defaulted in repayment of dues to financial institution, bank or debenture holders.

XII. In our opinion and according to the information and explanation given to us, the Company has maintained adequate documents and record in cases where the company has granted loans or advances on the basis of security by way of pledge of shares , debentures and other securities.

XIII. In our opinion and according to information and explanations given to us the company is not chit fund or a nidhi or mutual benefit fund/society. Accordingly, the provisions of clause 4(xiii) of the Order are not applicable to the company.

XIV. The Company has maintained proper records of transaction and contracts in respect of trading in shares, debentures and other securities and timely entries have been made therein. All shares , debentures and other securities have been held by the company in its own name except to the Company.

XV. On the basis of records examined by us and information provided by the management, we are of the opinion that the company has not given guarantees for loans taken by others from banks or financial institutions.

XVI. The Company has not taken any term loan during the current financial year hence clause-4(xvi) of the Companies (Auditor''s Report) Order 2003 is not applicable to the assessee company.

XVII. Based on an overall examination of the Balance Sheet of the company and a review of the consolidated fund flow statement for the year, we report that no funds raised on short-term basis have been used for long-term investment.

XVIII. 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, during the year.

XIX. The company has not issued any debentures during the year. Therefore provisions of clause 4(xix) of the Order are not applicable to the company.

XX. The company has not raised money from the public during the year under audit.

XXI. According to the information and explanation given to us, no fraud on or by the company has been noticed or reported during the year.

ANNEXURE TO INDEPENDENT AUDITOR''S REPORT

Referred to in our Audit Report of even date:

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

(b) Fixed assets have been physically verified by the management at reasonable intervals; No material discrepancies were noticed on such verification.

(c) No substantial part of fixed assets has been disposed off during the year, and it has not affected the going concern.

II. (a) Physical verification of Shares & Securities is conducted by the management at reasonable intervals.

(b) The company has followed reasonable and adequate procedure for physical verification of Shares & Securities.

(c) Material discrepancies if any noticed on physical verification are properly dealt with in the books of accounts.

III. The company has not granted or taken any secured or unsecured to or from companies or firms or other parties covered in the register maintained u/s 301 of the companies Act- 1956. Hence this clause is not applicable to the company.

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 with regard to finished goods, equipment and other assets and with regard to the sale of goods.

V. Based on the audit procedures applied by us and according to the information and explanations provided by the management, we are of the opinion that there are no transaction that need to be entered into the register maintained under section 301 of the Companies Act,1956.

VI. The company has not accepted any deposits from the public.

VII. The company has internal audit system commensurate with its size and nature of its business.

VIII. According to the information and explanation given to us, the maintenance of cost records are not prescribed by the Central Government under clause (d) of sub section (1) of Section 209 of the Act.

IX. (a) The company is regular in depositing with appropriate authorities undisputed statutory dues applicable to it.

(b) According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, wealth tax, services tax, sales tax, custom duty, excise duty and cess were in arrears, as at 31 March, 2014 for a period of more than six months from the date they became payable.

For, Bhagat & Co. Chartered Accountants Firm Registration No: 127250W

Shankar Prasad Bhagat Membership No: 052725 Ahmedabad, 31st May, 2014

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Mar 31, 2013

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

Management's Responsibility for the Financial Statements

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 ("the Act"). This responsibility- includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

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

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view' in conformity with the accounting principles generally accepted in India:

a) in the case of the Balance Sheet, of the State of affairs of the Company as at March 31, 2013;

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

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

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2003 ("theOrder") 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 purpose of our audit;

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

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

d. In our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956;

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

f. Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

ANNEXURE TO INDEPENDENT AUDITOR'S REPORT Referred to in our Audit Report of even date:

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

(b) Fixed assets have been physically verified by the management at reasonable intervals; No material discrepancies were noticed on such verification.

(c) No substantial part of fixed assets has been disposed off during the year, and it has not affected the going concern.

II. (a) Physical verification of Shares & Securities is conducted by the management at reasonable intervals.

(b) The company has followed reasonable and adequate procedure for physical verification of Shares & Securities.

(c) Material discrepancies if any noticed on physical verification are properly dealt with in the books of accounts.

III. The company has not granted or taken any secured or unsecured to or from companies or firms or other parties covered in the register maintained u/s 301 of the companies Act- 1956. Hence this clause is not applicable to the company.

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 with regard to finished goods, equipment and other assets and with regard to the sale of goods.

V. Based on the audit procedures applied by us and according to the information and explanations provided by the management, we are of the opinion that there are no transaction that need to be entered into the register maintained under section 301 of the Companies Act,l 956.

VI. The company has not accepted any deposits from the public.

VII. The company has internal audit system commensurate with its size and nature of its business.

VIII. According to the information and explanation given to us, the maintenance of cost records are not prescribed by the Central Government under clause (d) of sub section (1) of Section 209 of the Act.

IX. (a) The company is regular in depositing with appropriate authorities undisputed statutory' dues applicable to it.

(b) According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, w-ealth tax, services tax, sales tax, custom duty, excise duty and cess were in arrears, as at March, 2013 for a period of more than six months from the date they became payable.

X. In our opinion the company does not have accumulated losses of more than 50% of its networth. However the Company has not incurred cash losses during the financial year under report as well as in the preceding financial year.

XI. In our opinion, the Company has not defaulted in repayment of dues to financial institution, bank or debenture holders.

XII. In our opinion and according to the information and explanation given to us, the Company has maintained adequate documents and record in cases where the company has granted loans or advances on the basis of security by way of pledge of shares , debentures and other securities.

XIII. In our opinion and according to information and explanations given to us the company is not chit fund or a nidhi or mutual benefit fund/society. Accordingly, the provisions of clause 4(xiii) of the Order are not applicable to the company.

XIV. The Company has maintained proper records of transaction and contracts in respect of trading in shares, debentures and other securities and timely entries have been made therein. All shares , debentures and other securities have been held by the company in its own name except to the Company.

XV. On the basis of records examined by us and information provided by the management, we are of the opinion that the company has not given guarantees for loans taken by others from banks or financial institutions.

XVI. The Company has not taken any term loan during the current financial year hence clausc-4(xvi) of the Companies (Auditor's Report) Order 2003 is not applicable to the assessee company.

XVII. Based on an overall examination of the Balance Sheet of the company and a review of the consolidated fund flow statement for the year, we report that no funds raised on short-term basis have been used for long-term investment.

XVIII. 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, during the year.

XIX. The company has not issued any debentures during the year. Therefore provisions of clause 4(xix) of the Order are not applicable to the company.

XX. The company has not raised money from the public during the year under audit.

XXI. According to the information and explanation given to us, no fraud on or by the company has been noticed or reported during the year.

For, Bhagat & Co. Chartered Accountants Firm Registration No: 127250W

Shankar Prasad Bhagat Membership No: 052725 Ahmedabad, 05 August,2013

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Mar 31, 2012

1. We have audited the attached Balance Sheet of ABHISHEK FINLEASE LTD. As at March 31,2012 and also the Profit and Loss account for the year ended an that date annexed thereThese financial statements are the responsibility of the company's management 0 responsibility is to express an opinion on these financial stateme based on our audit.

2. We conducted our audit in accordance with auditing standads generally accepted in India Those Standards require that we plan and perform the audit obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit indue examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting nciples used and significant estimates made by management, as well as evaluating rh overall financial statement : presentation. We believe that our audit provides a reasonable be- for our opinion,

3. As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Governent of India in Terms of sub-section (4A) of Section 227 of the Companies Act, 1956, we enclose the Annexure a statement on the matters specified in paragraph 4 and 5 of the said Order.

4. Further to our comments in the Annexure referred to above, we port that,

i) We have obtain all the information and explanations, which to the best of our know and belief were necessary for the purpose of our audit;

ii) 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;

iii) The balance sheet and profit and loss account and cash flow lea It with by this report are in agreement with the books of account;

iv) In our opinion , The Balance-Sheet, Profit and Loss account and cash flow statement dealt with the report comply with the accounting standard referred in sub-section (3c) of section 211 of Companies Act, 1956.

v) On the basis of the written representations received from the Directors as on March 31,2012 and taken on record by the Board of Directors, we repart that none of the Dirertors are disqualified as on March 31, 2012 from being appointed as a Director in terms of clause of sub-section (1) of section 274 of' the Companies Act.I956

vi) In our opinion the said accounts to the best of our information and according to the- explanations given to us and subject to

1. Notes no. (B) 2. B (9), B (10) of Schedule -21, and.

2. In respect of assets stated in schedules 12 to the balance sheet, we have relied upon the management about their perception treating that assets standard assets, and read with other notes thereon given the information required by the Companies Act, 1956, in the manner so required and, give a true and fair view :

a) In the case of Balance Sheet, of the state of affairs of the Company as at March 31,2012;

And

b) In the case of the Profit and Loss account, of the Profit for the year ended on that date.

ANNEXTURE REFERED TO IN PARAGRAPH 3 OF OUR PORT OF EVEN DATE

1) (i) The Company is maintaining proper records showing full pati culars , including quantitative details and situation of fixed assets.

(ii) All the assets have been physically verified by the management during the year as per the 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.

(iii) There was no disposal of fixed assets during the year.

2) (i) The management has conducted physical verification of Shares & Securities at reasonable intervals.

(ii) The procedures of physical verification of Shares & Securities followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

(iii) the Company is maintaining proper records of Shares & Securities and explained to us no material discrepancies were noticed on physical verification.

3) The company has neither granted nor taken any loans, s ured or unsecured to/form companies , firms or other parties covered in the register maintain u/s.301 of the Com pan Act, 1956, Accordingly, clause 4(iii)(a), to (iii)(g) of Companies Auditors Order)2003 are n t applicable.

4) In our opinion and according ito the information and expUa ations given to us, there are adequate internal control procedures commensurate with he ,ize of the Company and the nature of its business, with regard to purchases of inventory, fixe I assets and with regard to sal. of goods and Securities, During the course of our audit, no majo weakness has been noticed in internal controls.

5) Based on the audit procedures applied by'us and according to the information and explanation provided by by the management, we are of the opinion that then are no transactions that nee to be entered into the register maintained under section 301 ft > Companies Act,1956

6) The company has not accepted any deposits from the public

7) The company has internal audit system commensurate with its si and nature of its business.

8) According to the information and explanation given to us, the i maintenance of cost records an not prescribed by the Central Government under clause (d) of s ub section (1) of Section 209 of the Act.

9) (i) According to the records of the company, the Company is ,r egular in depositing undisputed statutory dues including Provident Fund, Investor Education fund Employees State Insurance Income-tax, Sales-tax, Wealth Tax, Service tax , Excise Duty, ce and other material statuor. dues applicable to it with the appropriate authorities.

(ii) According to the information and explanations given to us, there are no dues outstanding of Provident Fund , Sakes tax , Income tax ; Wealth tax , Excise duty or cess on account of any dispute.

10) In our opinion the company does not have accumulated losses ol ore than 50% of its networt However the Company has not incurred cash losses during tin financial year under report as well as in the preceding financial year.

11) The Company has no outstanding dues to financial institution bank or debenture holders accordingly clause 4(xi) of Companies (Auditors Report) order 003, is not applicable to Company,

12) In our opinion and according to the information and explanation given to us-; the Company has maintained adequate documents and records in cases where tin company has granted loans m advances on the basis of security by way of pledge of shares, del mtures and other securities

13) In our opinion the company is not a chit fund or a nidhi/rnutu I L: i refit funds/society. The re Ion clause 4(xiii) of the Companies (Auditor's Report) Order 2003 is not applicable to the Company

14) The Company has maintained proper records of transaction ar t contracts in respect of trading in shares, debentures and other securities and timely entries have been made therein Al shares, debentures and other securities have been held by the c mpany in its own name except to the Company.I

15) According to the information and explanations given to us , the Company has not given any guarantee for |oans taken by its subsidiaries and associates and from bank or financial institutions.

16) The Company has not taken any term loan during the current financial year hence clause 4(xvi) of the Companies (Auditors' Report) Order 2003 is not applicable to the assessee company.

17) According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that during the current financial year company has not borrowed any short term or long term funds.

18) During the year , the Company has not made preferential alltment of shares to parties of companies covered in the register maintained under section 301 the Companies Act,1956

19) The Company did not have any outstanding debentures during year.

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

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

FOR, BHAGAT & CO., CHARTERED ACCOUNTANTS,

(SANKAR-PRASAD BHAGAT) Place: Ahmedabad Memb. No.052725 Date :09/08/2012 Firm Reg No.127250W