Auditor Report of Luminaire Technologies Ltd.

Mar 31, 2014

We have audited the accompanying financial statements of Luminaire Technologies Limited, 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 auditors'' judgment, including the assessment of the risks of material misstatement in 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 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 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 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 are disqualified from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Act.

The Annexure referred to in paragraph 1 of the Our Report of even date to the members of Luminaire Technologies Limited on the accounts of the company for the year ended 31st March, 2014.

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

1. The Company has maintained proper records showing full particulars including quantitative details and situation of its Fixed Assets. These fixed assets were physically verified by the management during the year. We have been informed that no material discrepancies were noticed on such physical verification. No fixed assets have been disposed of during the year by the Company.

2. Physical verification of inventory has been conducted during the year by the management at reasonable intervals.

(a) The procedure of physical verification of inventory followed by the management is reasonable and adequate in relation to the size of the Company and nature of its business.

(b) The Company is maintaining proper records of inventory. No material discrepancies were noticed on physical verification.

3. (a) The Company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. As the company has not granted any loans to the parties listed in the register maintained under section 301 of the Companies Act, 1956 paragraphs (iii) (b), (c) and (d) are not applicable in respect of loans given.

(b) As the company has not granted any loans to the parties listed in the register maintained under section 301 of the Companies Act, 1956, this clause is not applicable to the Company.

(c) According to the information and explanation given to us, the company has taken loan from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956 and it was reported that the amount is payable as and when demanded. The amount taken on loan from Vandana Cloth Center Pvt. Ltd is Rs. 11,500,000/-. Maximum amount outstanding during the year was Rs. 11,500,000/-. No interest was provided on that loan. The terms and conditions of such loan is not prejudicial to the interest of the company.

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

5. (a) In our opinion and according to the information and explanations given to us, transactions that need to be entered into a Register in pursuance of Section 301 of the Companies Act, 1956 have been so entered.

(b) In our opinion and according to the information and explanation given to us, the transactions exceeding Rupees five lakhs each have been made at prices, which are reasonable having regard to prevailing market prices at the relevant time.

6. The Company has not accepted any deposits from the public covered under section 58A and 58AA of the Companies Act, 1956.

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. The Company has no liability towards payment of any provident fund, ESIC, Excise duty, Sales tax or any other Government dues.

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

10. 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.

11. 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.

12. According to the information and explanations given to us, the Company has not given any guarantees for loan taken by others from a bank or financial institution.

13. 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.

14. The funds raised on short-term basis have not been used for long term investment. The Company has not raised any funds during the year on long-term basis.

15. 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 during the year.

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

17. The Company has not raised any money by public issue during the year.

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

For D K Chhajer & Co., Chartered Accountants FRN o.: 304138E

Niraj K Jhunjhunwala Place: Mumbai Partner Date: 5th September, 2014 M No.: 057170

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Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of LUMINAIRE TECHNOLOGIES LIMITED, which comprise the Balance Sheet as at March 31, 2013, 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 referred to in sub-section (3C) of section 211 of the Companies Act, 1956. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

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

Opinion

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

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

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

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

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 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 referred to in subsection (3C) of section 211 of the Companies Act, 1956;

e. on the basis of written representations received from the directors as on March 31, 2013, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2013, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

ANNEXURE TO THE AUDITORS'' REPORT

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

1. Fixed Assets

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

ii) As explained to us, all the fixed assets have been physically verified by the management in phase periodical manner, which is in our opinion reasonable. No material discrepancies were noticed on such verification.

iii) In our opinion the none of fixed assets has been disposed off by the company however according to the information and explanation given to us the going concern status of the Company is not affected.

2. Since the company do not have any inventory during the year, clause 4(ii) (a),(b) and (c) is not applicable.

3. i) The company has not granted any loans, Secured or Unsecured to companies, firms or other parties covered in the register maintained under section 301 of the Companies Act 1956. Therefore, the provisions of sub-clauses (b), (c) & (d) of clause 4 (iii) are not applicable to the company.

ii) The Company has taken loans one party covered in the register maintained under section 301 of the Companies Act, 1956, aggregating to Rs.15 lacs, the maximum amount outstanding during the year and year end balance was Rs115 lacs.

iii) In our opinion and according to the explanation given to us the terms and conditions of the loan taken is not prima-facie prejudicial to the interest of the company.

iv) In respect of the said loans, the said loans are repayable on demand and hence the question of overdue amounts does not arise.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control systems commensurate with the size of the Company and the nature of its business, for the purchase of shares and fixed assets and for the sale of goods and services. During the course of our audit, we have not observed any major weakness in such internal control system.

5. In respect of contracts or arrangements entered in the Register maintained in pursuance of Section 301 of the Companies Act, 1956, to the best of our knowledge and belief and according to the information and explanations given to us:

a) The particulars of contracts or arrangements referred to Section 301 that needed to be entered in the Register maintained under the said Section have been so entered.

b) During the year, no transactions in pursuance of contracts or arrangement and exceeding the value of Rupees Five Lakhs in respect of any party have been made.

6. According to the information and explanation given to us the Company has not accepted any deposits from the public during the year and, consequently the directives issued by the Reserve Bank of India and the provision of Section 58A and 58AA or any other relevant provisions of the Companies Act, 1956 and the rules framed there under are not applicable.

7. In our opinion, the company has an internal audit system commensurate with the size and nature of its business.

8. According to the information given to us by the management, Maintenance of cost records under section 209(1) (d) of the companies Act, 1956 are not applicable to the company.

9. Taxes and Duties :

a) According to the books and records as examined by us and according to the information and explanation given to us, in our opinion, the Company is generally regular in depositing with appropriate authorities, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employee''s State Insurance, Income-tax, Sales-tax, Wealth-tax, Custom duty, Excise duty, Cess and other statutory dues applicable to it.

b) According to the information and explanations given to us, no undisputed amounts payable in respect of income tax wealth tax, sales tax, customs duty, and excise duty were outstanding, at the year end for a period of more than six months from the date they became payable.

c) According to the information and explanations given to us, there are no undisputed dues in respect of Sales Tax, Income Tax, Wealth Tax, Custom Duty, Excise Duty and Cess.

10. The company has accumulated losses Rs.235.38 lacs as at the end of the financial year which is not more than 50% of paid up capital and free reserves. The company has incurred cash losses during the current year and the immediately previous year.

11. Based on the audit procedures and according to the records of the Company examined by us and the information and explanations given to us, the company has not taken any loan from bank or financial institution, hence commenting upon default in repayment of dues to financial institution and bank does not arise.

12. Based on our examination of records and information and explanation given to us, the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. Therefore, the provision of the clause 4 (xii) of the Order are not applicable to the company.

13. The Company is not a chit fund / Nidhi / Mutual benefit fund/ Society. Therefore, the provisions of clause 4(xiii) of the Order are not applicable to the Company.

14. The Company is not dealing/ trading in shares and securities during the year under report.

15. As per the information and explanations given to us, in our opinion the company has not given any corporate guarantee / counter guarantee for loans taken by others from banks or financial institutions the terms and condition whereof are prima facie not prejudicial to the interest of the company.

16. The Company has not obtained any term loans during the year.

17. In our opinion and according to information and explanations given to us and on overall examination of the balance sheet of the Company, we report that no funds raised on short-term basis have, prima facie, been used during the year for long-term investment.

18. According to information and explanations given to us, the Company has not made any preferential allotment of shares to the parties or companies covered in the register maintained under Section 301 of the Companies Act, 1956.

19. According to information and explanations given to us, the Company has not issued any debentures during the year and there are no debentures outstanding at the year end, therefore the question of creation of securities do not arise.

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

To the best of knowledge and according to the information and explanations given to us, no fraud by the Company and no material fraud on the company has been noticed or reported during the year.

For CLB & Associates,

Chartered Accountants F.R.N. 124305W

S. Sarupria

Place: Mumbai Partner

Date: 30.05.2013 M.No.035783

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Mar 31, 2010

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

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

3. As required by Companies (Auditors Report) Order, 2003 issued by the Central Government in terms of provisions 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 said Order.

4. Further to our comments in the Annexure referred in Para 3 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 and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account;

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

v. On the basis of written representations received from the directors, as on 31 st March, 2010, and taken on record by the Board of Directors, we report that none of the directors are disqualified as on 31 st March 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; and

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

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

ANNEXURE TO AUDITORS REPORT Referred to in Paragraph 1 of our report of even date

(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets, however the same is required to be updated.

(b) As explained to us, the fixed assets have been physically verified by the management at reasonable intervals during the year and we are informed that no material discrepancies on such verifications were noticed by the management.

(c) The Company has not disposed off any substantial part of fixed assets during the year.

(ii) The Company has no inventory, therefore clause 4 (ii) (a),4(ii) (b) &4(ii) (c) is not applicable to the company.

iii) (a) The company has not granted/taken any loans. Secured or Unsecured to companies, firms or other parties covered in the register maintained under section 301 of the Companies Act 1956. Therefore, the provisions of sub-clauses (a), (b), (c) & (d) (e) (f) (g) of clause 4 (iii) are not applicable to the company.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and nature of its business with regard to purchase of inventory, fixed assets and with regard to the sale of goods. During the course of audit, we have not observed any major weakness in such internal controls.

(v) The company has not entered into any contract or arrangement referred to in section 301 of the Companies Act, 1956. Therefore the provisions of sub-clauses (a) & (b) of clause 4 (v) are not applicable to the company.

(vi) In our opinion and according to the information and explanations given to us, the Company has not accepted deposits from the public during the year under report.

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

(viii) According to the information and explanations given to us, the Central Government has not prescribed maintenance of cost records u/s 209( 1) (d) of the Companies Act 1956.

(ix) (a) According to the information and explanations given to us, the company is generally regular in depositing undisputed statutory dues including Income Tax, Service Tax and other material statutory dues with the appropriate authorities.

(b) According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, service tax and other statutory dues were in arrears as at 31.03.2010 for a period of more than six months from the date they became payable.

(c) According to the information and explanations given to us, there is no dues of Income tax and service tax which have not been deposited on account of any dispute.

(x) The Company has accumulated losses as at the end of the financial year which is more than 50% of the paid up capital and free reserves. The company has incurred cash losses during the current year and also in the immediately preceding financial year.

(xi) The company has not taken any loan from bank or financial institution, hence commenting upon default in repayment of dues to financial institution and bank does not arise.

(xii) In our opinion 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 provisions of any special statute applicable to chit fund / nidhi / mutual benefit fund / societies are not applicable to the company.

(xiv) The Company is not dealing/ trading in shares and securities during the year under report.

(xv) According to the information and explanations given to us, the company has not given any guarantee for loans taken by others, from bank or financial institutions.

(xvi) The Company has not obtained any term loans during the year.

(xvii) According to the information and explanations given to us, no funds raised by the company on short-term basis have been used for long term investments.

(xviii) The Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under section 301 of the Companies Act, 1956.

(xix) During the year under audit no debentures have been issued by the Company and hence the question of creating securities in respect there of does not arise.

(xx) During the year, the Company has not raised any money by way of Public issue.

(xxi) To the best of our knowledge and belief and according to the information and explanation given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

For CLB & Associates Chartered Accountants

(S. Sarupria) Place: Mumbai Partner

Date : 31-5-2010 M. No. 35783

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Mar 31, 2009

1. We have audited the attached Balance Sheet of LUMINAIRE TECHNOLOGIES LIMITED as at 31st March 2009, the Profit and Loss Account and also the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial Statements based on our audit.

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

3. As required by Companies (Auditors Report) Order, 2003 issued by the Central Government in terms of provisions 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 said Order.

4. Further to our comments in the Annexure referred in Para 3 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 and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account;

iv. In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in compliance with the Accounting Standards referred to in subsection (3C) of section 21 1 of the Companies Act, 1956

v. On the basis of written representations received from the directors, as on 31 st March, 2009, and taken on record by the Board of Directors, we report that none of the directors are disqualified as on 31st March 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 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, 2009; and

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

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

ANNEXURE TO AUDITORS REPORT Referred to in Paragraph 1 of our report of even date

(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets, however the same is required to be updated.

(b) As explained to us, the fixed assets have been physically verified by the management at reasonable intervals during the year and we are informed that no material discrepancies on such verifications were noticed by the management.

(c) The Company has not disposed off any substantial part of fixed assets during the year.

(ii) The Company has no inventory, therefore clause 4 (ii) (a), 4(ii) (b) & 4(H) (c) is not applicable to the company.

(iii) (a) The company has not granted/taken any loans. Secured or Unsecured to companies, firms or other parties covered in the register maintained under section 301 of the Companies Act 1956. Therefore, the provisions of sub-clauses (a), (b), (c) & (d) (e) (f) (g) of clause 4 (iii) are not applicable fo the company.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and nature of its business with regard to purchase of inventory, fixed assets and with regard to the sale of goods. During the course of audit, we have not observed any major weakness in such internal controls.

(v) The company has not entered into any contract or arrangement referred to in section 301 of the Companies Act, 1956. Therefore the provisions of sub-clauses (a) & (b) of clause 4 (v) are not applicable to the company.

(vi) In our opinion and according to the information and explanations given to us, the Company has not accepted deposits from the public during the year under report.

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

(viii) According to the information and explanations given to us, the Central Government has not prescribed maintenance of cost records u/s 209(1) (d) of the Companies Act 1956.

(ix) (a) According to the information and explanations given to us, the company is generally regular in depositing undisputed statutory dues including Income Tax, Service Tax and other material statutory dues with the appropriate authorities.

(b) According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, service tax and other statutory dues were in arrears as at 31.03.2009 for a period of more than six months from the date they became payable.

(c) According to the information and explanations given to us, there is no dues of Income tax and service tax which have not been deposited on account of any dispute.

(x) The Company has accumulated losses as at the end of the financial year which is more than 50% of the paid up capital and free reserves. The company has incurred cash losses during the current year and also in the immediately preceding financial year.

(xi) The company has not taken any loan from bank or financial institution, hence commenting upon default in repayment of dues to financial institution and bank does not arise.

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

(xiii) The provisions of any special statute applicable to chit fund / nidhi / mutual benefit fund / societies are not applicable to the company.

(xiv) The Company is not dealing/ trading in shares and securities during the year under report.

(xv) According to the information and explanations given to us, the company has not given any guarantee for loans taken by others, from bank or financial institutions.

(xvi) The Company has not obtained any term loans during the year.

(xvii) According to the information and explanations given to us, no funds raised by the company on short-term basis have been used for long term investments.

(xviii) The Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under section 301 of the Companies Act, 1956.

(xix) During the year under audit no debentures have been issued by the Company and hence the question of creating securities in respect there of does not arise.

(xx) During the year, the Company has not raised any money by way of Public issue.

(xxi) To the best of our knowledge and belief and according to the information and explanation given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

For CLB & Associates

Chartered Accountants

(S. Sarupria)

Place: Mumbai Partner

Date : 30-06-2009 M. No. 35783