Auditor Report of Lakhotia Polyesters (India) Ltd.

Mar 31, 2015

1 We have audited the accompanying financial statements of Lakhotia Polyesters India Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2015, 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

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

Auditor's Responsibility

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

4 An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of the financial statements, that give a true and fair view, in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Company's management and Board of Directors, as well as evaluating the overall presentation of the financial statements

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

6 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 of the state of affairs of the Company as at 31st March 2015, its profit and its cash flows for the year ended on that date

Report on Other Legal and Regulatory Requirements

7 As required by the Companies (Auditor's Report) Order, 2015 ("the Order") issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure a statement on the matters Specified in paragraphs 3 and 4 of the Order.

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

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

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

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

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

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

f. In our opinion and to the best of our information and according to the explanations given to us, we report as under with respect to other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014:

(i) The Company has following pending litigations which would impact its financial position.

The company, promoters, directors and certain group promoted entities are a party to litigation with the customs departments for import of certain materials based upon alleged "misleading information". The matter is pending in Appeal before the Central Excise and Customs Appellate Tribunal, Mumbai and before the High Court, Mumbai. The total demand in the matter raised by the adjudicating authorities is to the tune of Rs 220.91 Lakhs against company and Rs 42.00 Lakhs against Shri M.S. Lakhotia, the Managing Director of the company. The amounts as stated are ex interest thereon.

(ii) The Company did not have any long-term contracts including derivative contracts; as such the question of commenting on any material foreseeable losses thereon does not arise.

(iii) There has not been an occasion in case of the Company during the year under report to transfer any sums to the Investor Education and Protection Fund. The question of delay in transferring such sums does not arise

ANNEXURE TO AUDITOR'S REPORT

Annexure referred to in paragraph 7 Our Report of even date to the members of Lakhotia Polyesters

India Limited on the accounts of the company for the year ended 31st March, 2015.

On the basis of such checks as we considered appropriate and according to the information and explanations given to us during the course of our audit, we report that

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

(b) As explained to us, fixed assets have been physically verified by the management at regular intervals; as informed to us no material discrepancies were noticed on such verification;

(ii) (a) The inventories at all business places have been physically verified by the management from time to time. In our opinion, the frequency of verification is reasonable.

(b) In our opinion and according to the explanations given to us, the procedure of physical verification of the inventories followed by the management is reasonable and adequate in relation to the size of company and nature of business.

(c) The company is maintaining proper records of inventory. As explained to us, there were no material discrepancies noticed on physical verification of inventories as compared to the book records.

(iii) The company has granted loans, secured or unsecured to the companies, firms or other parties covered in the register maintained under section 189 of the Companies Act, 2013. The year end balances in respect of such 3 parties advances are to the tune of ' 123.23 Lakhs Based upon the management representations as made to us, we report that these advances are towards business transactions and in the normal course of business activity of the company.

(iv) In our opinion and according to the information and explanations given to us, there is adequate internal control system commensurate with the size of the Company and the nature of its business, for the purchase of fixed assets and for the sale of goods & services. Further, no continuing failure to correct major weaknesses in internal control system of the company is observed.

(v) The Company has accepted deposits from its members and has complied with the provisions of the Companies Act, 2013.

(vi) As informed to us, the Central Government has not prescribed maintenance of cost records under sub-section (1) of Section 148 of the Act.

(vii) (a) According to the information and explanations given to us and based on the records of the company examined by us, the company is regular in depositing the undisputed statutory dues, including Provident Fund, Employees' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty and other material statutory dues, as applicable, with the appropriate authorities in India;

(b) According to the information and explanations given to us and based on the records of the company examined by us, there are no dues of Income Tax, Wealth Tax, Service Tax, Sales Tax, Customs Duty and Excise Duty which have not been deposited on account of any disputes except customs duty to the tune of ' 220.91 Lakhs against company and Rs 42.00 Lakhs against Shri M.S. Lakhotia, the Managing Director of the company. The amounts as stated are ex interest thereon.

(c) There has not been an occasion in case of the Company during the year under report to transfer any sums to the Investor Education and Protection Fund. The question of reporting delay in transferring such sums does not arise.

(viii) The company does not have any accumulated losses as at 31.03.2015 The company has not incurred any cash loss during the financial year covered under audit and immediately preceding financial year.

(ix) According to the records of the company examined by us and as per the information and explanations given to us, the company has not defaulted in repayment of dues to financial institutions or banks. Similarly no debentures have been issued by the company and hence compliance with the said clause is not applicable.

(x) In our opinion, and according to the information and explanations given to us, the Company has not given any guarantee for loan taken by others from a bank or financial institution during the year.

(xi) In our opinion, and according to the information and explanations given to us, the company has not raised any term loans during the year.

(xii) During the course of our examination of the books and records of the company, carried in accordance with the auditing standards generally accepted in India, we have neither come across any instance of fraud on or by the Company noticed or reported during the course of our audit nor have we been informed of any such instance by the Management.

or SABADRA & SABADRA CHARTERED ACCOUNTANTS Firm Registration No 108921W Sd/- JAGATPAL S BAJAJ, FCA Membership No. 122234 Partner Nashik 30.05.2015

---

Mar 31, 2014

We have audited the accompanying financial statements of LAKHOTIA POLYESTERS (INDIA) 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 the 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, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

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 the ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers the 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 the 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 31st March, 2014;

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

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

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 purposes of our audit.

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

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

(d) In our opinion, the Balance Sheet, Statement of Profit and Loss, and the Cash Flow Statement comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Act.

(e) On the basis of the written representations received from the directors as on 31st March, 2014 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 clause (g) of sub-section (1) of section 274 of the Act.

ANNEXURES TO AUDITORS REPORT

Referred to in paragraph having reference to "Report on Other Legal and Regulatory Requirements" of our report of even date on the financial statements for the year ended 31st March 2014 on the basis of test checks as were considered appropriate and according to the records of the company and information and explanation given to us during the course of audit, we report that -

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

(i)(b) Fixed assets have been physically verified by the management during the year at all its offices at reasonable intervals. No material discrepancies were noted on such verification.

(i) (c) During the year, there was no sale of substantial part of fixed assets and hence, the going

concern of the company has not affected.

(ii) (a) The inventories at all business places have been physically verified by the management

from time to time. In our opinion, the frequency of verification is reasonable.

(ii)(b) In our opinion and according to the explanations given to us, the procedure of physical verification of the inventories followed by the management is reasonable and adequate in relation to the size of company and nature of business.

(ii) (c) The company is maintaining proper records of inventory. As explained to us, there were

no material discrepancies noticed on physical verification of inventories as compared to the book records.

(iii) (a) The company has granted loans/advances, secured or unsecured to the companies, firms

or other parties covered in the register maintained under section 301 of the Companies Act, 1956. The year end balances in respect of such 4parties advances are to the tune of '' 180.24 Lakhs Based upon the management representations as made to us, we report that these advances are towards business transactions and in the normal course of business activity of the company.

(iii)(b) The company has taken loans, during the year from companies, firms and parties covered in the Register maintained under Section 301 of the Companies Act, 1956 The year end balances in respect of loans taken from related parties (7 parties) is '' 49.83 Lakhs and from others (2 parties) is '' 16.00 Lakhs (Aggregating to '' 65.83 Lakhs)

(iii) (c) In our opinion and according to the information and explanation given to us, the rate of

interest and other terms and conditions of the loans taken by the company, are prima facie not prejudicial to the interest of the company. The principal amounts are in the nature of long term loans, while interest thereon is payable annually at the discretion of the parties. In respect of said loans and interest thereon, there are no overdue amounts.

(iv) There are adequate internal control procedures commensurate with the size of the company and nature of its business with regard to purchase of inventory, fixed assets and sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control.

(v) (a) In our opinion and according to the information and explanation given to us, the

transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956 has been recorded.

(v) (b) In our opinion and according to the information and explanation given to us, the

transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956 are entered into at prices which are reasonable having regard to the prevailing market prices at the relevant time.

(vi) The company has neither accepted nor invited any deposits falling within the purview of section 58A or section 58AA of the Companies Act, 1956 during the financial year.

(vii) The company has an internal audit system commensurate with the size and nature of its business.

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

(ix) (a) The company is regular in depositing undisputed statutory dues with the appropriate

authorities except Providend fund.

(ix) (b) According to the information and explanation given to us, there are no disputed unpaid

statutory dues pending for more than six months.

(x) The company has no accumulated losses as on 31st March 2014. The company has not incurred any loss during the financial year covered by our audit and the immediately preceding financial year.

(xi) Based upon our audit procedures and according to the information and explanation given to us, we are of the opinion that the company has not defaulted in repayment of dues to the banks/financial institutions.

(xii) In our opinion and according to the explanation and information given to us, the company has not granted any loans and advances on the basis of security by way of pledge of shares and other securities.

(xiii) In our opinion, the company is not chit fund or a nidhi / mutual benefit fund / society. Therefore, the provisions of clause 4(xiii)(a),(b),(c)&(d) of the Order are not applicable to the company.

(xiv) In our opinion, the company is not dealing in or trading in shares, securities, debentures and other investments. Therefore, the provisions of clause 4(xiv) of the Order are not applicable to the company.

(xv) In our opinion, according to the explanation and information given to us, the company has not given guarantees for loans taken by others from the banks or financial institution.

(xvi) The company has not availed any fresh Term Loan from any financial institution, during the period under review. The term loan outstanding at the beginning of the year has been applied for the purpose for which they were raised.

(xvii) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the company, we report that no funds raised on short term basis have been used for long term investment and no fund raised on long term basis have been used for short term investment.

(xviii) The company has not made preferential allotment of shares during the year to the parties and companies covered in the register maintained under section 301 of the companies Act, 1956.

(xix) The company has not issued any debentures during the year and therefore question of creating security in respect thereof does not arise.

(xx) The company has not made any public issue during the year and therefore disclosing the end use of money does not arise.

(xxi) According to the information and explanations given to us, based upon the audit procedures performed and representation made by the management, we report that no fraud on or by the company noticed or reported during the course of our audit.

SABADRA & SABADRA CHARTERED ACCOUNTANTS Firm Registration No: 108921W

Sd/- ANANT N SABADRA, FCA Membership No: 033683

Place: Nashik Date: 30.05.2014

---

Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of LAKHOTIA POLYESTERS (INDIA) LIMITED. ("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 the 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, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

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 the ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers the 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 the 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 31st March, 2013;

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

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

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 purposes of our audit.

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

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

(d) In our opinion, the Balance Sheet, Statement of Profit and Loss, and the Cash Flow Statement comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Act.

(e) On the basis of the written representations received from the directors as on 31st March, 2013 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2013 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Act.

Referred to in paragraph having reference to "Report on Other Legal and Regulatory Requirements" of our report of even date on the financial statements for the year ended 31st March 2013 on the basis of test checks as were considered appropriate and according to the records of the company and information and explanation given to us during the course of audit, we report that -

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

(i)(b) Fixed assets have been physically verified by the management during the year at all its offices at reasonable intervals. No material discrepancies were noted on such verification.

(i)(c) During the year, there was no sale of substantial part of fixed assets and hence, the going concern of the company has not affected.

(ii)(a) The inventories at all business places have been physically verified by the management from time to time. In our opinion, the frequency of verification is reasonable.

(ii)(b) In our opinion and according to the explanations given to us, the procedure of physical verification of the inventories followed by the management is reasonable and adequate in relation to the size of company and nature of business.

(ii)(c) The company is maintaining proper records of inventory. As explained to us, there were no material discrepancies noticed on physical verification of inventories as compared to the book records.

(iii)(a) The company has granted loans/advances, secured or unsecured to the companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. The year end balances in respect of such advances are to the tune of Rs. 42.38 Lakhs Based upon the management representations as made to us, we report that these advances are towards business transactions and in the normal course of business activity of the company.

(iii)(b) The company has taken loans, during the year from companies, firms and parties covered in the Register maintained under Section 301 of the Companies Act, 1956 The year end balances in respect of loans taken from related parties is Rs. 38.64 Lakhs and from others is Rs. 24.24 Lakhs (Aggregating to 63.41 Lakhs)

(iii)(c) In our opinion and according to the information and explanation given to us, the rate of interest and other terms and conditions of the loans taken by the company, are not prima facie prejudicial to the interest of the company. The principal amounts are in the nature of long term loans, while interest thereon is payable annually at the discretion of the company. In respect of said loans and interest thereon, there are no overdue amounts.

(iv) There are adequate internal control procedures commensurate with the size of the company and nature of its business with regard to purchase of inventory, fixed assets and sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control.

(v)(a) In our opinion and according to the information and explanation given to us, the transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956 has been recorded.

(v)(b) In our opinion and according to the information and explanation given to us, the transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956 are entered into at prices which are reasonable having regard to the prevailing market prices at the relevant time.

(vi) The company has neither accepted nor invited any deposits falling within the purview of section 58A or section 58AA of the Companies Act, 1956 during the financial year.

(vii) The company has an internal audit system commensurate with the size and nature of its business.

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

(ix)(a) The company is regular in depositing undisputed statutory dues with the appropriate authorities.

(ix)(b) According to the information and explanation given to us, there are no undisputed unpaid statutory dues pending for more than six months.

(x) The company has no accumulated losses as on 31st March 2013. The company has not incurred any loss during the financial year covered by our audit and the immediately preceding financial year.

(xi) Based upon our audit procedures and according to the information and explanation given o us, we are of the opinion that the company has not defaulted in repayment of dues to the banks/financial institutions.

(xii) In our opinion and according to the explanation and information given to us, the company has not granted any loans and advances on the basis of security by way of pledge of shares and other securities.

(xiii) In our opinion, the company is not chit fund or a nidhi / mutual benefit fund / society. Therefore, the provisions of clause 4(xiii)(a),(b),(c)&(d) of the Order are not applicable to the company.

(xiv) In our opinion, the company is not dealing in or trading in shares, securities, debentures and other investments. Therefore, the provisions of clause 4(xiv) of the Order are not applicable to the company.

(xv) In our opinion, according to the explanation and information given to us, the company has not given guarantees for loans taken by others from the banks or financial institution.

(xvi) The company has not availed any fresh Term Loan from any financial institution, during the period under review. The term loan outstanding at the beginning of the year has been applied for the purpose for which they were raised.

(xvii) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the company, we report that no funds raised on short term basis have been used for long term investment and no fund raised on long term basis have been used for short term investment.

(xviii) The company has made preferential allotment of shares during the year to the parties and companies covered in the register maintained under section 301 of the companies Act, 1956.

(xix) The company has not issued any debentures during the year and therefore question of creating security in respect thereof does not arise.

(xx) The company has made public issue during the year and the process of listing spans over to the next financial year; consequently the funds raised there from continue to remain in the designated bank account for the purpose.

(xxi) According to the information and explanations given to us, based upon the audit procedures performed and representation made by the management, we report that no fraud on or by the company noticed or reported during the course of our audit.

As per Out Report of Even Date

For SABADRA & SABADRA

CHARTERED ACCOUNTANTS

FRN: 108921W

Sd/- Mr. ANANT N. SABADRA

Place: Nashik Partner

Date: 29.05.2013 Membership No. 033683