Auditor Report of Brawn Biotech Ltd.

Mar 31, 2015

We have audited the accompanying standalone financial statements of Brawn Biotech Limited.Formerly Known as Brawn Pharmaceuticals 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 Standalone Financial Statements

The Company's Board of Directors is responsible for the matters in section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these stand alone 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 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 standalone 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 thereunder.

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 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. An audit also includes evaluating the appropriateness of the 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 standalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone 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, of the state of affairs of the Company as at 31sl march 2015, and its Profit & Loss and its 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. Asrequiredbysection143(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, 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 aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Acaounts) Rules, 2014.

e) On the basis of 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.

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

i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements - Refer Note 15 to the financial statements.

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

iii. There has been no amount required to be transferred, to the Investor Education and Protection Fund by the Company.

Annexure to the Auditors Report Annexure a statement on the matters specified in the paragraph 3 and 4 of the Order, to the extent applicable.

(I (a) The company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets;

(b) These fixed assets have been physically verified by the management at reasonable intervals and no material discrepancies were noticed on such verification.

(ii) (a) The company is maintaining proper records of the inventory. Physical verification of inventory has been conducted at reasonable intervals by the management; no material discrepancies were noticed on such verification

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

(iii) The company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 189 of the Companies Act.

(iv) 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.

(v) The company has not accepted any deposits from the public.

(vi) The maintenance of cost records as specified by the Central Government under sub-section (1) of section 148 of the Companies Act is not applicable to the company;

(vii) (a) According to the information and explanations given to us and on the basis of our examinations of the records of the company, amounts deducted / accrued in the books of accounts in respect of undisputed statutory dues including provident fund, income tax, sales tax, wealth tax, service tax, duty of customs, 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 duty of excise.

(b) 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 become payable.

(c) According to the information and explanations given to us no amount was required to be transferred to investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules made thereunder.

(viii) The company has been registered for a period not less than five years, there is no accumulated losses at the end of the financial year and it has not incurred cash losses in current financial year and in the immediately preceding financial year.

(ix) The company has not defaulted in repayment of dues to a financial institution or bank or debenture holders.

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

(xi) According to the information and explanations given to us, the Term loans were applied for the purpose for which the loans were obtained.

(xii) According to the information and explanations given to us,No fraud on or by the company has been noticed or reported during the year.

For Satinder Saini & Co (Satinder Kumar Saini)

Place: New Delhi Chartered Accountants Proprietor

Date : 29.05.2015 Registration No. 008834N M. No. 87357

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Mar 31, 2014

We have audited the accompanying financial statements of Mis Brawn Biotech Limited (Formerly Known as Brawn Pharmaceuticals 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 ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statement

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 consider 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 explanation given to us, the financial statements given the information required by the act in the manner so required and give a true and fair view in conformity with the accounting principles generally.accepted in India:

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

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

(c) In the case of Cash Flow Statement, ofthe 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 theAnnexure a statement on the matters specified in paragraphs 4 and 5 ofthe Order.

2) Further to our comments in the Annexure to above and subject to Note No. 14(5) and 15(1), we report that;

a) We have obtained all the information and explanations which to the best of our knowledge and belief were necessaryforthepurposeofouraudit;

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 notvisited 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 and with the returns received from branches not visited by us;

d) In our opinion, the Balance Sheet, Statement of Profit & Loss, and Cash Flow Statement comply with the Accounting Standard referred to in sub-section (3C) of section 211 ofthe Companies Act, 1956;

e) On the basis of written representation received from the Directors as on March 31,2014 and taken on record by the Board of Director, none ofthe Director 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 ofthe Companies Act, 1956.

Annexure referred to in paragraph [4] of our report of even date

(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets on the basis of the information made available.

(ii) (a) As explained to us, inventories have been physically verified by the management in accordance with perpetual inventory program at regular intervals during the year which in our opinion is reasonable.

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

(c) The company has maintained proper record of inventory. As explained to us the discrepancies noticed on verification between the physical stock and the book records were not material.

(iii) (a) As informed to us, the Company has not taken/granted loans, secured or unsecured to/from companies, firms or other parties covered in the register maintained under Section 301 of the Company''s Act, 1956. Consequently the requirements of clauses (iii) (f) and (iii) (g) of paragraph 4 of the order are not applicable.

(iv) In our opinion and according to the information and explanations given to us, there is an adequate internal control procedure commensurate with the size of the Company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal controls.

(v) (a) According to the information and explanations given to us there is no contract or arrangement referred to in Section 301 of the Act, which are required to be entered in the registermaintained under the said Section.

(b) Accordingly, the provision of the clause v (b) of the Companies (Auditor''s Report) Order, 2003 is not applicable to the company.

(vi) According to the information and explanation given to us the company has not accepted any deposits from the public during the year. Therefore the provisions of clause (vi) of paragraph 4 of the order are not applicable to the company.

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

(viii) To the best of our knowledge and as explained, the Central Government has not prescribed the maintenance of cost records under clause (d) of sub section (1) of Section 209 of the CompaniesAct, 1956 for the products of the Company.

(ix) According to the company records, the company is regular in depositing with appropriate authorities undisputed statutory dues including, Income Tax, Sales Tax, Service Tax, Wealth Tax, Custom Duty, Excise Duty, Cess & other material statutory dues applicable to it. There is no outstanding with respect to undisputed dues as of the last of the financial year concerned for a period of more than six months from the date they became payable.

(x) The company has accumulated losses at the end of the financial year aggregating to Rs. 44.01 Lac. The company has not incurred cash losses during the financial year covered by the audit and in the immediately preceding financial year.

(xi) Based on our audit procedures and according to the explanation given to us, we are of the opinion that the company has not defaulted in repayment of dues to financial institutions, banks. The company has not issued any debentures.

(xii) According to the information and explanations given to us, and based on the documents and records produced 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.

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

(xiv) The company does not deal or trade in shares, securities, debentures and other investments.

(xv) Based on the information and explanations given to us by management, the company has not given the guarantees for loans by others from the banks & financial institutions.

(xvi) The company has not raised any term loan during the year.

(xvii) According to the information and explanations given to us, and on overall examination of the balance sheet of the Company, we report that no funds raised on short-term basis have been used for long- term investment by the Company.

(xviii) The Company has not made any preferential allotment of shares to parties or companies covered in the register maintained undersection 301 of the Companies Act, 1956.

(xix) TheCompany has not issued any secured debentures.

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

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

For Satinder Saini & Co (S.K. Saini) Place: New Delhi Chartered Accountants Proprietor Date; 30.05.2014 Registration No. 008834N M. No. 87357

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Mar 31, 2013

1. We have audited the attached Balance Sheet of M/s Brawn Biotech Limited {Formerly Known as Brawn Pharmaceuticals Limited) as at March 31, 2013 and also the Profit and Loss account and the cash flow statement for the year ended on that date, annexed thereto. These financial statements are the responsibility of the Company''s management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

3. As required by the Companies (Auditor''s Report) Order, 2003 issued by the Central Government of India in terms of Sub-Section (4A) of Section 227 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.

4. Further to our comments in the Annexure referred to above and subject to Note No. 14(1), 14(5) and 15(1), we report that:

i. 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.

ii. 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;

iii. The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account;

iv. In our opinion, the Balance Sheet and 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.

v. On the basis of the written representations received from the Directors, as on March 31, 2013 and taken on record by the Board of Directors, we report that 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.

vi. In our opinion and to the best of our information and according to the explanations given to us, the said accounts read with notes give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India;

a) in the case of the Balance Sheet, of the state of affairs of Company as at March 31,2013,

b) in the case of the Profit and Loss Account, of the profit earned for the year ended on that date; and

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

Annexure referred to in paragraph [4] of our report of even date

(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets on the basis of the information made available,

(ii) (a) As explained to us, inventories have been physically verified by the management in accordance with perpetual inventory program at regular intervals during the year which in our opinion is reasonable.

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

(c) The company has maintained proper record of inventory. As explained to us the discrepancies noticed on verification between the physical stock and the book records were not material.

(iii) (a) As informed to us, the Company has not taken/granted loans, secured or unsecured to/from companies, firms or other parties covered in the register maintained under Section 301 of the Company''s Act, 1956. Consequently the requirements of clauses (iii) (f) and (iii) (g) of paragraph 4 of the order are not applicable:

(iv) In our opinion and according to the information and explanations given to us, there is an adequate internal control procedure commensurate with the size of the Company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal controls.

(v) (a) According to the information and explanations given to us there is no contract or arrangement referred to in Section 301 of the Act, which are required to be entered in the register maintained under the said Section.

(b) Accordingly, the provision of the clause v (b) of the Companies (Auditor''s Report) Order, 2003 is not applicable to the company.

(vi) According to the information and explanation given to us the company has not accepted any deposits from the public during the year. Therefore the provisions of clause (vi) of paragraph 4 of the order are not applicable to the company.

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

{viii) To the best of our knowledge and as explained, the Central Government has not prescribed the maintenance of cost records under clause (d) of sub section (1)of Section 209 of the Companies Act, 1956 for the products of the Company.

(ix) According to the company records, the company is regular in depositing with appropriate authorities undisputed statutory dues including, Income Tax, Sales Tax, Service Tax, Wealth Tax, Custom Duty, Excise Duty, Cess & other material statutory dues applicable to it. There is no outstanding with respect to undisputed dues as of the last of the financial year concerned for a period of more than six months from the date they became payable.

{x) The company has accumulated losses at the end of the financial year aggregating to Rs. 58.48Lac. The company has not incurred cash losses during the financial year covered by the audit and in the immediately preceding financial year.

(xi) Based on our audit procedures and according to the explanation given to us, we are of the opinion that the company has not defaulted in repayment of dues to financial institutions, banks. The company has not issued any debentures.

(xii) According to the information and explanations given to us, and based on the documents and records produced 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.

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

(xiv) The company does not deal or trade in shares, securities, debentures and other investments,

(xv) Based on the information and explanations given to us by management, the company has not given the guarantees for loans by others from the banks & financial institutions.

(xvi) The company has not raised any term loan during the year.

(xvii) According to the information and explanations given to us, and on overall examination of the balance sheet of the Company, we report that no funds raised on short-term basis have been used for long-term investment by the Company.

(xviii) The Company has not made any preferential allotment of shares to parties or companies covered in the register maintained under section 301 of the Companies Act, 1956.

(xix) The Company has not issued any secured debentures.

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

Based upon the audit procedures performed and information and explanations given by the management, we report that no fraud on or by the Company has been noticed or reported during year.

For Satinder Saini & Co

Chartered Accountants

Registration No. 008834N

(S.K.Saini)

Place : New Delhi Proprietor

Date : 30.05.2013 M.No. 87357

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Mar 31, 2010

1. We have audited the attached Balance Sheet of M/s Brawn Pharmaceuticals Limited as at March 31, 2010 and also the Profit and Loss account and the cash flow statement for the year ended on that date, annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

3. As required by the Companies (Auditors Report) Order, 2003 issued by the Central Government of India in terms of Sub-Section (4A) of Section 227 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.

4. Further to our comments in the Annexure referred to above and subject to Note No. 2(E) of Schedule 13, we report that:

i. 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.

ii. 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;

iii. The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account;

iv. In our opinion, the Balance Sheet and 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.

v. On the basis of the 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.

vi. In our opinion and to the best of our information and according to the explanations given to us, the said accounts read with notes give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India;

a) in the case of the Balance Sheet, of the state of affairs of Company as at March 31, 2010;

b) in the case of the Profit and Loss Account, of the profit earned for the year ended on that date; and

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

Annexure referred to in paragraph [4] of our report of even date

(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets on the basis of the information made available.

(ii) (a) As explained to us, inventories have been physically verified by the management in accordance with perpetual inventory program at regular intervals during the year which in our opinion is reasonable.

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

(c) The company has maintained proper record of inventory. As explained to us the discrepancies noticed on verification between the physical stock and the book records were not material.

(iii) (a) As informed to us, the Company has not taken/granted loans, secured or unsecured to/from companies, firms or other parties covered in the register maintained under Section 301 of the Companys Act, 1956. Consequently the requirements of clauses (iii) (f) and (iii) (g) of paragraph 4 of the order are not applicable.

(iv) In our opinion and according to the information and explanations given to us, there is an adequate internal control procedure commensurate with the size of the Company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal controls.

(v) (a) According to the information and explanations given to us there is no contract or arrangement referred to in Section 301 of the Act, which are required to be entered in the register maintained under the said Section.

(b) Accordingly, the provision of the clause v (b) of the Companies (Auditors Report) Order, 2003 is not applicable to the company.

(vi) According to the information and explanation given to us the company has not accepted any deposits from the public during the year. Therefore the provisions of clause (vi) of paragraph 4 of the order are not applicable to the company.

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

(viii) To the best of our knowledge and as explained, the Central Government has not prescribed the maintenance of cost records under clause (d) of sub section (1) of Section 209 of the Companies Act, 1956 for the products of the Company.

(ix) According to the company records, the company is regular in depositing with appropriate authorities undisputed statutory dues including, Income Tax, Sales Tax, Service Tax, Wealth Tax, Custom Duty, Excise Duty, Cess & other material statutory dues applicable to it. There is no outstanding with respect to undisputed dues as of the last of the financial year concerned for a period of more than six months from the date they became payable.

(x) The company has accumulated losses at the end of the financial year aggregating to Rs.163.91 Lacs.

The company has not incurred cash losses during the financial year covered by the audit and in the immediately preceding financial year.

(xi) Based on our audit procedures and according to the explanation given to us, we are of the opinion that the company has not defaulted in repayment of dues to financial institutions, banks. The company has not issued any debentures.

(xii) According to the information and explanations given to us, and based on the documents and records produced 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.

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

(xiv) The company does not deal or trade in shares, securities, debentures and other investments.

(xv) Based on the information and explanations given to us by management, the company has not given the guarantees for loans by others from the banks & financial institutions.

(xvi) The company has not raised any term loan during the year.

(xvii) According to the information and explanations given to us, and on overall examination of the balance sheet of the Company, we report that no funds raised on short-term basis have been used for long-term investment by the Company.

(xviii) The Company has not made any preferential allotment of shares to parties or companies covered in the register maintained under section 301 of the Companies Act, 1956.

(xix) The Company has not issued any secured debentures.

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

Based upon the audit procedures performed and information and explanations given by the management, we report that no fraud on or by the Company has been noticed or reported during year.



For Satinder Saini & Co

Chartered Accountants

Registration No. 008834N

Sd/-

(S.K.Saini)

Place : New Delhi Proprietor

Date :28.08.2010 M.No. 87357