Auditor Report of Arnav Corporation Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of M/s. ARNAV CORPORATION LIMITED, which comprise the Balance Sheet as at 31st March, 2015 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

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 and presentation of these standalone 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 maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding 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 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.

a) 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 thereunder.

b) 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.

c) An audit involves performing procedures to obtain audit evidence about the amounts and the 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 a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company's Directors, as well as evaluating the overall presentation of the financial statements.

d) 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 :

i. in the case of the Balance Sheet, of the state of affairs of the company as at 31st March, 2015;

ii. in the case of the Statement of 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.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2015 ("the Order") issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure a statement on the matters specified in the paragraph 3 and 4 of the Order, to the extent applicable.

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 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 and the Statement of Profit and Loss dealt with by this Report are in agreement 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 31 March 2015 taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2015 from being appointed as a director in terms of Section 164 (2) of the Act; and

f. In our opinion and to the best of our information and according to the explanations given to us, we report as under with respect to other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014:

g. The Company has disclosed the impact of pending litigations on its financial position in its financial statements, in Point No. 7 and Point No. 11 of the Note No. 15 to the Balance Sheet.

h. The Company did not have any long-term contracts including derivative contracts; as such the question of commenting on any material foreseeable losses thereon does not arise

i. There has not been an occasion in case of the Company during the year under report to transfer any sums to the Investor Education and Protection Fund. The question of delay in transferring such sums does not arise

ANNEXURE 'A' TO THE AUDITOR'S REPORT OF EVENT DATE

I) In respect of fixed assets:

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

b) The fixed assets have been physically verified by the management at reasonable intervals during the year, having regard to the size of the company and the nature of its assets. We are informed that no material discrepancies were noticed by the management on such verification.

II) In respect of Inventories:

c) The physical verification of inventory has been conducted at regular intervals by the management.

d) The procedure of physical verification of inventory followed by the management is reasonable and adequate in relation to the size of the company and the nature of its business.

e) The company has been maintaining proper records of the inventory and no material discrepancies were noticed.

III) In respect of any loans, secured or unsecured granted by the Company to other companies, firms or other parties covered in the register maintained under section 189 of the Companies Act, 2013 :

The company has not granted any loans and advances in the nature of loans to parties covered in the register maintained under section 189 of the Companies Act, 2013.

IV) In respect of Internal Controls:

a) There is an adequate internal control system commensurate with the size of the company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods and services.

b) There is no continuing failure to correct major weakness in the internal control system.

V) In respect of Acceptance of Public Deposits:

The Company has not accepted any deposits from the public covered under Section 73 to 76 of the Companies Act, 2013.

VI) In respect of cost records:

The Company is not required to maintain cost records as prescribed by the Central Government u/s 148(1) of the Companies Act, 2013.

VII) In respect of Payment/ Non-payment of Statutory Dues:

a) The Company is generally regular in depositing undisputed statutory dues including Provident Fund, ESIC, Income-tax, Sales-tax, Wealth Tax, Custom Duty, Excise Duty, Service Tax, Cess and other statutory dues with appropriate authorities when applicable subject to Point No. 7 and 11 of Note No. 15 to the Balance Sheet.

b) There are disputed statutory dues pending to be paid as mentioned in Point No. 11 of the Note No. 15 to the Balance Sheet.

c) No amount was required to be transferred to Investor Education and Protection Fund.

VIII) In respect of Erosion of Net Worth:

a) Since, the company has been registered for a period of more than five years and it does not have any accumulated losses as at the end of the financial year.

b) The company has not incurred the cash losses during the financial year into consideration.

c) However, the company had incurred the cash losses during the financial year immediately preceding the financial year into consideration.

IX) In respect of Default of Dues of Banks / Financial Institutions / Debenture Holders:

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.

X) In respect of Guarantees given for Loans taken by others:

According to the information and explanations given to us, during the year the Company has not given any guarantee for loans taken by others from Banks or Financial Institutions.

XI) In respect of end use of term loan:

According to the records of the company, the company has not obtained any term loans. Hence, comments under the clause are not called for.

XII) In respect of Frauds noticed / reported:

No frauds on or by the Company have been noticed or reported during the year.

For Shiv Pawan & Company

Chartered Accountants

Firm Reg No: 120121W

Sd/-

Partner

Date: 28th May, 2015 (Shivhari B. Garg)

Place: Navi Mumbai (Membership No: 085517)

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Mar 31, 2014

We have audited the accompanying financial statements of M/s. Arnav Corporation Limited, which comprise the Balance Sheet as at 31st March, 2014, 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

The Company''s 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 notified under the Companies Act, 1956 (the Act) read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013 and in accordance with the accounting principles generally accepted in India. 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 judgement, 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 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:

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 of the Company for the year ended on that date; and

iii) In the case of the Cash Flow Statement, of the cash flows of the Company 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 Companies Act, 1956, we give in the Annexure ''A'', the 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, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.

(d) In our opinion, the Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement comply with Accounting Standards notified under the Act read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013.

(e) On the basis of written representations received from the directors as on 31st March, 2014, and taken on record by the Board of Directors, none of the directors are 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 the Companies Act, 1956.

ANNEXURE TO THE AUDITORS'' REPORT OF EVEN DATE (Referred to in paragraph 1 thereof)

i) In respect of fixed assets:

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

b) The fixed assets have been physically verified by the management during the year. We are informed that no material discrepancies were noticed by the management on such verification.

c) The company has not disposed off any of the fixed assets during the year.

ii) In respect of Inventories:

a) The physical verification of inventory has been conducted at regular intervals by the management.

b) The procedure of physical verification of inventory followed by the management is reasonable and adequate in relation to the size of the company and the nature of its business.

c) The company has been maintaining proper records of the inventory and no material discrepancies were noticed.

iii) In respect of loans secured or unsecured, granted or taken by the company, to or from companies, firms or other parties covered in the register maintained under section 301 of the Act according to the information and explanation given to us.

a) The company has not granted loans to companies, firms or other parties covered in the register mentioned in Section 301 of the Act.

b) The company has taken loans from companies, firms or other parties covered in the register mentioned in Section 301 of the Act.

c) The terms and conditions of the loans taken and the rate of interest is not prima facie prejudicial to the interest of the company.

d)According to the information provided to us, the payment of the loans are on call basis.

iv) 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 for the purchase of inventory and fixed assets and for the sale of goods.

v) In respect of transactions that need to be entered in the register maintained in pursuance of Section 301 of the Act in our opinion and according to the explanations given to us:

a) The company has not entered into transactions with parties mentioned in the register maintained in pursuance of Section 301. The company has maintained the necessary records for the same.

vi) In our opinion and according to the information and explanation given to us, the Company has not accepted any deposits covered under section 58A and 58AA of the Act during the year. Hence, the question of compliance with the provisions of Section 58A and 58AA of the Act does not arise.

vii) The Company has an internal audit system commensurate with its size and nature of the business.

viii) The Central Government has not prescribed maintenance of cost records for the Company under section 209(1)(d) of the Act.

ix) According to the information and explanation given to us in respect of statutory and other dues:

a) The Company is generally regular in depositing undisputed statutory dues including Provident Fund, ESIC, Income-tax, Sales-tax, Wealth Tax, Custom Duty, Excise Duty, Service Tax, Cess and other statutory dues with appropriate authorities when applicable subject to Point No. 7 and 11 of Note No. 15 to the Balance Sheet.

b) There are disputed statutory dues pending to be paid as mentioned in Point No. 11 of the Note No. 15 to the Balance Sheet.

x) According to the information and explanation given to us in respect of Loss:

a) Since, the company has been registered for a period of more than five years and it does not have any accumulated losses as at the end of the financial year.

b) The company has incurred the cash losses during the financial year into consideration.

c) The company has not incurred the cash losses during the financial year immediately preceding the financial year into consideration.

xi) The Company has not taken any loan from any bank or financial institution. Hence, the question of default on repayment of dues to any bank or financial institution doesn''t arise. The company has not issued any debentures.

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

xiii) As per information and explanations given to us, the nature of the Company''s activities during the year under review is such that the provisions of any special statute applicable to chit fund are not applicable to the Company.

xiv) As per information and explanations given to us, the Company has not dealt in shares, securities and debentures during the year into consideration..

xv) As per information and explanations given to us, the company has not given any guarantee for loans taken by others from bank or financial institutions.

xvi) As per information and explanations given to us, the company has not obtained any term loans during the year.

xvii) According to the information and explanations given to us, no funds have been raised on short-term basis which were used for long term investment and vice versa.

xviii) As per information and explanations given to us, the Company has made preferential allotment of shares during the year to parties and companies not covered under section 301 of the Act.

xix) No debentures have been issued by the Company during the year.

xx) During the year, the Company has not raised any money by way of public issue.

xxi) According to the information and explanations given to us, no fraud on or by the Company have been noticed or reported during the financial year under review.

For S. H. Garg & Associates Chartered Accountants Sd/- Proprietor (S. H. GARG) Place : Navi Mumbai Mem. No. 085517 Date: 30th May, 2014 Firm No. 103088W

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Mar 31, 2012

We have audited the attached Balance Sheet of M/s. ARNAV CORPORATION LIMITED, MUMBAI, as on 31st March, 2012 and also the Profit and Loss Account of the Company for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

1 We conducted our audit in accordance with auditing standards generally accepted in India. These 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 disclosure in the financial statement. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financing statement presentation. We believe that our audit provides reasonable basis for our opinion.

2 As required by Companies (Auditor's Report) Order 2003, issued by the Central Government in terms of Section 227(4A) of the Companies Act, 1956 we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

3 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 so far as it appears from our examination of the books;

c) The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the above books of accounts;

d) In our opinion, the Profit and Loss Account and Balance Sheet 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 presentation received from directors as on 31st March, 2012 and taken on records by the Boards of Directors, we report that none of the Directors are disqualified as on 31st March, 2012 from being appointed as a director in terms of clause (g) of sub-section (i) ,of section 274 of the Companies Act, 1956 on the accounts for the year ended on 3ist March, 2012.

f) In our opinion and to the best of our information and according to the explanations given to us, the said Balance Sheet and the Profit and Loss 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.

i) insofar as it relates to the Balance Sheet, of the state of affairs of the company 1 as at 31st March, 2012 and

ii) insofar as it relates to the Profit & Loss account, of the Loss of the company for the year ended on that date.

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

ANNEXURE TO THE AUDITOR'S REPORT OF EVEN DATE

( Referred to in paragraph 2 thereof )

i) In respect of fixed assets:

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

b) The fixed assets have been physically verified by the management during the year. We are informed that no material discrepancies were noticed by the management on such verification.

c) The company has disposed off two fixed assets during the year but the sale has not affected any substantial part of fixed assets or the going concern.

ii) In respect of Inventories:

a) The physical verification of inventory has been conducted at regular intervals by the management.

b) The procedure of physical verification of inventory followed by the management is reasonable and adequate in relation to the size of the company and the nature of its business.

c) The company has been maintaining proper records of the inventory and no material discrepancies were noticed.

iii) In respect of loans secured or unsecured, granted or taken by the company, to or from companies, firms or other parties covered in the register maintained under section 301 of the Act according to the information and explanation given to us.

a) The company has not granted/taken loans to/from companies, firms or other parties covered in the register mentioned in Section 301 of the Act.

iv) 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 for the purchase of inventory and fixed assets and for the sale of goods.

v) In respect of transactions that need to be entered in the register maintained in pursuance of Section 301 of the Act in our opinion and according to the explanations given to us:

a) The company has entered into transactions with parties mentioned in the register maintained in pursuance of Section 301. The company has maintained the necessary records for the same.

b) According to the information provided to us, the company;' has entered in the transaction which are reasonable and at prevailing market prices.

vi) In our opinion and according to the information and explanation given to us, the Company has not accepted any deposits covered under section 58A and 58AA of the Act during the year. Hence, the question of compliance with the provisions of Section 58A and 58AA of the Act does not arise.

vii) The Company has an internal audit system commensurate with its size and nature of the business.

viii) The Central Government has not prescribed maintenance of cost records for the Company under section 209(l)(d) of the Act.

ix) According to the information and explanation given to us in respect of statutory and other dues:

a) The Company is generally regular in depositing undisputed statutory dues including Provident Fund, ESIC, Income-tax, Sales-tax, Wealth Tax, Custom Duty, Excise Duty, Service Tax, Cess and other statutory dues with appropriate authorities when applicable subject to point no. 8 of Note No. 17 to the Balance Sheet.

b) There are disputed statutory dues pending to be paid as mentioned in point no. 12 of the Note No. 17 to the Balance Sheet.

x) According to the information and explanation given to us in respect of Loss :

a) Since, the company has been registered for a period of more than five years and it has the accumulated profit of' 1,41,917/- at the end of the financial year.

b) The company has incurred the cash losses of ' 14,56,383/- during the financial year into consideration.

c) The company has incurred the cash losses of' 27,61,794/- during the financial year immediately preceding the financial year into consideration.

xi) The Company has not taken any loan from any bank or financial institution. Hence, the question of default on repayment of dues to any bank or financial institution doesn't arise. The company has not issued any debentures.

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

xiii) As per information and explanations given to us, the nature of the Company's activities during the year under review is such that the provisions of any special statute applicable to chit fund are not applicable to the Company.

xiv) As per information and explanations given to us, the Company has not dealt in shares. However, It has invested " 1,50,00,000/- in Arnav Capital Limited and ' 50,16,000/- in sha,re application money of Status Equity & Finance Pvt. Ltd. However, the Company has not dealt in debentures and other securities.

xv) As per information and explanations given to us, the company has not given any guarantee for loans taken by others from bank or financial institutions.

xvi) As per information and explanations given to us, the company has not obtained any term loans during the year.

xvii) According to the information and explanations given to us, no funds has been raised on short-term basis which were used for long term investment and vice versa.

xviii The Company has not made any preferential allotment of shares during the year to parties and companies covered in the Register maintained under section 301 of the Act.

xix) No debentures have been issued by the Company during the year.

xx) During the year, the Company has not raised any money by way of public issue.

xxi) According to the information and explanations given to us, no fraud on or by the Company have been noticed or reported during the financial year under review.

For S. H. GARG & ASSOCIATES

Chartered Accountants

sd-

Proprietor

(S. H. GARG)

Mem. No. 085517

Firm No. 103088W

Place : Navi Mumbai

Date : 30th May, 2012

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Mar 31, 2010

ANNEXURE TO THE AUDITORS REPORT OF EVEN DATE ( Referred to in paragraph 2 thereof )

i) In respect of fixed assets:

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

b) The fixed assets have been physically verified by the management during the year. We are informed that no material discrepancies were noticed by the management on such verification.

c) The company has not disposed off any fixed assets during the year. Hence, the question of sale of substantial part of fixed assets affecting going concern does not arise.

ii) In respect of Inventories:

a) The physical verification of inventory has been conducted at regular intervals by the management.

b) The procedure of physical verification of inventory followed by the management is reasonable and adequate in relation to the size of the company and the nature of its business.

c) The company has been maintaining proper records of the inventory and no material discrepancies were noticed.

iii) In respect of loans secured or unsecured, granted or taken by the company, to or from companies, firms or other parties covered in the register maintained under section 301 of the Act according to the information and explanation given to us.

a) The company has granted/taken loans to/from companies, firms or other parties covered in the register mentioned in Section 301 of the Act subject to point no. 8 of Schedule M to the Balance Sheet.

b) The company has not paid/charged interest on loans taken/granted. Hence, in our opinion, the terms and conditions of the loans taken/granted and the rate of interest are prima facie prejudicial to the interest of the company.

c) According to the information provided to us, there is no re-payment schedule for the loans given.

d) According to the information provided to us, in cases where the amounts involved are more than Rs. 1 lac, there is no fixed term for re-payment.

iv) 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 for the purchase of inventory and fixed assets and for the sale of goods.

v) In respect of transactions that need to be entered in the register maintained In pursuance of Section 301 of the Act in our opinion and according to the explanations given to us:

a) The company has entered into transactions with parties mentioned in the register maintained in pursuance of Section 301. The company has maintained the necessary records for the same.

b) According to the information provided to us, the company has entered in the transaction which are reasonable and at prevailing market prices.

vi) In our opinion and according to the information and explanation given to us, the Company has not accepted any deposits covered under section 58A and 58AA of the Act during the year. Hence, the question of compliance with the provisions of Section 58A and 58AA of the Act does not arise.

vii) The Company has an internal audit system commensurate with its size and nature of the business.

viii) The Central Government has not prescribed maintenance of cost records for the Company under section 209(l)(d) of the Act.

ix) According to the information and explanation given to us in respect of statutory and other dues:

a) The Company is generally regular in depositing undisputed statutory dues including Provident Fund, ESIC, Income-tax, Sales-tax, Wealth Tax, Custom Duty, Excise Duty, Service Tax, Cess and other statutory dues with appropriate authorities when applicable subject to point no. 7 of Schedule M to the Balance Sheet.

b) There are no disputed statutory dues.

x) According to the information and explanation given to us in respect of Loss :

a) Since, the company has been registered for a period of more than five years and it has no accumulated losses at the end of the financial year.

b) The company has not incurred any cash losses during the financial year into consideration.

c) The company has not incurred the cash losses during the financial year immediately preceding the financial year into consideration.

xi) The Company has not taken any loan from any bank or financial institution. Hence, the question of default on repayment of dues to any bank or financial institution doesnt arise. The company has not issued any debentures.

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

xiii) As per information and explanations given to us, the nature of the Companys activities during the year under review is such that the provisions of any special statute applicable to chit fund are not applicable to the Company.

xiv) As per information and explanations given to us, the Company has dealt in shares. It has invested Rs. 9,00,000/- in 90,000 unquoted equity shares fully paid up and Rs. 64,00,000/- in share application money of Arnav Green Energy Limited. However, the Company has not dealt in debentures and other securities.

xv) As per information and explanations given to us, the company has not given any guarantee for loans taken by others from bank or financial institutions.

xvi) As per information and explanations given to us, the company has not obtained any term loans during the year.

xvii) According to the information and explanations given to us, no funds has been raised on short-term basis which were used for long term investment and vice versa.

xviii) The Company has not made any preferential allotment of shares during the year to parties and companies covered in the Register maintained under section 301 of the Act.

xix) No debentures have been issued by the Company during the year.

xx) During the year, the Company has not raised any money by way of public issue.

xxi) According to the information and explanations given to us, no fraud on or by the Company have been noticed or reported during the financial year under review.

For S. H. GARG & ASSOCIATES Chartered Accountants

Proprietor

(S. H. GARG)

Place : Navi Mumbai Date : 16th June, 2010