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Auditor Report of Ardi Investment & Trading Company Ltd.

Mar 31, 2012

We have audited the attached Balance Sheet of ''ARDI INVESTMENT AND TRADING CO. LTD.'' as at 31st March, 2012 and also the Profit & Loss Account 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.

1. 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.

2. As required by the Companies (Auditor''s Report) Order, 2003, as amended by the Companies (Auditor''s Report) (Amendment) Order 2004 (the ''Order) issued by the Central Government of India in terms of Section 227 (4A) of ''The Companies Act, 1956'' of India (the ''Act'') 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.

3. 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, so far as appears from our examination of those books;

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

d) In our opinion, the Balance Sheet and the Profit & Loss Account dealt withh by this report comply with the accounting standards referred to in sub-section 3(C) of Section 211 of the Companies Act, 1956.

e) On the basis of the written representations received from the directors, as on 31st March 2012 and taken on record by the Board of Directors, we report that none of the directors os disqualified as on 31st March 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 accounts 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:

i. In the case of the Balance Sheet, of the state of affairs of the Company as a, 31-st March, 2012; and

i. In the case of the Profit and Loss Account, of the profit for the year ended on that date.

iii. In the case of the Cash Flow Statement, of the Cash How for the year ended on that date.

Annexure referred to in paragraph 3 of our report of even date to the members of ''ARDI INVESTMENT AND TRADING CO. LTD/ on the financial statements for the year ended on 31st March, 2012.

(i) The company does not own any Fixed Assets.

(ii) There was no Inventory in the company during the year.

(iii) The Company has not granted nor taken any loan secured or unsecured to companies, firms or other parties covered in register maintained under section 301, of the act.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and he nature of its business, During the course of our audit, no major weaknesses have been noticed in the internal controls.

(v) (a) According to the information and explanations given to us, we are nf the opinion that no transactions have been entered into by the company that requires entry into register maintained under section 301 if the Companies act, 1956.

(b) In our opinion and according to the information and explanations given to us, no '' transactions exceeding the value of rupees five lacs in respect of any party been made in pursuance of contracts or arrangements entered in the register maintained u/s 301 of the Companies act, 1956.

(vi) The company has not accepted deposits from the public, within the meaning of sections 58A and 58AA of the Act and the rules framed there under.

(vii) In our opinion, The company has does not have internal audit system, commensurate with the size and nature of its business.

(viii) The Central Government has not prescribed maintenance of cost records U/S 209(l)(d) of the Companies Act, 1956.

(ix). A. According to the information and explanations given to us and the records of the company examined by us, in our opinion, the company is generally regular in depositing undisputed statutory dues with the appropriate authorities.

B. According to the information and explanations given to us, no undisputed arrears of statutory dues were outstanding as at 31st March 2012 for a period of more than six months from the date when they became payable.

C. According to the information given to us, there are no dues of sale tax, income tax, custom duty, wealth tax, excise duty and cess which have not been deposited on account of any dispute.

(x) The company has made net profit during the year. The Company has not incurred cash losses during the financial covered by our audit.

(xi) In our opinions and information and explanations given to us, the company has not defaulted in repayment of dues to any financial institutions or bank or debenture holders as on the date of balance sheet.

(xii) In our opinions and information and explanations given t o us, the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) In our opinion, the company is neither a Chit Fund nor a Nidhi/Mutual Benefit Fund/society. Therefore, the provisions of clause 4 (xiii) of the Companies (Auditor''s Report Order, 2003 are not applicable to the company.

(xiv) The company has not green any guarantee for loans taken by others from bank or financial institutions.

(xv) The company has neither received or applied any term loan during the financial year.

(xvi) In our opinion, the term ,loans have been aphid for the purpose for reduce they were raised.

(xvii) The company has not made preferential abutments of shares to parties covered in the Register maintained under Section 301 of the Act

(xviii) The company has not issued any debentures during the year.

(xix) The company has not raised any fund during Financial year by way of public issue.

(xx) In our opinion and 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 audit.

For Ramanand & Associates

Chartered Accountants

Ramanand G. Gupta

Partner

Membership No.: 103975

Place: Mumbai

Date : 01st September 2012


Mar 31, 2011

We have audited the attached Balance Sheet of *ARDI INVESTMENT AND TRADING CO. LTD.'' as at 31st March, 2011 and also the Profit & Loss Account 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.

1. 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.

2. As required by the Companies (Auditor''s Report) Order, 2003, as amended by the Companies (Auditor''s Report] (Amendment] Order 2004 (the ''Order] issued by the Central Government of India in terms of Section 227 [4A] of ''The Companies Act, 1956'' of India (the ''Act''] 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.

3. 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, so far as appears from our examination of those books;

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

d] In our opinion, the Balance Sheet and the Profit & Loss Account dealt with by this report comply with the accounting standards referred to in sub-section 3(C) of Section 211 of the Companies Act, 1956.

e] On the basis of the written representations received from the directors, as on 31st March 2011 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March 2011 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 accounts 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 :

i. In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2011; and

ii. In the case of the Profit & Loss Account, of the profit for the year ended on that date.

iii. In the case of the Cash Flow Statement of the Cash Flows for the year ended on that date.

Annexure referred to in paragraph 3 of our report of even date to the members of ''ARDI INVESTMENT AND TRADING CO. LTD.'' on the financial statements for the year ended on 31st March, 2011.

(i) The company does not own any Fixed Assets.

(ii] There was no Inventory in the company during the year.

(in) The Company has not granted nor taken any loan secured or unsecured to companies, firms or other parties covered in register maintained under section 301, of the act.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business, for purchase of inventory and fixed assets and for the sale of goods. During the course of our audit, no major weaknesses have been noticed in the internal controls.

(v) (a) According to the information and explanations given to us, we are of the opinion that no transactions have been entered into by the company that requires entry into register maintained under section 301 if the Companies act, 1956.

(b) In our opinion and according to the information and explanations given to us, no transactions exceeding the value of rupees five lacs in respect of any party have been made in pursuance of contracts or arrangements entered in the register maintained u/s 301 of the Companies act, 1956.

(vi) The company has not accepted deposits from the public, within the meaning of sections 58A and 58AA of the Act and the rules framed there under.

(vii) In our opinion, The company does not have an internal audit system, commensurate with the size and nature of its business.

(viii] The Central Government has not prescribed maintenance of cost records U/S 209(l](d)of the Companies Act, 1956.

(ix)'' A. According to the information and explanations given to us and the records of the company examined by us, in our opinion, the company is generally regular in depositing undisputed statutory dues with the appropriate authorities.

B. According to the information and explanations given to us, no undisputed arrears of statutory dues were outstanding as at 31st March 2011 for a period of more than six months from the date when they became payable.

C. According to the information given to us, there are no dues of sale tax, income tax, custom duty, wealth tax, excise duty and cess which have not been deposited on account of any dispute.

(x) The accumulated losses of company is more than 50% of the networth. The Company has incurred cash losses during the financial covered by our audit and immediately preceding year.

(xi) In our opinions and information and explanations given to us, the company has not defaulted in repayment of dues to any financial institutions or bank or debenture holders as on the date of balance sheet.

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

(xiii) In our opinion, the company is neither a Chit Fund nor a Nidhi/ Mutual Benefit Fund/ society. Therefore, the provisions of clause 4 [xiii] of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

(xiv) The company has not given any guarantee for loans taken by others from bank or financial institutions.

(xv) The company has neither received or applied any term loan during the financial year.

(xvi) In our opinion, the term loans have been applied for the purpose for which they were raised.

(xvii) The company has not made preferential allotment of shares to parties covered in the Register maintained under Section 301 of the Act.

(xvii) The company has not issued any debentures during the year.

(xix) The company has not raised any fund during Financial year by way of public issue.

(xx) In our opinion and 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 audit.

For Ramanand & Associates

Chartered Accountant

Ramanand G. Gupta

Partner

Membership No.: 103975

Place: Mumbai

Date :01st September, 2011

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