Auditor Report of Consecutive Investments & Trading Company Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of Consecutive Investment & Trading Company Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2015 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 management and Board of Directors of the Company are responsible for the matters - stated in Section 134(5) of the Companies Act, 2013 ('the act') with respect to the preparation of these financial statements that give a true and fair view of the financial position and 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 Companies (Accounts) Rules, 2014. This responsibility 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; design, implementation and maintenance of adequate internal financial controls, that are operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made 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 misstatements.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company's

partition 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 accounting policies used and the reasonableness of the accounting estimates made by the Company's management and Board of Directors, as well as evaluating the overall presentation of thn 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 .0 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, of the state of affairs of the Company as at 31 March 2015, and its 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 Companies Act, 2015, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent .applicable.

2. As required by section 143(3) of the Act, we further 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, the 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 aforesaid financial statements comply with the applicable Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules 2014;

c) on the basis of written representations received from the directors as on March 31, 2015, and 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 Section 164(2) of the Act:

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:-

i. The Company does not have any pending litigations which would impact its financial position;

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

iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

Annexure to the Independent Auditors' Report

The Annexure referred to in our Independent Auditors' Report to the members Of the Company on the financial statements for the year ended 31 March 2015, we report that:

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

(b) According to the information and explanations given to us, fixed assets were physically verified by the Management during the year and no discrepancies were noticed on such verification. In our opinion, this periodicity of physical verification is reasonable having regard to the size of the Company and the nature of its assets.

(ii) The Company does not hold any inventories at the year end. Thus, paragraph 3(ii) of the order is not applicable.

(iii) The Company has not granted any loan, secured or unsecured to companies, firms or other parties covered in the register maintained under Section 189 of the Act. Accordingly, the provisions of clauses 3(iii) (a) and 3(iii) (b) 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 system commensurate with the size of the Company and the nature of business for the purchase of inventory, fixed assets and for the sale goods. During the course of our audit, we have neither come across nor have been informed of any continuing failure to con ect major weaknesses in the aforesaid internal control system.

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

(vi) The Central Government has not prescribed the maintenance of cost records under section 148(1) of the Act, for any of the services rendered by the Company.

(vii) (a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, amounts deducted/ accrued in the books of account ;n respect of undisputed statutory dues including income tax, wealth tax, 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 provident fund, employees' state insurance, service tax, duty of customs, value added tax, cess, and duty of excise.

There are no undisputed statutory dues payable which are outstanding as at 31st March, 2015 for a period of more than six months from the date they became payable except income tax of Rs. 23896.00

(b) According to the records of the Company, income tax dues which have not been deposited on account of dispute are given below:

Nature of dues Year Amount Forum where dispute is pending

Income Tax 2011-12 2039963.00 The Asst. Commissioner of Income Tax

(c) There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules made thereunder.

(viii) The Company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in the financial year and in the immediately preceding financial

(ix) The Company has neither taken any loan or credit facility from a financial institution and a bank nor issued any debentures as at the balance sheet date. Accordingly, there have been no defaults in repayment of dues.

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

(xi) The Company did not have any term loans outstanding during the year.

(xii) According to the information and explanations given to us, no material fraud on or by the Company has been noticed or reported during the course of our audit.

For R JAIM & ASSOCIATES

Chartered Accountants

Firm Registration No - 009988C

Latht Kuniar Jain)

Partner

Membership no.: 016437

Camp: Kolkata

Date : 26/08/2015

---

Mar 31, 2014

Report on the Financial Statements

We have audited the accompanying financial statements of CONSECUTIVE INVESTMENTS & TRADING COMPANY LIMITED (''the company''), which comprise the Balance Sheet as at 31 March 2014, 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

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 ("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. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that arc appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity''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.

Opinion

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

(i) In the case of the Balance Sheet, of the state of affairs of the Company as at 31 March 20 14; and

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

(iii) In the case of 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"), as amended, issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs A 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 cash flow statement dealt with by this Report arc in agreement with the books of account;

d). in our opinion, the balance sheet and statement of profit and loss comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956 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 31 March 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 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 REFERED TO IN PRAGRAPH 3 OF THE AUDITORS'' REPORT TO THE MEMBERS OF CONSECUTIVE INVESTMENT & TRADING & COMPANY LIMITED ON THE ACCOUNTS FOR THE YEAR ENDED MARCH 31, 2014.

1 (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of its only fixed asset, i.e. Fax Machine.

(b) According to the information and explanations given to us, fixed asset was physically verified by the Management at reasonable intervals during the year and no discrepancy was noticed on such verification.

(c) There was no disposal of fixed asset during the year.

2. The company''s nature of operations does not require it to hold inventories. Accordingly clause A (ii) of the order is not applicable to the company.

3. (a) The Company has not taken / granted any loans from / to companies, firms or other parties covered in the registered maintained under section 301 of the Act.

4. The company''s operations do not give rise to any purchase of fixed assets, inventory and sale of goods. Accordingly, clause 4(iv) of the Order is not applicable.

5. In our opinion, and according to the information and explanations given to us, there were no contracts or arrangements that needed to be entered in the Register maintained under section 301 of the Companies Act, 1956.

6. The Company has not accepted any deposits from the public during the year and consequently, the directives issued by the Reserve Bank of India, the provisions of Section 58A and 58AA of the Companies Act, 1956 and the Rules framed there under are not applicable.

7. The Company does not have an internal audit system.

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

9. According to the records of the Company examined by us:

i The company did not have any liability on account of statutory dues including Provident Fund, Investor Education and Protection Fund. Employees'' State Insurance, Income Tax, Sales Tax. Wealth Tax. Customs Duty, Excise Duty. Cess during the year.

ii There are no undisputed statutory dues payable which are outstanding as at 31st March, 2014 for a period of more than six months from the date they became payable except income tax of Rs. 23896.00

iii. According to the records of the Company, income tax dues which have not been deposited on account of dispute arc given below:

Nature of dues Year Amount Forum where dispute is



Income Tax 2011-12 2039963.00 The Asst. Commissioner of Income Tax

10. The Company has no accumulated losses as at March 31,2014 and it has not incurred any cash losses in the financial year ended on that date or in the immediately preceding financial year.

11. The Company has neither taken any loan or credit facility from a financial institution and a bank nor issued any debentures as at the balance sheet date. Accordingly, there have been no defaults in repayment of dues.

12. The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. Accordingly, clause 4 (xii) of the order is not applicable.

13. The Company is not a Chit Fund or a Nidhi / Mutual Benefit Fund / Society. Accordingly, clause 4 (xiii) of the Order is not applicable.

14. The Company is not a dealer or trader in shares, securities, debentures and other investments. Accordingly, clause 4 (xiv) of the Order is not applicable

15. According to the information and explanations given to us. the Company has not given any guarantee for loans taken by others from banks or financial institutions during the year. Accordingly, clause 4 (xv) of the order is not applicable.

16. The Company has not obtained any term loans during the year nor were any term loans outstanding at the beginning of the year. Accordingly, clause 4 (xvi) of the Order is not applicable.

17. According to the information and explanation given to us and on an overall examination of the balance sheet of the Company, we report that the Company has not raised any funds on short-term or long term basis.

18. The 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 during the year. Accordingly clause 4 (xviii) of the Order is not applicable.

19. The Company has not issued any debentures during the year and accordingly, no securities or charges have been created.

20. The Company has not raised any money by public issues during the year. Accordingly, clause 4 (xx) of the Order is not applicable.

21. 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 A.C. BHUTERIA & COMPANY Firm Registration Number: 303105E CHARTERED ACCOUNTANTS

Date:- 8th August, 2014 Camp:- Kolkata (CA Lalit Kumar Jain) Partner Membership No. - 16437

---

Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of CONSECUTIVE INVESTMENTS & TRADING COMPANY LIMITED (''the company''), which comprise the Balance Sheet as at 31 March 2013, 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

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 ("the Act") This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that arc appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity''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.

Opinion

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

(i) In the case of the Balance Sheet, of the state of affairs of the Company as at 31 March 20 14; and

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

(iii) In the case of 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"), as amended, issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs A 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 cash flow statement dealt with by this Report arc in agreement with the books of account;

d). in our opinion, the balance sheet and statement of profit and loss comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956 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 31 March 2013, and taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2013, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

ANNEXURE REFERED TO IN PRAGRAPH 3 OF THE AUDITORS'' REPORT TO THE MEMBERS OF CONSECUTIVE INVESTMENT & TRADING & COMPANY LIMITED ON THE ACCOUNTS FOR THE YEAR ENDED MARCH 31, 2013.

1 (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of its only fixed asset, i.e. Fax Machine.

(b) According to the information and explanations given to us, fixed asset was physically verified by the Management at reasonable intervals during the year and no discrepancy was noticed on such verification.

(c) There was no disposal of fixed asset during the year.

2. The company''s nature of operations does not require it to hold inventories. Accordingly clause A (ii) of the order is not applicable to the company.

3. (a) The Company has not taken / granted any loans from / to companies, firms or other parties covered in the registered maintained under section 301 of the Act.

4. The company''s operations do not give rise to any purchase of fixed assets, inventory and sale of goods. Accordingly, clause 4(iv) of the Order is not applicable.

5. In our opinion, and according to the information and explanations given to us, there were no contracts or arrangements that needed to be entered in the Register maintained under section 301 of the Companies Act, 1956.

6. The Company has not accepted any deposits from the public during the year and consequently, the directives issued by the Reserve Bank of India, the provisions of Section 58A and 58AA of the Companies Act, 1956 and the Rules framed there under are not applicable.

7. The Company does not have an internal audit system.

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

9. According to the records of the Company examined by us:

i. The company did not have any liability on account of statutory dues including Provident Fund, Investor Education and Protection Fund. Employees'' State Insurance, Income Tax, Sales Tax. Wealth Tax. Customs Duty, Excise Duty. Cess during the year.

ii. There are no undisputed statutory dues payable which are outstanding as at 31st March, 2013 for a period of more than six months from the date they became payable except income tax of Rs.

iii. Contingent dues on account of Income Tax disputed by the company and not being paid amounting to Rs. 234840 are mentioned in note 2 on Schedule 10.

10. The Company has no accumulated losses as at March 31,2013 and it has not incurred any cash losses in the financial year ended on that date or in the immediately preceding financial year.

11. The Company has neither taken any loan or credit facility from a financial institution and a bank nor issued any debentures as at the balance sheet date. Accordingly, there have been no defaults in repayment of dues.

12. The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. Accordingly, clause 4 (xii) of the order is not applicable.

13. The Company is not a Chit Fund or a Nidhi / Mutual Benefit Fund / Society. Accordingly, clause 4 (xiii) of the Order is not applicable.

14. The Company is not a dealer or trader in shares, securities, debentures and other investments. Accordingly, clause 4 (xiv) of the Order is not applicable

15. According to the information and explanations given to us. the Company has not given any guarantee for loans taken by others from banks or financial institutions during the year. Accordingly, clause 4 (xv) of the order is not applicable.

16. The Company has not obtained any term loans during the year nor were any term loans outstanding at the beginning of the year. Accordingly, clause 4 (xvi) of the Order is not applicable.

17. According to the information and explanation given to us and on an overall examination of the balance sheet of the Company, we report that the Company has not raised any funds on short-term or long term basis.

18. The 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 during the year. Accordingly clause 4 (xviii) of the Order is not applicable.

19. The Company has not issued any debentures during the year and accordingly, no securities or charges have been created.

20. The Company has not raised any money by public issues during the year. Accordingly, clause 4 (xx) of the Order is not applicable.

21. 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 A.C. BHUTERIA & COMPANY Firm Registration Number: 303105E CHARTERED ACCOUNTANTS

Date:- 26th August, 2013 Place:- Ranchi (CA Lalit Kumar Jain) Partner Membership No. - 16437

---

Mar 31, 2012

Report on the Financial Statements

We have audited the accompanying financial statements of CONSECUTIVE INVESTMENTS & TRADING COMPANY LIMITED (''the company''), which comprise the Balance Sheet as at 31 March 2012, 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

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 ("the Act") This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that arc appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity''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.

Opinion

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

(i) In the case of the Balance Sheet, of the state of affairs of the Company as at 31 March 20 14; and

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

(iii) In the case of 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"), as amended, issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs A 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 cash flow statement dealt with by this Report arc in agreement with the books of account;

d). in our opinion, the balance sheet and statement of profit and loss comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956 read with the General Circular 15/2012 dated 13th September, 2012 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2012

e). on the basis of written representations received from the directors as on 31 March 2012, and taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2012, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

ANNEXURE REFERED TO IN PRAGRAPH 3 OF THE AUDITORS'' REPORT TO THE MEMBERS OF CONSECUTIVE INVESTMENT & TRADING & COMPANY LIMITED ON THE ACCOUNTS FOR THE YEAR ENDED MARCH 31, 2012.

1 (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of its only fixed asset, i.e. Fax Machine.

(b) According to the information and explanations given to us, fixed asset was physically verified by the Management at reasonable intervals during the year and no discrepancy was noticed on such verification.

(c) There was no disposal of fixed asset during the year.

2. The company''s nature of operations does not require it to hold inventories. Accordingly clause A (ii) of the order is not applicable to the company.

3. (a) The Company has not taken / granted any loans from / to companies, firms or other parties covered in the registered maintained under section 301 of the Act.

4. The company''s operations do not give rise to any purchase of fixed assets, inventory and sale of goods. Accordingly, clause 4(iv) of the Order is not applicable.

5. In our opinion, and according to the information and explanations given to us, there were no contracts or arrangements that needed to be entered in the Register maintained under section 301 of the Companies Act, 1956.

6. The Company has not accepted any deposits from the public during the year and consequently, the directives issued by the Reserve Bank of India, the provisions of Section 58A and 58AA of the Companies Act, 1956 and the Rules framed there under are not applicable.

7. The Company does not have an internal audit system.

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

9. According to the records of the Company examined by us:

i. The company did not have any liability on account of statutory dues including Provident Fund, Investor Education and Protection Fund. Employees'' State Insurance, Income Tax, Sales Tax. Wealth Tax. Customs Duty, Excise Duty. Cess during the year.

ii. There are no undisputed statutory dues payable which are outstanding as at 31st March, 2012 for a period of more than six months from the date they became payable except income tax of Rs.

iii. Contingent dues on account of Income Tax disputed by the company and not being paid amounting to Rs. 234840 are mentioned in note 2 on Schedule 10.

10. The Company has no accumulated losses as at March 31,2012 and it has not incurred any cash losses in the financial year ended on that date or in the immediately preceding financial year.

11. The Company has neither taken any loan or credit facility from a financial institution and a bank nor issued any debentures as at the balance sheet date. Accordingly, there have been no defaults in repayment of dues.

12. The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. Accordingly, clause 4 (xii) of the order is not applicable.

13. The Company is not a Chit Fund or a Nidhi / Mutual Benefit Fund / Society. Accordingly, clause 4 (xiii) of the Order is not applicable.

14. The Company is not a dealer or trader in shares, securities, debentures and other investments. Accordingly, clause 4 (xiv) of the Order is not applicable

15. According to the information and explanations given to us. the Company has not given any guarantee for loans taken by others from banks or financial institutions during the year. Accordingly, clause 4 (xv) of the order is not applicable.

16. The Company has not obtained any term loans during the year nor were any term loans outstanding at the beginning of the year. Accordingly, clause 4 (xvi) of the Order is not applicable.

17. According to the information and explanation given to us and on an overall examination of the balance sheet of the Company, we report that the Company has not raised any funds on short-term or long term basis.

18. The 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 during the year. Accordingly clause 4 (xviii) of the Order is not applicable.

19. The Company has not issued any debentures during the year and accordingly, no securities or charges have been created.

20. The Company has not raised any money by public issues during the year. Accordingly, clause 4 (xx) of the Order is not applicable.

21. 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 A.C. BHUTERIA & COMPANY Firm Registration Number: 303105E CHARTERED ACCOUNTANTS

Date:- 26th August, 2012 Place:- Ranchi (CA Lalit Kumar Jain) Partner Membership No. - 16437

---

Mar 31, 2011

1. We have audited the attached Balance Sheet of CONSECUTIVE INVESTMENTS & TRADING COMPANY LIMITED, as at March 31, 2011, the Profit and Loss Account and also the Cash Flow Statement 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.

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 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, as amended by the Companies (Auditor's Report) (Amendment) Order, 2004, issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956 and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us during the course of our audit, we give 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:

(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, 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 to the extent applicable;

(v) on the basis of written representations received from the Directors, as on March 31, 2011 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on March 31, 2011 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 together with the notes thereon and attached thereto, 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 the Company as at March 31,2011;

b) in the case of the Profit and Loss Account, 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.

ANNEXURE REFERED TO IN PRAGRAPH 3 OF THE AUDITORS' REPORT TO THE MEMBERS OF CONSECUTIVE INVESTMENT & TRADING & COMPANY LIMITED ON V THE ACCOUNTS FOR THE YEAR ENDED MARCH 31, 2011.

1 (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of its only fixed asset, i.e. Fax Machine.

(b) According to the information and explanations given to us, fixed asset was physically verified by the Management at reasonable intervals during the year and no discrepancy was noticed on such verification.

(c) There was no disposal of fixed asset during the year.

2. The company's nature of operations does not require it to hold inventories. Accordingly clause 4 (ii) of the order is not applicable to the company.

3. (a) The Company has not taken / granted any loans from / to companies, firms or other parties covered in the registered maintained under section 301 of the Act.

4. The company's operations do not give rise to any purchase of fixed assets, inventory and sale of goods. Accordingly, clause 4(iv) of the Order is not applicable.

5. In our opinion, and according to the information and explanations given to us, there are no contracts and arrangements the particulars of which need to be entered into the register maintained under section 301 of the Act.

6. The Company has not accepted any deposits from the public during the year and consequently, the directives issued by the Reserve Bank of India, the provisions of Section 58A and 58AA of the Companies Act, 1956 and the Rules framed there under are not applicable.

7. The Company does not have an internal audit system.

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

9. According to the records of the Company examined by us :

i The company did not have any liability on account of statutory dues including Provident Fund, Investor Education and Protection Fund, Employees' State Insurance, Income Tax, Sales Tax, Wealth Tax, Customs Duty, Excise Duty, Cess during the year.

ii There are no undisputed statutory dues payable which are outstanding as at 31st March, 2011 for a period of more than six months from the date they became payable except income tax of Rs.

iii. Contingent dues on account of Income Tax disputed by the company and not being paid amounting to Rs. 234840 are mentioned in note 2 on Schedule 10.

10. The Company has no accumulated losses as at March 31,2011 and it has not incurred any cash losses in the financial year ended on that date or in the immediately preceding financial year.

11. The Company has neither taken any loan or credit facility from a financial institution and a bank nor issued any debentures as at the balance sheet date. Accordingly, there have been no defaults in repayment of dues.

12. The Company-has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. Accordingly, clause 4 (xii) of the order is not applicable.

The Company is not a Chit Fund or a Nidhi / Mutual Benefit Fund / Society. Accordingly, clause 4 (xiii) of the Order is not applicable.

14. The Company is not a dealer or trader in shares, securities, debentures and other investments, r Accordingly, clause 4 (xiv) of the Order is not applicable

15. According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions during the year. Accordingly, clause 4 (xv) of the order is not applicable.

16. The Company has not obtained any term loans during the year nor were any term loans outstanding at the beginning of the year. Accordingly, clause 4 (xvi) of the Order is not applicable.

17. According to the information and explanation given to us and on an overall examination of the balance sheet of the Company, we report that the Company has not raised any funds on short-term or long term basis.

18. The 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 during the year. Accordingly, clause 4 (xviii) of the Order is not applicable.

19. The Company has not issued any debentures during the year and accordingly, no securities or charges have been created.

20. The Company has not raised any money by public issues during the year. Accordingly, clause 4 (xx) of the Order is not applicable.

21. 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 A.C. BHUTERIA & COMPANY CHARTERED ACC0UNT

Date 25th August, 2011 Camp : Kolkata

(CA Lalit Kumar Jain) Partner Membership No. - 16437

---

Mar 31, 2010

1. We have audited the attached Balance Sheet of CONSECUTIVE INVESTMENTS & TRADING COMPANY LIMITED, as at March 31, 2010, the Profit and Loss Account and also the Cash Flow Statement 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.

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 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, as amended by the Companies (Auditor''s Report) (Amendment) Order, 2004, issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956 and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us during the course of our audit, we give 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:

(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, 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 to the extent applicable;

(v) on the basis of written representations received from the Directors, as on March 31, 2010 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on March 31, 2010 from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956;

(vi) 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 and attached thereto, 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 the Company as at March 31,2010;

b) in the case of the Profit and Loss Account, 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.

ANNEXURE REFERED TO IN PRAGRAPH 3 OF THE AUDITORS'' REPORT TO THE MEMBERS OF CONSECUTIVE INVESTMENT & TRADING & COMPANY LIMITED ON THE ACCOUNTS FOR THE YEAR ENDED MARCH 31, 2010.

1 (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of its only fixed asset, i.e. Fax Machine.

(b) According to the information and explanations given to us, fixed asset was physically verified by the Management at reasonable intervals during the year and no discrepancy was noticed on such verification.

(c) There was no disposal of fixed asset during the year.

2. The company''s nature of operations does not require it to hold inventories. Accordingly clause 4 (ii) of the order is not applicable to the company.

3. (a) The Company has granted loans repayable on demand to a company covered in the Register, maintained under Section 301 of the Companies Act, 1956. The maximum amount involved during the year and the year end balance of loan granted to such company was Rs. 800000 and Rs. 569800 respectively. The Company has not taken / granted any other loans from /to companies, firms or other parties covered in the registered maintained under section 301 of the Act.

(b) In our opinion, the rate of interest and other terms and conditions on which loans have been given are prima facie prejudicial to the interest of the company.

4. The company''s operations do not give rise to any purchase of fixed assets, inventory and sale of goods. Accordingly, clause 4(iv) of the Order is not applicable.

5. In our opinion, and according to the information and explanations given to us, there are no contracts and arrangements the particulars of which need to be entered into the register maintained under section 301 of the Act.

6. The Company has not accepted any deposits from the public during the year and consequently, the directives issued by the Reserve Bank of India, the provisions of Section 58A and 58AA of the Companies Act, 1956 and the Rules framed there under are not applicable.

7. The Company does not have an internal audit system.

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

9. According to the records of the Company examined by us :

i The company did not have any liability on account of statutory dues including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income Tax, Sales Tax, Wealth Tax, Customs Duty, Excise Duty, Cess during the year.

ii There are no undisputed statutory dues payable which are outstanding as at 31st March, 2010 for a period of more than six months from the date they became payable except income tax of Rs23896.

iii. Contingent dues on account of Income Tax disputed by the company and not being paid amounting to Rs. 234840 are mentioned in note 2 on Schedule 10.

10. The company has accumulated losses at the end of the financial year in excess of fifty percent of its net worth and has not incurred cash losses in the current financial year. However, the company has incurred cash losses in the immediately preceding financial year.

11. The Company has neither taken any loan or credit facility from a financial institution and a bank nor issued any debentures as at the balance sheet date. Accordingly, there have been no defaults in repayment of dues.

12. The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. Accordingly, clause 4 (xii) of the order is not applicable.

13. The Company is not a Chit Fund or a Nidhi / Mutual Benefit Fund / Society. Accordingly, clause 4 (xiii) of the Order is not applicable.

14. The Company is not a dealer or trader in shares, securities, debentures and other investments. Accordingly, clause 4 (xiv) of the Order is not applicable

15. According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions during the year. Accordingly, clause 4 (xv) of the order is not applicable.

16. The Company has not obtained any term loans during the year nor were any term loans outstanding at the beginning of the year. Accordingly, clause 4 (xvi) of the Order is not applicable.

17. According to the information and explanation given to us and on an overall examination of the balance sheet of the Company, we report that the Company has not raised any funds on short-term or long term basis.

18. The 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 during the year. Accordingly, clause 4 (xviii) of the Order is not applicable.

19. The Company has not issued any debentures during the year and accordingly, no securities or charges have been created.

20. The Company has not raised any money by public issues during the year. Accordingly, clause 4 (xx) of the Order is not applicable.

21. 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 A.C. BHUTERIA & COMPANY CHARTERED ACCOUNTANTS Date 31st August, 2010 Camp Kolkata

(Lalit Kumar Jain) Partner Membership No. - 16437