Auditor Report of Extol Commercial Ltd.

Mar 31, 2014

Report on the Financial Statements

We have audited the accompanying financial statements of EXTOL COMMERCIAL LIMITED ("the Company"), which comprise the Balance Sheet as at March 31,2014, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

The Company''s Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position and financial performance of the Company in accordance with the Accounting Standards notified under 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 and in accordance with the accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s 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 are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

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

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

(b) in the case of the Statement of Profit and Loss, of the loss for the year ended on that date; and

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

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order") issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by section 227(3) of the Act, we report that:

a. we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

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

c. the Balance Sheet, 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 and the Statement of Profit and Loss, comply with Accounting Standards notified under the Act read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013.

e. on the basis of written representations received from the directors as on March 31, 2014 and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2014, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

ANNEXURE TO THE AUDITORS'' REPORT

Referred to in paragraph 1 under the heading of "Report of Other Legal and Regulatory Requirements"of our report of even date

1. Clause 1(a), 1(b) & 1(c) are not applicable since company does not have any Fixed Asset.

2. Clause 2(a), 2(b) & 2(c) is not applicable since there is no inventory during the year.

3. The Company has neither granted nor taken any loans, secured or unsecured to / from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956. Therefore clause iii (b), iii(c), iii (d), iii (e), iii (f) & iii (g) of paragraph 4 of the order is not applicable to the company.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business. During the course of our audit, no major weakness has been noticed in the internal controls of various areas.

5. a. According to the information and explanations provided by the management, we are of the opinion that no transactions made with the parties under Section u/s 301 of the companies Act 1956. b. Since no transaction entered this clause is not applicable.

6. The Company has not accepted any deposits from the public to which the directives issued by the Reserve Bank of India and the provisions of section 58 A of the Act and the rules framed thereunder apply.

7. The maintenance of cost records under section 209 (1) (d) of the companies Act 1956 is not applicable to the company.

8. a. The Company is generally regular in depositing with appropriate authorities, undisputed statutory dues including provident fund, investor education and protection fund, employees'' state insurance, income- tax, sales-tax, wealth-tax, custom duty, excise duty, cess and other statutory dues applicable to it. According to the information and explanations given to us, no undisputed amounts payable in respect of income tax wealth tax, sales tax, customs duty, and excise duty were outstanding, at the year end for a period of more than six months from the date they became payable.

b. According to information and explanation given to us and the records of the company examined by us, no disputed statutory dues on account of sales-tax, income tax, wealth tax, excise duty and cess.

9. The Company has accumulated losses as at the end of the financial year which is more than 50% of the paid up capital and free reserves. The company has incurred cash losses during the current year and also in the immediately preceding financial year. However as per the Management, they are hoping to start the activity and hence the financial statements are prepared on going concern basis.

10. Based on the records examined by us, Company has not taken any loan from bank or financial institutions during the year.

11. The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

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

13. in our opinion and according to the information and explanations given to us, the Company is not a dealer or trader in securities. Accordingly, the provisions of clause 4(xiv) of the Order are not applicable to the Company.

14. 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.

15. Based on the information and explanations given to us by the management no term loans taken during the year. According to information and explanations given to us and on overall examination of the balance sheet of the Company, we report that no funds raised on short-term basis have been used for long-term investment. No long-term funds have been used to finance short-term assets except working capital.

16. The Company has not made any preferential allotment of shares to the parties or companies covered in the register maintained under Section 301 of the companies Ac, 1956.

17. The Company has not issued any debentures during the year and there are no debentures outstanding at the year-ends, therefore the question of creation of Securities does not arise.

18. The Company has not raised any money through a public issue during the year.

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

For RITESH BURAD & CO CHARTERED ACCOUNTANT FRN: 113197W

(CA RITESH BURAD) PROPRIETOR Membership No. 103781

Place: Mumbai Date : 30.05.2014

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Mar 31, 2012

We have audited the attached Balance Sheet of EXTOL COMMERCIAL LIMITED as at 31st March, 2012, the Statement of Profit and Loss and also the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company''s management. Our responsibility is to express an opinion on these financial statements based on our audit.

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 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.

As required by the Companies (Auditors Report) Order, 2003 (the order) issued by the Central Government of India in terms of sub-section (4 A) of section 227 of the Companies Act, 19S6, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and Soft he said Order.

Further to our comments in the Annexure referred to above, we report that:

1. 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.

2. 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;

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

4. In our opinion, the Balance Sheet, Statement of Profit and Loss dealt with by this report comply with die accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956.

5. On the basis of written representations received from the Directors and.taken on record by the Board of Directors, we report that none of the Directors is disqualified as on March 31,2012, from being appointed as Director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956.

6. In our opinion and to the best of our information and according to the explanations given to us, they said accounts 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 31st March, 2012; and

b) In the case of the Statement of Profit & Loss, Loss for the year ended on that date;

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

1. Clause 1(a), l(b)& 1(c) are not applicable since company Does nothaveany Fixed Asset.

2. Clause 2(a), 2(b) & 2(c) is not applicable since there is no inventory during the year.

3. The Company has neither granted nor taken any loans, secured or unsecured to / from companies, firms or other partiescoveredintberegistermaintainedunderSection301 of the Companies Act, 1956. Therefore clause iii(b),iii(c), iii (d), iii (e), iii (f) & iii (g) of paragraph 4 of the order is not applicable to the company.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business. During the course of our audit, no major weakness has been noticed in the internal controls of various areas.

5. a. According to the information and explanations provided by the management, we are of the opinion that no transactions made with the parties under Section u/s 301 of the companies Act 1956. b. Since no transaction entered this clause is not applicable.

6. The Company has not accepted any deposits from the public to which the directives issued by the Reserve Bank of India and the provisions of section 58 A of the Act and the rules framed there under apply.

7. The maintenance of cost records under section 209 (1) (d) of the companies Act 1956 is not applicable to the company.

8. a. The Company is generally regular in depositing with appropriate authorities, undisputed statutory dues including provident fund, investor education and protection fund, employees'' state insurance, income-tax, sales-tax, wealth-tax, custom duty, excise duty, cess and other statutory dues applicable to it. According to the information and explanations given to us, no undisputed amounts payable in respect of income tax wealth tax, sales tax, customs duty, and excise duty were outstanding, at the yearend for a period of more than six months from the date they became payable.

b. According to information and explanation given to us and the records of the company examined by us, no disputed statutory dues on account of sales-tax, income tax, wealth tax, excise duty and cess.

9. The accumulated losses of Rs.7,23,735/- at the end of the financial year are not more than 50% of Net Worth of the company. The company has not incurred cash losses in the preceding financial year.

10. Based on the records examined by us, Company has not taken any loan from bank or financial institutions during the year.

11. The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

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

13. In our opinion and according to the information and explanations given to us, the Company is not a dealer or trader in securities. Accordingly, the provisions of clause 4(xiv) of the Order are not applicable to the Company.

14. 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. ,

15. Based on the information and explanations given to us by the management no term loans taken during the year. According to information and explanations given to us and on overall examination of the balance sheet of the Company, we report that no funds raised on short-term basis have been used for long-term investment No long-term funds have been used to finance short-term assets except working capital.

16. The Company has not made any preferential allotment of shares to the parties or companies covered in the register maintained under Section 301 of the companies Ac, 1956.

17. The Company has not issued any debentures during the year and there are no debentures outstanding at the year-ends, therefore the question of creation of Securities does notarize.

18. The Company has not raised any money through a public issue during the year.

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

For: RITESH BURAD & Co.

CHARTERED ACCOUNTANTS

FRN: 113197W



Sd/-

Place: Mumbai (CA RITESH BURAD)

Date : 06.09.2011 Proprietor

M. No. 103781

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Mar 31, 2010

We have audited the attached Balance Sheet of EXOL COMMERCIAL LTD. as at 31st March, 2010, the Profit and Loss Account and also the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

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 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.

As required by the Companies (Auditors Report) Order, 2003 (the order) issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

Further to our comments in the Annexure referred to above, we report that:

1. 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.

2. 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;

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

4. In our opinion, the Balance Sheet, Profit and Loss Account dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956.

5. On the basis of written representations received from the Directors 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 Director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956.

6. In our opinion and to the best of our information and according to the explanations given to us, the said accounts 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 31st March, 2010; and

b) In the case of the statement of Profit & Loss, Profit for the year ended on that date;

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

ANNEXURE TO THE AUDITORS REPORT

1. Clause 1(a), 1(b) & 1(c) are not applicable since company does not have any Fixed Asset.

2. Clause 2(a), 2(b) & 2(c) is not applicable since there is no inventory during the year.

3. The Company has neither granted nor taken any loans, secured or unsecured to / from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956. Therefore clause iii (b), iii(c), iii (d), iii (e), iii (f) & iii (g) of paragraph 4 of the order is not applicable to the company.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods. During the course of our audit, no major weakness has been noticed in the internal controls in respect of these areas.

5. a. According to the information and explanations provided by the management, we are of the opinion that no transactions made with the parties under Section u/s 301 of the companies Act 1956.

b. Since no transaction entered this clause is not applicable.

6. The Company has not accepted any deposits from the public to which the directives issued by the Reserve Bank of India and the provisions of section 58 A of the Act and the rules framed thereunder apply.

7. The maintenance of cost records under section 209 (1) (d) of the companies Act 1956 is not applicable to the company.

8. a. The Company is generally regular in depositing with appropriate authorities, undisputed statutory dues including provident fund, investor education and protection fund, employees state insurance, income-tax, sales-tax, wealth-tax, custom duty, excise duty, cess and other statutory dues applicable to it. According to the information and explanations given to us, no undisputed amounts payable in respect of income tax wealth tax, sales tax, customs duty, and excise duty were outstanding, at the year end for a period of more than six months from the date they became payable.

b. According to information and explanation given to us and the records of the company examined by us, no disputed statutory dues on account of sales-tax, income tax, wealth tax, excise duty and cess.

9. The accumulated losses of Rs.301188/- at the end of the financial year are not more than 50% of Net Worth of the company. The company has not incurred cash losses in the current financial year but has incurred during the immediately preceding financial year.

10. Based on the records examined by us, Company has not taken any loan from bank or financial institutions during the year.

11. The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

12. In our opinion, the Company is not a chit fund and nidhi/mutual benefit fund/society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditors Report) Order, 2003 are not applicable to the Company.

13. In our opinion and according to the information and explanations given to us, the Company is not a dealer or trader in securities. Accordingly, the provisions of clause 4(xiv) of the Order are not applicable to the Company.

14. 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.

15. Based on the information and explanations given to us by the management no term loans taken during the year.

16. According to information and explanations given to us and on overall examination of the balance sheet of the Company, we report that no funds raised on short-term basis have been used for long-term investment. No long-term funds have been used to finance short-term assets except working capital.

17. The Company has not made any preferential allotment of shares to the parties or companies covered in the register maintained under Section 301 of the companies Ac, 1956.

18. The Company has not issued any debentures during the year and there are no debentures outstanding on at the year-ends, therefore the question of creation of Securities does not arise.

19. The Company has not raised any money through a public issue during the year.

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



For RITESH BURAD & Co.

Chartered Accountants

(CA RITESH BURAD)

PLACE: MUMBAI Proprietor

DATE : 02.09.2010 M. No. 103781