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Auditor Report of Dhoot Industrial Finance Ltd.

Mar 31, 2015

1. We have audited the accompanying standalone financial statements of DHOOT INDUSTRIAL FINANCE 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 the significant accounting policies and other explanatory information.

Management's Responsibility for the Standalone Financial Statements

2. The Company's Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation and presentation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

3. 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 there under.

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, but not for the purpose of expressing an opinion on whether the Company has in place adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company's Directors, as well as evaluating the overall presentation of the financial statements.

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

4. 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 March 31, 2015, and its profit and cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

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

6. As required by section 143 (3) of the Act, we report that:

(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.

(b) In our opinion proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books;

(c) The balance sheet, 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 (Accounts) Rules, 2014;

(e) On the basis of the written representations received from the directors of the Company 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 of the Company 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 with Rule 11 of the Companies (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 does not have any pending litigations which would impact its financial position;

ii. The Company did not have any long-term contracts as on March 31, 2015 including derivative contracts;

iii. There were no amounts which were required to be transferred as on March 31, 2015 to the Investor Education and Protection Fund by the Company.

ANNEXURE TO INDEPENDENT AUDITOR'S REPORT

[Referred to in paragraph 5 of the Independent Auditor's Report of even date to the members of the Company on the standalone financial statements for the year ended March 31, 2015.]

On the basis of such checks, as we considered appropriate and in terms of information and explanations given to us, we report that:

(i) (a) The Company is maintaining proper records to show full particulars, including quantitative details and situation of fixed assets.

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

(ii) The Company is engaged in trading of chemicals, papers, electronics and shares. All the goods purchased in respect of above except (trading in shares) are directly supplied from the principal's factory/warehouse to the respective consignee's. Hence there are no stocks lying at the company's disposal at any point of time. Thus requirements of Clause 3(ii)(a) regarding verification of the inventory, Clause 3(ii)(b) regarding adequacy of physical verification in relation to size of the company and Clause 3(ii)(c) regarding maintenance of proper records of inventory are not applicable.

However, in respect of shares, held as Stock in Tarde, the Company physically verifies the same lying in dematerialized or physical form from time to time.

(iii) As per the information furnished to us, 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, 2013.

(a) Accordingly, Clause (iii)(a) relating to regularity of receipt of principal amount and interest and Clause (iii)

(b) relating to steps taken for recovery of overdue principal and interest of more than rupees one lakh, are not applicable.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control systems commensurate with the size of the Company and the nature of its business with regard to purchase of inventory and fixed assets and for the sale of goods. During the course of our audit, no major weakness has been noticed in the internal control system.

(v) During the year the Company has not accepted any deposits from public. Accordingly provisions of section 73 to 76 of the Act and other relevant provisions of the Act and the Rules framed there under and the directives issued by the Reserve Bank of India are not applicable.

As informed to us, No order has been passed by Company Law Board or Reserve Bank of India or any Court or any other Tribunal during the year.

(vi) The maintenance of cost records has not been specified by the Central Government under subsection (1) of section 148 of the Act, read with Rule 3 of the Companies (Cost Records and Audit) Rules, 2014 notified by Ministry of Corporate Affairs, Government of India vide notification dated June 30th, 2014.

(vii) (a) According to the information and explanations given to us and the records examined by us, the Company has generally been regular in depositing with appropriate authorities undisputed statutory dues (except in respect of Service Tax Deposits, where there were delays) being Income tax and other material statutory dues. There are undisputed arrears of Gujarat Value Added Tax amounting to Rs,10.75 lacs outstanding as at March 31, 2015 for a period of more than six months from the date they became payable.

(b) According to the information and explanation given to us, there are no outstanding dues which have not been deposited with any statutory authority on account of disputes.

(c) According to the information and explanations given to us, during the year there were no amounts required to be transferred to Investor Education and Protection Fund.

(viii) There are no accumulated losses of the Company as on March 31, 2015. The Company has not incurred any cash losses during the financial year covered by our audit and in the immediately preceding financial year.

(ix) As per the information and explanation given to us, the Company has not defaulted in the repayment of dues to the Bank during the year.

(x) As per the information and explanations given to us, the Company has not given any guarantee for loan taken by others from banks or financial institutions.

(xi) As per the information and explanations given to us, during the year the term loans have been applied for the purpose for which they were obtained.

(xii) Based on the audit procedures performed and information and explanations given to us by the management, we report that no fraud on or by the Company has been noticed or reported during the course of our audit.

For BANSI S. MEHTA & CO.

Chartered Accountants

Firm Registration No.100991W



HARESH G. BUCH

Place: Mumbai Partner

Date: 29th May, 2015 (Membership No.33114)


Mar 31, 2014

1. We have audited the accompanying financial statements of Dhoot Industrial Finance Ltd. ("the Company") which comprise the Balance Sheet as at March 31,2014, 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

2. 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 principles generally accepted in India including Accounting Standards notified under the Companies Act, 1956 ("the Act") read with the General Circular 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs in respect of section 133 of the CompaniesAct, 2013 . This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and fair 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

3. 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.

4. 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 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 that we have obtained is sufficient and appropriate to provide a basis for our opinion.

Opinion

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

i. in the case of Balance Sheet, of the state of affairs of the Company as at March 31,2014;

ii. in the case of Statement of Profit and Loss , of the profit 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.

Report on Other Legal and Regulatory Requirements

6. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order"), as amended by the Companies (Auditor''s Report) (Amendment) Order, 2004, issued by the Central Government in terms of Section 227(4A) of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in the paragraphs 4 and 5 of the Order.

7. 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 are in agreement with the books of account;

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

e. On the basis of the written representations received from the directors of the Company as on March 31,2014, taken on record by the Board of Directors, we report that none of the directors is disqualified as on March 31,2014 from being appointed as a director in terms of Section 274(1)(g) of the Act."

Annexure referred to in paragraph 5 of the Auditors'' Report of even date to the members of DHOOT INDUSTRIAL FINANCE LIMITED on the accounts for the year ended March 31, 2014.

(i) (a) The Company is maintaining proper records to show full particulars, including quantitative details and situation of fixed assets.

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

(c) The Company has not disposed off any substantial part of its Fixed Assets during the year.

(ii) The Company is engaged in trading of chemicals, papers, electronics, commodities and shares. All the goods purchased in respect of above (except trading in shares and commodities) are directly supplied from the principal''s factory/warehouse to the respective consignees. Hence, there are no stocks lying at the Company''s disposal at any point of time. Thus requirements of clause 4 (ii)(a) regarding verification of the Inventory, clause 4 (ii)(b) regarding adequacy of physical verification in relation to size of the company and clause 4 (ii)(c) regarding maintenance of proper records of inventory, are not applicable.

However, in respect of shares, held as Stock in Tarde, the Company physically verifies the same lying in dematerialised or physical form from time to time.

(iii) (a) As per the information furnished, the Company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956.

Accordingly, Clause (iii)(b) relating to the rate of interest and terms and conditions being prima facie prejudicial to the Company, Clause (iii)(c) relating to regularity of receipt of principal amount and interest and Clause (iii)(d) relating to steps taken for recovery of overdue principal and interest of more than rupees one lac, are not applicable.

(b) As per information furnished, the Company has taken interest free unsecured loans aggregating to Rs. 562.97 lacs from three parties covered in the register maintained under section 301 of the Act and has repaid Rs. 37.375 lacs during the year.

(c) As regards to interest-free loan taken from the company covered in the register maintained under Section 301 of the Act, no other terms and conditions, including for repayment thereof, have been stipulated and hence, the question of making any comment whether the rate of interest and other terms and conditions of loan are prima facie prejudicial to the interest of the Company does not arise.

(d) As regards to interest-free loan taken from the company covered in the register maintained under Section 301 of the Act, no other terms and conditions, including repayment thereof, have been stipulated and hence, the question of making any comment whether the payment of principal is regular does not arise.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control systems commensurate with the size of the Company and the nature of its business with regard to purchase of inventory and fixed assets and for the sale of goods and services. During the course of our audit, no major weakness has been noticed in the internal control system.

(v) (a) Based on the audit procedures applied by us and according to the information and explanations provided to us, we are of the opinion that the particulars of contracts or arrangements referred to in Section 301 of the Act have been entered in the register required to be maintained under that Section; and

(b) According to the information and explanations given to us, the transactions made in pursuance of such contracts or arrangements entered in the Register maintained under Section 301 of the Companies Act, 1956 and exceeding the value of rupees five lacs in respect of each party during the year, have been made at prices which are reasonable, having regard to prevailing market prices at the relevant time, wherever applicable.

(vi) In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from the public during the year and hence the question of complying with the provisions of Section 58A, 58AA of the Companies Act, 1956 and the rules framed thereunder and the directives issued by the Reserve Bank of India does not arise.

(vii) In our opinion and according to the explanations given to us, the Company has an internal audit system commensurate with its size and nature of its business.

(viii) We are informed that the Company is in the process of maintaining the cost records prescribed under Section 209 (1)(d) of the Companies Act, 1956 read with Notification dated 3rd June, 2011 and dated 7th December, 2011 issued by Ministry of Corporate Affairs prescribing The Companies (Cost Accounting Records) Rules, 2011. Accordingly, we are unable to comment as to whether such accounts and records have been made or maintained.

(ix) (a) According to the information and explanations given to us and the records examined by us, the Company has generally been regular in depositing with appropriate authorities undisputed statutory dues including income-tax, wealth-tax and other material statutory dues wherever applicable and there are no undisputed arrears of above mentioned statutory dues outstanding as at March 31, 2014 for a period of more than six months from the date they became payable.

(b) According to the information and explanation given to us, there are no outstanding dues which have not been deposited with any statutory authority on account of disputes.

(x) The Company does not have any accumulated losses and it has not incurred any cash losses during the financial year covered by our audit and the immediately preceding financial year.

(xi) Based on the audit procedures applied by us and according to the information and explanations given to us, we are of the opinion that the Company has not defaulted in repayment of dues to banks in the financial year under audit.

(xii) Based on our examination of the records and the information and explanations given to us, the Company has not granted any loans and / or advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) As the Company is not a Chit fund / Nidhi / Mutual benefit fund / Society, clause 4 (xiii) of the Order is not applicable.

(xiv) Based on the audit procedures applied by us and according to the information and explanations given to us, the Company has maintained proper records of the transactions and contracts in respect of trading activities in shares and timely entries have been made therein. All the shares are held by the Company in its own name.

(xv) As the Company has not given any guarantee for loans taken by others from Banks or Financial Institutions, clause 4 (xv) of the Order is not applicable.

(xvi) According to the information and explanations given to us, as the Company has not taken any term loan during the year, clause 4 (xvi) of the Order is not applicable.

(xvii) According to the information and explanations given to us and on an overall examination of the balance sheet of the Company, we report that the funds raised on short term basis have not been utilised for long term investments.

(xviii) According to the information and explanation given to us, as the Company has not made any preferential allotment of shares during the year, clause 4 (xviii) of the Order is not applicable.

(xix) According to the information and explanations given to us, the Company has not issued any debentures and hence, the question of creating security or charges in respect thereof does not arise.

(xx) As the Company has not raised any money by public issue during the year, clause 4 (xx) of the Order is not applicable to the Company.

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

For BANSI S. MEHTA & CO. Chartered Accountants Firm Registration No.100991W

HARESH G. BUCH Place: Mumbai Partner Date: 30th May 2014 (Membership No.33114)


Mar 31, 2013

Report on the Financial Statements

1. We have audited the accompanying financial statements of Dhoot Industrial Finance Limited, which comprise the Balance Sheet as at March 31, 2013 and the Statement of Profit and Loss and the Cash Flow Statement for the year ended on that date, and Significant Accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

2. 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 r responsibility includes the design, implementation and maintenance of intssnal control relevant to the preparation and fair presentation of the financial statements that are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

3. Our responsibility is to express an opinion on these financial statements based on our audit. 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.

Opinion

4. !n our opinion, and to the best of our information and according to the explanations given to us, they said accounts read with the Significant Accounting Policies and Other Explanatory Information thereon, give the information required by the Companies Act.. 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

i in the case ct the Balance Sheet of the state of affairs of the Company as at March 31, 2013,

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

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

Report on Other Legal and Regulatory Requirements

5. As required by the Companies'' (Auditor''s Report) Order, 2003, as amended, issued by the Central Government in terms of Section 227(4A) of the Companies Act, 1956, we enclose in the Annexure a Statement, on the basis of such checks as we considered appropriate and the information and explanations given to us, on the matters specified in paragraph 4 of the said Order,

6. As required by Section 227(3) of the Act, 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 such books.

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

iv. In our opinion, the Balance Sheet, Statement of Profit & Loss and Cash Flow Statement 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 representation received from the Directors of the Company 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.

Annexure referred to in paragraph 5 of the Auditors'' Report of even date to the members of DHOOT INDUSTRIAL FINANCE LIMITED on the accounts for the year ended March 31,2013.

(i) (a) The Company is maintaining proper records to show full particulars, including quantitative details and situation of fixed assets.

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

(c) The Company has not disposed off any substantial! part of its Fixed Assets during the year.

(ii) The Company is engaged in trading of chemicals, papers, commodities and shares. All the goods purchased in respect of above (except trading in shares and commodities) are directly supplied from the principal''s factory Avare house to the respective consignees. Hence, there are no stocks lying at the Company''s disposal at any point of time. Thus requirements of clause 4 (ii)(a) regarding verification of the Inventory, clause 4 (ii)(b) regarding adequacy of physical verification in relation to size of the company and clause

4 (ii)(c) regarding maintenance of proper records of inventory, are not applicable. However, in respect of shares, held as Steck in Trade, the Company physically verifies the same lying in dematerialized or physical form from time to time.

(iii) (a) As per the information furnished, the Company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956.

(b) Accordingly, Clause (iii)(D) relating to the rate of interest and terms and conditions being prima facie prejudicial to the Company, Clause (iii)(c) relating to regularity of receipt of principal amount and interest and Clause (iii)(d) relating to steps taken for recovery of overdue principal and interest of more than rupees one lac, are not applicable.

(c) As per information furnished, the Company has taken interest free unsecured loans aggregating to Rs 1,213.98 lacs from three parties covered in the register maintained under section 301 of the Act and has repaid Rs 979.05 lacs during the year.

(d) In our opinion and according to explanation and information given to us, the rate of interest wherever applicable and other terms and conditions of such unsecured loan taken by the Company are not prima facie prejudicial to interest of the Company.

(e) As per the information given to us, the terms of repayment of such loans and interest have not been stipulated, hence the question of commenting as regards regularity in repaying the principal amounts and interest does not arise.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal! control systems commensurate with the size of the Company and the nature of its business with regard to purchase of inventory and fixed assets and for the sale of goods and services. During the course of our audit, no major weakness has been noticed in the internal control system.

(v) (a) Based on the audit procedures applied by us and according to the information and explanations provided to us, we are of the opinion that the particulars of contracts or arrangements referred to in Section 301 of the Act have been entered in the register required to be maintained under that Section; and

(b) According to the information and explanations given to us, the transactions made in pursuance of such contracts or arrangements entered in the Register maintained under Section 301 of the Companies Act, 1956 and exceeding the value of rupees five lacs in respect of each party during the year, have been made at prices which are reasonable, having regard to prevailing market prices at the relevant time, wherever applicable.

(vi) In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from the public during the year and hence the question of complying with the provisions of Section 58A, 58AA of the Companies Act, 1956 and the rules framed there under and the directives issued by the Reserve Bank of India does not arise.

(vii) In our opinion and according to the explanations given to us, the Company has an internal audit system commensurate with its size and nature of its business.

(viii) We are informed that the Company is in the process of maintaining the cost records prescribed under Section 209 (1)(d) of the Companies Act, 1956 read with Notification dated 3rd June, 2011 and dated 7th December, 2011 issued by Ministry of Corporate Affairs prescribing The Companies (Cost Accounting Records) Rules, 2011. Accordingly, we are unable to comment as to whether such accounts and records have been made or maintained.

(ix) (a) According to the information and explanations given to us and the records examined by us, the Company has generally been regular in depositing with appropriate authorities undisputed statutory dues including income-tax, wealth-tax and other material statutory dues wherever applicable and there are no undisputed arrears of above mentioned statutory dues outstanding as at March 31, 2013 for a period of more than six months from the date they became payable.

(b) According to the information and explanation given to us, there are no outstanding dues which have not been deposited with any statutory authority on account of disputes.

(x) The Company does not have any accumulated losses and it has not incurred any cash losses during the financial year covered by our audit and the immediately preceding financial year.

(xi) Based on the audit procedures applied by us and according to the information and explanations given to us, we are of the opinion that the Company has not defaulted in repayment of dues to banks in the financial year under audit.

(xii) Based on our examination of the records and the information and explanations given to us, the Company has not granted any loans and / or advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) As the Company is not a Chit fund / Nidhi / Mutual benefit fund / Society, clause 4 (xiii) of the Order is not applicable.

(xiv) Based on the audit procedures applied by us and according to the information and explanations given to us, the Company has maintained proper records of the transactions and contracts in respect of trading activities in shares and timely entries have been made therein. All the shares are held by the Company in its own name.

(xv) As the Company has not given any guarantee for loans taken by others from Banks or Financial Institutions, clause 4 (xv) of the Order is not applicable.

(xvi),. RsAccording to the information and explanations given to us, as the Company has not taken any term loan during the year, clause 4 (xvi) of the Order is not applicable.

(xvii) According to the information and explanations given to us and on an overall examination of the balance sheet of the Company, we report that the funds raised on short term basis have not been utilised for long term investments.

(xviii) According to the information and explanation given to us, as the Company has not made any preferential allotment of shares during the year, clause 4 (xviii) of the Order is not applicable.

(xix) According to the information and explanations given to us, the Company has not issued any debentures and hence, the question of creating security or charges in respect thereof "does not arise.

(xx) As the Company has not raised any money by public issue during the year, clause 4 (xx) of the Order is not applicable to the Company.

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

For BANSI S. MEHTA& CO.

Chartered Accountants

Firm Registration No. 100991W

HARESHG BUCH

Place : Mumbai Partner

Dated : May 30, 2013 Membership No: 33114


Mar 31, 2012

1) We have audited the attached Balance Sheet of DHOOT INDUSTRIAL FINANCE LIMITED as at March 31, 2012 and the Statement of Profit and Loss and 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 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 amount 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 (Auditor's Report) Order, 2003 issued by the Central Government in terms of Section 227(4A) of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in the paragraph 4 and 5 of the said Order.

4) Further to our comments in the Annexure referred to in paragraph 3 above:

a) We have obtained all the information and explanations which, to the best of our knowledge and belief were necessary for the purposes of our audit;

b) In our opinion, proper books of account as required by law have been kept by the Company so far as appears from our examination of such 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 attached Balance Sheet, Statement of Profit and Loss and Cash Flow Statement comply with the applicable Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956;

e) On the basis of the written representations received from the Directors, as on March 31, 2012 and taken on record by the Board of Directors and further certified by the Company, we report that none of the directors are disqualified as on March 31, 2012 from being appointed as a Director in terms of Clause (g) of Sub-Section (1) of Section 274 of the Companies Act, 1956; and

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

i) In the case of Balance Sheet, of the state of affairs of the Company as at March 31, 2012;

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

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

ANNEXURE TO THE AUDITORS REPORT

Annexure referred to in paragraph 3 of the Auditor's Report of even date on the accounts of DHOOT INDUSTRIAL FINANCE LIMITED for the year ended March 31, 2012

i. a. The Company is maintaining proper records to show full particulars, including

quantitative details and situation of fixed assets.

b. As per information and explanation given to us, physical verification of fixed assets has been conducted by the management during the year.

No material discrepancies were noticed on such verification.

c. There has been no disposal of substantial part of the fixed assets during the year, which may affect the going concern status of the Company.

ii. The Company is engaged in trading of chemicals, papers, electronics, and shares. All the goods purchased in respect of above (except trading in shares) are directly supplied from the principal's factory/warehouse to the respective consignees. Hence, there are no stocks lying at the Company's disposal at any point of time. Thus requirements of clause 4 (ii)(a) regarding verification of the Inventory, clause 4 (ii)(b) regarding adequacy of physical verification in relation to size of the company and clause 4 (ii)(c) regarding maintenance of proper records of inventory, are not applicable.

However, in respect of shares, held as Stock in Trade, the Company physically verifies the same lying in dematerialized or physical form, from time to time.

iii. a. As per information furnished, the Company has granted unsecured loan of Rs.25 lacs to

one company covered in the register maintained under section 301 of the Companies Act, 1956. The Company has received Rs.25 lacs during the year.

b. Rate of interest and other terms and conditions of unsecured loan given by the Company are prima facie prejudicial to interest of the Company.

c. Receipt of the principal amount and interest are regular.

d. Thus requirements of clause iii(d) does not apply.

e. The Company has taken unsecured loans aggregating to Rs.602.5 lacs during the year from two parties covered in the register maintained under Section 301 of the Companies Act 1956. The Company has repaid Rs.303.75 lacs (including balance of loans taken in earlier years) during the year.

f. Rate of interest and other terms and conditions of unsecured loan taken by the Company are prima facie prejudicial to interest of the Company.

g. As per the information given to us, the terms of repayment of such loans and interest have not been stipulated; hence the question of commenting as regards regularity in repaying the principal amounts and interest does not arise.

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 its business through personal supervision of management with regard to purchase of inventory, fixed assets and for the sale of goods. During the course of our audit no major weakness has been noticed in the internal control system.

v. a. Based on the audit procedures applied by us and according to the information and

explanations given to us, we are of the opinion that the particulars of contracts or arrangements referred to in section 301 of the Companies Act, 1956, have been so entered.

b. According to the information and explanations given to us, the transactions made in pursuance of such contracts or arrangements entered into the register maintained under Section 301 of the Companies Act, 1956 and exceeding the value of rupees five lakhs, have been made at prices which are reasonable, having regard to the prevailing market prices at the relevant time, wherever applicable.

vi. In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from the public during the year and hence, the question of complying with the provisions of Section 58A and Section 58AA of the Companies Act, 1956 and the Rules framed there under, as also the directives issued by the Reserve Bank of India does not arise.

vii. Based on the information and explanations given to us, the Company has an Internal Audit system commensurate with its size and the nature of its business.

viii. According to the information and explanations given to us, as the Central Government has not prescribed maintenance of cost records under section 209 (1)(d) of the Companies Act, 1956, clause 4 (viii) of the Order is not applicable.

ix. a. According to the information and explanations given to us and the records examined by

us, the Company has generally been regular in depositing undisputed statutory dues including Investors' Education and Protection Fund, Income Tax, Sales Tax, Service Tax, Cess and other statutory dues, applicable to it, with the appropriate authorities, during the year, except for wealth tax as mentioned below

Sr.Financial Year Amount Period for which No. (Rs.) outstanding (months)

1 2007-08 2,950 54

2 2008-09 3,943 42

3 2009-10 15,661 30

b. According to the information and explanation given to us, there are no dues of Income Tax, Sales Tax, Wealth Tax, Service Tax and Cess which have not been deposited on account of any disputes.

x. The Company does not have any accumulated losses and it has not incurred any cash

losses during the financial year covered by our audit and the immediately preceding financial year.

xi. Based on the audit procedures applied by us and according to the information and explanations given to us, we are of the opinion that the Company has not defaulted in repayment of dues to banks in the financial year under audit.

xii. Based on our examination of records and the information and explanations given to us, the Company has not granted loans and /or advances on the basis of security by way of pledge of shares, debentures and other securities.

xiii. As the Company is not a Chit fund / Nidhi / Mutual benefit fund / Society, clause 4 (xiii) of the Order is not applicable.

xiv. Based on the audit procedures applied by us and according to the information and explanations given to us, the Company has maintained proper records of the transactions and contracts in respect of trading activities in shares and timely entries have been made therein. All the shares are held by the Company in its own name.

xv. As the Company has not given any guarantee for loans taken by others from Banks or Financial Institutions, clause 4 (xv) of the Order is not applicable.

xvi. According to the information and explanations given to us, as the Company has not taken any term loan during the year, clause 4 (xvi) of the Order is not applicable.

xvii.According to the information and explanations given to us and on an overall examination of the balance sheet of the Company, we report that the funds raised on short term basis have not been utilised for long term investments.

xviii. According to the information and explanation given to us, as the Company has not made any preferential allotment of shares during the year, clause 4 (xviii) of the Order is not applicable.

xix. According to the information and explanation given to us, as the Company has not issued any debentures during the year, the question of creating securities or charges in respect thereof does not arise.

xx. As the Company has not raised any money by public issue during the year, clause 4 (xx) of the Order is not applicable to the Company.

xxi. Based on the audit procedures performed and information and explanations given to us by the management, we report that, no fraud on or by the Company, has been noticed or reported during the course of our audit.

For BANSI S. MEHTA & CO.0 Chartered Accountants Firm Registration No. 100991W HARESH G. BUCH

PLACE : MUMBAI Partner

DATED : MAY 31, 2012 Membership No: 33114


Mar 31, 2011

1) We have audited the attached Balance Sheet of DHOOT INDUSTRIAL FINANCE LIMITED as at March 31, 2011 and the Profit and Loss Account and 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 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 amount 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 (Auditor's Report) Order, 2003 issued by the Central Government in terms of Section 227(4A) of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in the paragraph 4 and 5 of the said Order.

4) Further to our comments in the Annexure referred to in paragraph 3 above:

a) We have obtained all the information and explanations which, to the best of our knowledge and belief were necessary for the purposes of our audit;

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

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

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

e) On the basis of the written representations received from the Directors, as on March 31, 2011 and taken on record by the Board of Directors and further certified by the Company, we report that none of the directors are 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; and

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

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

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

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

ANNEXURE TO THE AUDITORS REPORT

Annexure referred to in paragraph 3 of the Auditor's Report of even date on the accounts of DHOOT INDUSTRIAL FINANCE LIMITED for the year ended March 31, 2011

i. a. The Company is maintaining proper records to show full particulars, including quan- titative details and situation of fixed assets.

b. As per information and explanation given to us, physical verification of fixed assets has been conducted by the management during the year. No material discrepancies were noticed on such verification.

c. There has been no disposal of substantial part of the fixed assets during the year, which may affect the going concern status of the Company.

ii. The Company is engaged in trading of chemicals, papers, electronics, and shares. All the goods purchased in respect of above (except trading in shares, debenture and other financial instruments) are directly supplied from the Principal's factory/warehouse to the respective Consignees, thus there are no stock lying at the company's disposal at any point of time. Thus requirement of Clause 4 (ii)(a) regarding verification of the Inventory, clause 4 (ii)(b) regarding adequacy of physical verification in relation to size of the company and clause 4 (ii)(c) regarding maintenance of proper records of inventory, does not arise.

However in respect of shares, debenture and other financial instruments held as Stock in Trade, the Company physically verifies the same lying in Dematerialised or physical form, from time to time.

iii. a. As per information furnished, the Company has not granted any loans secured / unsecured, to companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

b. As the Company has not granted any such loans, Clause (iii)(b) of the Order relating to the rate of interest and other terms and conditions, whether prima facie prejudicial to the interest of the Company, Clause (iii)(d) relating to regularity of the receipt of principal amount and interest and Clause (iii)(d) relating to steps for recovery of overdue amount of more than rupees one lakh, are not applicable.

c. The Company has taken an unsecured loan amounting to Rs.. 335 Lacs during the year from two parties covered in the register maintained under Section 301 of the Companies Act 1956.

However the company has repaid Rs.. 334 Lacs during the year and The maximum balance outstanding during the year was Rs.. 230 Lacs.

d. Based on the information and explanation given, the rate of interest and other terms and conditions of the aforesaid sums lent were prima facie not prejudicial to the interest of the company.

e. As verified from the records made available to us and according to the information and explanations given to us, the terms of repayments of such loans have not been stipulated; hence the question of our commenting as regards regularity in repaying of the principal amounts and interest does not arise.

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 its business through personal supervision of management with regard to purchase of inventory, fixed assets and for the sale of goods. During the course of our audit no major weakness has been noticed in the internal controls system.

v. a. Based on the audit procedures applied by us and according to the information and explanations given to us, we are of the opinion that the particulars of contracts or arrangements referred to in section 301 of the Companies Act, 1956, have been so entered.

b. According to the information and explanations given to us, the transactions made in pursuance of such contracts or arrangements entered into the register maintained under Section 301 of the Companies Act, 1956 and exceeding the value of rupees five lakhs, have been made at prices which are reasonable, having regards to the prevailing market prices at the relevant time, wherever applicable.

vi. In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from the public during the year and hence, the question of complying with the provisions of Section 58A and Section 58AA of the Companies Act, 1956 and the Rules framed there under, does not arise.

vii. In our opinion, based on the information and explanations given to us, the Company has an Internal Audit System commensurate with its size and the nature of its business operations.

viii. According to the information and explanations given to us, as the Central Government has not prescribed maintenance of cost records under section 209 (1)(d) of the Companies Act, 1956, clause 4 (viii) of the Order is not applicable.

ix. a. According to the information and explanations given to us and the records examined by us, the Company has generally been regular in depositing undisputed statutory dues including Investors' Education and Protection Fund, Income Tax, Sales Tax, Wealth Tax, Service Tax, Cess and other statutory dues, applicable to it, with the appropriate authorities, during the year, except for wealth tax as mentioned below

Sr. No. Financial Year Amount (Rs) Period for which outstanding (Month)

1 2007-08 2,950 42

2 2008-09 3,943 30

3 2009-10 15,661 18

b. According to the information and explanation given to us, there are no dues of Income Tax, Sales Tax, Wealth Tax, Service Tax and Cess which have not been deposited on account of disputes.

x. The Company does not have any accumulated losses and it has not incurred any cash losses during the financial year covered by our audit and the immediately proceeding financial year.

xi. Based on the audit procedures applied by us and according to the information and explanations given to us, we are of the opinion that the Company has not defaulted in repayment of dues to banks in the financial year under audit.

xii. Based on our examinations of records and the information and explanations given to us, the Company has not granted loans and /or advances on the basis of security by way of pledge of shares, debentures and other securities.

xiii. As the Company is not a Chit fund / Nidhi / Mutual benefit fund / Society, clause 4 (xiii) of the Order is not applicable.

xiv. Based on the audit procedures applied by us and according to the information and explanations given to us, the Company has maintained proper records of the transactions and contracts in respect of trading activities in shares, securities, debentures and other investments and timely entries have been made therein. All the shares, securities, debentures and other investments are held by the Company in its own name.

xv. As the Company has not given any guarantee for loans taken by others from Banks or Financial Institutions, clause 4 (xv) of the Order is not applicable to the Company.

xvi. According to the information and explanations given to us, as the company has not taken any term loan during the year, clause 4 (xvi) of the Order is not applicable.

xvii.According to the information and explanations given to us and on an overall examination of the balance sheet of the Company, we report that the funds raised on short term basis have not been utilised for long term investments.

xviii.According to the information and explanation given to us, as the Company has not made any preferential allotment of shares during the year, clause 4 (xviii) of the Order is not applicable.

xix. According to the information and explanation given to us, as the Company has not issued any debentures during the year, the question of creating securities or charges in respect thereof does not arise.

xx. As the Company has not raised any money by public issue during the year, clause 4 (xx) of the Order is not applicable to the Company.

xxi. Based on the audit procedures performed and information and explanation given to us by the management, we report that, no fraud, on or by the company, has been noticed or reported during the course of our audit.

For BANSI S. MEHTA & CO.

Chartered Accountants

Firm Registration

No.100991W

PLACE : MUMBAI HARESH G. BUCH

DATED :12th July 2011 Partner

Membership No. 033114


Mar 31, 2010

1) We have audited the attached Balance Sheet of DHOOT INDUSTRIAL FINANCE LIMITED as at March 31,2009 and the Profit and Loss Account and the Cash Flow Statement of the Company 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 amount 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 in terms of Section 227(4A) of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in the paragraph 4 and 5 of the said Order.

4) Further to ourcomments in the Annexure referred to in paragraph 3 above:

a) We have obtained all the information and explanations which, to the best of our knowledge and belief were necessary for the purposes of our audit;

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

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

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

e) On the basis of the written representations received from the Directors, as on March 31, 2009 and taken on record by the Board of Directors and further certified by the Company, we report that none of the directors are disqualified as on March 31,2009 from being appointed as a Director in terms of Clause (g) of Sub-Section (1) of Section 274 of the Companies Act, 1956; and

f) In our opinion and to the best of our information and according to the explanations given to

us, the said accounts, together with notes thereon, give the information required by the

Companies Act, 1956, in the manner so required and give a true and fair view in conformity

with the accounting principles generally accepted in India:

i) In the case of Balance Sheet, of the state of affairs of the Company as at March 31,

2009; ii) In the case of Profit and Loss Account of the profit for the year ended on that date; and iii) In the case of Cash Flow Statement, of the cash flows for the year ended on that date.

ANNEXURE TO THE AUDITORS REPORT

Annexure referred to in paragraph 3 of the Auditors Report of even date on the accounts of DHOOT INDUSTRIAL FINANCE LIMITED for the year ended March 31,2010

i. a. The Company is maintaining proper records to show full particulars, including quantitative details and situation of fixed assets.

b. As per information and explanation given to us, physical verification of fixed assets has been conducted by the management during the year. No material discrepancies were noticed on such verification.

c. There has been no disposal of substantial part of the fixed assets during the year, which may affect the going concern status of the Company.

ii. The Company is engaged in trading of chemicals, papers, electronics, and shares. All the goods purchased in respect of above (except trading in shares, debenture and other financial instruments) are directly supplied from the Principals factory/warehouse to the respective Consignees, thus there are no stock lying at the companys disposal at any point of time. Thus requirement of Clause 4 (ii)(a) regarding verification of the Inventory, clause 4 (ii)(b) regarding adequacy of physical verification in relation to size of the company and clause 4 (ii)(c) regarding maintenance of proper records of inventory, does not arise.

However in respect of shares, debenture and other financial instruments held as Stock in Trade, the Company physically verifies the same lying in Demat or physical form, from time to time.

iii. a. As per information furnished, the Company has not granted any loans secured / unsecured, to companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

b. As the Company has not granted any such loans, Clause (iii)(b) of the Order relating to the rate of interest and other terms and conditions, whether prima facie prejudicial to the interest of the Company, Clause (iii)(d) relating to regularity of the receipt of principal amount and interest and Clause (iii)(d) relating to steps for recovery of overdue amount of more than rupees one lakh, are not applicable.

c._ The Company has taken an unsecured loan amounting to Rs. 2,05,00,000/- during the year from one party covered in the register maintained under Section 301 of the Companies Act 1956.

However the company has repaid Rs. 1,49,00,000/- during the year and The maximum balance outstanding during the year was Rs. 1,55,00,000/-.

d. Based on the information and explanation given, the rate of interest and other terms and conditions of the aforesaid sums lent were prima facie not prejudicial to the interest of the company.

e. As verified from the records made available to us and according to the information and explanations given to us, the terms of repayments of such loans have not been stipulated; hence the question of our commenting as regards regularity in repaying of the principal amounts and interest does not arise.

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 its business through personal supervision of management with regard to purchase of inventory, fixed assets and for the sale of goods. During the course of our audit no major weakness has been noticed in the internal controls system.

v. a. Based on the audit procedures applied by us and according to the information and explanations given to us, we are of the opinion that the particulars of contracts or arrangements referred to in section 301 of the Companies Act, 1956, have been so entered.

b. According to the information and explanations given to us, the transactions made in pursuance of such contracts or arrangements entered into the register maintained under Section 301 of the Companies Act, 1956 and exceeding the value of rupees five lakhs, have been made at prices which are reasonable, having regards to the prevailing market prices at the relevant time, wherever applicable.

vi. In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from the public during the year and hence, the question of complying with the provisions of Section 58A and Section 58AA of the Companies Act, 1956 and the Rules framed there under, does not arise.

vii. In our opinion, based on the information and explanations given to us, the Company has an Internal Audit System commensurate with its size and the nature of its business operations.

viii. According to the information and explanations given to us, as the Central Government has not prescribed maintenance of cost records under section 209(1)(d) of the Companies Act, 1956, clause 4 (viii) of the Order is not applicable.

ix. a. According to the information and explanations given to us and the records examined by us, the Company has generally been regular in depositing undisputed statutory dues including Investors Education and Protection Fund, Income Tax, Sales Tax, Wealth Tax, Service Tax, Cess and other statutory dues, applicable to it, with the appropriate authorities, during the year.

b. According to the information and explanation given to us, there are no dues of Income Tax, Sales Tax, Wealth Tax, Service Tax and Cess which have not been deposited on account of disputes.

x. The Company does not have any accumulated losses and it has not incurred any cash losses during the financial year covered by our audit and the immediately proceeding financial year.

xi. Based on the audit procedures applied by us and according to the information and explanations given to us, we are of the opinion that the Company has not defaulted in repayment of dues to banks in the financial year under audit.

xii. Based on our examinations of records and the information and explanations given to us, the Company has not granted loans and /or advances on the basis of security by way of pledge of shares, debentures and other securities.

xiii. As the Company is not a Chit fund / Nidhi / Mutual benefit fund / Society, clause 4 (xiii) of the Order is not applicable.

xiv. Based on the audit procedures applied by us and according to the information and explanations given to us, the Company has maintained proper records of the transactions and contracts in respect of trading activities in shares, securities, debentures and other investments and timely entries have been made therein. All the shares, securities, debentures and other investments are held by the Company in its own name.

xv. As the Company has not given any guarantee for loans taken by others from Banks or Financial Institutions, clause 4 (xv) of the Order is not applicable to the Company.

xvi. According to the information and explanations given to us, as the company has not taken any term loan during the year, clause 4 (xvi) of the Order is not applicable.

xvii. According to the information and explanations given to us and on an overall examination of the balance sheet of the Company, we report that the funds raised on short term basis have not been utilised for long term investments.

xviii.According to the information and explanation given to us, as the Company has not made any preferential allotment of shares during the year, clause 4 (xviii) of the Order is not applicable.

xix. According to the information and explanation given to us, as the Company has not issued any debentures during the year, the question of creating securities or charges in respect thereof does notarise.

xx. As the Company has not raised any money by public issue during the year, clause 4 (xx) of the Order is not applicable to the Company.

xxi. Based on the audit procedures performed and information and explanation given to us by the management, we report that, no fraud, on or by the company, has been noticed or reported during the course of our audit.

For BANSI S. MEHTA & CO.

Chartered Accountants

Firm Registration No. 100991W

AMIT A. DESAI

PLACE :MUMBAI Partner

DATED :18th June2010 Membership No. 048512

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