Auditor Report of Olympic Management & Financial Services Ltd.

Mar 31, 2014

We have audited the accompanying financial statements of M/S OLYMPIC MANAGEMENT & FINANCIAL SERVICES LIMITED ("the Company"), which comprise the Balance Sheet as at March 31, 2014, the Statement of Profit and Loss and the Cash Flow Statement of the Company 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") read with the General Circular No. 15/2013 dated September 13, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act. 2013. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors'' Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing and other applicable authoritative 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 but not for the purpose of expressing an opinion on the effectiveness of the entity''s internal control. 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 March 31, 2014;

(b) in the case of the Statement of Profit and Loss of the loss 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 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 read with the General Circular No. 15/2013 dated September 13, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act. 2013.

(e) On the basis of 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.

ANNEXURE

OLYMPIC MANAGEMENT & FINANCIAL SERVICES LTD.

REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE

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

(b) As per the information and explanations given to us, the company has a system of physical verification of all fixed assets and accordingly the management physically verified the fixed assets. In our opinion the frequency of the verification is reasonable. No material discrepancies have been noticed on verification.

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

2. (a) As per the information furnished, the inventories have been physically verified during the year by the management. In our opinion, having regard to the nature and location of stocks, the frequency of the physical verification is reasonable.

(b) In our opinion and according to the information and explanations given to us, procedure of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business.

(c) The Company has maintaining proper records of inventory. As explained to us, there were no material discrepancies noticed on physical verification of the having regard to the size of the operations of the Company.

3. In our opinion, the Company has not taken and also granted any loans, secured and unsecured from companies, firms or other parties listed in the register maintained Under Section 301 of the Companies Act 1956.

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.

5. During the period, there is no transaction in respect of purchases, so the question of registered maintained under section 301 of the Companies Act does not arise.

6. The company has not accepted any deposit from the public within the meaning of sections 58A and 58AA of the companies'' act, 1956 and rule framed there under.

7. In our opinion, and according to information and explanation given to us, the company has an internal Audit system commensurate with its size and the nature of its business.

8. The Central Government has not prescribed maintenance of cost records Under Section 209 (1) (d) of the companies Act, 1956.

9. There are no permanent employees in the company so question of depositing PF does not arise. However an old outstanding liability towards P.F. amounting to Rs. 29,784/-. We are informed the Employees State Insurance scheme does not apply to the company.

10. According to the information and explanation given to us and books and records examined by us, there are no undisputed and outstanding amounts, payable in respect of wealth tax, sale tax, custom duty and excise duty outstanding as at 31st March, 2014 for a period of more than six months from the date they become payable except an amount of Rs. 29,784/- for P.F.

11. According to the information and explanations given to us and the records examined by us, there is no disputed amounts of sales tax, income tax, custom tax, wealth tax, excise duty, cess and other statutory dues which is not deposited except income tax liability of Rs. 21,21,965/- for A.Y. 1995-1996 where the matter is pending with CIT (A).

12. In our opinion and according to the information and explanations given to us, the company is not covered within the definition of a Sick Industrial company as contained in Section 3(1) (O) of the Sick Industrial companies (Special Provision) Act, 1985.

13. The company has incurred cash losses in the current financial year but not incurred cash losses in the preceding financial year. The accumulated loss of the company at the end of the current financial year is less than 50% of its networth.

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

15. The company has not taken any term loan or given guarantee during the year.

16. The company has not taken any loan from financial institution or bank or debenture holders.

17. The company has not raised any money by public issue during the year, therefore the requirement of disclosure by the management on the end use of money raised by public issues and verification of the same is not applicable.

18. The company has not used any funds raised on short-term basis for long term investment and vice-versa.

19. As per information given to us, special statutes regarding Chit Fund, Nidhi or mutual benefit society are not applicable to the company.

20. The company has maintained proper records and contracts in respect of investments in shares securities, debentures and other investments. The company in its own name held all the investments.

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

FOR R. K. KHANDELWAL & CO. CHARTERED ACCOUNTANTS

(MANISH KUMAR GARG) Partner M. NO. 117966 FR No. 105054W

Place: Mumbai Date : 12.05.2014

---

Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of M/S OLYMPIC MANAGEMENT & FINANCIAL SERVICES LIMITED ("the Company"), which comprise the Balance Sheet as at March 31, 2013, the Statement of Profit and Loss and the Cash Flow Statement of the Company 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

1. We are unable to express our opinion with regards to the extent of the followings: Balance of trade receivables and loans and advances are subject to confirmation and reconciliation.

2. 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 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 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.

ANNEXURE OLYMPIC MANAGEMENT & FINANCIAL SERVICES LTD.

REFFERED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE

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

(b) As per the information and explanations given to us, the company has a system of physical verification of all fixed assets and accordingly the management physically verified the fixed assets. In our opinion the frequency of the verification is reasonable. No material discrepancies have been noticed on verification.

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

2. (a) As per the information furnished, the inventories have been physically verified during the year by the management. In our opinion, having regard to the nature and location of stocks, the frequency of the physical verification is reasonable.

(b) In our opinion and according to the information and explanations given to us, procedure of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business.

(c) The Company has maintaining proper records of inventory. As explained to us, there were no material discrepancies noticed on physical verification of the having regard to the size of the operations of the Company.

3. In our opinion, the Company has not taken and also granted any loans, secured and unsecured from companies, firms or other parties listed in the register maintained Under Section 301 of the Companies Act 1956.

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.

5. During the period, there is no transaction in respect of purchases, so the question of registered maintained under section 301 of the Companies Act does not arise.

6. The company has not accepted any deposit from the public within the meaning of sections 58A and 58AA of the companies'' act, 1956 and rule framed there under.

7. In our opinion, and according to information and explanation given to us, the company has an internal Audit system commensurate with its size and the nature of its business.

8. The Central Government has not prescribed maintenance of cost records Under Section 209 (1) (d) of the companies Act, 1956.

9. There are no permanent employees in the company so question of depositing PF does not arise. However an old outstanding liability towards P.F. amounting to Rs. 29,784/-. We are informed the Employees State Insurance scheme does not apply to the company.

10. According to the information and explanation given to us and books and records examined by us, there are no undisputed and outstanding amounts, payable in respect of wealth tax, sale tax, custom duty and excise duty outstanding as at 31st March, 2013 for a period of more than six months from the date they become payable except an amount of Rs. 29,784/- for P.F.

11. According to the information and explanations given to us and the records examined by us, there is no disputed amounts of sales tax, income tax, custom tax, wealth tax, excise duty, cess and other statutory dues which is not deposited except income tax liability of Rs. 21,21,965/- for A.Y. 1995-1996 where the matter is pending with CIT (A).

12. In our opinion and according to the information and explanations given to us, the company is not covered within the definition of a Sick Industrial company as contained in Section 3(I) (O) of the Sick Industrial companies (Special Provision) Act, 1985.

13. The accumulated loss of the company at the end of the current financial year as well as immediate preceding financial year is less than 50% of its networth.

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

15. The company has not taken any term loan or given guarantee during the year.

16. The company has not taken any loan from financial institution or bank or debenture holders.

17. The company has not raised any money by public issue during the year, therefore the requirement of disclosure by the management on the end use of money raised by public issues and verification of the same is not applicable.

18. The company has not used any funds raised on short-term basis for long term investment and vice versa.

19. As per information given to us, special statutes regarding Chit Fund, Nidhi or mutual benefit society are not applicable to the company.

20. The company has maintained proper records and contracts in respect of investments in shares securities, debentures and other investments. The company in its own name held all the investments.

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

FOR R. K. KHANDELWAL & CO.

CHARTERED ACCOUNTANTS

Sd/-

(MANISH KUMAR GARG)

Partner

M. NO. 117966

FR No. 105054W

Place: Mumbai

Date : 06.05.2013

---

Mar 31, 2012

We have audited the attached Balance Sheet of the M/S OLYMPIC MANAGEMENT & FINANCIAL SERVICES LIMITED as at 31st March 2012 and also Statement of Profit and Loss of the company for the year ended 31st March 2012 annexed hereto. These financial Statements are the responsibility of the company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with Auditing Standards generally accepted in India. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining' on a test basis' evidence supporting the amounts and disclosure in financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management' as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis on our opinion.

1. As required by Companies (Auditors Report) Order' 2003' issued by the Central Government in terms of Section 227(4A) of the Companies Act' 1956 and on the basis of such checks we considered appropriate and according to the information and explanation given to us during the course of audit' we give in Annexure hereto statement on the matters specified in paragraphs 4& 5 of the said order.

2' Further to our comments in the Annexure referred to in paragraph I above' we report that: -

a) Note 6 of the notes to the accounts that balance of Trade Receivables and Loans and advances are subject to confirmation and reconciliation

b) We have obtained all the information and explanation' which to the best of our knowledge and belief were necessary for the purposes of our audit.

c) 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 the books.

d) The Balance Sheet and Profit & Loss Account referred to in this report are in agreement with the books of account.

e) In our opinion' the Balance Sheet & Profit &. Loss Account dealt with by mis report are in compliance with the Accounting Standards referred to in section 21) (3C) of the companies Act' 1956' to the extent applicable.

f) According to information and explanation given to us from the directors as on 31" March 2012 and taken on record by the Board of Directors' we report that none of the Directors is disqualified as on 31" March 20)2 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act' 1956.

3) In our opinion' and to the best of our information and according to the explanations given to us' the said Balance Sheet and the Statement of Profit & Loss read together with the notes thereon give the information required by the Companies Act' 1956 in the manner so required and give a true and fair view.

4) In our opinion and to the best of our information and according to the explanations given to us' the said financial statements together with the notes thereon and attached thereto give in the prescribed manner the information required by the Act and also give a true and fair view in conformity with die accounting principles generally accepted in India.

l)ln so far as it relates to the Balance Sheet' of the state of affairs of the company as at 31st March' 2012.

2) In so far as it relates to the Statement of Profit & Loss' of the Joss of the company for the year ended on that date' and

3) In the case of the Cash Flow statement of the cash flow for the year ended on that date.

ANNEXURE

OLYMPIC MANAGEMENT & FINANCIAL SERVICES LTD.

REFFERED TO IN PARAGRAPH I OF OUR REPORT OF EVEN DATE

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

(b) As per the information and explanations given to us' the company has a system of physical verification of all fixed assets and accordingly the management physically verified the fixed assets. In our opinion the frequency of the verification ts reasonable. No material discrepancies have been noticed on verification.

(c) During the year' the company has not disposed off a substantial part of fixed assets.

2. (a) As per die information furnished' the inventories have been physically verified during the year by the management. In our opinion' having regard to the nature and location of stocks' the frequency of the physical verification is reasonable.

(b) In our opinion and according to the information and explanations given to us' procedure of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business.

(c) The Company has maintaining proper records of inventory. As explained to us' there were no material discrepancies noticed on physical verification of the having regard to the size of the operations of the Company.

3. In our opinion' the Company has not taken and also granted any loans' secured and unsecured from companies' firms or otner parties listed in the register maintained Under Section 301 of the Companies Act 1956.

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.

5. During the period.' there is no transaction in respect of purchases' so the question of registered maintained under section 301 of the Companies Act does not arise'

6. The company has not accepted any deposit from the public within the meaning of sections 58A and S8AA of the companies' act' 1956 and rule framed there under.

7. In our opinion' and according to information and explanation given to us' the company has an internal Audit system commensurate with its size and the nature of its business.

8. The Central Government has not prescribed maintenance of cost records Under Section 209 (1) (d) of the companies Act' 1956.

9. There are no permanent employees in the company so question of depositing PF does not arise. However an old outstanding liability towards P.F. amounting to Rs. 29'784/-. We are informed the Employees State Insurance scheme does not apply to the company.

10. According to the information and explanation given to us and books and records examined by us' there are no undisputed and outstanding amounts' payable in respect of wealth tax' sale tax' custom duty and excise duty outstanding as at 31st March' 2012 for a period of more than six months from the date they become payable except an amount ofRs. 29'784/-for P.F.

11. According to the information and explanations given to us and the records examined by us' there is no disputed amounts of sales tax' income tax' custom tax' wealth tax' excise duty' cess and other statutory dues which is not deposited except income tax liability of Us. 21'2/'965/- for A.Y. 1995-1996 where the matter is pending mthClT(A).

12. In our opinion and according to the information and explanations given to us' the company is not covered within die definition of a Sick Industrial company as contained in Section 3(1) (O) of the Sick Industrial companies (Special Provision) Act' 1985.

13. The accumulated loss of the company at the end of the current financial year as well as immediate preceding financial year is less than 50% of its nctworth.

14. The Company has not granted loans and advances on the basis of security by way of pledge of shares' debentures and other similar securities.

15. The company has not taken any term Joan or given guarantee during the year.

16. Hie company has not taken any loan from financial institution or bank or debenture holders.

17. The company has not raised any money by public issue during the year' therefore the requirement of disclosure by die management on the end use of money raised by public issues and verification of the same is not applicable.

18. The company has not used any funds raised on short-lerm basis for long term investment and vice versa.

19. As per information given to us' special statutes regarding Chit Fund' Nidhi or mutual benefit society are not applicable to the company.

20. The company has maintained proper records and contracts in respect of investments in shares securities' debentures and other investments. The company in its own name held all the investments.

21. According to the information and explanations given to us' no fraud on or by the company has been noticed or reported during the year.

For R K. KHANDELWAL & CO.

CHARTERED ACCOUNTANTS

Sd/-

(MANISH KUMAR GARG)

Partner

M. NO. 117966

FRNo. 105054W

Place: Mumbai

Date: 30.05.2012

---

Mar 31, 2010

We have audited the attached Balance Sheet of the M/S OLYMPIC MANAGEMENT & FINANCIAL SERVICES LIMITED as at 31st March 2010 and also PROFIT & LOSS ACCOUNT of the company for the year ended 31st March 2010 annexed hereto. These manual Statements are the responsibility of the companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with Auditing Standards generally accepted in India. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosure in financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis on our opinion.

1. As required by Companies (Auditors Report) Order, 2003, issued by the Central Government in terms of Section 227(4A) of the Companies Act, 1956 and on the basis of such checks we considered appropriate and according to the information and explanation given to us during the course of audit, we give in Annexure hereto statement on the matters specified in paragraphs 4& 5 of the said order.

2. Further to our comments in the Annexure referred to in paragraph I above, we report that: -

a) We have obtained all the information and explanation, 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 the books.

c) The Balance Sheet and Profit & Loss Account referred to in this report are in agreement with the books of account.

d) In our opinion, the Balance Sheet & Profit & Loss Account dealt with by this report are in compliance with the Accounting Standards referred to in section 211 (3C) of the companies Act, 1956.

e) According to information and explanation given to us from the directors as on 31st March 2010 and taken on record by the Board of Directors, we are not in a position to state whether any of the Directors is disqualified as on 31st 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.

3) In our opinion, and to the best of our information and according to the explanations given to us, the said Balance Sheet and the Profit & Loss Account subject to note no. 12 relating to non provision of income tax liabilities of Rs.23,23,081/- read together with the notes thereon give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view.

4) In our, opinion and to the best of our information and according to the explanations given to us, the said financial statements together with the notes thereon and attached thereto give in the prescribed manner the information required by the Act and also give a true and fair view in conformity with the accounting principles generally accepted in India.

1) In so far as it relates to the Balance Sheet, of the state of affairs of the company as at 31st March, 2010.

2) In so far as it relates to, the Profit & Loss Account, of the profit of the company for the year ended on that date, and

3) In the case of the Cash Flow statement of the cash flow for the year ended on that date.

ANNEXURE OLYMPIC MANAGEMENT & FINANCIAL SERVICES LTD. REFFERED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE

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

(b) As per the information and explanations given to us, the company has a system of physical verification of all fixed assets and accordingly the management physically verified the fixed assets. In our opinion the frequency of the verification is reasonable. No material discrepancies have been noticed on verification.

(c) During the year, the company has not disposed off a substantial part of fixed assets. Since the company has no inventory the question of physical verification does not arise.

2. In our opinion, the Company has not taken any loans, secured and unsecured from companies, firms or other parties listed in the register maintained Under Section 301 of the Companies Act 1956.

3. The company has granted unsecured loan amounting to Rs. 1,35,451/- to one party listed in the register maintained under section 301 of the Companies Act, 1956. We have been informed that reasonable steps have been taken for the recovery of the principal amount along with the interest amount.

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.

5. During the period, there is no transaction in respect of purchases, so the question of registered maintained under section 301 of the Companies Act does not arise.

6. The company has not accepted any deposit from the public within the meaning of sections 58A and 58AA of the companies act, 1956 and rule framed there under.

7. In our opinion, and according to information and explanation given to us, the company has an internal Audit system commensurate with its size and the nature of its business.

8. The Central Government has not prescribed maintenance of cost records Under Section 209 (!) (d) of the companies Act, 1956.

9. There are no permanent employees in the company so question of depositing PF does not arise.We are informed the Employees State Insurance scheme does not apply to the company.

10. According to the information and explanation given to us and books and records examined by us, there are no undisputed and outstanding amounts, payable in respect of wealth tax, sale tax, custom duty and excise duty outstanding as at 31st March, 2010 for a period of more than six months from the date they become payable. The disputed I. T. Liability has been mentioned in the notes to accounts.

11. In our opinion and according to the information and explanations given to us, the company is not covered within the definition of a Sick Industrial company as contained in Section 3(1) (O) of the Sick Industrial companies (Special Provision) Act, 1985.

12. The accumulated loss of the company at the end of the current financial year as well as immediate preceding financial year is less than 50% of its networth.

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

14. The company has not taken any term loan or given guarantee during the year

15. The company has not taken any loan from financial institution or bank or debenture holders.

16. The company has not raised any money by public issue during the year, therefore the requirement of disclosure by the management on the end use of money raised by public issues and verification of the same is not applicable.

17. The company has not used any funds raised on short-term basis for long term investment and vice versa.

18. As per information given to us, special statutes regarding Chit Fund, Nidhi or mutual benefit society are not applicable to the company.

19. The company has maintained proper records and contracts in respect of investments in shares securities, debentures and other investments. The company in its own name held all the investments.

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

For MANOJ D. MAHIMKAR & CO.

CHARTERED ACCOUNTANTS

Sd/-

(MANOJ MAHIMKAR)

PROPRIETOR

M. NO. 48883

FR No. 11490W

Place: Mumbai

Date : 01.09.2010

---

Mar 31, 2009

We have audited the attached Balance Sheet of the M/S OLYMPIC MANAGEMENT & FINANCIAL SERVICES LIMITED as at 31st March 2009 and also PROFIT & LOSS ACCOUNT of the company for the year ended 31st March 2009 annexed hereto. These financial Statements are the responsibility of the companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with Auditing Standards generally accepted in India. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosure in financial statements. 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 beiieve that our audit provides a reasonable basis on our opinion.

1. As required by Companies (Auditors Report) Order, 2003, issued by the Central Government in terms of Section 227(4 A) of the Companies Act, 1956 and on the basis of such checks we considered appropriate and according to the information and explanation given to us during the course of audit, we give in Annexure hereto statement on the matters specified in paragraphs 4& 5 of the said order.

2. Further to our comments in the Annexure referred to in paragraph I above, we report that: -

a) We have obtained all the information and explanation, 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 the books.

c) The Balance Sheet and Profit & Loss Account referred to in this report are in agreement with the books of account.

d) In our opinion, the Balance Sheet & Profit & Loss Account dealt with by this report are in compliance with the Accounting Standards referred to in section 211 (3C) of the companies Act, 1956.

e) According to information and explanation given to us from the directors as on 31st March 2009 and taken on record by the Board of Directors, we are not in a position to state whether any of the Directors is 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.

3) In our opinion, and to the best of our information and according to the explanations given to us, the said Balance Sheet and the Profit & Loss Account subject tp note no. 12 relating to non provision of income tax liabilities of Rs.23,23,081/- read tgget&er with the nQtes thereon give the information required by the Companies Act, 1956 in the manner sp required and give a true and fair view.

4) In our opinion and to the best of our information and according to the explanations given to us, the said financial statements together with the notes thereon and attached thereto give in the prescribed manner the information required by the Act and also give a true and fair view in conformity with the accounting principles generally accepted in India.

1> In so far as it relates to the Balance Sheet, of the state of affairs pf the company as at 31st March, 2009.

2) In so far as it relates to the Profit & Loss Account, of the loss pf the company for the year ended on that date, and

3) In the ease of the Cash Flow statement of the cash flow for the year ended on that date.

ANNEXURE OLYMPIC MANAGEMENT & FINANCIAL SERVICES LTI). REFFERED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE

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

(b) As per the information and explanations given to us, the company has a system of physical verification of all fixed assets and accordingly the management physically verified the fixed assets. In our opinion the frequency of the verification is reasonable. No material discrepancies have been noticed on verification.

(c) During the year, the company has not disposed off a substantial part of fixed assets. Since the company has no inventory the question of physical verification does not arise.

2. In our opinion, the Company has not taken any loans, secured and unsecured from companies, firms or other parties listed in the register maintained Under Section 301 of the Companies Act 1956.

3. The Company has granted unsecured loan amounting to Rs. 6,04,251/-/- (previous year Rs. 4,75,727/-) to three parties listed in the register maintained under section 301 of the Companies Act 1956. We have been informed that reasonable steps have been taken for the recovery of the principal amount along withtthe interest amount.

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.

5. During the period, there is no transaction in respect of purchases, sp the question of registered maintained under section 301 of the Companies Act does not arise.

6. The company has not accepted any deposit from the public within the meaning of sections 58A and 58AA of the companies act, 1956 and rule framed theie under.

7. In our opinion, and according to information and explanation given to us, the company has an internal Audit system commensurate with its size and the nature of its business.

8. The Central Government has not prescribed maintenance of cost records Under Section 209 (1) (d) of the companies Act, 1956.

9. The Company has no employees ind therefore the provisions relating to provident fund and employees state insurance scheme does not apply.

10. According to the information and explanation given to us and books and records examined by .us, there are no undisputed and outstanding amounts, payable jn respect of wealth tax, sale tax, custom duty and excise duty outstanding as at 31st March, 2009 for a period of more than six months from the date they become payable. The disputed I. T. Liability has been mentioned in the notes to accounts.

11. In our opinion and according to the information and explanations given to us, the company is not covered within the definition of a Sick Industrial company as contained in Section 3(1) (O) of the Sick Industrial companies (Special Provision) Act, 1985-

12. The apcumulated loss of the company at the end of the current financial year as well as immediate preceding financial year is less than 50% of its networth.

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

14. The company has not taken any term loan or given guarantee during the year

i5. The company has not taken any loan from financial institution or bank or debenture holders.

16. The company has not raised any money by public issue during the year, therefore the requirement of disclosure by the management on the end use of money raised by public issues and verification of the same is not applicable.

17. The company has not used any funds raised on short-term basis for long term investment and vice versa.

18. As per information given to us, special statutes regarding Chit Fund, Nidhi or mutual benefit society are not applicable to the company.

19. The company has maintained proper records and contracts in respect of investments in shares securities, debentures and other investments. The company in its own name held all the investments.

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

FOR MANOJ D. MAHIMKAR & CO.

CHARTERED ACCOUNTANTS

Sd/- (Manoj Mahimkar) PROPRIETOR M. NO. 48883

Place: Mumbaj Date: 30.06.2009