Auditor Report of Eyantra Ventures Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of PUNIT COMMERCIAL LIMITED ('the Company'), which comprises of Balance Sheet as at 31rt March, 2015, the statement Profit & Loss, the Cash Flow Statement for the year ended, and a summary of the significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matter stated in Section 134(S) ofthe Companies, Act 2013 ('the Act') with respect to the preparation of these financial statements that give a true and fair view ofthe 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 the Companies (Accounts) Rules,2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selecting and application of appropriate accounting policies; making judgements and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

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

We have taken into account the provisions ofthe 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 thereunder.

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

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor's judgement, 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 the accounting policies used and the reasonableness of the accounting estimates made by the Company's Directors, 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 on the financial statements.

Opinion

In our opinion and to the best of our information and according to the explanation 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 31 st March, 2015, and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

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 I a statement on matters specified In paragraphs 3 and 4 ofthe said Order.

As required by Section 143(3) of the Act, we report that:

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

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

(c) The Balance Sheet, the 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 aforesaid financial statements comply with Accounting Standards specified under section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules, 2014.

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

(f) 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, in our opinion and to the best of our information and * according to the explanations given to us:

(I) The Company does not have pending litigations which would impact Its financial position;

(II) The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses;

(III) There were no amounts which were required to be transferred, to the Investor Education and Protection Fund by the Company.

Annexure I to the Independent Auditor's Report

(Referred to in our report of even date)

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

(b) The Company has at reasonable intervals has physically verified the fixed assets and no material discrepancies were noticed on such verification.

(c) No substantial part of fixed assets were disposed off during the year.

(ii) (a) The inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

(b) The procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) In our opinion and according to the information and explanations given to us, the Company is maintaining proper records of inventory. No discrepancy was noticed on verification of stocks.

(iii) (a) The Company has taken a loan from Three Parties covered in the register maintained under section 189 of the companies Act, 2013. The maximum amount involved during the year was Rs. 28.47 Lacs and the year-end balance of loans taken from such parties was 27.88 Lacs.

(b) The loans have been taken as Interest-free. Based on the audit procedures performed and in our opinion and according to the information and explanations given to us by the management, the other terms and conditions are not prime facie prejudicial to the interest ofthe company.

(c) According to the information and explanations given to us and the books and records examined by us, there are no stipulations as regards repayment of principal amounts in respect of the interest free loans taken by the company.

(d) According to the information and explanations given to us and the books and records examined by us, there is no stipulations as regards repayment and therefore, the question of overdue amounts does not arise.

(iv) In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchase of inventories and for the sale of goods. During the course of our audit, no major weakness has been noticed in the internal control system.

(v) The Company has not accepted any deposits from the public in accordance with the provision of Section 73 to 76 of the Act and rules framed thereunder.

(vi) The provisions of clause 3(vi) of the Order are not applicable to the Company as it is not covered by the Companies (Cost Records and Audit) Rules, 2014.

(vii) In view of the low volume of the transactions the Company has no formal internal audit department. However, its internal control procedures ensure reasonable internal checking of its financial and other records.

(viii) (a) According, to the information and explanations given to us and the books and records examined by us, undisputed statutory dues including sales tax/income tax/custom duty/wealth tax/excise duty/cess and other statutory dues have been generally regularly deposited with the appropriate authorities.

(b) According to the information and explanations given to us and the books and records examined by us, there are no undisputed amounts payable in respect of the aforesaid dues which have remained outstanding as at 31 st March, 2015 for a period of more than six months from the date they became payable.

(ix) The Company has incurred cash loss of Rs. NIL in the current year and there are no accumulated losses in the balance sheet as on 31st March, 2015.

(x) In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to a financial institution or bank.

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

(xii) 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.

(xiii) The Company did not have any term loans outstanding during the year.

(xiv) The Company has not issued any debentures till date.

(xv) The Company has not raised any money by way of public issue during the year.

(xvi) According to the information and explanations given to us, no material fraud on or by the Company has been noticed or reported during the year.

FOR K. P. MEHTA & CO. Chartered Accountants Firm Reg No. 106243W (K.P.MEHTA) Proprietor Mumbai, 22nd May, 2015 M.No. 32155

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Mar 31, 2014

1. We have audited the attached Balance Sheet of PUNIT COMMERCIAL LIMITED, as at 31st March, 2014 and also the Profit & Loss Account and the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with 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 of our opinion.

3. 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 Companies Act, 1956, we annex hereto 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 paragraph (3) 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 purpose of our audit.

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

c) The Balance Sheet, the Profit & Loss Account and the cash flow statement dealt with by this report are in agreement with the books of Accounts.

d) In our opinion, the Profit & Loss Account, the Cash Flow Statement and the Balance Sheet comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956.

e) On the basis of the written representation received from the directors as on 31st March, 2014, and taken on record by the Board of Directors, we report that none of the Directors of the Company is prima facie disqualified as in 31st March, 2013 from being appointed as Directors of the Company in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956.

f) In our opinion and to the best of our information and according to the explanation given to us, the said accounts together with the notes thereon, give the information required by the Companies Act, 1956 in the manner so required and give true and fair view in conformity with the accounting principals generally accepted in India:-

1) In the case of Balance Sheet of the states of affair of the Company as at 31st March, 2014;

2) In case of the Profit & Loss account, of the Profit for the year ended on that date; and

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

ANNEXURE TO AUDITORS'' REPORT

Referred to in paragraph 3 of our report of even date on the Accounts for the year ended 31st March, 2014.

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

(b) The management at reasonable intervals has physically verified the fixed assets and no material discrepancies were noticed on such verification.

(c) No substantial part of fixed assets were disposed off during the year.

(ii) (a) The inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

(b) The procedures of physical verification of inventory followed by the management, are reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) In our opinion and according to the information and explanations given to us, the Company is maintaining proper records of inventory. No discrepancy was noticed on verification of stocks.

(iii) (a) The Company has taken a loan from Three Parties covered in the register maintained under section 301 of the companies Act, 1956. The maximum amount involved during the year was Rs. 3.23 Lacs and the year-end I balance of loans taken from such parties was 3.23 Lacs.

(b) The loans have been {granted and taken as Interest-free. Based on the audit procedures performed and in our opinion and according to the information and explanations given to us by the management, the other terms and conditions are not prime facie prejudicial to the interest of the company.

(c) According to the information and explanations given to us and the books and records examined by us, there are no stipulations as regards repayment of principal amounts in respect of the interest free loans taken by the company.

(d) According to the information and explanations given to us and the books and records examined by us, there is no stipulations as regards repayment and therefore, the question of overdue amounts does not arise.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchase of inventory and for the sale of goods. During the course of our audit, no major weakness has been noticed in the internal control system.

(v) (a) In our opinion and according to the information and explanations given to us, the transactions that need to be entered in the register maintained under Section 301 of the Companies Act, 1956 have been so entered.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of such Contracts or arrangements and exceeding the value of rupees five lacs in respect of any party during the year, have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

(vi) In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from the public to which the provisions of Section 58A and 58AA would apply.

(vii) In view of the low volume of the transactions the Company has no formal internal audit department.

However, its internal control procedures ensure reasonable internal checking of its financial and other records.

(viii) As per the information given to us, maintenance of cost records has not been prescribed by the Central Government u/s. 209 (1) (d) of the Companies Act, 1956 in respect of the business of the Company.

(ix) (a) According to the information and explanations given to us and the books and records examined by us, undisputed statutory dues including sales tax/income tax/custom duty/wealth tax/excise duty/cess and other statutory dues have been generally regularly deposited with the appropriate authorities.

(b) According to the information and explanations given to us and the books and records examined by us, there are no undisputed amounts payable in respect of the aforesaid dues which have remained outstanding as at 31st March, 2014 for a period of more than six months from the date they became payable.

(x) The Company has incurred cash loss of Rs. NIL in the current year and there are no accumulated losses in the balance sheet as on 31st March, 2014.

(xi) In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to a financial institution or bank.

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

(xiii) The Company is not a nidhi/mutual or a nidhi/mutual benefit fund/society. Therefore, the provisions of clause 4 (xiii) of the Order are not applicable to the Company.

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

(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 term loans, hence the clause 4 (xiv) of the Order is not applicable.

(xvii) In our opinion and 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 vice-versa.

(xviii) According to the information and explanations given to us, the Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the act.

(xix) The Company has not issued any debentures till date.

(xx) The Company has not raised any money by way of public issue during the year.

(xxi) According to the information and explanations given to us, no material fraud on or by the Company has been noticed or reported during the year.

FOR K. P. MEHTA & CO. Chartered Accountants Firm Reg No. 106243W

(K.P.MEHTA) Proprietor Mumbai, 30th May, 2014 M.No. 32155

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Mar 31, 2013

1. We have audited the attached Balance Sheet of PUNIT COMMERCIALS LIMITED, as at 31st March, 2013 and also the Profit & Loss Account and the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company''s management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with 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 of our opinion.

3. 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 Companies Act, 1956, we annex hereto 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 paragraph (3) 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 purpose of our audit.

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

c) The Balance Sheet, the Profit & Loss Account and the cash flow statement dealt with by this report are in agreement with the books of Accounts.

d) In our opinion, the Profit & Loss Account, the Cash Flow Statement and the Balance Sheet comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956.

e) On the basis of the written representation received from the directors as on 31st March, 2013, and taken on record by the Board of Directors, we report that none of the Directors of the Company is prima facie disqualified as on 31st March, 2012 from being appointed as Directors of the Company in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956.

f) In our opinion and to the best of our information and according to the explanation given to us, the said accounts together with the note: thereon, give the information required by the Companies Act, 1956 in the manner so required and give true and fair view in conformity with the accounting principals generally accepted in India:-

1) In the case of Balance Sheet of the states of affair of the Company as at 31sl March, 2013;

2) In case of the Profit & Loss account, of the Profit for the year ended on that date; and

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

ANNEXURE TO AUDITORS'' REPORT

Referred to in paragraph 3 of our report of even date on the Accounts for the year ended 31st March, 2013.

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

(b) The management at reasonable intervals has physically verified the fixed assets and no material discrepancies were noticed on such verification.

(c) No substantial part of fixed assets were disposed off during the year.

(ii) (a) The inventory has been;physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

(b) The procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) In our opinion and according to the information and explanations given to us, the Company is maintaining proper records of inventory. No discrepancy was noticed on verification of stocks.

(iii) (a) The Company has taken a loan from Three Parties covered in the register maintained under section 301 of the companies Act, 1956. The maximum amount involved during the year was Rs. 129.25 Lacs and ar-end balance cf loans taken from such parties was 1.48 Lacs.

(b) The loans have been granted and taken as Interest-free. Based on the audit procedures performed and in our opinion and according to the information and explanations given to us by the management, the other terms and cbnditions are not prime facie prejudicial to the interest of the company.

(c) According to the information and explanations given to us and the books and records examined by us, there are no stipulations as regards repayment of principal amounts in respect of the interest free loans taken by the company.

(d) According to the information and explanations given to us and the books and records examined by us, there is no stipulations as regards repayment and therefore, the question of overdue amounts does not arise.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchase of inventory and for the sale of goods. During the course of our audit, no major weakness has been noticed in the internal control system.

(v) (a) In our opinion and according to the information and explanations given to us, the transactions that need to be entered in the register maintained under Section 301 of the Companies Act, 1956 have been so entered.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of such contracts or arrangements and exceedinj the value of rupees five lacs in respect of any party during the year, have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

(vi) In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from the public to which the provisions of Section 58A and 58AA would apply..

(vii) In view of the low volume oflhe transactions the Company has no formal internal audit department. However, its internal control procedures ensure reasonable internal checking of its financial and other records.

(viii) As per the information giveh to us, maintenance of cost records has not been prescribed by the Central Government u/s. 209 (1) (d) of the Companies Act, 1956 in respect of the business of the Company.

(ix) (a) According to the information and explanations given to us and the books and records examined by us, undisputed statutory dues including sales tax/income tax/custom duty/wealth tax/excise duty/cess and other statutory dues have been generally regularly deposited with the appropriate authorities.

(b) According to the information and explanations given to us and the books and records examined by us, there are no undisputed amounts payable in respect of the aforesaid dues which have remained outstanding as as 31st March, 2013 for a period of more than six months from the date they became payable.

(x) The Company has incurred cash loss of Rs. NIL in the current year and there are no accumulated losses in the balance sheet as on 31** March, 2013.

(xi) In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to a financial institution or bank.

(xii) The Company has not granted any loans and advances on the basis of security by way of pleage of shares, debentures and other securities.

(xiii) The Company is not a chit fund or a nidhi/mutual benefit funoVsociety. Therefore, the provisions of clause 4 (xiii) of the Order are not applicable to the Company.

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

(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 term loans, hence the clause 4 (xiv) of the Order is not applicable.

(xvii) In our opinion and 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 u*ed for long-term investment and vice-versa.

(xviii) According to the information and explanations given to us, the Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the act.

(xix) The Company has not issued any debentures till date.

(xx) The Company has not raised any money by way of public issue during the year.

(xxi) According to the information and explanations given to us, no material fraud on or by the Company has been noticed or reported during the year.

FOR K. P. MEHTA & CO. Chartered Accountants Firm Reg NoJ0J6243W

(K.P.MEHTA) Proprietor Mumbai,27th May, 2013 M.No. 32155

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Mar 31, 2012

1. We have audited the. attached Balance Sheet of PUNIT COMMERCIAL LIMITED, as at 31st March, 2012 and also the Profit & Loss Account and the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with 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 of our opinion.

3. 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 Companies Act, 1956, we annex hereto 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 paragraph (3) 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 purpose of our audit.

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

c) The Balance Sheet, the Profit & Loss Account and the cash flow statement dealt with by this report are in agreement with the books of Accounts.

d) In our opinion, the Profit & Loss Account, the Cash Flow Statement and the Balance Sheet comply . with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956.

e) On the basis of the written representation received from the directors as on 31st March, 2012, and taken oh record by the Board of Directors, we report that none of the Directors of the Company is prima facie disqualified as on 31st March, 2011 from being appointed as Directors of the Company in terms of clause (g) of sub-section (1J of Section 274 of the Companies Act, 1956.

f) In our opinion and to the best of our information and according to the explanation given to us, the said accounts together with the notes thereon, give the information required by the Companies Act, 1956 in the manner so required and give true and fair view in conformity with the accounting principals generally accepted in India:-

1) In the case of Balance Sheet of the states of affair of the Company as at 31st March, 2012;

2) In case of the Profit & Loss account, of the Profit for the year ended on that date; and

3) I n case of the Cash Flow Statement, of the cash flows for the year ended on that date. ANNEXURE TO AUDITORS1 REPORT

Referred to in paragraph 3 of our report of even date on the Accounts for the year ended 31th March, 2012.

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

(b) The management at reasonable intervals has physically verified the fixed assets and no material discrepancies were noticed on such verification.

(c) No substantial part of fixed assets were disposed off during the year.

(ii) (a) The inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

(b) The procedures Of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) In our opinion and according to the information and explanations given to us, the Company is maintaining proper records of inventory. No discrepancy was noticed on verification of stocks.

(iii) (a) The Company has taken a loan from one Party covered in the register maintained under section 301 of the companies Act, 1956. The maximum amount involved during the year was Rs. 104.05 Lacs and the year-end balance of loans taken from such parties was 43.00 Lacs.

(b) The loans have been granted and taken as Interest-free. Based on the audit procedures performed and in our opinion and according to the information and explanations given to us by the management, the other terms and conditions are not prime facie prejudicial to the interest of the company.

(c) According to the information and explanations given to us and the books and records examined by us, there are no stipulations as regards repayment of principal amounts in respect of the interest free loans taken by the company.

(d) According to the information and explanations given to us and the books and records examined by us, there is no stipulations .as regards repayment and therefore, the question of overdue amounts does not arise.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control system commensurate with the size of the Company and the nature of its business. with regard to purchase of inventory and for the sale of goods. During the course of our audit, no major weakness has been noticed in the internal control system.

(v) (a) In our opinion and according to the information and explanations given to us, the transactions that need to be entered in the register maintained under Section 301 of the Companies Act, 1956 have been so entered.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of such contracts or arrangements and exceeding the value of rupees five lacs in respect of any party during the year, have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

(vi) In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from the public to which the provisions of Section 58A and 58AA would apply..

(vii) In view of the low volume of the transactions the Company has no formal internal audit department. However, its internal control procedures ensure reasonable internal checking of its financial and . other records.

(viii) As per the information given to us, maintenance of cost records has not been prescribed by the Central Government u/s. 209 (1) (d) of the Companies Act, 1956 in respect of the business of the Company.

(ix) (a) According to the information and explanations given to us and the books and records examined by us, undisputed statutory dues including sales tax/income tax/custom duty/wealth tax/excise duty/cess and other statutory dues have been generally regularly deposited with the appropriate authorities.

(b) According to the information and explanations given to us and the books and records examined by us, there are no undisputed amounts payable in respect of the aforesaid dues which have remained outstanding as at 31st March, 2012 for a period of more than six months from the date they became payable.

(x) The Company has incurred cash loss of Rs. NIL in the current year and there are no accumulated losses in the balance sheet as on 31st March, 2012.

(xi) In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to a financial institution or bank.

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

(xiii) The Company is not a chit fund or a nidhi/mutualbenefit fund/society. Therefore, the provisions of clause 4 (xiii) of the Order are not applicable to the Company.

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

(xv) According to the information and explanations given to us, the Company has not given any 1 guarantee for loans taken by others from bank or financial institutions.

(xvi) The Company has not obtained term loans, hence the clause 4 (xiv) of the Order is not applicable.

(xvii) In our opinion and 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 vice-versa.

(xviii) According to the information and explanations given to us, the Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the act.

(xix) The Company has not issued any debentures till date.

(xx) The Company has not raised any money by way of public issue during the year.

(xxi) According to the information and explanations given to us, no material fraud on or by the Company has been noticed or reported during the year.

FOR K. P. MEHTA & CO. Chartered Accountants Firm Reg No. 106243W

(K.P. MEHTA) Proprietor Mumbai, 23rd July, 2012 M.No. 32155

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Mar 31, 2010

1. We have audited the attached Balance Sheet of PUNIT COMMERCIAL LIMITED, as at 31st March, 2010 and also the Profit & Loss Account and 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 of our opinion.

3. As required by the Companies (Auditors Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956, we annex here to 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 paragraph (3) 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 purpose of our audit.

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

c) The Balance Sheet, the Profit & Loss Account and the cash flow statement dealt with by this report are in agreement with the books of Accounts.

d) In our opinion, the Profit & Loss Account, the Cash Flow Statement and the Balance Sheet comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956.

e) On the basis of the written representation received from the directors as on 31st March, 2010, and taken on record by the Board of Directors, we report that none of the Directors of the Companv is prima facie disqualified as on 31st March, 2010 from being appointed as Directors of the Company in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956.

f) In our opinion and to the best of our information and according to the explanation given to us, the said accounts together with the notes thereon, give the information required by the Companies Act, 1956 in the manner so required and give true and fair view in conformity with the accounting principals generally accepted in India:-

1) In the case of Balance Sheet of the states of affair of the Company as at 31st March, 2010;

2) In case of the Profit & Loss account, of the Profit for the year ended on that date; and

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

ANNEXURE TO AUDITORS REPORT Referred to in paragraph 3 of our report of even date on the Accounts for the year ended 31st March, 2010.

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

(b) The management at reasonable intervals has physically verified the fixed assets and no material discrepancies were noticed on such verification.

(c) No substantial part of fixed assets were disposed off during the year.

(ii) (a) The inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

(b) The procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) In our opinion and according to the information and explanations given to us, the Company is maintaining proper records of inventory. No discrepancy was noticed on verification of stocks.

(iii) (a) The Company has taken a loan from its associate and other two Parties covered in the register maintained under section 301 of the companies Act, 1956. The maximum amount involved during the year was Rs. 101.66 Lacs and the year-end balance of loans taken from such parties was 10.80 Lacs.

(b) The loans have been granted and taken as Interest-free. Based on the audit procedures performed and in our opinion and according to the information and explanations given to us by the management, the other terms and conditions are not prime facie prejudicial to the interest of the company.

(c) According to the information and explanations given to us and the books and records examined by us, there are no stipulations as regards repayment of principal amounts in respect of the interest free loans taken by the company.

(d) According to the information and explanations given to us and the books and records examined by us, there is no stipulations as regards repayment and therefore, the question of overdue amounts does not arise.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchase of inventory and for the sale of goods. During the course of our audit, no major weakness has been noticed in the internal control system.

(v) (a) In our opinion and according to the information and explanations given to us, the transactions that need to be entered in the register maintained under Section 301 of the Companies Act, 1956 have been so entered.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of such contracts or arrangements and exceeding the value of rupees five lacs in respect of any party during the year, have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

(vi) In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from the public to which the provisions of Section 58A and 58AA would

(vii) In view of the low volume of the transactions the Company has no formal internal audit department. However, its internal control procedures ensure reasonable internal checking of its financial and other records.

(viii) As per the information given to us, maintenance of cost records has not been prescribed by the Central Government u/s. 209 (1) (d) of the Companies Act, 1956 in respect of the business of the Company.

(ix) (a) According to the information and explanations given to us and the books and records examined by us, undisputed statutory dues including sales tax/income taxsustom duty/wealth tax/excise duty/cess and other statutory dues have been generally regularly deposited with the appropriate authorities.

(b) According to the information and explanations given to us and the books and records examined by us, there are no undisputed amounts payable in respect of the aforesaid dues which have remained outstanding as at 31st March, 2010 for a period of more than six months from the date they became payable.

(x) The Company has incurred cash loss of Rs. NIL in the current year and there are no accumulated losses in the balance sheet as on 31st March, 2010.

(xi) In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to a financial institution or bank.

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

(xiii) The Company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions of clause 4 (xiii) of the Order are not applicable to the Company.

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

(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 term, loans, hence the clause 4 (xiv) of the Order is not applicable.

(xvii) In our opinion and 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 vice-versa.

(xviii) According to the information and explanations given to us, the Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the act.

(xix) The Company has not issued any debentures till date.

(xx) The Company has not raised any money by way of public issue during the year.

(xxi) According to the information and explanations given to us, no material fraud on or by the Company has been noticed or reported during the year.

For K. P. MEHTA & CO.

Chartered Accountants

Firm Reg No. 106243W

(K.P.MEHTA)

Mumbai,14,th August,2010 Proprietor

M.NO. 32155