Auditor Report of Kuber Udyog Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of KUBER UDYOG LIMITED, which comprise the Balance Sheet as at 31March 2015, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

As required by the Companies (Auditor's Report) Order 2015 issued by Government of India in terms of Section 143 (11) of the Companies Act, 2013, we enclose herewith in annexure.

Management's Responsibility for the Financial Statements:

The Company's Board of Directors is responsible for the matters in section134(5) of the Companies Act,2013("the Act")with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash fiows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies(Accounts)Rules,2014.This responsibility also includes the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding of the assets of the Company and for preventing and detecting the 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 internal financial control, 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:

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

We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made hereunder.

We conducted our audit in accordance with the Standards on Auditing specified under section 143 (10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements.

The procedures selected depend on the auditor's 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 true and fair view 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 Company's Directors, as well as evaluating the overall presentation of the nancial statements.

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

Opinion:

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

a) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2015;

b) In the case of the Statement of Prot and Loss, of the prot for the year ended on that date; and

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

Report on other Legal and Regulatory Requirements:

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 appears from our examination of those books.

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

d) In our opinion,the aforesaid financial statements comply with the Accounting Standards specied under Section 133 of the Act, read with Rule 7 of the Companies(Accounts) Rules, 2014.

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

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

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

II. The Company did not have any long term contacts including derivative contacts for which there were any material foreseeable losses.

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

Annexure to the Independent Auditors' Report

The Annexure referred to in our Independent Auditors' Report to the members of KUBER UDYOG LIMITED for the year ended 31 March 2015, we report that:

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

(b) The Company has a regular programme of physical verification of its fixed assets by which fixed assets are verified in a phased manner over a period of three years. In accordance with this programme, certain fixed assets were verified during the year and no material discrepancies were noticed on such verification. In our opinion, this periodicity of physical verification is reasonable having regard to the size of the Company and the natureofits assets.

ii. The physical verification of the inventories has been conducted at reasonable interval by the management.

The procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

The company has maintained proper records of inventory and no material discrepancies were noticed on such physical verification and the same have been properly dealt with in the books of accounts.

iii. (a) the company has not granted loans, secured or unsecured, to companies, firms or other parties covered in the register maintained under section189 of the Companies Act, 2013('the Act').

(b) In view of our comments in (a) above no further comments are warranted on receipt of principal amount and rate of interest on such loan.

(c) There are no overdue amounts of more than rupees one lakh in respect of the loans granted to the bodies corporate listed in the register maintained undersection189 of the Act.

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 with regard to purchase of fixed assets and sale of services. The activities of the Company do involve purchase of inventory and the sale of goods. We have not observed any major weakness in the internal control system during the course of the audit.

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

vi. We are informed that maintenance of cost records has not been prescribed by the Central Government U/s 148 of the Act.

vii. (a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, amounts deducted/accrued in the books of account in respect of undisputed statutory dues including provident fund, income tax, sales tax, wealth tax, service tax, duty of customs, value added tax, cess and other material statutory dues have been regularly deposited during the year by the Company with the appropriate authorities.

According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, income tax, sales tax, wealth tax, service tax, duty of customs, value added tax, cess and other material statutory dues were in arrears as at 31st March,2015 for a period of more than six months from the date they became payable.

b) According to the information and explanations given to us, there are no material dues of wealth tax, duty of customs and cess which have not been deposited with the appropriate authorities on account of any dispute.

c) No amount are required to be transferred to investor education and protection fund in accordance with the relevance provisions of the Companies Act, 2013 and rules made there under.

viii. In our Opinion, The Company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in the financial year and in the immediately preceding financial year.

viii. The Company did not have any outstanding dues to financial institutions, banks or Debentureholders during the year.

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

x. The Company did not have any term loans outstanding during the year.

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

Xii. As required by the Non Banking Financial Companies Auditors Report (Reserve Bank) Direction, 1988. we further state that we have submitted a report to the board of directors of the company containing a statement of the matters as specified in the said direction to the extent applicable namely the following:

(a) The Company was incorporated on 25th November,1982 and has been granted registration certificate No. 05.00630 dated 4th March, 1998 as provided in 45IA of the Reserve Bank of India.

(b) The Company has not accepted any Public Deposits during the year under reference.

(c) The Company is engaged in the business of Non Banking Financial Institution in the year under reference requiring it to hold certificate of registration under Section 45IA of the RBI Act, 1934.

For, Arpan Chudgar & Associates Chartered Accountants FRN: 133877W

(CA. ArpanChudgar) Proprietor M. No. 131876

Place:Mumbai Date: 30.05.2015

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Mar 31, 2014

We have audited the accompanying financial statements of KUBER UDYOG LTD ("the Company"), which comprise the Balance Sheet as at 31st March, 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

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 (the "Act") (which continue to be applicable in respect of Section 133 of the Companies Act,2013 in terms of General Circular 1512013 dated 13th September, 2013 of the Ministry of Corporate Affairs) 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 reparation 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 th6 financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expression 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 aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India.

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

b) in the case of the Profit and Loss Account, of the loss of the Company for the year ended on that date.

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

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the Companies (Auditor's Report) Order, 2003 ("the Order") issued by the Central Government of India in terms of section 227(3) 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 it appears from our examination of those books.

c. The Balance Sheet and 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 Statement of Profit and Loss and cash flow statement comply with the Accounting Standards notified under the Act (which continue to be applicable in respect of Section 133 of the Companies Act, 2013 in terms of General Circular 1512013 dated 13th September, 2013 of the Ministry of Corporate Affairs).

e. On the basis of written representations received from the directors as on 31st March,2014, and taken on record by the Board of Directors, none of the directors is disqualified as on 31't March, 2014, from being appointed as a director in terms of section 274 (1)(g) of the Act.

ANNEXURE TO INDEPENDENT AUDITORS REPORT

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

1. The company has no fixed assets. Therefore, the provisions of clause 4(i) (a), (b) & (c) of the order relating to verification of assets are not applicable.

2. The company does not have inventory. Therefore the provisions of clause 4(ii) (a), (b) & (c) relating to verification of inventories are not applicable as the company is an investment company.

3. (a) According to the information and explanations given to us and on the basis of our examination of the books of account,the company has not granted any loans, secured or unsecured, to companies, firms or other partie listed in the register maintained under Section 301 of the companies Act, 1956. Consequently, the provisions of clauses iii (b), iii(c) and iii (d) of the order are not applicable to the Company.

(e) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not taken loans from companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956' Thus sub clauses (f) & (g) are not applicable to the company.

4. The internal control procedures for purchase of investment are adequate and commensurate with size of the company and its nature of business.

5. The Company has not entered into any transactions that need to be entered into register in pursuance of section 301 of the Act.

6. According to the information and explanations given to us, the Company has not accepted any deposits from the public. Therefore the provisions of clause (vi) of paragraph 4 of the Order are not applicable to the Company.

7. As per information & explanations given by the management, the Company has an internal audit system commensurate with its size and the nature of its business.

8. To the best of our knowledge and as explained, the Central Government has not prescribed maintenance of cost records under clause (d) of sub-section (1) of section 209 of the Act for the product of the company.

9. (a) According to the records of the company, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees' State insurance, income-tax, Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, CESS to the extent applicable and any other statutory dues have generally been regularly deposited with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of aforesaid dues were outstanding as on 31st of March,2014 for a period of more than six months from the date of becoming payable.

(b) According to the information and explanations given to us, there is no amounts payable in respect of income tax, wealth tax, service tax, sales tax, customs duty and excise duty which have not been deposited on account of any disputes.

10. The Company has accumulated losses at the end of the financial year. But the Company has not incurred any cash losses during the financial year covered by our audit and in the immediately preceding financial year.

11. Based on our audit procedures 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 financial institution, bank or debenture holders.

12. In our opinion and according to the information and explanations given to us and based on the information available, no loan and advances have been granted by the Company on the basis of security by way of pledge of shares, debentures and other securities.

13. In our opinion, the Company is not a chit fund or a nidhi /mutual benefit fund/society. Therefore, the provision of this clause of the Companies (Auditor's Report) Order, 2003 (as amended) is not applicable to the Company.

14. According to information and explanations given to us, we are of the opinion the Company has maintained proper records of the transactions and contracts in respect of dealing or trading in shares, securities, debentures and other investments and timely entries have been made therein.

All shares, securities and other investments are held by the company in its own name.

15. In our opinion, the company has not engaged in dealing or trading in shares, securities, debentures and other investments during the year. Accordingly, the provisions of clause (xiv) are not applicable to the company

16. Based on our audit procedures and on the information given by the management, we report that the company has not raised any term loans during the year.

17. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we are of the opinion that there are no funds raised on short-term basis that have been used for long term investment by the Company.

18. Based on the audit procedures performed and the information and explanations given to us by the management, we report that the Company has not made any preferential allotment of shares during the year.

19. The Company has no outstanding debentures during the period under audit.

20. The Company has not raised any monies by way of public issue during the year.

21. Based on the audit procedures performed and 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, nor have we been informed of such case by the management.

For RAJ GUPTA & CO. CHARTERED ACCOUNTANTS

SD/- RAJ GUPTA (PARTNER) M. NO.: 017039 Date: 31.05.2014 Place: Ludhiana

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Mar 31, 2013

We have audited the accompanying financial statements of KUBER UDYOG LTD ("the Company"), which comprise the Balance Sheet as at 31st March, 2013, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information.

MANAGEMENT'S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

The Company's 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 Accounting Standard referred to in sub-section (3C) section 211 of the Companies Act, 1956. ("The Act") This responsibility includes the design, implementation and maintenance of internal control relevant to the reparation 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. ln making those risk assessments, the auditor considers internal control relevant to the Company's preparation and fair presentation of th6 financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expression 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 aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India.

a) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2013

b) in the case of the Profit and Loss Account, of the loss of the Company for the year ended on that date.

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

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the Companies (Auditor's Report) Order, 2003 ("the Order") issued by the Central Government of India in terms of section 227(3) 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 it appears from our examination of those books.

c. The Balance Sheet and 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 Statement of Profit and Loss and cash flow statement comply with the Accounting Standards referred to in sub section (3C) of section 211of the Act.

e. On the basis of written representations received from the directors as on 31't March,2013, and taken on record by the Board of Directors, none of the directors is disqualified as on 31't March, 2013 from being appointed as a director in terms of section 274 (1)(g) of the Act.

ANNEXURE TO INDEPENDENT AUDITORS REPORT

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

1. The company has no fixed assets. As such, the provisions of clause (i) (a), (b) & (c) of the order are not applicable.

2. The company does not have inventory. Hence clause (ii) (a), (b) & (c) are not applicable.

3. (a) According to the information and explanations given to us, the company has not granted any loans, secured or unsecured, to companies, firms or other parties listed in the register maintained under Section 301 of the companies Act, 1956. Hence clauses iii (b), (c), (d), (e), (f) and (d) of the order are not applicable to the Company.

4. In our opinion and according to 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. The company has not made any purchase of inventory or fixed assets and for sale of goods and services during the year. We have not observed any continuing failure to correct major weakness in internal control system.

5. According to information and explanation given to us, we are of the opinion that all the particulars of arrangements and contracts required to be made in registrar maintained u/s 301 has been so entered.

6. The Company has not accepted any deposits from the public.

7. As per information & explanations given by the management, the Company has an internal audit system commensurate with its size and the nature of its business.

8. Maintenance of cost records has not been prescribed by Central Government under clause of sub Section (1) of sec 209 of the Companies Act in the case of the Company.

9. There are no un disputed amounts payable in respect of Income Tax, Wealth Tax, Sales tax, Customs Duty, Exercise Duty, and Service Tax Outstanding for period more than six Months as at 31st March, 2013 from the date they became payable.

10. There are no Accumulated losses of the Company at the end of financial year. The Company has suffered losses of Rs. 3,352.00 during the financial year covered by our audit.

11. In our opinion and according to information given to us, The Company has not availed term loan during the year.

12. As explained to us, The Company has not granted any loans or advances on the basis of security by way of Pledge of shares, debentures and other securities.

13. In our opinion, the Company is not a chit fund or a nidhi, mutual benefit fund and Society. Therefore the provisions of clause (xiii) are not applicable.

14. In our opinion, the company has not engaged in or trading in shares, securities, debentures and other investments during the year. Accordingly, the provisions of clause (xiv) are not applicable to the Company.

15. In our opinion and according to information given to us The Company has not given any Guarantees for loan taken by others from bank or financial institutions.

16. The Company has not availed term loan during the year

17. The Company has not raised any funds on short-term basis during the year.

18. The Company has not made any preferential allotment of share to parties and companies covered in the register maintained under Section 301 of the Companies Act, 1956.

19. The Company has not issued any Debenture during the Year.

20. The company has not raised any money by public issued during the year.

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

For RAJ GUPTA & CO. CHARTERED ACCOUNTANTS

SD/- RAJ GUPTA Date: 20.6.2013 M. NO:017039 Place: Ludhiana

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Mar 31, 2012

1. We have audited the attached Balance sheet of KUBER UDYOG LTD as at 31st March, 2012, the Profit and Loss Account and the Cash Flow Statement of the Company for the year ended on that date annexed thereto. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with the Auditing Standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An auditing includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statement. 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 out audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditor's Report) Order, 2003 as amended by the Companies (Auditor's Report) (amendment) Order, 2004, issued by the Central Government of India in terms of section 227(4A) of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order to the extent to which it is applicable to the Company.

4. Further to out comments in the annexure referred to the paragraph (3) above, we state that,

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 the law have been kept by the Company so far as it appears from out examination of such books;

c) The Balance sheet and Profit and Loss account dealt with by this report comply with the Accounting Standards notified under the Act.

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

e) In our opinion and to the best of our information and according to the explanations given to us, the said financial statements read together with the Significant Accounting Policies and other notes thereon give the information required by the Companies Act, 1956 in the manner 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

b) in the case of the Profit and Loss Account, of the loss of the Company for the year ended on that date.

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

ANNEXURE TO INDEPENDENT AUDITORS REPORT

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

i. In the case of its fixed assets:

a) The Company has no fixed assets.

ii. In the case of its inventory:

a) According to the information given to us, physical verification of inventories has been conducted at the reasonable intervals by the management

b) In our opinion, the procedure of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

c) The company is maintaining proper records of inventory. As explained to us, no discrepancies were noticed on physical verification.

iii. In the case of Loan granted or taken by the Company:

The company has not granted any loans, secured or unsecured, to companies, firms or other parties listed in the register maintained under Section 301 of the companies Act, 1956. So provisions of clause (b), (c) and (d) is not applicable to the said Company.

The Company has not taken loans secured or unsecured from companies, firms or otherwise listed in the register maintained under Section 301 of the Companies Act, 1956. So, Provisions of clauses (f) and (g) are not applicable to the said company.

iv. In the case of internal Control:

In our opinion and according to the information and explanation given to us there are adequate internal control procedures commensurate with size of the company and its nature of business for purchase of inventory and fixed assets and for the sale of goods and services.

v. In the case of maintenance of register u/s 301

In our opinion and according to the information and explanation given to us all the particulars of contracts or arrangement required to be made in the register maintained u/s 301 has been made.

vi. In the case of Deposits:

According to the information and explanations given to us, the Company has not accepted any deposits within the meaning of Section 58, 58AA or any other relevant provisions of the Companies Act, 1956 and the rules made thereunder.

vii. As per information & explanations given by the management, the Company has an internal audit system commensurate with its size and the nature of its business.

viii. To the best of our knowledge and as explained, maintenance of cost records has not prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Companies Act, 156.

ix. In the case of Statutory dues:

(a) According to information and explanations given to us, there are no undisputed amounts payable in respect of wealth tax, sales tax, customs duty, excise duty and service tax outstanding for a period of more than six months from the date of becoming payable as on 31st of March, 2012.

(b) According to the information and explanations given to us, no disputed amounts is pending for deposit.

x. The Company has suffered cash loss of Rs. 3751.00 in the current year and Rs. 327653.00 in the previous year. There are no accumulated losses of the Company as on 31st March, 2012.

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

xii. Based on our audit procedures and the information and explanations given by the management, we are of the opinion that the Company has not defaulted in repayment of dues to financial institution, bank, etc.

xiii. In our opinion and according to the information given to us, no guarantee has been given by the Company for loan taken by others from banks and financial institutions.

xiv. The Company has not availed any term loan during the year.

xv. In our opinion and according to the information and explanations given to us, no shot term funds have been used for long term investment other than pending deployment pending application.

xvi. The Company has not made any preferential allotment during the year.

xvii. To the best of our knowledge and belief and according to the explanation given to us, no fraud on or by the Company has been noticed or reported during the year.

In our opinion and according to the information & explanations given to us, other provisions of the said order are not applicable to the Company.

For RAJ GUPTA & CO. CHARTERED ACCOUNTANTS

Date: 28.06.2012 RAJ GUPTA Place: Ludhiana (PARTNER)SD/- (PARTNER) M. NO.: 017039

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Mar 31, 2011

1. We have audited the attached Balance Sheet of KUBER UDYOG LIMITED as 31st March, 2011 the Profit and Loss Accounts and Cash Flow Statements of the Company for the year ended on that date annexed thereto. These Financial Statements are the Responsibility of the Company's management. Our Responsibility is to express an opinion on these financial statements based on our Audit.

2. We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards requires that we plan and perform 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 financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statements presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by Companies (Auditors' Report) Order, 2003 as amended by the Companies (Auditor's Report) (amendment) Order 2004, issued by Central Government of India in terms of section 227 (4a) of Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order to the extent to which it is applicable to the Company.

4. Further to our comments in the annexure referred to in paragraph (3) above, we state 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 it appears from our examination of such books.

c. The Balance Sheet and Profit and Loss Account dealt with by this report comply with the Accounting standard referred Accounting Standards notified under the Companies Act, 1956.

d. On the basis of written representations received from the directors as on 31st March,2011, and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March,2011, from being appointed as a director in terms of section 274 (1)(g) of the Act.

e. 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 the Balance Sheet, of the state of affairs of the Company as at 31st March,

2011.

ii. In the case of the Profit and Loss Account, of the loss of the Company for the year ended on that date.

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

ANNEXURE TO INDEPENDENT AUDITORS REPORT

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

i. In the case of its fixed assets:

a) The Company has no fixed assets.

ii. In the case of its inventory:

a) According to the information given to us, physical verification of inventories has been conducted at the reasonable intervals by the management

b) In our opinion, the procedure of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

c) The company is maintaining proper records of inventory. As explained to us, no discrepancies were noticed on physical verification.

iii. In the case of Loan granted or taken by the Company:

The company has not granted any loans, secured or unsecured, to companies, firms or other parties listed in the register maintained under Section 301 of the companies Act, 1956. So provisions of clause (b), (c) and (d) is not applicable to the said Company.

The Company has not taken loans secured or unsecured from companies, firms or otherwise listed in the register maintained under Section 301 of the Companies Act, 1956. So, Provisions of clauses (f) and (g) are not applicable to the said company.

iv. In the case of internal Control:

In our opinion and according to the information and explanation given to us there are adequate internal control procedures commensurate with size of the company and its nature of business for purchase of inventory and fixed assets and for the sale of goods and services.

v. In the case of maintenance of register u/s 301

In our opinion and according to the information and explanation given to us all the particulars of contracts or arrangement required to be made in the register maintained u/s 301 has been made.

vi. In the case of Deposits:

The Company has not accepted any deposits within the meaning of Section 58, 58AA or any other relevant provisions of the Companies Act, 1956 and the rules made thereunder.

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

viii. Maintenance of cost records has not prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Companies Act, 1956.

ix. In the case of Statutory dues:

(a) According to information and explanations given to us, there are no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax, Customs Duty, Excise Duty and Service Tax outstanding for a period of more than six months from the date of becoming payable as on 31st of March, 2011.

(b) According to the information and explanations given to us, no disputed amounts are pending for deposit.

x. The Company has suffered cash loss of Rs. 3021.00 in the current year and Rs. 4718.00 in the previous year. There are no accumulated losses of the Company as on 31st March, 2011.

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

xii. Based on our audit procedures and the information and explanations given by the management, we are of the opinion that the Company has not defaulted in repayment of dues to financial institution, bank, etc.

xiii. In our opinion and according to the information given to us, no guarantee has been given by the Company for loan taken by others from banks and financial institutions.

xiv. The Company has not availed any term loan during the year.

xv. In our opinion and according to the information and explanations given to us, no shot term funds have been used for long term investment other than pending deployment pending application.

xvi. The Company has not made any preferential allotment during the year.

xvii. To the best of our knowledge and belief and according to the explanation given to us, no fraud on or by the Company has been noticed or reported during the year.

In our opinion and according to the information & explanations given to us, other provisions of the said order are not applicable to the Company.

For RAJ GUPTA & CO. CHARTERED ACCOUNTANTS

RAJ GUPTA (PARTNER)SD/- Date: 04.06.2011 (PARTNER) Place: Ludhiana M. NO.: 017039