Auditor Report of Ankush Finstock Ltd.

Mar 31, 2015

We have audited the accompanying Financial statements of ANKUSH FINSTOCK LIMITED ("the company"),which comprise the Balance Sheet as at 31 March 2015, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements :

The Company's Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these Financial Statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding of the assets of the Company and for preventing and detecting the 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 control, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility :

Our responsibility is to express an opinion on these Financial Statements based on our audit.

We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of the financial statements that give true and fair view 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 Company's Directors, as well as evaluating the overall presentation of the financial statements.

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

Opinion :

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

a) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2015;

b) in the case of the Statement of Profit and Loss, of the 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 Re- port) Order, 2015 issued by the Central Gov- ernment of India in terms of sub-section (11) of section 143 of the Act ( hereinafter referred to as the " Order"), and on the basis of such checks of the books and records of the com- pany as we considered appropriate and accord- ing to the information and explanations given to us , we give in the Annexure a statement on the matters specified in the 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 in- formation and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.

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

(c) the Balance sheet, the Statement of Profit and Loss and the Cash Flow Statement dealt with by this Report are in agree- ment with the books of account.

(d) in our opinion, the aforesaid Financial Statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

(e) on the basis of the written representations received from the Directors as on 31st March 2015 are taken on record by the Board of Directors, none of the Director is disqualified as on 31st March 2015 from being appointed as a Director in terms of Section 164 (2) of the Act.

(f) with respect to the other matters to be

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

i. the Company has disclosed the impact of pend- ing litigations on its financial position in its fi- nancial statements ;

ii. In our opinion and as per the information and explanation provided to us the Company has not entered into any long-term contracts includ- ing derivatives contract, requiring provision under applicable laws or accounting standards, for material foreseeable losses.

iii. the company is not required to transfer any amount to Investor Education and Protection Fund.

ANNEXURE TO THE AUDITOR'S REPORT

The Annexure referred to in our report to the members of ANKUSH FINSTOCK LIMITED for the year Ended on 31st March,2015, we report that:

1) (a) In our opinion and according to the information and explanation given to us, the company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets;

(b) In our opinion, the fixed assets have been physically verified by the management at reasonable intervals having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

2) (a) As explained to us, inventories have been

physically verified by the management at reasonable intervals during the year. In our opinion, the frequency of such verification is reasonable.

(b) In our opinion and according to the information and explanation given to us, the procedures of physical verification of stock followed by the management are reasonable and adequate in relation to the size of the company and the nature of it's business.

(c) Company has maintained proper records of inventories. No material discrepancies were noticed on physical verification of inventories.

3) The company has not granted any loans, secured or unsecured to the parties covered in the register maintained under Section 189 of the companies Act, 2013. Accordingly, clauses III (a) & (b) of the Order are not applicable.

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 the purchase of inventory of, fixed assets and with regard to the sale of goods. During the course of our audit, no major weakness has been noticed in the internal controls.

5) The Company has not accepted any deposits from the public. Hence clause no 5 of the Order is not applicable to the Company.

6) The central government has not prescribed the maintenance of cost records under section 148(1) of the Act , in respect of any of the company's products and hence para 3(vi) of CARO 2015 is not applicable.

7) (a) According to the information and

explanations given to us and on the basis of our examination of the records of the Company, amounts deducted/ accrued in the books of account in respect of undisputed statutory dues including provident fund, income tax, wealth tax, service tax, value added tax, cess and other material statutory dues have been regularly deposited during the year by the Company with the appropriate authorities. As explained to us, the Company did not have any dues on account of employees' state insurance and excise duty & custom duty According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, income tax, sales tax, wealth tax, service tax, duty of customs, value added tax, cess and other material statutory dues were in arrears as at 31 March 2015 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 material dues of wealth tax, duty of customs and cess which have not been deposited with the appropriate authorities on account of any dispute. However, according to information and explanations given to us, the dues of income tax and service tax have not been deposited by the Company on account of disputes :

Name Nature Amount Period Forum of the of Rs. for which where Statute dues the dispute amount is relates pending

Income Income 29,27,851 05-06 Appellate Tax Tax Tribunal

Service Service 94,657 05-06 Appellate Tax Tax Tribunal

(c) the company is not required to transfer the amount of investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956)

8) The Company does have accumulated losses at the end of the financial year & has incurred cash losses in the financial year and in the immediately preceding financial year.

9) According to the records of the company the company has not borrowed from financial institutions or banks or issued debentures till 31st March, 2015. Hence in our opinion the question of reporting on defaults in repayment of dues to financial institutions or banks or debentures does not arise.

10) In our opinion and according to the information and the explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

11) According to the records of the company the company has not taken any term loans during the year, hence comments under the clause are not called for.

12) Based on the audit procedures performed and informations and explanations given by the management we report that no fraud on or by the company has been noticed or reported during the course of our audit.

For DJNV & CO. Chartered Accountants Firm Regn. No. 115145W

Jayesh Parikh Place : Ahmedabad Partner) Date : 29th May 2015 M. No. 40650

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Mar 31, 2014

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

Management''s Responsibility for the Financial Statements :

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956. This responsibility includes the design, implementation and maintenanceof 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 controls relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion :

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

(a) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2014;

(b) In the case of statement of Profit and Loss, of the 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 knowl- edge 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 and proper returns adequate for the purposes of our audit have been received from branches not visited by us;

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, State- ment of Profit and Loss, and Cash Flow Statement comply with the Accounting Stan- dards 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, 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 clause (g) of sub-section (1) of section 274 of theCompanies Act, 1956:

f. Since the Central Government has not is- sued 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 THE AUDITOR''S REPORT

(1) (a) In our opinion and according to the information and explanation given to us, the company has maintained all the relevant records showing full particulars, including quantitative details and situation of fixed assets.

(b) As explained to us, all the fixed assets have been physically verified by the management during the year. There is a regular program 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.

(b) During the year as the Company has not disposed off the fixed assets, hence clause 1(iii) of the Order is not applicable.

2. (a) According to the information & explanations given to us, the Physical verification of shares has been followed by the management at reasonable intervals.

(b) In our opinion and according to the information and explanation given to us, the procedure of physical verification of stock of Shares followed by the management is reasonable and adequate in relation to the size of the company and the nature of its business.

(c) According to the information and explanation given to us, the company is maintaining proper records of inventory of shares. No material discrepancies were noticed on physical verification.

(3) (a) According to the information and explanation given to us and the records produced to us for our verification, the company has not granted loans to any parties covered in the register maintained under section 301 of the Companies Act, 1956,hence the provisions of clause 4(iii) (a) to (d) of the companies ( Auditor''s Report ) Order, 2003 are not applicable to the company.

(b) According to the information and explanation given to us, the company has not taken unsecured loans from any parties covered in the register maintained under section 301 of the Companies Act, 1956. Hence the provisions of clause 4 (iii) (f) to (g) of the Companies ( Auditors Report) Order, 2003 are not applicable to the Company.

(4) In our opinion and according to the information and explanation given to us, there is adequate internal control system commensurate with the size of the Company and the nature of its business for the purchase of share, and with regard to the sale of shares. During the course of our audit, no major weaknesses have been noticed in the internal controls.

(5) (a) In our opinion and according to the information and explanation given to us, the transactions for the year that needed to be entered into the register maintained under section 301 of the Companies Act, 1956, have so been entered.

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

(6) In our opinion and according to the information and explanation given to us, the company has not accepted any deposits from the public within the meaning of section 58A and 58AA of the Companies Act, 1956 and the rules framed there under.

(7) In our opinion the company has internal audit system commensurate with the size & nature of its business.

(8) To the best of knowledge and according to the information given to us, the Central Government has not prescribed maintenance of cost records under section 209 (1) (d) of the Companies Act, 1956, for any of the products of the Company.

(9) (a) According to the information and explanations given to us and according to the books and records as produced and examined by us, in our opinion, the company is regular in depositing undisputed statutory dues including Provident Fund, Service Tax ,VAT and Income Tax. As informed to us provisions of Employee State Insurance, Wealth Tax, Custom duty are not applicable to the company.

(b) According to information and explanation given to us, details of dues in respect of income tax & service tax were in arrears, on account of dispute is as follows :

Name Nature Amount Period Forum of the of Rs. for which where Statute dues the dispute amount is relates pending

Income Income 29,27,851 A.Y. Appellate Tax Act, Tax 2005-06 Tribunal 1961

Service Service 94,657 A.Y. Appellate Tax Tax 2005-06 Tribunal

(10) In our opinion, the accumulated losses of the company are more than fifty percent of its net worth. The company has incurred cash losses during the financial year ended on 31st March, 2014,covered by our audit,however,the company has not incurred cash loss in immediately preceding financial year.

(11) As the Company has not availed term loan from bank/financial institution, provisions of clause 4(xi) of the Order are not applicable to the Company.

(12) According to the information & explanation given to us, the company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(13) In our opinion, 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.

(14) According to the information & explanations given to us and on the basis of examination of records of the company, proper records have been maintained in respect of the transactions and contracts of shares, securities debentures and other investments and timely entries have been made therein.

(15) According to the information & explanations given to us and on an overall examination we report that the company has not given any guarantee for loans taken by others from banks or financial institutions.

(16) According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that the company has not taken any term loans during the year.

(17) Based on the information and explanations given to us and on an overall examination of the balance sheet and cash flows, the company has not utilized funds raised on a short term basis for long term investment.

(18) According to the information and explanation given to us, the company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956.

(19) The Company has not issued any debentures during the year.

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

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

For, DJNV & CO Chartered Accountants ICAI Reg.No:115145W

Sd/- [JAYESH PARIKH] PLACE : AHMEDABAD PARTNER DATE : 29.05.2014 M. No.: 40650

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Mar 31, 2013

Report on the Financial Statements

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

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956. 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 controls 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 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 and proper returns adequate for the purposes of our audit have been received from branches not visited by us;

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 THE AUDITOR''S REPORT

(1) (a) In our opinion and according to the information and explanation given to us, the company has maintained all the relevant 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 during the year. There is a regular program 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 as the Company has not disposed off the Fixed Assets, hence clause 1(iii) of the Order is not applicable.

(2) (a) According to the information & explanations given to us, the Physical verification of shares has been followed by the management at reasonable intervals.

(b) In our opinion and according to the information and explanation given to us, the procedure of physical verification of stock of Shares followed by the management is reasonable and adequate in relation to the size of the company and the nature of its business.

(c) According to the information and explanation given to us, the company is maintaining proper records of inventory of shares. No material discrepancies were noticed on physical verification.

(3) (a) According to the information and explanation given to us and the records produced to us for our verification, the company has not granted loans to any parties covered in the register maintained under section 301 of the Companies Act, 1956,hence the provisions of clause 4(iii) (a) to (d) of the companies ( Auditor''s Report ) Order, 2003 are not applicable to the company.

(b) According to the information and explanation given to us, the company has not taken interest free unsecured loans from any parties covered in the register maintained under section 301 of the Companies Act, 1956. Hence the provisions of clause 4 (iii) (f) to (g) of the Companies ( Auditors Report) Order, 2003 are not applicable to the Company.

(4) In our opinion and according to the information and explanation given to us, there is adequate internal control system commensurate with the size of the Company and the nature of its business for the purchase of share, and with regard to the sale of shares. During the course of our audit, no major weaknesses have been noticed in the internal controls.

(5) (a) In our opinion and according to the information and explanation given to us, the transactions for the year that needed to be entered into the register maintained under section 301 of the Companies Act, 1956, have so been entered.

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

(6) In our opinion and according to the information and explanation given to us, the company has not accepted any deposits from the public within the meaning of section 58A and 58AA of the Companies Act, 1956 and the rules framed there under.

(7) In our opinion the company has internal audit system commensurate with the size & nature of its business.

(8) To the best of knowledge and according to the information given to us, the Central Government has not prescribed maintenance of cost records under section 209 (1) (d) of the Companies Act, 1956, for any of the products of the Company.

(9) According to the information and explanations given to us and according to the books and records as produced and examined by us, in our opinion, the company is regular in depositing undisputed statutory dues including Provident Fund, Service Tax , Investor education protection fund and Income Tax. As informed to us provisions of Employee State Insurance, Sales Tax, Wealth Tax, Custom duty are not applicable to the company.

(10) In our opinion, the accumulated losses of the company are more than fifty percent of its net worth. The company has not incurred cash losses during the financial year ended on 31st March, 2013, covered by our audit, however, the company has incurred cash loss in immediately preceding financial year.

(11) As the Company has not availed term loan from bank/financial institution, provisions of clause 4(xi) of the Order are not applicable to the Company.

(12) According to the information & explanation given to us, the company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(13) In our opinion, 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.

(14) According to the information & explanations given to us and on the basis of examination of records of the company, proper records have been maintained in respect of the transactions and contracts of shares, securities debentures and other investments and timely entries have been made therein.

(15) According to the information & explanations given to us and on an overall examination we report that the company has not given any guarantee for loans taken by others from banks or financial institutions.

(16) According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that the company has not taken any term loans during the year.

(17) Based on the information and explanations given to us and on an overall examination of the balance sheet and cash flows, the company has not utilized funds raised on a short term basis for long term investment.

(18) According to the information and explanation given to us, the company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956.

(19) The Company has not issued any debentures during the year.

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

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

For, DJNV & CO.

Chartered Accountants

[Firm Reg. No.: 115145W]

Place : Ahmedabad [JAYESH PARIKH]

Date : 28.05.2013 Partner

Membership No.: 40650

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Mar 31, 2012

We have audited the attached Balance Sheet of ANKUSH FINSTOCK LIMITED as at 31st March, 2012 and the Statement of Profit and Loss and also the Cash Flow Statement for the year ended on 31st March 2012 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 the 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 of the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

1. As required by the Companies (Auditor's Report) Order, 2003, as amended by the companies (Auditor's Report) (Amendment) Order, 2004, issued by the Central Government in terms of section 227(4A) of the Companies Act, 1956. We enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.

2. Further to our comments in the Annexure referred to in paragraph (1) above. We report that,

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

(b) In our opinion proper books of accounts as required by law have been kept by the Company as far as appears from our examination of those books;

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

(d) In our opinion the Balance sheet, Profit and Loss account and Cash Flow statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956.

(e) On the basis of written representations received from the directors, as on 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 a Director in terms of clause(g) of sub-section (1) of section 274 of the Companies Act 1956;

(f) In our opinion and to the best of our information and according to the explanations given to us, the said account read together with the significant accounting policies and notes to account give the information required by the Companies Act, 1956, in the manner so required and gives a true & fair view in accordance with the accounting principles generally accepted in India:

(i) In the case of Balance Sheet of the state of affairs of the Company as on 31s March 2012;

(ii) In the case of Profit and Loss Account of the Loss 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.

ANNEXURE TO THE AUDITORS' REPORT

(1) (a) In our opinion and according to the

information and explanation given to us, the company has maintained all the relevant 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 during the year. There is a regular program 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 there is no disposal of the Fixed Assets hence clause 1(iii) of the Order is not applicable.

(2) (a) The Physical verification of shares has been followed by the management at reasonable intervals.

(b) In our opinion and according to the information and explanation given to us, the procedure of physical verification of stock of Shares followed by the management is reasonable and adequate in relation to the size of the company and the nature of it's business.

(c) According to the information and explanation given to us, the company is maintaining proper records of inventory of shares. No material discrepancies were noticed on physical verification.

(3) (a) According to the information and explanation

given to us and the records produced to us for our verification, the company has not granted loans to a company, firm or other parties covered in the register maintained under section 301 of the Companies Act, 1956, hence the provisions of clause 4(iii)

(a) to (d) of the companies (Auditor's Report) Order, 2003 are not applicable to the company.

(b) According to the information and explanation given to us, the company has taken interest free unsecured loans from two parties covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year is Rs. 71.8 lakhs and the year end balance taken from such parties is Rs.81 lakhs.

(c) In our opinion and according to the information and explanations given to us, the loan taken from the company is interest free and repayable on demand.

(d) In respect of the loan taken from the companies the loan is interest free & as the loan taken is on demand, there are no stipulation regarding repayment of principal amount.

(4) In our opinion and according to the information and explanation given to us, there is adequate internal control system commensurate with the size of the Company and the nature of its business for the purchase of share, and with regard to the sale of shares. During the course of our audit, no major weaknesses have been noticed in the internal controls.

(5) (a) In our opinion and according to the

information and explanation given to us. the transactions for the year that needed to be entered into the register maintained under section 301 of the Companies Act, 1956, have so been entered.

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

(6) In our opinion and according to the information and explanation given to us, the company has not accepted any deposits from the public within the meaning of section 58A and 58AA of the Companies Act, 1956 and the rules framed there under.

(7) In our opinion the company has internal audit system commensurate with the size & nature of its business.

(8) To the best of knowledge and according to the information given to us, the Central Government has not prescribed maintenance of cost record under section 209 (1) (d) of the Companies Act, 1956, for any of the products of the Company.

(9) (a) According to the information and

explanations given to us and according to the books and records as produced and examined by us, in our opinion, the company is regular in depositing undisputed statutory dues including Provident Fund, Service Tax, Investor education protection fund and Income Tax As informed to us provisions of Employee State Insurance, Sales Tax, Wealth Tax, Custom duty are not applicable to the company.

(b) According to information and explanation given to us, details of dues in respect of income tax were in arrears, on account of dispute is as follows:

Name of the Nature of Amount Period for which Forum where Statute dues Rs the amount relates dispute is pending

Income Tax Act, 1961 Income Tax 29,27,851 A.Y.2005-06 Appellate Tribunal



(10) In our opinion, the accumulated losses of the company are more than fifty percent of its net worth. The company has incurred cash losses during the financial year ended on 31st March, 2012 covered by our audit and has not incurred cash loss in immediately preceding financial year

(11) As the Company has not availed term loan from bank/financial institution, provisions of clause 4(xi) of the Order are not applicable to the Company.

(12) According to the information & explanation given to us. the company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities

(13) In our opinion, the company is not a chit fund or a nidhi / mutual benefit fund/society. Therefore, the provision of clause 4(xiii) of the companies (Auditor's Report) Order, 2003 are not applicable to the company.

(14) According to the information & explanations given to us and on the basis of examination of records of the company, proper records have been maintained in respect of the transactions and contracts of shares, securities debentures and other investments and timely entries have been made therein.

(15) According to the information & explanations given to us and on an overall examination we report that the company has not given any guarantee for loans taken by others from banks or financial institutions.

(16) According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that the company has not taken any term loans during the year.

(17) Based on the information and explanations given to us and on an overall examination of the balance sheet and cash flows, the company has not utilized funds raised on a short term basis for long term investment.

(18) According to the information and explanation given to us, the company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956.

(19) The Company has not issued any debentures during the year.

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

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



PLACE: AHMEDABAD FOR, DJNV & CO.

DATE : 30.07.2012 CHARTERED ACCOUNTANTS

ICAI REGNO. 115145W

[JAYESH PARIKH]

PARTNER

M. NO.: 040650

---

Mar 31, 2010

We have audited the attached Balance Sheet of ANKUSH FINSTOCK LIMITED as at 31st March, 2010 and also the profit and loss account and the cash flow statement for the year ended on 31st March 2010 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 the 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 of the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

1. As required by the Companies (Auditors Report) Order, 2003, as amended by the companies (Auditors Report) (Amendment) Order, 2004, issued by the Central Government in terms of section 227(4A) of the Companies Act, 1956. We enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.

2. Further to our comments in the Annexure referred to in paragraph (1) 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 booi of accounts are required by law have been kept by the Company as far as appears from our examination of those books;

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

(d) In our opinion the Balance sheet, profit and loss account and cash flow statement dealt with by this report comply with the accounting standards referred to in sub- section (3C) of section 211 of the Companies Act, 1956.

(e) On the basis of written representations received from the directors, as on 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 a Director in terms of clause(g) of sub-section (1) of section 274 of the Companies Act 1956;

(f) In our opinion and to the best of our information and according to the explanations given to us, the said account read together with the significant accounting policies and notes to account give the information required by the Companies Act, 1956, in the manner so required and gives a true & fair view in accordance with the accounting principles generally accepted in India:

(i) In the case of Balance Sheet of the state of affairs of the Company as on 31st March 2010;

(ii) In the case of Profit and Loss Account of the Loss 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.



ANNEXURE TO THE AUDITORS REPORT

(1) (a) In our opinion and according to the information and explanation given to us, the company has maintained all the relevant 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 during the year. There is a regular program of verification which in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

(c) In our opinion and according to the information and explanation given to us the substantial part of the Fixed Assets has not been disposed off by the company during the year.

(2) (a) The Physical verification of shares has been followed by the management at reasonable intervals.

(b) In our opinion and according to the information and explanation given to us, the procedure of physical verification of stock of Shares followed by the management is reasonable and adequate in relation to the size of the company and the nature of the business.

(c) According to the information and explanation given to us, the company is maintaining proper records of inventory of shares. No material discrepancies were noticed on physical verification.

(3) (a) According to the information and explanation given to us and the records produced to us for our verification, the company has not granted loans to a company, firm or other parties covered in the register maintained under section 301 of the Companies Act, 1956,hence the provisions of clause 4(iii) (a) to (d) of the companies ( Auditors Report) Order,2003 are not applicable to the company.

(b) According to the information and explanation given to us, the company has taken interest free unsecured loan from four parties covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year is Rs. 243.10 Lacs and the year end balance taken from such party is Rs. 175.70 Lacs.

(c) In our opinion and according to the information and explanations given to us, the loan taken from the company is interest free and repayable on demand

(d) In respect of the loan taken from the companies the loan is interest free & as the loan taken is on demand, there are no stipulation regarding repayment of principal amount.

(4) In our opinion and according to the information and explanation given to us, there are adequate internal control system commensurate with the size of the Company and the nature of its business for the purchase of share, and with regard to the sale of shares. During the course of our audit, no major weaknesses has been noticed in the internal controls.

(5) (a) In our opinion and according to the information and explanation given to us, the transactions for the year that needed to be entered into the register maintained under section 301 of the Companies Act, 1956, have so been entered.

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

(6) In our opinion and according to the information and explanation given to us, the company not accepted any deposits from the public within the meaning of section 58A and 58AA of the Companies Act, 1956 and the rules framed there under.

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

(8) To the best of knowledge and according to the information given to us, the Central Government has not prescribed maintenance of cost record under section 209 (1) (d) of the Companies Act, 1956, for any of the products of the Company.

(9) (a) According to the information and explanations given to us and according to the books and records as produced and examined by us, in our opinion, the company is regular in depositing undisputed statutory dues including Provident Fund, Investor education protection fund and Income Tax. As informed to us provisions of Employee State Insurance, Sales Tax, Wealth Tax .Service Tax, Custom duty are not applicable to the company.

(b) According to information and explanation given to us, details of dues in respect of income tax were in arrears, on account of dispute is as follows:

Name of the Nature of Amount Period for which Forum where Statute dues Rs the amount relates dispute is pending

Income Tax Act, 1961 Income Tax 2,16,35,865 A.Y.1996-97 Income Tax Appeallate Tribunal

Income Tax Act, 1961 Penalty 1,02,12,690 A.Y.1996-97 Income Tax Appeallate Tribunal

Income Tax Act, 1961 Income Tax 31,27,851 A. Y. 2005-06 CIT Appeal



(10) In our opinion, the accumulated losses of the company are more than fifty percent of its net worth. The company has incurred cash losses during the financial year ended on 31st March, 2010 covered by our audit and has incurred cash loss in immediately preceding financial year.

(11) As the Company has. not availed term loan from bank/financial institution, provisions of clause 4(xi) of the Order are not applicable to the Company.

(12) According to the information & explanation given to us, the company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(13) In our opinion, the company is not a chit fund or a nidhi / mutual benefit fund/society. Therefore, the provision of clause 4(xiii) of the companies (Auditors Report) Order, 2003 are not applicable to the company.

(14) According to the information & explanations given to us and on the basis of examination of records of the company, proper records have been maintained of the transaction and contracts of shares, securities debentures and other investments and timely entries have been made therein.

(15) According to the information & explanations given to us and on an overall examination we report that the company has not given any guarantee for loans taken by others from banks or financial institutions.

(16) According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that the company has not taken any term loans during the year.

(17) Based on the information and explanations given to us and on an overall examination of the balance sheet and cash flows, the company has not utilized funds raised on a short term basis for long term investment and vice versa.

(18) According to the information and explanation given to us, the company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956.

(19) The Company has not issued any debentures during the year.

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

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



PLACE: AHMEDABAD FOR, DJNV & CO.

DATE : 23/06/2010 CHARTERED ACCOUNTANTS

ICAI REG.N0.115145W

[JAYESH PARIKH]

PARTNER

M. NO.: 040650