Auditor Report of Alpha Hi-Tech Fuel Ltd.

Mar 31, 2014

We have audited the accompanying financial statements of ALPHA HI-TECH FUEL LTD.("the Company"), 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 133 of the Companies Act, 2013 "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 but not for the purpose of expressing an opinion on the effectiveness of the entity''s internal control. 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 Statement of Profit and Loss, of the profit/ loss 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 ("the Order") issued by the Central Government of India in terms of section 143 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 143 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 section 133 of the Companies Act, 2013;

e. ) on the basis of written representations received from the directors as on March 31,2014, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2014, from being appointed as a director in terms of section 164 of the Companies Act, 2013.

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 AUDITORS'' REPORT OF EVEN DATE OF ALPHA HI-TECH FUEL LIMITED Referred to in paragraph 1 of our Report of even date on the accounts of ALPHA HI-TECH FUEL LTD. for the year ended March 31, 2014.

(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 management in accordance with the phased 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) During the year, the Company has not disposed off a substantial part of its fixed assets.

(ii) (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) The Company has maintained proper records of inventory. No material discrepancies have been noticed on physical verification of stocks as compared to book records.

(iii) As informed to us, the Company has, during the year, not granted any loans, secured or unsecured, to Companies, firms or other parties covered in the register maintained under section 189 of the Act. Accordingly, paragraphs 4(iii)(a),(b),(c) and (d) 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, for the purchase of inventory and fixed assets and for the sale of goods. During the course of audit, no major weakness has been noticed in these internal controls.

(v) Based on the audit procedures applied by us and according to the information and explanations provided by the management, there are no transactions that need to be entered into the register maintained under section 189 of the Act.

(vi) The Company has not accepted any deposit from the public.

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

(viii) The Central Government has not prescribed maintenance of Cost records u/s. 128 of the Act for any of the products of the Company. Though, Cost Audit is mandated, in absence of manufacturing activity during the year, Cost Audit is not applicable.

(ix) (a) The Company is regular in depositing with the appropriate authorities undisputed

statutory dues including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income-tax, Sales tax, Wealth-tax, Custom Duty, Excise Duty, Cess and other material statutory dues applicable to it. There were no arrears as at 31st March 2014 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us and records of the Company examined, following amounts have not been deposited as on March 31, 2014 on account of pending dispute :

Department '' in lacs Forum where dispute is pending

Income tax 72.11 ITAT, Rajkot

Income tax 26.19 ITAT, Mumbai

(x) The Company has no accumulated losses at the end of the financial year but has incurred cash losses in the current and in the preceding financial years.

(xi) According to the information and explanations given to us, the Company has not defaulted in repayment of dues to a financial institution or bank. The Company has not issued any debentures.

(xii) According to the information and explanations given to us, the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) The Company is not a chit fund or a nidhi mutual benefit fund/society. Therefore, the provisions of clause 4 (xiii) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company.

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

Accordingly, the provisions of clause 4(xiv) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company.

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

(xvi) According to the information and explanations given to us, no term loan has been raised.

(xvii) According to the information and explanations given to us and on 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 working capital.

(xviii) The Company has not made preferential allotment of shares to parties and Companies covered in the register maintained under section 189 of the Act.

(xix) The Company has not issued any debentures.

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

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

for M/s. K.U. Kothari & Co. Chartered Accountants ICAI firm registration no. : 105310W

Prakash Chechani Partner Membership no. : 104203 Mumbai; 21st April, 2014

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Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of ALPHA HI-TECH FUEL LTD.("the Company"), 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 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, 2013;

(b) in the case of the Statement of Profit and Loss, of the profit/ loss 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 ("the Order") 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 AUDITORS'' REPORT OF EVEN DATE OF ALPHA HI-TECH FUEL LIMITED

Referred to in paragraph 1 of our Report of even date on the accounts of ALPHA HI-TECH FUEL LTD. for the year ended March 31, 2013.

(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 management in accordance with the phased 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) During the year, the Company has not disposed off a substantial part of its fixed assets.

(ii) (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) The Company has maintained proper records of inventory. No material discrepancies have been noticed on physical verification of stocks as compared to book records.

(iii) As informed to us, the Company has, during the year, not granted any loans, secured or unsecured, to Companies, firms or other parties covered in the register maintained under section 301 of the Act. Accordingly, paragraphs 4(iii)(a),(b),(c) and (d) 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, for the purchase of inventory and fixed assets and for the sale of goods. During the course of audit, no major weakness has been noticed in these internal controls.

(v) Based on the audit procedures applied by us and according to the information and explanations provided by the management, there are no transactions that need to be entered into the register maintained under section 301 of the Act.

(vi) The Company has not accepted any deposit from the public.

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

(viii) The Central Government has not prescribed maintenance of Cost records u/s. 209(1)(d) of the Act for any of the products of the Company. Though, Cost Audit is mandated, in absence of manufacturing activity during the year, Cost Audit is not applicable.

(ix) (a) The Company is regular in depositing with the appropriate authorities undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income-tax, Sales tax, Wealth-tax, Custom Duty, Excise Duty, Cess and other material statutory dues applicable to it. There were no arrears as at 31st March 2012 for a period of more than six months from the date they became payable.

(x) The Company has no accumulated losses at the end of the financial year but has

incurred cash losses in the current and in the preceding financial years.

(xi) According to the information and explanations given to us, the Company has not defaulted in repayment of dues to a financial institution or bank. The Company has not issued any debentures.

(xii) According to the information and explanations given to us, the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) The Company is not a chit fund or a nidhi mutual benefit fund/society. Therefore, the provisions of clause 4 (xiii) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company.

(xiv) According to the information and explanations given to us, the Company is not dealing or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company.

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

(xvi) According to the information and explanations given to us, no term loan has been raised.

(xvii) According to the information and explanations given to us and on 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 working capital.

(xviii) The Company has not made preferential allotment of shares to parties and Companies covered in the register maintained under section 301 of the Act.

(xix) The Company has not issued any debentures.

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

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

for M/s. K.U. Kothari & Co.

Chartered Accountants

ICAI firm registration no. : 105310W

Prakash Chechani

Partner

Membership no. : 104203

Mumbai; 28th May, 2013

---

Mar 31, 2012

We have audited the attached Balance Sheet of ALPHA HI-TECH FUEL LTD. as at 31st March, 2012, the Statement of Profit & Loss and also the 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.

We have conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material mis-statements. 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 and report that :

1. As required by the Companies (Auditors' Report) Order, 2003 issued by the Central Government of India in terms of Section 227 (4A) of the Companies Act, 1956 and in terms of the information and explanations given to us and on the basis of such checks as we considered appropriate, we enclose, in the Annexure, a statement on the matters specified in paragraph 4 and 5 of the said Order.

2. Further to our comments in the Annexure referred to in paragraph 1 above and subject to notes on accounts, 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 the Books of the Company;

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

d) In our opinion, the aforesaid Balance Sheet, Statement of Profit & Loss and Cash Flow statement comply, in all material respects, with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956: and

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

In our opinion and to the best of our information and according to the explanations given to us, the said accounts, read with Schedules and other Notes thereon, give the information required by the Companies Act, 1956, in the manner so required and gives a true and fair view in conformity with the accounting principles generally accepted in India :

i) in the case of Balance Sheet, of the State of Affairs of the Company as at 31st March 2012;

ii) in the case of Statement of Profit & Loss, of the loss of the Company for the year ended on that date; and

iii) in the case of Cash Flow statement, of the cash flows for the year ended on that date.

ANNEXURE TO AUDITORS' REPORT OF EVEN DATE OF ALPHA HI-TECH FUEL LIMITED

Referred to in paragraph 1 of our Report of even date on the accounts of ALPHA HI-TECH FUEL LTD. for the year ended March 31, 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 management in accordance with the phased 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) During the year, the Company has not disposed off a substantial part of its fixed assets.

(ii) (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) The Company has maintained proper records of inventory. No material discrepancies have been noticed on physical verification of stocks as compared to book records.

(iii) As informed to us, the Company has, during the year, not granted any loans, secured or unsecured, to Companies, firms or other parties covered in the register maintained under section 301 of the Act. Accordingly, paragraphs 4(iii)(a),(b),(c) and (d) 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, for the purchase of inventory and fixed assets and for the sale of goods. During the course of audit, no major weakness has been noticed in these internal controls.

(v) Based on the audit procedures applied by us and according to the information and explanations provided by the management, there are no transactions that need to be entered into the register maintained under section 301 of the Act.

(vi) The Company has not accepted any deposit from the public.

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

(viii) The Central Government has not prescribed maintenance of Cost records u/s. 209(1)(d) of the Act for any of the products of the Company. Though, Cost Audit is mandated, in absence of manufacturing activity during the year, Cost Audit is not applicable.

(ix) (a) The Company is regular in depositing with the appropriate authorities undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees' State Insurance, Income-tax, Sales tax, Wealth-tax, Custom Duty, Excise Duty, Cess and other material statutory dues applicable to it. There were no arrears as at 31st March 2012 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us and records of the Company examined, following amounts have not been deposited as on March 31, 2012 on account of pending dispute :

Department in lacs Forum where dispute is pending

Sales tax 273.12 Jt. Sales-Tax Commisioner, Rajkot

Income tax 72.11 ITAT, Rajkot

Income tax 26.19 ITAT, Mumbai

(x) The Company has no accumulated losses at the end of the financial year but has incurred cash losses in the current and in the preceding financial years.

(xi) According to the information and explanations given to us, the Company has not defaulted in repayment of dues to a financial institution or bank. The Company has not issued any debentures.

(xii) According to the information and explanations given to us, the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) The Company is not a chit fund or a nidhi mutual benefit fund/society. Therefore, the provisions of clause 4 (xiii) of the Companies (Auditor's Report) Order, 2003 are not applicable to the Company.

(xiv) According to the information and explanations given to us, the Company is not dealing or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditor's Report) Order, 2003 are not applicable to the Company.

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

(xvi) According to the information and explanations given to us, no term loan has been raised.

(xvii) According to the information and explanations given to us and on 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 working capital.

(xviii) The Company has not made preferential allotment of shares to parties and Companies covered in the register maintained under section 301 of the Act.

(xix) The Company has not issued any debentures.

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

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

for M/s. K.U. Kothari & Co.

Chartered Accountants

ICAI firm registration no. : 105310W

Prakash Chechani

Partner

Membership no. : 104203

Mumbai; 24th April, 2012

---

Mar 31, 2011

We have audited the attached Balance Sheet of ALPHA HI-TECH FUEL LTD. as at 31st March, 2011, the Profit & Loss Account and also the 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.

We have conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material mis-statements. 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 and report that :

1. As required by the Companies (Auditors' Report) Order, 2003 issued by the Central Government of India in terms of Section 227 (4A) of the Companies Act, 1956 and in terms of the information and explanations given to us and on the basis of such checks as we considered appropriate, we enclose, in the Annexure, a statement on the matters specified in paragraph 4 and 5 of the said Order.

2. Further to our comments in the Annexure referred to in paragraph 1 above and subject to notes on accounts, 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 the Books of the Company;

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

d) In our opinion, the aforesaid Balance Sheet, Profit and Loss Account and Cash Flow statement comply, in all material respects, with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956: and

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

In our opinion and to the best of our information and according to the explanations given to us, the said accounts, read with Schedules and other Notes thereon, give the information required by the Companies Act, 1956, in the manner so required and gives a true and fair view in conformity with the accounting principles generally accepted in India :

i) in the case of Balance Sheet, of the State of Affairs of the Company as at 31st March 2011;

ii) in the case of Profit & Loss Account, of the loss of the Company for the year ended on that date; and

iii) in the case of Cash Flow statement, of the cash flows for the year ended on that date.

ANNEXURE TO AUDITORS' REPORT OF EVEN DATE OF ALPHA HI-TECH FUEL LIMITED Referred to in paragraph 1 of our Report of even date on the accounts of ALPHA HI-TECH FUEL LTD. for the year ended March 31, 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 management in accordance with the phased 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) During the year, the Company has not disposed off a substantial part of its fixed assets.

(ii) (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) The Company has maintained proper records of inventory. No material discrepancies have been noticed on physical verification of stocks as compared to book records.

(iii) As informed to us, the Company has, during the year, not granted any loans, secured or unsecured, to Companies, firms or other parties covered in the register maintained under section 301 of the Act. Accordingly, paragraphs 4(iii)(a),(b),(c) and (d) 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, for the purchase of inventory and fixed assets and for the sale of goods. During the course of audit, no major weakness has been noticed in these internal controls.

(v) Based on the audit procedures applied by us and according to the information and explanations provided by the management, there are no transactions that need to be entered into the register maintained under section 301 of the Act.

(vi) The Company has not accepted any deposit from the public.

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

(viiii) The Central Government has not prescribed maintenance of Cost records u/s. 209(1)(d) of the Act for any of the products of the Company.

(ix) (a) The Company is regular in depositing with the appropriate authorities undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees' State Insurance, Income-tax, Sales tax, Wealth-tax, Custom Duty, Excise Duty, Cess and other material statutory dues applicable to it. There were no arrears as at 31st March 2011 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us and records of the Company examined, following amounts have not been deposited as on March 31, 2011 on account of pending dispute :

Department Rs in lacs Forum where dispute is pending

Sales tax 273.12 Jt. Sales-Tax Commisioner, Rajkot

Income tax 72.11 ITAT, Rajkot

(x) The Company has no accumulated losses at the end of the financial year but has incurred cash losses in the current and in the preceding financial years.

(xi) According to the information and explanations given to us, the Company has not defaulted in repayment of dues to a financial institution or bank. The Company has not issued any debentures.

(xii) According to the information and explanations given to us, the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) The Company is not a chit fund or a nidhi mutual benefit fund/society. Therefore, the provisions of clause 4 (xiii) of the Companies (Auditor's Report) Order, 2003 are not applicable to the Company.

(xiv) According to the information and explanations given to us, the Company is not dealing or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditor's Report) Order, 2003 are not applicable to the Company.

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

(xvi) According to the information and explanations given to us, no term loan has been raised.

(xvii) According to the information and explanations given to us and on 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 working capital.

(xviii) The Company has not made preferential allotment of shares to parties and Companies covered in the register maintained under section 301 of the Act.

(xix) The Company has not issued any debentures.

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

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

for M/s. K.U. Kothari & Co.

Chartered Accountants

ICAI firm registration no. : 105310W

Prakash Chechani

Partner

Membership no. : 104203

Mumbai; 21st July, 2011

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Mar 31, 2010

We have audited the attached Balance Sheet of ALPHA HI-TECH FUEL LTD. as at 31st March, 2010, the Profit & Loss Account and also the 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.

We have conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material mis-statements. 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 and report that:

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

2. Further to our comments in the Annexure referred to in paragraph 1 above and subject to notes on accounts, 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 the Books of the Company;

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

d) In our opinion, the aforesaid Balance Sheet, Profit and Loss Account and Cash Flow statement comply, in all material respects, with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956: and

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

In our opinion and to the best of our information and according to the explanations given to us, the said accounts, read with Schedules and other Notes thereon, give the information required by the Companies Act, 1956, in the manner so required and gives a true and fair view in conformity with the accounting principles generally accepted in India :

i) in the case of Balance Sheet, of the State of Affairs of the Company as at 31st March 2010;

ii) in the case of Profit & Loss Account, of the loss of the Company for the year ended on that date; and

iii) in the case of Cash Flow statement, of the cash flows for the year ended on that date.

ANNEXURE TO AUDITORS REPORT OF EVEN DATE OF ALPHA HI-TECH FUEL LIMITED

Referred to in paragraph 1 of our Report of even date on the accounts of ALPHA HI-TECH FUEL LTD. for the year ended March 31, 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 management in accordance with the phased 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) During the year, the Company has not disposed off a substantial part of its fixed assets.

(ii) (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) The Company has maintained proper records of inventory. No material discrepancies have been noticed on physical verification of stocks as compared to book records.

(iii) As informed to us, the Company has, during the year, not granted any loans, secured or unsecured, to Companies, firms or other parties covered in the register maintained under section 301 of the Act. Accordingly, paragraphs 4(iii)(a),(b),(c) and (d) 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, for the purchase of inventory and fixed assets and for the sale of goods. During the course of audit, no major weakness has been noticed in these internal controls.

(v) Based on the audit procedures applied by us and according to the information and explanations provided by the management, there are no transactions that need to be entered into the register maintained under section 301 of the Act.

(vi) The Company has not accepted any deposit from the public.

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

(viiii) The Central Government has not prescribed maintenance of Cost records u/s. 209(1 )(d) of the Act for any of the products of the Company.

(ix) (a) The Company is regular in depositing with the appropriate authorities undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income-tax, Sales tax, Wealth-tax, Custom Duty, Excise Duty, Cess and other material statutory dues applicable to it. There were no arrears as at 31st March 2010 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us and records of the Company examined, following amounts have not been deposited as on March 31, 2010 on account of pending dispute :

Department Rs. in lacs Forum where dispute is pending

Sales tax 273.12 Jt. Sales-Tax Commisioner, Rajkot

Income tax 72.11 ITAT, Rajkot

(x) The Company has no accumulated losses at the end of the financial year but has incurred cash losses in the current and in the preceding financial years.

(xi) According to the information and explanations given to us, the Company has not defaulted in repayment of dues to a financial institution or bank. The Company has not issued any debentures.

(xii) According to the information and explanations given to us, the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) The Company is not a chit fund or a nidhi mutual benefit fund/society. Therefore, the provisions of clause 4 (xiii) of the Companies (Auditors Report) Order, 2003 are not applicable to the Company.

(xiv) According to the information and explanations given to us, the Company is not dealing or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditors Report) Order, 2003 are not applicable to the Company.

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

(xvi) According to the information and explanations given to us, no term loan has been raised.

(xvii) According to the information and explanations given to us and on 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 working capital.

(xviii) The Company has not made preferential allotment of shares to parties and Companies covered in the register maintained under section 301 of the Act.

(xix) The Company has not issued any debentures.

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

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



for M/s. K.U. Kothari & Co.

Chartered Accountants

ICAI firm registration no. : 105310W

Prakash Chechani

Partner

Membership no. : 104203

Mumbai; 31st August, 2010