Auditor Report of Frontier Capital Ltd.

Mar 31, 2014

We have audited the accompanying financial statements of Frontier Leasing & Finance 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

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 notified under the Companies Act, 1956 ("the Act") read with the General Circular 15/2013 dated September 13, 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act, 2013. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors'' 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, but not for the purpose of expressing an opinion on the effectiveness of the company''s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

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 profit 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 (Auditors'' 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, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards notified under the Companies Act, 1956 ("the Act") read with the General Circular 15/2013 dated September 13, 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;

f) Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

ANNEXURE REFERRED TO THE REPORT OF EVEN DATE FOR THE YEAR ENDED MARCH 31, 2014 OF FRONTIER LEASING & FINANCE LIMITED

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

(b) All the assets have been physically verified by the management during the year as per programme of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. As informed to us, no discrepancies were noticed on such verification.

(c) During the year, the company has not disposed off substantial part of the fixed asset.

(ii) Since the company do not have inventory (other than stock on hire), the clause (ii) is not applicable to the company for the year.

(iii) (a) The company has not granted any loans to companies, firms and other parties covered in the Register maintained under Section 301 of the Companies Act, 1956:

(b) In view of clause (iii) (a) above, clause (iii) (b) is not applicable.

(c) In view of clause (iii) (a) above, clause (iii) (c) is not applicable.

(d) In view of clause (iii) (a) above, clause (iii) (d) is not applicable.

(e) The company has not taken any loans from companies, firms and other parties covered in the Register maintained under Section 301 of the Companies Act, 1956.

(f) In view of clause (iii) (e) above, clause (iii) (f) is not applicable.

(g) In view of clause (iii) (e) above, clause (iii) (g) is not applicable.

(iv) In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the company and the nature of its business.

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 provided by the management, we are of the opinion that there are no transactions during the year that need to be entered into the register maintained under section 301.

(b) In view of clause (v) (a) above, clause (v) (b) is not applicable.

(vi) During the year the company has not accepted any public deposits.

(vii) In our opinion, during the year the company does not have formal internal audit system.

(viii) As informed to us, the maintenance of cost records have not been prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Companies Act, 1956.

(ix) (a) According to the records of the company, there were delays in deposit of undisputed statutory dues of income tax and service tax with the appropriate authorities. As per the books of account and according to information and explanations given to us there are no undisputed dues of provident fund, Investor Education and Protection Fund, Employees'' State Insurance, Sales Tax, wealth tax, Custom Duty, Excise Duty and Cess. The arrears of statutory dues of income tax of 2,037,710 were outstanding as at March 31, 2014 for a period of more than six months from the date they became payable.

(b) According to the records of the company, there are no dues Income Tax, Sales Tax of Wealth Tax, Service Tax, Custom duty and excise duty/cess which have not been deposited on account of dispute.

(x) The company does not have accumulated losses at the end of the financial year and the company has not incurred any cash losses during the financial year covered by our audit and also in the immediately preceding financial year.

(xi) Based on our audit procedures and according to the books of account and information and explanations given by the management, we state that there are no dues to banks, financial institutions or debentureholders.

(xii) Based on our examination of documents and records, the company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) Provisions of Chit Fund Nidhi/ Mutual Benefit Fund/Societies are not applicable.

(xiv) The company is not engaged in dealing or trading in shares, securities, debentures and other investments.

(xv) The company has not given any guarantee for loans taken by others from bank or financial institutions.

(xvi) During the year the company has not borrowed any term loan.

(xvii) During the year the company has not raised any short term funds.

(xviii) During the year the company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act.

(xix) During the year, the company has not issued secured debentures.

(xx) During the year, the company has not raised money by public issues.

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

For Nisar & Kumar Firm Regn. No. 127820 W

Sd/- K. M. Mahadik Partner M. No. 48453

Place: Mumbai Date: May 9, 2014

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Mar 31, 2012

We have audited the attached Balance Sheet of Frontier Leasing & Finance Limited, as at March 31, 2012 and also the Statement of Profit and Loss for the year ended on that date annexed thereto and the Cash Flow Statement for the year ended on that date. 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. These 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.

As required by the Companies (Auditors Report) Order, 2003 (as amended) issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, and on the basis of such checks as we considered appropriate and according to the information and explanations given to us, 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:

(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 it appears from our examination of those books.

(ill) 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;

(iv) On the basis of written representations received from the directors as on March 31, 2012 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 a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956;

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

(vi) 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:-

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

ii. in the case of the Statement of Profit and Loss, of the profit of the Company for the year ended on that date; and

iii. in the case of cash flow statement, of the cash flows of the Company for the year ended on that date.

ANNEXURE REFERRED TO THE REPORT OF EVEN DATE FOR THE YEAR ENDED MARCH 31, 2012 OF FRONTIER LEASING & FINANCE LIMITED

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

(b) All the assets have been physically verified by the management during the year as per programme of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. As informed to us, no discrepancies were noticed on such verification.

(c) During the year, the company has not disposed off substantial part of the fixed asset.

(ii) Since the company do not have inventory (other stock on hire), the clause (ii) is not applicable to the company for the year.

(iii) (a) The company has not granted any loans to companies, firms and other parties covered in the Register maintained under Section 301 of the Companies Act, 1956:

(b) In view of clause (iii) (a) above, clause (iii) (b) is not applicable.

(c) in view of clause (iii) (a) above, clause (iii) (c) is not applicable.

(d) In view of clause (iii) (a) above, clause (iii) (d) is not applicable.

(e) The company has not taken any loans from companies, firms and other parties covered in the Register maintained under Section 301 of the Companies Act, 1956.

(f) In view of clause (iii) (e) above, clause (iii) (f) is not applicable.

(g) In view of clause (iii) (e) above, clause (iii) (g) is not applicable.

(iv) In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the company and the nature of its business. 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 provided by the management, we are of the opinion that there are no transactions during the year that need to be entered into the register maintained under section 301,

(b) In view of clause (v) (a) above, clause (v) (b) is not applicable.

(vi) During the year the company has not accepted any public deposits.

(vii) In our opinion, during the year the company does not have formal internal audit system.

(viii) As informed to us, the maintenance of cost records have not been prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Companies Act, 1956.

(ix) (a) According to the records of the company, there were delays in deposit of undisputed statutory dues of income taxes with the Income tax authorities. As per the books of account and according to information and explanations given to us there are no undisputed dues of provident fund, Investor Education and Protection Fund, Employees' State Insurance, Sates Tax, wealth tax, Service Tax, Custom Duty, Excise Duty and Cess, There were no arrears of statutory dues outstanding as at March 31, 2012 for a period of more than six months from the date they became payable,

(b) According to the records of the company, there are no dues Income Tax, Sales Tax of Wealth Tax, Service Tax, Custom duty and excise duty/cess which have not been deposited on account of dispute,

(x) The company does not have accumulated losses at the end of the financial year and the company has not incurred any cash losses during the financial year covered by our audit and also in the immediately preceding financial year.

(xi) Based on our audit procedures and according to the books of account and information and explanations given by the management, we state that there are no dues to banks, financial institutions or debenture holders.

(xii) Based on our examination of documents and records, the company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) Provisions of Chit Fund Nidhi/Mutual Benefit Fund/Societies are not applicable.

(xiv) The company is not engaged in dealing or trading in shares, securities, debentures and other investments.

(xv) The company has not given any guarantee for loans taken by others from bank or financial institutions.

(xvi) During the year the company has not borrowed any term loan.

(xvii) During the year the company has not raised any short term funds.

(xviii) During the year the company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act.

(xix) During the year, the company has not issued secured debentures.

(xx) During the year, the company has not raised money by public issues.

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



For NISAR & KUMAR Chartered Accountants Firm Regn. No. 127820W

Sd/-

K. M. Mahadik

Partner M. No. 48453

Place: Mumbai Date: May 30, 2012

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Mar 31, 2010

We have audited the attached Balance Sheet of M/S FRONTIER LEASING & FINANCE LTD., as at 31st March 2010 and also the Profit & Loss Account for the year ended on that date and 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 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 misstatements. 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.

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:

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

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

iii) The Balance Sheet, Profit & Loss Account dealt with by this report are in agreement with the books of accounts.

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

x) The company does not have accumulated losses. The company has incurred cash losses during the financial year covered by our audit. The company has not incurred cash losses during the year immediately preceding financial year.

xi) Based on our procedures and on the information and explanations given by the management, the company has not availed and funds / facilities from the financial institution or bank.

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

xiii) The company is not a chit / nidhi / mutual benefit fund/ society and clause (xiii) of the order is not applicable.

xiv) In our opinion and according to the information and explanations given to us, proper records have been maintained of the transactions and contracts relating to dealing in shares, securities and debentures and timely entries have been made in such records. All the investments are in the name of the company.

xv) On the basis of the information and explanations given to us the Company has not given any guarantee for loans taken by others from bank or financial institution.

xvi) There was no term loan availed by the company and outstanding during the year.

xvii) On the basis of our examination of the books of accounts and the information and explanations given to us, in our opinion, the funds raised on short-term basis have not been used for long term investment and vice versa.

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

xix) The company did not have any outstanding debentures during the year.

xx) The company has not raised any money by way of public issues during the year.

xxi) Based on the audit procedure 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.

Annexure to the auditors report of even .date to the members of M/s Frontier Leasing & Finance Ltd.

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

b) All fixed assets are physically verified by the management during the year. In our opinion, the frequency of verification of the fixed assets by the management is reasonable having regard to the size of the Company and the nature of its assets. There were no discrepancies noticed during the physical verification conducted by management.

c) The assets disposed off during the year are not significant and therefore do not effect the going concern assumptions.

ii) Since the company did not deal in goods or merchandise, the requirements relating to inventory in clause (ii)(a), (ii)(b) and (ii)(c) of the order are not applicable.

iii) During the year, the company has not granted or taken any loans to or from parties covered in the register maintained under section 301 of the Companies Act, 1956. Hence, requirements mentioned in clause (iii)(a), (iii)(b), (iii)(c) and (iii)(d) are not applicable.

iv) Since the company did not deal in goods or merchandise, the requirements in clause (iv) of the order to internal control procedure on purchase of inventory, fixed assets and sale of goods is not applicable.

v) Based on the audit procedures applied by us and according to the information and explanation provided by the management, we are of the opinion that there were no transactions that need to be entered into the register maintained u/s 301.

vi) The company has not accepted any deposits from the public during the year.

vii) The company has a system of internal audit which, in our opinion, is commensurate with its size and nature of its business.

viii) The company is not required to maintain cost records pursuant to the rules made by the Central Government under section 209(1 )(d) of the Companies Act, 1956.

ix) According to the records, information and explanations provided to us, the company is generally regular in depositing with appropriate authorities undisputed amount of income-tax and other statutory dues applicable to it and no undisputed amounts payable were outstanding as at 31st March, 2009 for a period of more than six months from the date they became payable.

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

vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts 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.

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

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

For J. S. BHATIA & CO.,

CHARTERED ACCOUNTANTS.

J. S. BHATIA

PROPRIETOR

PLACE : MUMBAI M.No:34290

DATE : 30/08/2010

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Mar 31, 2009

We have audited die attached Balance Sheet of M/S FRONTIER LEASING & FINANCE LTD., as ill 31 March 2009 and also the Profit & Loss Account for the year ended on that date aid cash flow statement tor the year ended on thai date annexed thereto. These linsmeial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require thai we plan and perform the audit to obtain reasonable assurance tibout whether the financial statements arc free of material misstatements. An audit also includes assessing the accounting principles used and significant estimates made by (he management, as well as evaluating the overall financial statement presentation. Wc believe that our aidit 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 die Companies Act, 1956. we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of die slid order.

Further to our comment; in the Annexure referred to above, we report thai :

i) We have obtained all the information and explanations, which lo the best of our knowledge and belief were necessary for the pirposes of our audit.

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

iii) The Italance Sheet, Profit & Loss Account dent with by this report are in agreement with the books of accounts.

iv) In our opinion, the Balance Sheet. Profit & Loss Account and Cash Flow Statement dealt with by this report comply with the accounting standards referred to in sub- section (3C)of section 211 of the Companies A^t, 1956.

v) On the basis of written representations received from Hie directors as on inarch 31,2009 atd taken on record by ihe Board of Directors, we report rhat none of the directors is 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.

vi) In our opiiion and to the best of our information and according lo the explanations given to u?. die 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 Ihe accounting principles generally accepted in India :

a) In the case of the Balance Sheet, of the state oi" affairs of the Company as it 31st March, 2009.

b) Id Ihe case of Profit & Loss Account, of (he Loss for the year ended on ihai date.

c) In case of Cash Flow statement, of the cash flows for the year ended on lhat date.

AnneMirc lo (lie auditors report of even dale to the members of M/s Frontier Leasing & Finance Lid.

i) a) The Company lias maintained proper records showing full particulars, including quantitative details and the situation of its fixed assets,

b) All fixed assets arc physically verified, by the management during die year. In our opinion, the frequency of verification of the fixed assets by the management is reasonable having regard to the size of the Company and the nature of its assets. There were uu discrepancies noticed during the physical verification conduced by management.

c) The assets disposed off during the year arc not significant and therefore co not effect the going concern assumptions.

ii) Since the company did not deal in goods or merchandise, the requirements relating to inventory in clause (ii)(
iii) During the year, the company has not granted or taken any loans to or from parties covered in the register maintained under section 301 of the Companies Act. 1956. Hence, requirements mentioned in clause (iii)(fl), ()<&)¦ (iiXc) a""! (i")(d) arc not applicable.

iv) Since the company did not deal in goods or merchandise, the rcquirernenis in clause (iv) of the order to internal control procedure on purchase of inventory, fixed assets am: sale of goods is not applicable.

v) Based on the audit procedures applied by us and according to die information and explanation piovided by die management, we arc of the opinion thai (here wen no transactions that need to be entered into the register maintained u/s301.

vi) JTie company has not accepted any deposits from ihc public during the year.

vii) The company has a system of internal audit whicb. in our opinion, is commensurate .vith its si/.e and nature of its business

viii) The company is not required to maintain cost records pursuant to (he rules made by the Central Government under section 209(JX
ix) According to the records, information and explanation? provided to us. the company is generally reguiar in depositing with appropriate authorities undisputed amount of income-tax and other statutory dues applicable to h and no undisputed amounts payable were ouistandtig as at 31st March, 2009 for a period of more than six months from the date they near payable.

s) The company docs not have accumulated losses The company has incurred cash fosses during ihe financial year covered by our audil. The company has not incurred cash tosses during the year immediately preceding financial year.

xi) Biised on our procedures and on the information and explanations given bj the management, ihc company has not availed and funds ! facilities from the linsncial institution or bank.

xii) Bused on our examination and according to the itfoniiation and explanations given lo us, (he Company has not granlcd loans and advances vn the basis of security by wsy of pledge of shares, debentures Mid olhtfi sccuiilies. „^

xiii) The company is not a chit / nidhi I mutual benefit fund/ society and clause (siii) of the order is not applicable.

xiv) In our opinion and according to the information and explanations given to us, proper records have been maintained of the transactions and contracts relating to dealing in shares, securities and debentures and timely entries have been made in such records. All the investment! arc in the name of the company.

xv) • On the basis of the information and explanations given to us the Company has not given any guarantee for loans taken by others from bank or financial institulion.

xvi) There was no term loan availed by the company ard ouistanding during die year.

xvii) On the basis of our examination of the books of accounts and the information and explanations given to us, in our opinion, the funds raised on short-term basis have not been used for long term investment and vice versa.

xviii) During the year, the Company has not made any preferential allotment of shares to parlies and companies covered :n the register maintained under section 301 of the Act.

xix) The company did not have any outstanding debentures during the year.

xx> The company has not raised any money by way of public issues during iho year.

xxi) Based on the au;lit procedure performed and information and explanations given to us by the management, wc report lhat no fraud on or by the company has been noticed or reported during he course of our audit.

For J. S. JJHATIA & CO., CHARTERED ACCOUNTANTS.

J. S. DHATIA PROPRIETOR

PLACE : MUMBAI DATE : 4/00/2009