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Auditor Report of CIL Securities Ltd.

Mar 31, 2015

Report on the Financial Statements

We have audited the accompanying financial statements of CIL Securities Limited (the Company'), which comprise the Balance sheet as at March 31, 2015, and the Statement of Profit and Loss and 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 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 provisions of the act for safeguarding the assets of the Company and for preventing and detecting the frauds and other irregularities; selection and application of appropriate accounting policies; making judgement and estimates that are reasonable and prudent; and design, implementation and maintenance of internal financial control, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors 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 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 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, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. 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 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 March 31, 2015;

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

(c) In the case of the Cash Flow Statement, of the cash flows of the Company for the year ended on that date.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. 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 purpose of our audit;

b. In our opinion, proper books of account as required by law have been kept by the Company so far as appears from our examination of those books.

c. The Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account.

d. In our opinion, the Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement comply with Accounting Standards referred to in Section 133 of the Companies Act, 2013 read with rule 7 of the Companies (Accounts) Rules, 2014.

e. On the basis of the written representations received from the directors as on March 31, 2015, taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2015, from being appointed as a director in terms of Sub Section (2) of section 164 of the Companies Act, 2013.

f . With respect to the other matters included in the Auditor's Report and to our best of our information and according to the explanations given to us :

1. The Company has disclosed the impact of pending litigations on its financial position in its financial statements.

2. The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long term contracts including derivative contracts.

3. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company

The Annexure referred to in our report for the year Ended on 31ST March, 2015. We report that

1. a) The Company has maintained Proper records showing full particulars including quantitative details of Fixed Assets.

b) All the Fixed Assets have been physically verified by the Management at reasonable intervals. In our opinion, the frequency of verification is reasonable. To the best of our knowledge, no material discrepancies have been noticed on verification.

2. a) The Stock of Shares & Securities has been verified by the management at reasonable intervals (Both Physically and held in Demat Account).

b) In our opinion, and according to the information given to us, the procedure for verification (Both Physically and held in Demat Account) of Stock of Shares & Securities followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

c) In our opinion the Company is maintaining proper records of Stock of Shares & Securities and no material discrepancies were noticed on physical verification.

3. The Company has not granted any loans, secured or unsecured to companies, firms or other parities covered in the register maintained u/s 189 of the Act.

4. In our opinion and according to the information given to us, there are adequate Internal Control procedures commensurate with the size of the Company and nature of its business with regard to purchase of equipment and other assets.

5. The Company has not accepted deposits from public and hence directives issued bythe Reserve Bank of India and the provisions of Section 73 to 76 of the Companies Act, 2013 and rules framed there under are not applicable for the year under audit.

6. The Central Government has not prescribed the maintenance of cost records under Section 148 of the Act for any of its product

7. a) According to the records of the Company, the Company has been regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Employees State Insurance, Investor Protection Fund, Income Tax, and other statutory dues and according to information and the explanations given to us, no statutory dues were outstanding as at 31.03.2015 for a period of more than six months from the date they became payable.

b) According to information and the explanations given to us, there are no such statutory dues, which have not been deposited on account of any disputes.

c) According to the records of the Company the amount 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 there under has been transferred to such fund within time.

8. The Company neither has accumulated losses nor has it incurred any cash losses during the current financial year and the immediately preceding financial year

9. Based on our Audit procedures and the information and explanations given by management, we are of the opinion that the Company has not defaulted in repayment of dues ,if any, to any Financial Institutions or Banks.

10. The Company has not given any guarantee for loans taken by others from bank or financial institutions.

11. Based on our Audit procedures and the information and explanations given by management, we are of the opinion that the term loans were applied for the purpose for which the loans were obtained

12. According to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year.

Place: Hyderabad For Ramkishore Jhawar & Associates

Date: 16/05/2015 Chartered Accountants

CA Ramkishore Jhawar

M No: 27970 Firm No: 003016S


Mar 31, 2014

1. We have audited the attached Balance Sheet of CIL SECURITIES LIMITED as at 31st March, 2014, the Statement of Profit and Loss Account and also the Cash Flow Statement for the year ended as 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 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 in 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.

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 in paragraph 3 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 purpose of our Audit.

b) In our opinion, the Company as required by Law has kept proper books of Accounts so far as it appears from the examination of such books.

c) The Balance Sheet and Profit & Loss Account dealt with by this report are in agreement with the books of account.

d) In our opinion, the Balance Sheet and Profit & Loss Account and Cash Flow statement comply with the accounting standards referred to in Section 211(3C) of the Companies Act, 1956

5. On the basis of written representations received from the Directors as on 31.03.2014 and taken on record by the Board of Directors, we report that none of the Directors of the Company are disqualified from being appointed as Directors of the Company under clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956 as on 31.03.2014.

6. In our opinion and to the best of our information and according to the explanations given to us, the said Accounts together with the notes thereon give the information required under 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 Balance Sheet, of the state of affairs of the Company as at 31st March, 2014.

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

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

ANNEXURE TO THE AUDITORS'' REPORT

Referred to in Paragraph (3) of our Report of even date.

I) a) The Company has maintained Proper records showing full particulars including quantitative details of Fixed Assets.

b) All the Fixed Assets have been physically verified by the Management at reasonable intervals. In our opinion, the frequency of verification is reasonable. To the best of our knowledge, no material discrepancies have been noticed on verification.

c) As per the information and explanations given to us, during the year, the Company has not disposed off any substantial Fixed Assets that would affect the going concern.

II) The Stock of Shares & Securities has been physically verified by the management at reasonable intervals. In our opinion, and according to the information given to us, the procedure for physical verification of Stock of Shares & Securities followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business. In our opinion the Company is maintaining proper records of Stock of Shares & Securities and no material discrepancies were noticed on physical verification.

III) a) The Company has not granted or taken loans, secured or unsecured to / from companies, firms or other parities covered in the register maintained u/s 301 of the Act.

b) As the Company has not granted or taken any loans, secured or unsecured, to companies, firms or other parties covered in the Register maintained under Section 301 of the Act, clauses (iii)(b) to (iii)(d) of paragraph 4 of the said order are not applicable to the Company.

IV) In our opinion and according to the information given to us, there are adequate Internal Control procedures commensurate with the size of the Company and nature of its business with regard to purchase of equipment and other assets.

V) a) Based on the audit procedure applied by us and according to information and explanations given to us, the particulars of contracts or arrangements, referred in Section 301 of the Act have been entered in the register required to be maintained under that Section.

b) In our opinion and according to the information and explanation given to us, the transactions made in pursuance of such contracts or arrangements have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

VI) The Company has not accepted deposits from public and hence directives issued by the Reserve Bank of India and the provisions of Section 58A and 58AA of the Companies Act, 1956 and rules framed there under are not applicable for the year under audit.

VII) The Company is having Internal Audit System.

VIII) The Central Government has not prescribed the maintenance of cost records under clause (d) of sub-section (1) of Section 209 of the Act for any of its product

IX) a) According to the records of the Company, the Company has been regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Employees State Insurance, Investor Protection Fund, Income Tax, and other statutory dues.

b) According to information and the explanations given to us, no undisputed amounts payable in respect of such statutory dues were outstanding as at 31.03.2014 for a period of more than six months from the date they became payable.

c) According to information and the explanations given to us, there are no such statutory dues, which have not been deposited on account of any disputes

X) The Company neither has accumulated losses nor has it incurred any cash losses during the current financial year and the immediately preceding financial year.

XI) Based on our Audit procedures and the information and explanations given by management, we are of the opinion that the Company has not defaulted in repayment of dues ,if any, to any Financial Institutions or Banks.

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

XIII) The Company is not a Chit Fund, Nidhi or Mutual Benefit Fund/Society.

XIV) The Company has maintained proper records of transactions and contracts in respect of trading in shares, debentures, and other securities and timely entries have been made therein. The investments are held by the Company in its own name except for certain shares which are lodged for transfer or are pending for rectification of bad deliveries or are pledged with banks and financial institutions on behalf of third parties

XV) The Company has not given any guarantee for loans taken by others from bank or financial institutions.

XVI) According to the information and explanations given to us, the Company has not applied/availed any term loan during the year.

XVII) During the year covered by our report the Company has not raised funds on short term basis.

XVIII) During the year Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the companies Act, 1956.

XIX) The Company has not issued any debentures and hence clause 4 (xix) of the Companies Auditor''s Report) Order, 2003 is not applicable to the Company.

XX) During the year covered by our report 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 has been noticed or reported during the year.

For RAMKISHORE JHAWAR & ASSOCIATES

CHARTERED ACCOUNTANTS

PLACE: HYDERABAD CA RAMKISHORE JHAWAR

DATE: 17/05/2014 M.No. 27970 Firm No. 003016S


Mar 31, 2012

1. We have audited the attached Balance Sheet of CIL SECURITIES LIMITED as at 31st March, 2012, the Profit and Loss Account and also the Cash Flow Statement for the year ended as 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 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 in 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.

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 in paragraph 3 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 purpose of our Audit.

b) In our opinion, the Company as required by Law has kept proper books of Accounts so far as it appears from the examination of such books.

c) The Balance Sheet and Profit & Loss Account dealt with by this report are in agreement with the books of account.

d) In our opinion, the Balance Sheet and Profit & Loss Account and Cash Flow statement comply with the accounting standards referred to in Section 211(3C) of the Companies Act, 1956

5. On the basis of written representations received from the Directors as on 31.03.2012 and taken on record by the Board of Directors, we report that none of the Directors of the Company are disqualified from being appointed as Directors of the Company under clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956 as on 31.03.2012.

6. In our opinion and to the best of our information and according to the explanations given to us, the said Accounts together with the notes thereon give the information required under 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 Balance Sheet, of the state of affairs of the Company as at 31st March, 2012.

(ii) in the case of Profit & Loss Account, of the Profit of the Company for the year ended on that date; and

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

ANNEXURE TO THE AUDITORS' REPORT

Referred to in Paragraph (d) of our Report of even date.

I) a) The Company has maintained Proper records showing full particulars including quantitative details of Fixed Assets.

b) All the Fixed Assets have been physically verified by the Management at reasonable intervals. In our opinion, the frequency of verification is reasonable. To the best of our knowledge, no material discrepancies have been noticed on verification.

c) As per the information and explanations given to us, during the year, the Company has not disposed off any substantial Fixed Assets that would effect the going concern.

II) The Stock of Shares & Securities has been physically verified by the management at reasonable intervals. In our opinion, and according to the information given to us, the procedure for physical verification of Stock of Shares & Securities followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business. In our opinion the Company is maintaining proper records of Stock of Shares & Securities and no material discrepancies were noticed on physical verification.

III) a) The Company has not granted or taken loans, secured or unsecured to / from companies, firms or other parities covered in the register

maintained u/s 301 of the Act. b) As the Company has not granted or taken any loans, secured or unsecured, to companies, firms or other parties covered in the Register maintained under Section 301 of the Act, clauses (iii)(b) to (iii)(d) of paragraph 4 of the said order are not applicable to the Company.

IV) In our opinion and according to the information given to us, there are adequate Internal Control procedures commensurate with the size of the Company and nature of its business with regard to purchase of equipment and other assets.

V) a) Based on the audit procedure applied by us and according to information and explanations given to us, the particulars of contracts or arrangements, referred in Section 301 of the Act have been entered in the register required to be maintained under that Section.

b) In our opinion and according to the information and explanation given to us, the transactions made in pursuance of such contracts or arrangements have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

VI) The Company has not accepted deposits from public and hence directives issued by the Reserve Bank of India and the provisions of Section 58A and 58AA of the Companies Act, 1956 and rules framed there under are not applicable for the year under audit.

VII) The Company is having Internal Audit System.

VIII) The Central Government has not prescribed the maintenance of cost records under clause (d) of sub-section (1) of Section 209 of the Act for any of its product

IX) a) According to the records of the Company, the Company has been regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Employees State Insurance, Investor Protection Fund, Income Tax, and other statutory dues.

b) According to information and the explanations given to us, no undisputed amounts payable in respect of such statutory dues were outstanding as at 31.03.2012 for a period of more than six months from the date they became payable.

c) According to information and the explanations given to us, there are no such statutory dues, which have not been deposited on account of any disputes

X) The Company neither has accumulated losses nor has it incurred any cash losses during the current financial year and the immediately preceding financial year.

XI) Based on our Audit procedures and the information and explanations given by management, we are of the opinion that the Company has not defaulted in repayment of dues to any Financial Institutions or Banks.

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

XIII) The Company is not a Chit Fund, Nidhi or Mutual Benefit Fund/Society.

XIV) The Company has maintained proper records of transactions and contracts in respect of trading in shares, debentures, and other securities and timely entries have been made therein. The investments are held by the Company in its own name except for certain shares which are lodged for transfer or are pending for rectification of bad deliveries or are pledged with banks and financial institutions on behalf of third parties

XV) The Company has not given any guarantee for loans taken by other from bank or financial institutions.

XVI) According to the information and explanations given to us, the Company has not applied/availed any term loan during the year.

XVII) During the year covered by our report the Company has not raised funds on short term basis.

XVIII) During the year Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the companies Act, 1956.

XIX) The Company has not issued any debentures and hence clause 4 (xix) of the Companies Auditor's Report) Order, 2003 is not applicable to the Company.

XX) During the year covered by our report 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 has been noticed or reported during the year. For RAMKISHORE JHAWAR & ASSOCIATES

CHARTERED ACCOUNTANTS

PLACE: HYDERABAD CA RAMKISHORE JHAWAR

DATE: 25/05/2012 M.No. 27970 Firm No. 003016S


Mar 31, 2010

1. We have audited the attached Balance Sheet of CIL SECURITIES LIMITED as at 31st March, 2010, the Profit and Loss Account and also the Cash Flow Statement for the year ended as 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 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 in 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.

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 in paragraph 3 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 purpose of our Audit.

b) In our opinion, the Company as required by Law has kept proper books of Accounts so far as it appears from the examination of such books.

c) The Balance Sheet and Profit & Loss Account dealt with by this report are in agreement with the books of account.

d) In our opinion, the Balance Sheet and Profit & Loss Account and Cash Flow statement comply with the accounting standards referred to in Section 211 (3C) of the Companies Act, 1956

5. On the basis of written representations received from the Directors as on 31.03.2010 and taken on record by the Board of Directors, we report that none of the Directors of the Company are disqualified from being appointed as Directors of the Company under clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956 as on 31.03.2010.

6. In our opinion and to the best of our information and according to the explanations given to us, the said Accounts together with the notes thereon give the information required under 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 Balance Sheet, of the state of affairs of the Company as at 31st March, 2010.

(ii) in the case of Profit & Loss Account, of the Profit of the Company for the year ended on that date; and

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



ANNEXURE TO THE AUDITORS REPORT



Referred to in Paragraph (d) of our Report of even date.

I) a) The Company has maintained Proper records showing full particulars including quantitative details of Fixed Assets.

b) All the Fixed Assets have been physically verified by the Management at reasonable intervals. In our opinion, the frequency of verification is reasonable. To the best of our knowledge, no material discrepancies have been noticed on verification.

c) As per the information and explanations given to us, during the year, the Company has not disposed off any substantial Fixed Assets that would effect the going concern.

II) The Stock of Shares & Securities has been physically verified by the management at reasonable intervals. In our opinion, and according to the information given to us, the procedure for physical verification of Stock of Shares & Securities followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business. In our opinion the Company is maintaining proper records of Stock of Shares & Securities and no material discrepancies were noticed on physical verification.

III) a) The Company has not granted or taken loans, secured or unsecured to / from companies, firms or other parities covered in the register maintained u/s 301 of the Act. b) As the Company has not granted or taken any loans, secured or unsecured, to companies, firms or other parties covered in the Register maintained under Section 301 of the Act, clauses (iii)(b) to (iii)(d) of paragraph 4 of the said order are not applicable to the Company.

IV) In our opinion and according to the information given to us, there are adequate Internal Control procedures commensurate with the size of the Company and nature of its business with regard to purchase of equipment and other assets.

V) a) Based on the audit procedure applied by us and according to information and explanations given to us, the particulars of contracts or arrangements, referred in Section 301 of the Act have been entered in the register required to be maintained under that Section.

b) In our opinion and according to the information and explanation given to us, the transactions made in pursuance of such contracts or arrangements have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

VI) The Company has- not accepted deposits from public and hence directives issued by the Reserve Bank of India and the provisions of Section 58A and 58AA of the Companies Act, 1956 and rules framed there under are not applicable for the year under audit.

VII) The Company is having adequate Internal Audit System.

VIII) The Central Government has not prescribed the maintenance of cost records under clause (d) of the sub-section (1) of Section 209 of the Act for any of its products.

IX) a) According to the records of the Company, the Company has been regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Employees State Insurance, Investor Protection Fund, Income Tax, and other statutory dues.

b) According to information and the explanations given to us, no undisputed amounts payable in respect of such statutory dues were outstanding as at 31.03.2010 for a period of more than six months from the date they became payable.

c) According to information and the explanations given to us, there are no such statutory dues, which have not been deposited on account of any disputes.

X) The Company neither has accumulated losses nor it has incurred any cash losses during the current financial year and the immediately preceding financial year.

XI) Based on our Audit procedures and the information and explanations given by management, we are of the opinion that the Company has not defaulted in repayment of dues to any Financial Institutions or Banks.

XII) According to the information and explanations given to us, the Company has not granted loans and advances on the basis of security by way of pledge of share, debentures and other secunties.

XIII) The Company is not a Chit Fund, Nidhi or Mutual Benefit Fund/Society.

XIV) The Company has maintained proper records of transactions and contracts in respect of trading in shares, debentures, and other securities and timely entries have been made therein. The investments are held by the Company in its own name except for certain shares which are lodged for transfer or are pending for rectification of. bad deliveries or are pledged with banks and financial institutions on behalf of third parties

XV) The Company has not given any guarantee for loans taken by other from bank or financial institutions.

XVI) According to the information and explanations given- to us, the Company has not applied/availed any term loan during the year.

XVII) During the year covered by our report the Company has not raised funds on short term basis.

XVIII) During the year Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the companies Act, 1956.

XIX) The Company has not issued any debentures and hence clause 4 (xix) of the Companies (Auditors Report) Order, 2003 is not applicable to the Company.

XX) During the year covered by our report 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 has been noticed or reported during the year.

For RAMKISHORE JHAWAR & ASSOCIATES

CHARTERED ACCOUNTANTS

(Firm No. 003016S)

CA RAMKISHORE JHAWAR

PLACE: HYDERABAD PROPRIETOR

DATE: 29/05/2010 M.No. 27970

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