Auditor Report of EFC (I) Ltd.

Mar 31, 2023

INDEPENDENT AUDITORS'' REPORT
To

The Members of EFC (I) Limited

Report on the audit of the Ind AS financial statements
Opinion

We have audited the accompanying Ind AS financial statements of EFC (I) Limited ("the
Company"), which comprise the balance sheet as at March 31, 2023, and the Statement of
Profit and Loss and statement including other comprehensive income, statement of cash flows
and the statement of changes in Equity for the year then ended, and notes to the Ind AS
financial statements, including a summary of significant accounting policies and other
explanatory information.

In our opinion and to the best of our information and according to the explanations given to us,
the aforesaid Ind AS financial statements give the information required by the Companies Act,
2013 (''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
March 31, 2023, its profit including its Comprehensive income, its cash flows and changes in
equity for the year ended on that date.

Basis for opinion

We conducted our audit in accordance with the Ind AS on auditing specified under section 143 (10)
of the Companies Act, 2013. Our responsibilities under those Standards are further described
in the auditor''s responsibilities for the audit of the Ind AS financial statements section of our
report. We are independent of the Company in accordance with the code of ethics issued by the
Institute of Chartered Accountants of India together with the ethical requirements that are
relevant to our audit of the Ind AS financial statements under the provisions of the Act and the
rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these
requirements and the code of ethics.

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

Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most significance
in our audit of the Ind AS financial statements of the current period. These matters were
addressed in the context of our audit of the Ind AS financial statements as a whole, and in
forming our opinion thereon, and we do not provide a separate opinion on these matters.

Information other than the Ind AS financial statements and auditors'' report
thereon

The Company''s board of directors is responsible for the preparation of the other
information. The other information comprises the information included in the Board''s
Report including Annexures to Board''s Report, Business Responsibility Report but does
not include the Ind AS financial statements and our auditor''s report thereon.

Our opinion on the Ind AS financial statements does not cover the other information and
we do not express any form of assurance conclusion thereon.

In connection with our audit of the Ind AS financial statements, our responsibility is to
read the other information and, in doing so, consider whether the other information is
materially inconsistent with the standalone Ind AS financial statements or our knowledge
obtained during the course of our audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material
misstatement of this other information, we are required to report that fact. We have
nothing to report in this regard.

Management''s responsibility for the Ind AS financial statements

The Company''s board of directors are responsible for the matters stated in section 134
(5) of the Act with respect to the preparation of these Ind AS financial statements that
give a true and fair view of the financial position, financial performance including other
comprehensive income, cash flows and changes in equity of the Company in accordance
with the accounting principles generally accepted in India, including the Indian
Accounting Standards (Ind AS) specified under section 133 of the Act.

This responsibility also includes maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding of the assets of the Company
and for preventing and detecting frauds and other irregularities; selection and application
of appropriate accounting policies; making judgments and estimates that are reasonable
and prudent; and design, implementation and maintenance of adequate internal financial
controls, that were operating effectively for ensuring the accuracy and completeness of
the accounting records, relevant to the preparation and presentation of the Ind AS
financial statement that give a true and fair view and are free from material
misstatement, whether due to fraud or error.

In preparing the Ind AS financial statements, management is responsible for assessing
the Company''s ability to continue as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis of accounting unless
management either intends to liquidate the Company or to cease operations, or has no
realistic alternative but to do so.

The board of directors are also responsible for overseeing the Company''s financial
reporting process.

Auditor''s responsibilities for the audit of the Ind AS financial statements

Our objectives are to obtain reasonable assurance about whether the Ind AS financial
statements as a whole are free from material misstatement, whether due to fraud or
error, and to issue an auditor''s report that includes our opinion. Reasonable assurance is
a high level of assurance, but is not a guarantee that an audit conducted in accordance
with SAs will always detect a material misstatement when it exists. Misstatements can
arise from fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on
the basis of these Ind AS financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and
maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the Ind AS financial statements,
whether due to fraud or error, design and perform audit procedures responsive to those risks,
and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.
The risk of not detecting a material misstatement resulting from fraud is higher than for one
resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design
audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the
Companies Act, 2013, we are also responsible for expressing our opinion on whether the
company has adequate internal financial controls system in place and the operating
effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management''s use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt on the Company''s ability to
continue as a going concern. If we conclude that a material uncertainty exists, we are
required to draw attention in our auditor''s report to the related disclosures in the Ind AS
financial statements or, if such disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained up to the date of our auditor''s
report. However, future events or conditions may cause the Company to cease to continue as
a going concern.

• Evaluate the overall presentation, structure and content of the Ind AS financial
statements, including the disclosures, and whether the Ind AS financial statements
represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any significant
deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with
relevant ethical requirements regarding independence, and to communicate with them all
relationships and other matters that may reasonably be thought to bear on our independence,
and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those
matters that were of most significance in the audit of the Ind AS financial statements of the
current period and are therefore the key audit matters. We describe these matters in our auditor''s
report unless law or regulation precludes public disclosure about the matter or when, in extremely
rare circumstances, we determine that a matter should not be communicated in our
report because the adverse consequences of doing so would reasonably be expected to
outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. The statement on matters specified in the Companies (Auditor''s Report) Order, 2020
("the Order"), issued by the Central Government of India in terms of sub-section (11) of section
143 of the Act, is provided in "Annexure" A, statement on the matters specified in paragraph 3
and 4 of the Order.

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

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

b) In our opinion, proper books of account as required by the law have been kept by the
Company, in electronic mode on servers physically located in India so far as it appears from our
examination of those books.

c) The Balance Sheet and the Statement of Profit and Loss including the Statement of
Comprehensive income, the cash flow statement and the changes in equity dealt with by
this Report are in agreement with the books of account.

d) In our opinion, the aforesaid Ind AS financial statements comply with the Ind AS
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 31 March 2023
taken on record by the Board of Directors, none of the existing Directors is disqualified as on
31 March 2023 from being appointed as a director in terms of Section 164 (2) of the Act.

f) With respect to adequacy of the internal controls over financial reporting of the Company and
the operating effectiveness of such controls, refer to our separate report in "Annexure B".

g) In our opinion and the based on the information presented to us, managerial remuneration
has been paid for the year ended 31 March 2023 hence reporting under section 197 read
with schedule V to the act is required.

h) With respect to the other matters to be included in the Auditor''s Report in accordance with
Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best
of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financial position in
its Ind AS financial statements - Refer Note 33 to the Ind AS financial statements.

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

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

iv. a) The management has represented that, to the best of its knowledge and belief, no
funds have been advanced or loaned or invested (either from borrowed funds or share
premium or any other sources or kind of funds) by the company to or in any other person
or entities, including foreign entities ("Intermediaries"), with the understanding,
whether recorded in writing or otherwise, that the Intermediary shall, whether, directly
or indirectly lend or invest in other persons or entities identified in any manner
whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provide any
guarantee, security or the like on behalf of the Ultimate Beneficiaries;

b) The management has represented that, to the best of its knowledge and belief, no
funds have been received by the Company from any persons or entities, including
foreign entities ("Funding Parties"), with the understanding, whether recorded in writing
or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in
other persons or entities identified in any manner whatsoever by or on behalf of the
Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like
on behalf of the Ultimate Beneficiaries; and

c) Based on such audit procedures performed that have been considered reasonable
and appropriate in the circumstances, nothing has come to our notice that has
caused us to believe that the representations under sub-clause (a) and (b)
contain any material misstatement

v. Company has not paid any dividend during the
year.

vi. As proviso to rule 3(1) of the Companies (accounts) Rules, 2014 is applicable for
the Company only w.e.f April 1, 2023, reporting under this clause is not applicable.

For Mehra Goel & Co

Chartered Accountants

Firm''s Registration Number: 000517N

Roshan Daultani

Partner

Membership Number: 137405

Pune, 30 May 2023

UDIN: 23137405BGSPTQ4604

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Mar 31, 2014

We have audited the attached Balance Sheet of Amani Trading & Export Limited as at 31st March, 2014 and the related Profit and Loss Account 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 tire 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 tire 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 tire 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 tire 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 appropr -iateness of accounting policies used and the reasonableness of the accounting estimates made by management, as evaluating the overall presentation of the financial statements.

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

- Phone : (079; 26403326 Website : www.dbsgroup.in E-Mail : dshabco@dbsgr oupu&A*^

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:

(i) In the case of the balance sheet, of the. state of affairs of the Company as at 31st March 2014

(ii) In the case of the statement of profit and loss, of the profit for the year ended on that date; and

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

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order"), as amended, 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; and

e. On the basis of written representations received from the directors as on 31 March 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2014, from being appointed as a director in terms of clause (gj of sub-section (1) of section 274 of the Companies Act, 1956.

ANNEXURE TO THE AUDITOR''S REEQRT. (Referred. to in paragraph (1) of our report of even date)

1(a) The company has maintained proper records showing fullparticulars including quantitative details and situation of fixed assets.

(b) All the assets have been physically verified by the management at reasonable:

intervals. In our opinion, the program of verification is reasonable having regard to the size of the company and the nature of its assets. We have been informed that no material discrepancies were noticed on such verification.

(c) During the year, the company has. not disposed off any of its fixed asset.

2. (a) The inventory has been physically verified during the year by the management.

In our opinion, the frequency of verification is reasonable

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

(c) In our opinion, the company is maintaining proper records of inventory. As informed to us, no discrepancies were noticed on verification between the physical stocks, and book records.

3. (a) As per explanation given to us, the company has granted interest bearing loan to a company covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs. 141.11 lacs. ''

(b) In our opinion and according to information and explanation given to us, the terms and conditions of loans granted by the company are not prima facie prejudicial to the interest of the company. .

(c) We are informed that the repayment of the principal amount is not stipulated.

(d) We are informed that the loan granted to the above company does not have any stipulation for the repayment of principal and hence, no amount outstanding as at 31st inarch, 2014 has been considered overdue.

(e) The company has not taken any loan, secured or unsecured from companies, Firms or other parties covered in the register maintained under the Companies Act, 1956,

(f) Not applicable in view of 3(e) above.

(g) Not applicable in view of 3(e) above,

4. In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensur -ate with the size of the company and the nature of its business with regard to purchases of inventory, fixed assets and with regard to the sale of goods.

During the course of our audit, we have hot observed any continuing failure to correct major weakness in internal controls.

Auditors Raport to the Mem bers of''Amani Trading & Export Limited

5(a) We have been informed that the transactions that need to-be'' entered into the. Register-maintained under section 301 of the Companies. Act,. 195b have been so entered.

(b) In our opinion and according to the information and explanation given to us, there is no transaction made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of rupeeis five lacs in respect of any party during the year.

6. In our opinion and according to the information and explanations given to us, the company has not accepted any fixed deposits from the public. Further, no order has been passed by the Company Law Board.

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

8. According to the information and explanations given to us, the Central Government has not prescribed for maintenance of cost records as required under clause (d) of sub-section (1) of Section 209 of the Companies Act, 1956

9(a) According to the information and explanations given to us, the company is generally regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education and protection fund, employee''s state- insurance, income tax, sales tax/ wealth tax,custom duty, service tax, excise duty, cess and other material statutory dues applicable to it. According to the information and explanations given to us, no undisputed, amounts payable in respect of provident fund, investor education and protection fund; employee''s state insurance, income tax, sales tax, wealth tax, custom duty, service tax, excise duty, cess and other material statutory dues applicable to it were in 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, there is no statutory dues which are disputed.

10. As the company has not any accumulated losses,, so this clause is not applicable to the company. The compariy has not incurred cash losses, during'' financial year covered by the audit and also in the immediate preceding year. .

11. According to the information and explariations given to us, the company has not availed any loan from financial institutions, banks and debenture holders; hence this clause is not applicable.

12. As per the information and explanations given to us, the company has not granted any loans-arid advances on the basis of security'' by way of pledge of shams debentures and other securities.

13.The. Company is not a chit fund or a Nidhi Mutual benefit Fund / Therefore, the provisions of clause 4(xiii) of the Companies (Auditor''s report)®der 2003 are not applicable to the company.

14 As per the information and explanations given- to ns, the company- is not dealing in . trading in shares,, securities debentures and'' other investments. Accordingly, the provisions of clause. 4(xiv) of the Companies (Auditor''s Report) order,2003 is not ¦ applicable to the company.

15. -As''per the information'' and explanations given to us, the company has not given guarantees for loans taken by others from Bank or Financial Institutions.

16. As informed to us, the company has not received any money by way of term loans,hence the question of application of it does not arise.

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 no funds raised on a short term basis have been used for long term investments and vice versa except permanent working capital.

18. According to the information-and, explanations given to us, the company has not made any Preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act. Accordingly, the provision of clause 4(xviii) of Companies (Auditor''s Report) Order, 2003 is not applicable to the company.

19. According to the information and explanations given to us, the company has not issued any debentures and hence the question of creating security in respect thereof does not arise.

20. -As per the information and explanations given to us, the company has not raised any money by way of public issues during the year under audit.

21. 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 and on behalf of Dhirubhai Shah & Doshi. Chartered Accountants HarishB. Patel Partner Membership No. 014427

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Mar 31, 2013

We have audited the attached Balance Sheet of Amani Trading & Export Limited as at 31st March, 2013 and the related Profit and Loss Account 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 lair 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 2013;

(ii) in the case of the statement of profit and loss, of the profit for the year ended on that date; and

(iii) 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"), as amended, 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; and

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

ANNEXURE TO THE AUDITOR''S REPORT

(Referred to in paragraph (3) of our report of even date)

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

(b) All the assets have been physically verified by the management at reasonable intervals. In our opinion, the program of verification is reasonable having regard to the size of the company and the nature of its assets. We have been informed that no material discrepancies were noticed on such verification.

(c) During the year, the company has not disposed off any of its fixed asset.

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

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

(c) In our opinion, the company is maintaining proper records of inventory. As informed to us, no discrepancies were noticed on verification between the physical stocks and book records.

3. (a) As per explanation given to us, the company has granted interest bearing loan to a company covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs. 144.50 lacs.

(b) In our opinion and according to information and explanation given to us, the terms and conditions of loans granted by the company are not prima facie prejudicial to the interest of the company.

(c) We are informed that the repayment of the principal amount is not stipulated.

(d) We are informed that the loan granted to the above company does not have any stipulation for the repayment of principal and hence, no amount outstanding as at 31st march, 2013 has been considered overdue.

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

(f) Not applicable in view of 3(e) above.

(g) Not applicable in view of 3(e) above.

4. 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 with regard to purchases of inventory, fixed assets and with regard to the sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal controls.

5. (a) We have been informed that the transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered.

(b) In our opinion and according to the information and explanation given to us, there is no transaction made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of rupees five lacs in respect of any party during the year.

6. In our opinion and according to the information and explanations given to us, the company has not accepted any fixed deposits from the public, further, no order has been passed by the Company Law Board.

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

8. According to the information and explanations given to us, the Central Government has not prescribed for maintenance of cost records as required under clause (d) of sub-section (1) of Section 209 of the Companies Act, 1956.

9. (a) According to the information and explanations given to us, the company is generally regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education and protection fund, employee''s state insurance, income tax, sales tax, wealth tax, custom duty, service tax, excise duty, cess and other material statutory dues applicable to it. According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, investor education and protection fund, employee''s state insurance, income tax, sales tax, wealth tax, custom duty, service tax, excise duty, cess and other material statutory due applicable to it were in arrears as at 31st march, 2013 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us, there is no statutory dues which are disputed.

10. As the company has not any accumulated losses, so this clause is not applicable to the company.

11. According to the information and explanations given to us, the company has not defaulted in repayment of dues to financial institutions, banks and debenture holders.

12. As per 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.

13. According to the information and explanations provided to us ,company is not dealing in any chit funds, hence this clause is not applicable.

14. As per the information and explanations given to us, the company is not dealing in or trading in shares, securities debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditor''s Report) order,2003 is not applicable to the company.

15. As per the information and explanations given to us, the company has not given guarantees for loans taken by others from Bank or Financial Institutions.

16. As informed to us, the company has not received any money by way of term loans, hence the question of application of it does not arise.

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 no funds raised on a short term basis have been vised for long term investments and vice versa except permanent working capital.

18. According to the information and explanations given to us, the company has not made any Preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act. Accordingly, the provision of clause 4(xviii) of Companies (Auditor''s Report) Order, 2003 is not applicable to the company.

19. According to the information and explanations given to us, the company has not issued any debentures and hence the question of creating security in respect thereof does not arise.

20. As per the information and explanations given to us, the company has not raised any money by way of public issues during the year under audit.

21. 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 DHIRUBHAI SHAH & CO.

Chartered Accountants.

Firm Registration No. 102511W



Date : 30/05/2013 Harish B.Patel

Place: Ahmedabad PARTNER

Membership No.14427

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Mar 31, 2012

1. We have audited the attached Balance Sheet of AMANI TRADING AND EXPORTS LIMITED, as at 31st March 2012, the Profit and Loss Account and also the Cash Flow statement for the year ended on that date, annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with 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 misstatement. An audit includes examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit aiso includes assessing the accounting principles used and significant estimates made by management, as well as evaiuating 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 issued by Central Government of India in terms of section 227{4A) of the Companies Act, 1956, and on the basis of such checks of the books and records of the company as we considered appropriate and according to the information and explanations given to us, we enclose in the Annexure a statement on the matters specified in paragraph 4 & 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 it appears from our examination of those books.

(c) The Balance Sheet, the Profit and Loss Account and Cash Flow Statement referred to in this report are in agreement with the books of account.

(d) In our opinion, Balance Sheet, the Profit and Loss Account and Cash Flow statement dealt with by this report comply with the Accounting Standards referred to in sub-section (30 of section 211 of the ComDanies Act, 1956;

(e) On the basis of written representations received from the directors of the company as at March 31, 2012 and taken on record by the board of directors, we report that none of the directors is disqualified as on March 31, 2012 from being appointed as director of the company under clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

(f) Attention is invited to the following notes : -

(i) Note 20 of Notes to Accounts; regarding non provision In respect of diminution in the value of investments of Ashima Ltd, Rs.j15.8$ iacs and note no. 21 of Notes to Accounts regarding confirmation of Sundry creditors.

Subject to the foregoing, in our opinion and to the best of our information and according to the explanations given to us, the financial statements read with 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:

(a) In the case of Balance Sheet, of the State of affairs of the Company as at 31st March 2012,

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

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

ANNEXURE TO THE AUDITOR'S REPORT

(Referred to in paragraph (3) of our report of even date)

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

(b) All the assets have been physically verified by the management at reasonable intervals. In our opinion, the program of verification is reasonable having regard to the size of the company and the nature of its assets. We have been informed that no material discrepancies were noticed on such verification.

(c) During the year, the company has not disposed off any of its fixed asset.

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

(b) In our opinion, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its-business.

(c) In our opinion, the company is maintaining proper records of inventory. As informed to us, no discrepancies were noticed on verification between the physical stocks and book records.

3. (a) As explained to us, the company has granted interest bearing loan to a company covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs.129.35 lacs.

(b) In our opinion ad according to information and explanation given to us, the terms and conditions of loans granted by the company are not prima facie prejudicial to the interest of the company.

(c) We are informed that the payment of the principal amount is not stipulated.

(d) We are informed that the ioan granted to the above company does not have any stipulation for the payment of principal and hence, no amount outstanding as at 31st March, 2012 has been considered overdue.

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

(f) Not applicable in view of 3(e) above. .

(g) Not applicable in view of 3(e) above.

4. 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 with regard to purchases of inventory, fixed assets and with regard to the sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal controls.

5. (a) We have been informed that the transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered.

(b) In our opinion and according to the information and explanation given to us, there is no transaction made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of rupees five lakhs in respect of any party during the year.

6 In our opinion and according to the information and explanations given to us, the company has not accepted any fixed deposits from the pubiic. Further, no order has been passed by the Company Law Board.

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

8 According to the information and explanations given to us, the Central Government has not prescribed for maintenance of cost records as required under clause (d) of sub-section (1) of Section 209 of the Company's Act, 1956.

9. (a) According to the information and explanations given to us, the company is generally regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education and protection fund, employee's state insurance, income tax, sales tax, wealth tax, custom duty, service tax, excise duty, cess and other material statutory dues applicable to it. According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, investor education and protection fund, employee's state insurance, income tax, sales tax, wealth tax, custom duty, service tax, excise duty, cess and other material statutory dues applicable to it were in 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, there are no statutory dues, which are disputed.

10 As the company has not any accumulated losses, so this clause is not applied to it

11 According to the information and explanations given to us, the company has not defaulted in repayment of dues to financial institutions, banks and debenture holders.

12 As per 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:

13 As per the information and explanations given to us, the company is not a Chit Fund, Nidhi / Mutual Benefit Fund, Society. Therefore, the provision of clause 4(xiii) of the Companies (Auditor's Report) Order, 2003 is not applicable to the company.

14 As per the information and explanations given to us, the company is not dealing in or trading in shares, securities debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditor's Report) order,2003 is not applicable to the company.

15 As per the information and explanations given to us, the company has not given guarantees for loans taken by others from Bank or Financial Institutions.

16 As informed to us, the company has not received any money by way of term loans, hence the question of application of it dos not arise.

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 no funds raised on a short term basis have been used for long term investments and vice versa except permanent working capital. .

18 According to the information and explanations given to us, the company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act. Accordingly, the provision of clause 4(xviii) of Companies (Auditor's Report) Order, 2003 Is not applicable to the company.

19 According t6 the information and explanations given to us, the company has not issued any debentures and hence the question of creating security in respect thereof does not arise.

20 As per the information and explanations given to us, the company has not raised any money by way of public issues during the year under audit.

21 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 DHIRUBHAI SHAH & CO.

chartered accountants

Firm Registration No.: 102511W

H.B. PATEL

PARTNER

Membership No.14427

Place: Ahmedabad

Date: 30/05/2012

---

Mar 31, 2010

1. We have audited the attached Balance Sheet of AMANI TRADING AND EXPORTS LIMITEDi, as at 31st March, 2010, the Profit and Loss Account and also the Cash Flow statement for the year ended on that date, annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit :-

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

3. As required by the Companies (Auditors Report) order, 2003 issued by Central Government of India in terms of section 227(4A) of the Companies Act, 1956, and on the basis of such checks of the books and records of the company as we considered appropriate and according to the information and explanations given to us, we enclose in the Annexure a statement on the matters specified in paragraph 4 & 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 it appears from our examination of those books.

(c) The Balance Sheet, the Profit and Loss Account and Cash Flow Statement referred to in this report are in agreement with the books of account. !

(d) In our opinion. Balance Sheet, the Profit and Loss Account and Cash Flow statement dealt with by this report comply with the Accounting Standards referred to in sub- section (3C) of section 211 of the Companies Act, 1956;

(e) On the basis of written representations received from the directors of the company as at March 31, 2010 and taken on record by the board of directors, we report that none of the directors is disqualified as on March 31, 2010 from being appointed as director of the company under clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

(0) Attention is invited to note no.2 of Schedule 14(11) regarding non provision in respect of diminution in the value of investments of Ashima Ltd. Rs.15.86 lacs and note no.4 of Schedule 14(11) regarding confirmation of sundry creditors.

Subject to the foregoing. In our opinion and to the best of our information and according to the explanations given to us, the financial statements read with 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:

(a) In the case of Balance Sheet, of the State of affairs of the Company as at 31st March, 2010; and

(b) In the case of the Profit and Loss Account, of the Profit of ihe Company for the year ended on that date; and

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

ANNEXURE TO THE AUDITORS REPORT

(Referred to in paragraph (3) of our report of even dale)

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

(b) All the assets have been physically verified by the management at reasonable intervals. In our opinion, the program of verification is reasonable having regard to the size of the company and the nature of its assets. We have been informed that no material discrepancies were noticed on such verification.

(c) During the year, the company has not disposed off any of its fixed asset.

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

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

(c) In our opinion, the company is maintaining proper records of inventory. As informed to us, no discrepancies were noticed on verification between the physical stocks and book records.

3. (a) As explained to us, the company has granted interest bearing loan to a company covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs. 121.35 lacs.

(b) In our opinion and according to information and explanation given to us, the terms and conditions of loans granted by the company are not prima facie prejudicial to the interest of the company.

(c) We are informed that the payment of the principal amount is not stipulated.

(d) We are informed that the loan granted to the above company does not have any stipulation for the payment of principal and hence, no amount outstanding as at 31st march, 2010 has been considered overdue.

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

(f) Not applicable in view of 3(e) above.

(g) Mot applicable in view of 3(e) above.

4. 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 with regard to purchases of inventory, fixed assets and with regard to the sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal controls.

5. (a) We have been informed that the transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered.

(b) In our opinion and according to the information and explanation given to us, there is no transaction made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of rupees five lakhs in respect of any party during the year.

6. In our opinion and according to the information and explanations given to us, the company has not accepted any fixed deposits from the public. Further, no order has been passed by the Company Law Board.

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

8. According to the information and explanations given to us, the Central Government has not prescribed for maintenance of cost records as required under clause (d) of sub-section (1) of Section 209 of the Companys Act, 1956.

9. (a) According to the information and explanations given to us, the company is generally regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education and protection fund, employees state insurance, income tax, sales tax, wealth tax, custom duty, service tax, excise duty, cess and other material statutory dues applicable to it. According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, investor education and protection fund, employees state insurance, income tax, sales tax, wealth tax, custom duty, service tax, excise duty, cess and other material statutory dues applicable to it were in arrears as at 31st March, 2010 for a period of more than six months from the date they became payable.

i(b) According to the information and explanations given to us, there are no statutory dues which are disputed.

10. As the company has not any accumulated losses, so this clause is not applied to it.

11. According to the information and explanations given to us, the company has not defaulted in repayment of dues to financial institutions, banks and debenture holders.

12. As per 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.

13. As per the information and explanations given to us, the company is not a Chit Fund, Nidhi / Mutual Benefit Fund, Society. Therefore, the provision of clause 4(xiii) of the Companies (Auditors Report) Order, 2003 is not applicable to the company.

14. As per the information and explanations given to us, the company is not dealing in or trading in shares, securities debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditors Report) order,2003 is not applicable to the company.

15. As per "the information and explanations given to us, the company has not given guarantees for loans taken by others from Bank or Financial Institutions.

16. As informed to us, the company has not received any money by way of term loans, hence the question of application of it does not arise.

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 no funds raised on a short term basis have been used for long term investments, and vice versa except permanent working capital.

18. According to the information and explanations given to us, the company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act. Accordingly, the provision of clause 4(xviii) of Companies (Auditors Report) Order, 2003 is not applicable to the company.

19. According to the information and explanations given to us, the company has not issued any debentures and hence the question of creating security in respect thereof does not arise.

20. As per the information and explanations given to us, the company has not raised any money by way of public issues during the year under audit.

21. 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 DHIRUBHAI SHAH & CO. Chartered Accountants.

Harish B.Patel Date : 31/05/2010 PARTNER.

Place : Ahmedabad Membership No. 14427

---

Mar 31, 2009

1. We have audited the attached balance sheet of Amani Trading And Exports Limited as at March 31, 2009 and also the profit and loss Account and the cash flow statement for the year ended on that date annexed hereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

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

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

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

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

(c) The balance sheet, profit & loss account and the cash flow statement dealt with by this report are in agreement with the books of account of the Company;

(d) In our opinion the balance sheet, profit & loss account and the cash flow statement dealt with by this report comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956;

(e; On the basis of written representations received from the directors as on March 31, 2009 and taken on record by the Board of Directors, we report that tone of the directors is disqualified 3S on March 31.. 2009 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

(f) Attention is invited to the note no.3 of Schedule 14 (B) regarding non provision in respect of diminution in the value of investments of Ashima Ltd. Rs. 15.86 lacs and note no. 5 of schedule 14 (B) regarding confirmation of sundry creditors. Subject to the foregoing, in our opinion and to the best of our information and according to the explanations given to us, the said financial statements, read 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:

(a) In the case of the balance sheet, of the state of affairs of the Company as at March 31, 2009; and

(b) In the case of the profit & loss Account, 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.

ANNEXURE REFERRED TO IN PARAGRAPH 3 OF THE REPORT OF THE AUDITORS

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

(b) As explained to us, the fixed assets have been physically verified by the management at reasonable interval In our opinion, the programme of verification is reasonable having regard to the size of the company and the nature of its assets. We have been informed that no material discrepancies were noticed on such verification.

(c) According to the information and explanation given to us, the company has not disposed off any substantial part of its fixed assets so as to affect its going concern.

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

(b) As explained to us, the procedures of physical veiification 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 inventory records, we are of the opinion that, the company is maintaining proper records of inventory. Discrepancies noticed on physical verification of inventory as compared to book records were not material and the same have been properly dealt with in the books at account.

3. (a) As explained to us, the company has granted interest bearing loan to a company covered in the registered maintain under section 301of the Companies Act, 1956. The maximum amount involved during the year was 116.63 lacs.

(b) In our opinion and according to the information and explanations given to us, the terms and conditions on which loan has been granted to the above company are not prima facie prejudicial to the interest of the company.

(c) We are informed that the loan granted to the above company does not have any stipulation for the payment of principal and no recovery has been made during the year.

(d) The above loan does not have any stipulation for payment of principal and hence, no amount outstanding as at March 31,2009 has been considered overdue.

{e) The coapany has not taken any loans secured or unsecured from companies, firm or other parties covered in the registered maintained under section 301 of the Companies Act, 1956, and hence paragraph (iii)(f) and (g) of the order regarding rate of interest, terms and condition of loans and repaynwits are not applicable.

4. In our opinien 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 with regard to purchases of inventory, fixed assets and with regard to the sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal controls.

5. (a) We haw been informed that particulars of contracts or arrangements required to be entered in the register maintained under section 301 of the Companies Act, 1956 have been so entered.

(b) In our spinion and according to the information and explanation given to us, all the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of rupees five lacs in respect of any party during the year have been made at prices which are reasonable having regard to the prevailing marketprices at the relevant time.

6. In our opinion and according to the information and explanations given to us, the company has not accepted any fixed deposits from the public within the meaning of section 58A of the Companies Act, 1956 and rules framed thereunder.

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

8. As informed to us, the maintenance of the records has not been prescribed by the Central Government under section 209(l)(d) of the Companies Act, 1956, in respect of the activities carried on by the company.

9. (a) According to the information and explanations given to us, the company is generally regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education and protection fund, employees state insurance, income tax, sales tax, VAT, wealth tax, service tax, custom duty, excise duty, cess and other material statutory dues applicable to it. According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, investor education and protection fund, employees state insurance, income tax, sales tax, VAT, wealth tax, service tax, custom duty, excise duty, cess and other material statutory dues applicable to it were in arrears, as at March 31, 2009 for a period of more than six months from the date they became payable.

(b) According to the information and explanation given to us, there is no statutory dues which are disputed.

10. As the company has not any accumulated losses, so this clause is not applicable.

11. According to the information and explanations given to us, Company has not defaulted in repayment of debt to financial institutions and debenture holders

12. As per the animation and explanations given to us, the company has not granted any loans and advances on&basis of security by way of pledge of shares , debentures and other securities.

13. In our opinion, the company is not a Nidhi Fund or a Chit Fund or a Mutual Benefit Fund/Society. Therefore, the provisions of clause 4(xiii) of the companies (Auditors Report) Order, 2003 are not applicable tolle company.

14. In our opinion company is not dealing in or trading in securities, debentures or other investments. Accordingly, the provisions of clause 4(xiv) of the companies (Auditors Report) Order, 2003 are not applicable to the company.

15. According to the information and explanations given to us, and the representations made by the management the company has not given any guarantee for loans taken by others from any bank or financial institutation.

16. According t»the information and explanations given to us, the company has not availed term loans during the year and hence, the question of its application does not arise.

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 no funds raised on short-term basis have been used for long-term investment

18. According to the information and explanations given to us, the company has not made preferential allotment of shares during the year under audit.

19. According to the information and explanations given to us, the company has not issued any debenture and hence question of created security or charge in respect thereon does not arise..

20. According to the information and explanations given to us, the company has not raised any money by way of pubic issue during the year under audit.

21. 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 Dhirubhai Shah & Co.

Chartered Accountants

Harish B. Patel Date : 30/06/2009 Partner

Place : Ahmedabad Membership No.: 14427