Auditor Report of Rama Vision Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of Rama Vision Limited ("the Company") which comprise the Balance Sheet as at 31 March 2015, the Statement of Profit and Loss and Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information.

Management's responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; 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 of the Act, the accounting and auditing standards and matters which are required to be included in the audit report underthe provisions of the Act and the Rules made there under.

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

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 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. 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 explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 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 Companies Act, 2013, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

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 ouraudit.

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

f) In our opinion, the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls are adequate.

g) With respect to the 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 has disclosed the impact of pending litigations on its financial position in its financial statements- Refer Note 19 to the financial statements;

ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.

Annexure referred to in paragraph (11 under the heading of "Report on Other Legal and Regulatory requirements" of our report of even date

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

(b) All the fixed assets have been physically verified by the management according to a regular program, which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies with respect to book records were noticed on such verification.

(ii) (a) Physical verification of inventory (except material in transit) has been conducted by the management at reasonable intervals. 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 nature of its business.

(c) The company is maintaining proper records of inventory. Discrepancies noticed on verification of inventory as compared to book records were not material.

(iii) The company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 189 of the Act and as such clauses (iii) (a) and (b), of the order are not applicable to the company.

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

(v) According to the information and explanation given to us, the company has not accepted any deposit from the public. Therefore, the provisions of clause (v) of the order are not applicable to the company.

(vi) The Central Government has not specified maintenance of cost records under sub section (1) of Section 148oftheActin respect of products dealt with bythe company.

(vii) (a) The company is generally regular in depositing with the appropriate authorities undisputed statutory dues including provident fund, employees state insurance, income tax, sales tax, wealth tax, service tax, duty of custom, duty of excise, value added tax, cess and any other statutory dues applicable to it. According to the information and explanations given to us, no undisputed amounts payable in respect thereof were outstanding as at 31 st March,2015 for a period of more than six months from the date they became payable.

(b) According to the records of the company, dues of income-tax or Sales tax or wealth-tax or service tax or duty of custom or duty of excise or value added tax or cess which have not been deposited on account of any dispute are as under:-

S. Name of the Nature of dues Period to which No. statute amount relates

1 Central Excise Act Excise duty demand 01.04.1997 to 30.09.1997

2 Service Tax Act Service tax 01.04.2000 to 31.03.2003

3 Income Tax Act Tax & Interest Assessment year 2009-10

4 Income TaxAct Tax&Interest Assessment year 2013-14

S. Name of the Amount Forum where dispute is No. statute Rs. pending

1 Central Excise Act 1150415 Excise & Customs, Service Tax Appellate Tribunal, New Delhi

604700 Excise & Customs, Service Tax 2 Service Tax Act Appellate Tribunal, New Delhi

1802393 Assessing officer 3 Income Tax Act 341955 Assessing officer 4 Income TaxAct

(c) No amount was required to be transferred to investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956 and rules made there under.

(viii) The accumulated lossess at the end of the financial year were less than fifty percent of its not worth. The company has not incurred any cash losses during the financial year and in the immediately preceeding financial year.

(ix) 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 or debenture holders.

(x) In our opinion, the company has not given guarantee for loans taken by others from banks or financial institutions.

(xi) In our opinion, the term loans have been applied for the purposes for which they were obtained.

(xii) According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

For B.K. SHROFF & Co. Chartered Accountants Firm Registration No. 302166E

Sd /- O. P. SHROFF Place : New Delh PARTNER Dated : 14th May, 2015 Membership No.: 6329

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Mar 31, 2014

We have audited the accompanying financial statements of Rama Vision Limited ("the Company") which comprise the Balance Sheet as at 31 March 2014, the Statement of Profit and Loss and Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information.

Management''s responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("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.

Auditor''s responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

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

b) In the case of the Statement of Profit and Loss, of the Profit 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:

(i) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

(ii) In our opinion proper books of account as required by law have been kept by the company so far as appears from our examination of those books;

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

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

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

(vi) Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the company

Annexure referred to in paragraph (1) under the heading of "Report on Other Legal and Regulatory requirements" of our report of even date

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

(b) All the fixed assets have been physically verified by the management according to a regular program which in our opinion is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies with respect to book records were noticed on such verification.

(c) In our opinion and according to explanations given to us, fixed assets disposed off during the year were not substantial and as such the disposal has not affected the going concern concept of the company.

(ii) (a) As explained to us, physical verification of inventory has been conducted by the management at reasonable intervals. In our opinion, the frequency of verification is reasonable.

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

(c) The company is maintaining proper records of inventory. Discrepancies noticed on verification of inventory as compared to book records were not material and these have been properly dealt with in the books of accounts.

(iii) In our opinion and according to information and explanation given to us , the company has not granted/taken any loans, secured or unsecured, to / from companies, firms and other parties covered in the register maintained under section 301 of the Companies Act, 1956 and as such clause (iii) (a) to (g) of the order are not applicable to the company.

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

(v) According to the information and explanations given to us, during the year there were no contracts or arrangements referred to in Section 301 of the Act, that need to be entered into the register required to be maintained under that section. Accordingly provisions of para (v) (b) of the order are not applicable.

(vi) In our opinion and according to the information given to us, the company has not accepted deposits from the public within the meaning of sections 58A and 58AA of the Companies Act 1956, or and other relevant provisions of the Act.

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

(viii) Maintenance of cost records has not been prescribed by the Central Government under section 209 (1)

(d) of the Companies Act, 1956, in respect of the company''s products.

(ix) (a) The company is regular in depositing with the appropriate authorities undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income Tax, Wealth Tax, Service Tax, Sales Tax, Custom Duty, Excise Duty, Cess and other statutory dues applicable to it.

(b) According to information and explanations given to us no undisputed amounts payable in respect of income tax, wealth tax, service tax, sales tax, custom duty, excise duty and cess were outstanding as at 31st March, 2014 for a period of more than six months from the date they became payable.

(c) According to the records of the company, dues in respect of Sale Tax/Income Tax/Customs Tax/Wealth Tax/Excise Duty/Cess which have not been deposited on account of any dispute are as under:

Name of the statute Nature of dues Period to which amount relates

Central Excise Act Excise Duty Demand 01.04.97 to 30.09.97

Central Excise Act Excise Duty Demand/ 27.09.03 to 31.08.04 Penalty

Central Excise Act Excise Duty Demand/ 01.09.04 to 31.03.05 Penalty

Service Tax Act Service Tax 01.04.2000 to 31.03.03

Income Tax Act Interest Assessment year 2009-10



Name of the Statute Amount Rs. Forum where pending

Central Excise Act 1150415 Excise & Customs, Service Tax Appellate Tribunal, New Delhi.

Central Excise Act 15772642 Excise & Customs, Service Tax Appellate Tribunal, New Delhi.

Central Excise Act 7688270 Excise & Customs, Service Tax Appellate Tribunal, New Delhi.

Service Tax Act 604700 Excise & Customs, Service Tax Appellate Tribunal, New Delhi.

Income Tax Act 1271830 Assessing Officer

(x) As at 31.03.2014 the accumulated losses of the company are not more than fifty percent of its net worth.

The company has not incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year.

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

(xii) In our opinion the company has not granted any loan and advance on the basis of security by way of pledge of shares, debenture and other securities.

(xiii) In our opinion the company is neither a chit fund nor nidhi / mutual benefit fund/society and accordingly, the provisions of clause (xiii) of the order are not applicable to the company.

(xiv) Based on our examination of the records and evaluation of the related internal controls, we are of the opinion that proper records have been maintained of the transactions and contracts and timely entries have been made in those records in respect of dealing or trading in shares, securities, debentures and other securities in its own name except to the extent of the exemption granted under Section 49 of the Companies Act, 1956.

(xv) In our opinion, the company has not given any guarantee for loans taken by others from banks or financial institutions.

(xvi) In our opinion, and according to information and explanation given to us term loans received during the year have been applied for the purpose for which they were obtained.

(xvii) According to information and explanations given to us and on an overall examination of the balance sheet of the Company as at 31.03.2014, we report that no funds raised on short term basis have been used for long term investment.

(xviii) According to 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 Companies Act, 1956.

(xix) According to information and explanations given to us, the company had not issued any debentures and as such creation of security or charge is not applicable.

(xx) According to information and explanations given to us, the company has not raised any money by public issue.

(xxi) According to information and explanation given to us no fraud on or by the company has been noticed or reported during the course of our audit.

For B.K. SHROFF & CO. CHARTERED ACCOUNTANTS Firm Registration No. 302166E

O. P. SHROFF Place : New Delhi PARTNER Dated : 28th May, 2014 MEMBERSHIP NO. 6329

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Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of Rama Vision Limited ("the Company") which comprise the Balance Sheet as at 31 March 2013, the Statement of Profit and Loss and Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information. Management''s responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("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.

Auditor''s responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

Opinion

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

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

b) In the case of the Statement of Profit and Loss, of the Profit 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 :

(i) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

(ii) In our opinion proper books of account as required by law have been kept by the company so far as appears from our examination of those books;

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

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

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

(vi) Since the Central Government has not issued any notification as to the rate at which the cess is to paid u/s 441A of the Companies Act, 1956 nor has it issued any rules under the said section, prescribing the manner in which such cess is to paid, no cess is due and payable by the company.

Annexure referred to in paragraph (1) under the heading of "Report on Other Legal and Regulatory requirements" of our report of even date

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

(b) All the fixed assets have been physically verified by the management according to a regular program which in our opinion is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies with respect to book records were noticed on such verification.

(c) In our opinion and according to explanations given to us, fixed assets disposed off during the year were not substantial and as such the disposal has not affected the going concern concept of the company.

(ii) (a) As explained to us, physical verification of inventory has been conducted by the management at reasonable intervals. In our opinion, the frequency of verification is reasonable.

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

(c) The company is maintaining proper records of inventory. Discrepancies noticed on verification of inventory as compared to book records were not material and these have been properly dealt with in the books of accounts.

(iii) In our opinion and according to information and explanation given to us , the company has not granted/taken any loans, secured or unsecured, to / from companies, firms and other parties covered in the register maintained under section 301 of the Companies Act, 1956 and as such clause (iii) (a) to (g) of the order are not applicable to the company.

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

(v) According to the information and explanations given to us, during the year there were no contracts or arrangements referred to in Section 301 of the Act, that need to be entered into the register required to be maintained under that section. Accordingly provisions of para (v) (b) of the order are not applicable.

(vi) In our opinion and according to the information given to us, the company has not accepted deposits from the public within the meaning of sections 58A and 58AA of the Companies Act 1956, or and other relevant provisions of the Act.

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

(viii) Maintenance of cost records has not been prescribed by the Central Government under section 209 (1) (d) of the Companies Act, 1956, in respect of the company''s products.

(ix)(a) The company is regular in depositing with the appropriate authorities undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income Tax, Wealth Tax, Service Tax, Sales Tax, Custom Duty, Excise Duty, Cess and other statutory dues applicable to it.

(b) According to information and explanations given to us no undisputed amounts payable in respect of income tax, wealth tax, service tax, sales tax, custom duty, excise duty and cess were outstanding as at 31st March, 2013 for a period of more than six months from the date they became payable.

(c) According to the records of the company, dues in respect of Sale Tax/Income Tax/Customs Tax/Wealth Tax/Excise Duty/Cess which have not been deposited on account of any dispute are as under :

Name of the statute Nature of dues Period to which amount Amount Rs. Forum where pending relates

Central Excise Act Excise Duty Demand 01.04.97 to 30.09.97 1150415 Excise & Customs, Service Tax Appellate Tribunal, New Delhi.

Central Excise Act Excise Duty Demand/ 27.09.03 to 31.08.04 15772642 Excise & Customs, Service Tax Penalty Appellate Tribunal, New Delhi.

Central Excise Act Excise Duty Demand/ 01.09.04 to 31.03.05 7688270 Excise & Customs, Service Tax Penalty Appellate Tribunal, New Delhi

Service Tax Act Service Tax 01.04.2000 to 31.03.03 604700 Excise & Customs, Service Tax Appellate Tribunal, New Delhi

Income Tax Act Penalty Assessment year 1995-96 1172400 Commissioner ofIncome Tax (Appeals)

Income Tax Act Penalty Assessment year 2002-03 7392600 Commissioner ofIncome Tax (Appeals)

(x) As at 31.03.2013 the accumulated losses of the company are not more than fifty percent of its net worth. The company has not incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year.

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

(xii) In our opinion the company has not granted any loan and advance on the basis of security by way of pledge of shares, debenture and other securities.

(xiii) In our opinion the company is neither a chit fund nor nidhi/mutual benefit fund/society and accordingly, the provisions of clause (xiii) of the order are not applicable to the company.

(xiv) Based on our examination of the records and evaluation of the related internal controls, we are of the opinion that proper records have been maintained of the transactions and contracts and timely entries have been made in those records in respect of dealing or trading in shares, securities, debentures and other securities in its own name except to the extent of the exemption granted under Section 49 of the Companies Act, 1956.

(xv) In our opinion, the company has not given any guarantee for loans taken by others from banks or financial institutions.

(xvi) In our opinion, and according to information and explanation given to us term loans received during the year have been applied for the purpose for which they were obtained.

(xvii) According to information and explanations given to us and on an overall examination of the balance sheet of the Company as at 31.03.2013, we report that no funds raised on short term basis have been used for long term investment.

(xviii) According to 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 Companies Act, 1956.

(xix) According to information and explanations given to us, the company had not issued any debentures and as such creation of security or charge is not applicable.

(xx) According to information and explanations given to us, the company has not raised any money by public issue.

(xxi) According to information and explanation given to us no fraud on or by the company has been noticed or reported during the course of our audit.



For B.K. SHROFF & CO.

CHARTERED ACCOUNTANTS

Firm Registration No. 302166E

O. P. SHROFF

Place : New Delhi PARTNER

Dated : 30.05.2013 MEMBERSHIP NO : 6329

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Mar 31, 2012

1. We have audited the attached Balance Sheet of RAMA VISION LIMITED as at 31st March 2012, 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 for our opinion.

3. As required by the Companies (Auditors' Report) Order, 2003 and the Companies (Auditors' Report) (Amendment) Order, 2004 issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956, we enclose in the annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.

4. Further to our comments in the annexure referred to above, we report that :

(i) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit;

(ii) In our opinion, proper books of account as required by law have been kept by the company so far as appears from our examination of those books;

(iii) The Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account,

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

(v) On the basis of written representations received from the Directors and taken on record by the Board of Directors, we report that as on 31st March, 2012 none of the directors is disqualified from being appointed as a director in terms of clause (g) of sub section (1) of section 274 of the Companies Act, 1956.

Subject to the above, in our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India.

(a) In the case of the Balance Sheet, of the state of affairs of the company as at 31st March, 2012.

(b) In the case of the Profit & Loss Account, of the profit for the year ended on that date and

(c) In the case of cash flow statement, of the cash flows for the year ended on that date.

ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE

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

(b) All the fixed assets have been physically verified by the management according to a regular program which in our opinion is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies with respect to book records were noticed on such verification.

(c) In our opinion and according to explanations given to us, fixed assets disposed off during the year were not substantial and as such the disposal has not affected the going concern concept of the company.

(ii) (a) As explained to us, physical verification of inventory has been conducted by the management at reasonable intervals. In our opinion, the frequency of verification is reasonable.

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

(c) The company is maintaining proper records of inventory. Discrepancies noticed on verification of inventory as compared to book records were not material and these have been properly dealt with in the books of accounts.

(iii) In our opinion and according to information and explanation given to us , the company has not granted/taken any loans, secured or unsecured, to companies, firms and other parties covered in the register maintained under section 301 of the Companies Act, 1956 and as such clause (iii) (a) to (g) of the order are not applicable to the company.

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

(v) According to the information and explanations given to us, during the year there were no contracts or arrangements referred to in Section 301 of the Act, that need to be entered into the register required to be maintained under that section. Accordingly provisions of para (v) (b) of the order are not applicable.

(vi) In our opinion and according to the information given to us, the company has not accepted deposits from the public within the meaning of sections 58A and 58AA of the Companies Act 1956, or and other relevant provisions of the Act.

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

(viii) Maintenance of cost records has not been prescribed by the Central Government under section 209 (1) (d) of the Companies Act, 1956, in respect of the company's products.

(ix)(a) The company is regular in depositing with the appropriate authorities undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income Tax, Wealth Tax, Service Tax, Sales Tax, Custom Duty, Excise Duty, Cess and other statutory dues applicable to it.

(b) According to information and explanations given to us no undisputed amounts payable in respect of income tax, wealth tax, service tax, sales tax, custom duty, excise duty and cess were outstanding as at 31st March, 2012 for a period of more than six months from the date they became payable.

(c) According to the records of the company, dues in respect of Sale Tax/Income Tax/Customs Tax/Wealth Tax/Excise Duty/Cess which have not been deposited on account of any dispute are as under :

Name of the statue Nature of dues Period to which amount Amount Rs. Forum where pending relates

Central Excise Act Excise Duty Demand 01.04.97 to 30.09.97 1,150,415 Excise & Customs, Service Tax Appellate Tribunal, New Delhi.

Central Excise Act Excise Duty Demand/ 27.09.03 to 31.08.04 15,772,642 Excise & Customs, Service Tax Penalty Appellate Tribunal, New Delhi.

Central Excise Act Excise Duty Demand/ 01.09.04 to 31.03.05 7,688,270 Excise & Customs, Service Tax Penalty Appellate Tribunal, New Delhi

Service Tax Act Service Tax 01.04.2000 to 31.03.03 6,04,700 Excise & Customs, Service Tax Appellate Tribunal, New Delhi

Income Tax Act Interest on Income tax Assessment year 2009-10 85,382 ACIT,CPC, Bangalore

(x) As at 31.03.2012 the accumulated losses of the company are not more than fifty percent of its net worth. The company has not incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year.

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

(xii) In our opinion the company has not granted any loan and advance on the basis of security by way of pledge of shares, debenture and other securities.

(xiii) In our opinion the company is neither a chit fund nor nidhi/mutual benefit fund/society and accordingly, the provisions of clause (xiii) of the order are not applicable to the company.

(xiv) Based on our examination of the records and evaluation of the related internal controls, we are of the opinion that proper records have been maintained of the transactions and contracts and timely entries have been made in those records in respect of dealing or trading in shares, securities, debentures and other securities in its own name except to the extent of the exemption granted under Section 49 of the Companies Act, 1956.

(xv) In our opinion, the company has not given any guarantee for loans taken by others from banks or financial institutions.

(xvi) In our opinion, and according to information and explanation given to us term loans received during the year have been applied for the purpose for which they were obtained.

(xvii) According to information and explanations given to us and on an overall examination of the balance sheet of the Company as at 31.03.2012, we report that no funds raised on short term basis have been used for long term investment.

(xviii) According to 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 Companies Act, 1956.

(xix) According to information and explanations given to us, the company had not issued any debentures and as such creation of security or charge is not applicable.

(xx) According to information and explanations given to us, the company has not raised any money by public issue.

(xxi) According to information and explanation given to us no fraud on or by the company has been noticed or reported during the course of our audit.

For B.K. SHROFF & CO.

CHARTERED ACCOUNTANTS

Firm Registration No. 302166E

O. P. SHROFF

Place : New Delhi PARTNER

Dated : 18.05.2012 MEMBERSHIP NO : 6329

---

Mar 31, 2011

1. We have audited the attached Balance Sheet of RAMA VISION LIMITED as at 31st March 2011, 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 for our opinion.

3. As required by the Companies (Auditors’ Report) Order, 2003 and the Companies (Auditors' Report) (Amendment) Order, 2004 issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956, we enclose in the annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.

4. Further to our comments in the annexure referred to above, we report that :

(i) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit;

(ii) In our opinion, proper books of account as required by law have been kept by the company so far as appears from our examination of those books;

(iii) The Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account,

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

(v) On the basis of written representations received from the Directors and taken on record by the Board of Directors, we report that as on 31st March, 2011 none of the directors is disqualified from being appointed as a director in terms of clause (g) of sub section (1) of section 274 of the Companies Act, 1956.

Subject to the above, in our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India.

(a) In the case of the Balance Sheet, of the state of affairs of the company as at 31st March, 2011.

(b) In the case of the Profit & Loss Account, of the profit for the year ended on that date and

(c) In the case of cash flow statement, of the cash flows for the year ended on that date.

ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE

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

(b) All the fixed assets have been physically verified by the management according to a regular program which in our opinion is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies with respect to book records were noticed on such verification.

(c) In our opinion and according to explanations given to us, fixed assets disposed off during the period were not substantial and as such the disposal has not affected the going concern concept of the company.

(ii)(a) As explained to us, physical verification of inventory has been conducted by the management at reasonable intervals. In our opinion, the frequency of verification is reasonable.

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

(c) The company is maintaining proper records of inventory. Discrepancies noticed on verification of inventory as compared to book records were not material and these have been properly dealt with in the books of accounts.

(iii)(a) In our opinion and according to information and explanation given to us , the company has not granted/taken any loans, secured or unsecured, to companies, firms and other parties covered in the register maintained under section 301 of the Companies Act, 1956 and as such clause (iii) (a) to (g) of the order are not applicable to the company.

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

(v) According to the information and explanations given to us, during the year there were no contracts or arrangements referred to in Section 301 of the Act, that need to be entered into the register required to be maintained under that section. Accordingly provisions of para (v) (b) of the order are not applicable.

(vi) In our opinion and according to the information given to us, the company has not accepted deposits from the public within the meaning of sections 58A and 58AA of the Companies Act 1956, or and other relevant provisions of the Act.

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

(viii) Maintenance of cost records has not been prescribed by the Central Government Under section 209 (1) (d) of the Companies Act, 1956, in respect of the company’s products.

(ix)(a) The company is regular in depositing with the appropriate authorities undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income Tax, Wealth Tax, Service Tax, Sales Tax, Custom Duty, Excise Duty, Cess and other statutory dues applicable to it.

(b) According to information and explanations given to us no undisputed amounts payable in respect of income tax, wealth tax, service tax, sales tax, custom duty, excise duty and cess were outstanding as at 31st March, 2011 for a period of more than six months from the date they became payable except as detailed here under: -

Name of the statute Nature of dues Period to which Amount amount relates Rs.

Central Sales Tax Act (U.P.) Sales Tax Dues Apr.'02 to June'02 533188 & July' 03

U. P. Sales Tax Act Sales Tax Dues Apr.'02 to June'02 691530 & July' 03

(c) According to the records of the company, dues in respect of Sale Tax/Income Tax/Customs Tax/ Wealth Tax/Excise Duty/Cess which have not been deposited on account of any dispute are as under:

Name of the Nature of Period to which Amount Forum where statue dues amount relates Rs. pending

Central Excise Duty 01.04.97 to Excise Act Demand 30.09.97 1150415 Excise & Customs, Service Tax Appellate Tribunal, New Delhi.

Central Excise Duty 27.09.03 to Excise Act Demand / 31.08.04 15772642 Excise & Penalty Customs, Demand/ Penalty Service Tax Appellate Tribunal, New Delhi.

Central Excise Duty Excise Act Demand/ 01.09.04 to Penalty 31.03.05 7688270 Excise & Customs, Demand/ Penalty Service Tax Appellate Tribunal, New Delhi.

Service Tax Act Service Tax 01.04.2000 to 31.03.03 604700 Excise & Customs, Service Tax Appellate Tribunal, New Delhi.

Income Tax Act Interest on Assessment Income tax year 2009-10 85382 ACIT,CPC, Bangalore

(x) As at 31.03.2011 the accumulated losses of the company are not more than fifty percent of its net worth. The company has not incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year.

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

(xii) In our opinion the company has not granted any loan and advance on the basis of security by way of pledge of shares, debenture and other securities.

(xiii) In our opinion the company is neither a chit fund nor nidhi/mutual benefit fund/society and accordingly, the provisions of clause (xiii) of the order are not applicable to the company.

(xiv) Based on our examination of the records and evaluation of the related internal controls, we are of the opinion that proper records have been maintained of the transactions and contracts and timely entries have been made in those records in respect of dealing or trading in shares, securities, debentures and other securities in its own name except to the extent of the exemption granted under Section 49 of the Companies Act, 1956.

(xv) In our opinion, the company has not given any guarantee for loans taken by others from banks or financial institutions.

(xvi) In our opinion, and according to information and explanation given to us term loans received during the year have been applied for the purpose for which they were obtained.

(xvii) According to information and explanations given to us and on an overall examination of the balance sheet of the Company as at 31.03.2011, we report that no funds raised on short term basis have been used for long term investment.

(xviii) According to 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 Companies Act, 1956.

(xix) According to information and explanations given to us, the company had not issued any debentures and as such creation of security or charge is not applicable.

(xx) According to information and explanations given to us, the company has not raised any money by public issue.

(xxi) According to information and explanation given to us no fraud on or by the company has been noticed or reported during the course of our audit.

For B.K. SHROFF & Co. Chartered Accountants Firm Rgd. No. 302166E Sd/- O. P. Shroff PARTNER Membership No. 6329

Place : New Delhi Dated : 27.05. 2011

---

Mar 31, 2010

1. We have audited the attached Balance Sheet of RAMA VISION LIMITED as at 31st March 2010, 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 for our opinion.

3. As required by the Companies (Auditors Report) Order, 2003 and the Companies (Auditors Report) (Amendment) Order, 2004 issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956, we enclose in the annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.

4 Further to our comments in the annexure referred to above, we report that:

(i) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit;

(ii) In our opinion, proper books of account as required by law have been kept by the company so far as appears from our examination of those books;

(iii) The Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account,

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

(v) On the basis of written representations received from the Directors and taken on record by the Board of Directors, we report that as on 31st March, 2010 none of the directors is disqualified from being appointed as a director in terms of clause (g) of sub section (1) of section 274 .of the Companies Act, 1956.

Subject to the above, in our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India.

(a) In the case of the Balance Sheet, of the state of affairs of the company as at 31stMarch, 2010

(b) In the case of the Profit & Loss Account, of the profit for the year ended on that date and

(c) In the case of cash flow statement, of the cash flows for the year ended on that date

ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE

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

(b) All the fixed assets have been physically verified by the management according to a regular program which in our opinion is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies with respect to book records were noticed on such verification.

(c) In our opinion and according to explanations given to us, fixed assets disposed off during the period were not substantial and as such the disposal has not affected the going concern concept of the company

(11) (a) As explained to us, physical verification of inventory has been conducted by the management at reasonable intervals. In our opinion, the frequency of verification is reasonable

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

(c) The company is maintaining proper records of inventory Discrepancies noticed on verification of inventory as compared to book records were not material and these have been properly dealt with in the books of accounts.

(iii) (a) In our opinion and according to information and explanation given to us , the company has not granted /taken any loans, secured or unsecured, to companies, firms and other parties covered in the register maintained under section 301 of the Companies Act, 1956 and as such clause (iii) (a) to (d) of the order are not applicable to the company.

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

(v) According to the information and explanations given to us, during the year there were no contracts or arrangements referred to in Section 301 of the Act. that need to be entered into the register required to be maintained under that section Accordingly provisions of para (v) (b) of the order are not applicable.

(vi) In our opinion and according to the information given to us the company has not accepted deposits from the public within the meaning of sections 58A and 58AA of the Companies Act 1956, or and other relevant provisions of the Act.

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

(viii) Maintanance cost records has not been prescribed by the central Government under section 209(1 )(d) of the Companies Act 1956, in respect of the Companys products

(ix) (a) The company is regular in depositing with the appropriate authorities undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income Tax, Wealth Tax, Service Tax, Sales Tax, Custom Duty, Excise Duty, Cess and other statutory dues applicable to it.

(b) According to information and explanations given to us no undisputed amounts payable in respect of income tax, wealth tax, service tax, sales tax, custom duty, excise duty and cess were outstanding as at 31st March, 2010 for a period of more than six months from the date they became payable except as detailed here under: -

Name of the statute Nature of dues Period to which Amount amount relates Rs.

Central Sales Tax Act (UP.) Sales Tax Dues April 02-June 02 & 533188 July 03

UP Sales Tax Act Sales Tax Dues April 02-June 02 & 691530 July 2003

(c) According to the records of the company, dues in respect of Sale Tax/Income Tax/Customs Tax/ Wealth Tax/Excise Duty/Cess which have not been deposited on account of any dispute are as under

Name of the statue Nature of dues Period to which Amount Forum where amount relates Rs. pending

Central Excise Act Excise Duty Demand 01 04 97 to 30 09 97 1150415 Excise & Customs Service Tax

Appellate Tribunal. New Delhi

Central Excise Act Excise Duty Demand/ 27 09 03 to 31 08 04 15772642 Excise & Customs Service tax

Penalty Appellate Tribunal New Delhi

Central Excise Act Excise Duty Demand/ 01 09 04 to 31 03 05 7688270 Excise & Customs. Service Tax

Penalty Appellate Tribunal. New Delhi

Service Tax Act Service Tax 01 04 2000 to 31 03 03 604700 Excise & Customs, Service Tax

Appellate Tribunal New Delhi

(x) As at 31 03 2010 the accumulated losses of the company are not more than fifty percent of its net worth The company has not incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year

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

(xii) In our opinion the company has not granted any loan and advance on the basis of security by way of pledge of shares, debenture and other securities.

(xiii) In our opinion the company is neither a chit fund nor nidhi/mutual benefit fund/society and accordingly, the provisions of clause (xiii) of the order are not applicable to the company.

(xiv) Based on our examination of the records and evaluation of the related internal controls, we are of the opinion that proper records have been maintained of the transactions and contracts and timely entries have been made in those records in respect of dealing or trading in shares, securities. debentures and other securities in its own name except to the extent of the exemption granted under section 49 of the companies Act 1956

(xv) In our opinion, the company has not given any guarantee for loans taken by others from banks or financial institutions. (xvi) In our opinion, and according to information and explanation given to us term loans received during the year have been applied for the purpose for which they were obtained

(xvi) According to information and explanations given to us and on an overall examination of the balance sheet of the Company as at 31 03 2010, we report that no funds raised on short term basis have been used for long term investment

(xvii) According to 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 Companies Act, 1956

(xix) According to information and explanations given to us. the company had not issued any debentures and as such creation of security or charge is not applicable

(xx) According to information and explanations given to us, the company has not raised any money by public issue.

(xxi) According to information and explanation given to us no fraud on or by the company has been noticed or reported during the course of our audit.



For B.K. SHROFF & Co.

Chartered Accountants

Firm Rgd.No 302166E

Sd/-

Place : New Delhi O. P. Shroff

Dated : 28th May, 2010 PARTNER

Membership No 6329