Auditor Report of Checkpoint Trends Ltd.

Mar 31, 2014

1. We have audited the attached Balance Sheet of RUBRA MEDICAMENTS LIMITED (''the Company'') as at 31st March, 2014 and the related Profit and Loss Account and the Cash Flow Statement of the Company for the year ended on that annexed thereto, which we have signed under reference to this report. 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 mis-statement. An audit includes examining on 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 the 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 (Auditor''s Report) Order, 2003 as amended by Companies (Auditor''s Report) amendment Order, 2004 (together with the order) 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) The Management Discussion and Analysis Report forms part of the Annual report as above and information and explanations provided to us, we report that:

a. We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of the 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 our examination of those books.

c. The Balance Sheet, Profit and Loss account and Cash Flow statement referred to in this report are in agreement with the books of account of the Company.

d. In our opinion, these financial statements comply with the Accounting Standard referred to in sub-section (3C) of Section 211 of the Companies Act, 1956 except as stated in para f (i) and (ii) below.

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 is disqualified as on 31st March, 2014 from being appointed as Director in term 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 explanations given to us, the accounts together with the notes thereon of schedule 11 and in particular 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:

I. In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2014 and

II. In the case of the Profit and Loss account, of the Loss for the year ended on 31st March, 2014.

III. In the case of the Cash Flow Statement, of the Cash Flow for the year ended on 31st March, 2014.

Annexure referred to in paragraph 3 of our report even date:

As required by the Companies (Auditor''s Report) Order, 2003 issued by the Central Government of India in term of Section 227(4A) of the Companies Act, 1956 and in our opinion and on the basis of such checks as we considered appropriate, we further report that:

1. There are no fixed assets in the company.

2. There are no inventories in the company.

3. According to the information & explanation given to us, the Company has not granted or taken loans, secured or unsecured to/from companies or other parties listed in the register maintained u/s. 301 of the Companies'' act 1956. According, sub-clause 4(iii) (b), (c), (d), (e), (f) & (g) are not applicable to the Company.

4. According to the information & explanations given to us, there is generally adequate internal control procedure commensurate with the size of the Company and the nature of its business with regard to the purchase of assets, inventories & sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal controls.

5. The Company has not entered into any transaction covered by section 297 and 299 of the Act and so paragraphs 4(v) (a) and (b) of the said Order is not applicable.

6. In our opinion and according to the information and explanations given to us, the Company has not accepted deposits from the public within the meaning of Section 58A and 58AA or any other provision of the Companies Act, 1956.

7. The Company has neither formal internal audit department nor internal auditors. However, Company''s control procedure ensures reasonable internal checking of its financial and other records.

8. In our opinion and according to the information and explanation given to us, maintenance of cost records has not been prescribed by the Central Government under clause (d) of the Section 209(1) of the Companies Act, 1956, hence the question of reporting under clause 4(viii) of the said Order does not arise.

a. In our opinion and according to the records of the Company, the Company is regular in depositing with the appropriate authorities undisputed statutory dues, if any including Income Tax, Sales Tax, Wealth Tax, Service Tax , Custom Duty, Excise Duty, Cess & other material statutory dues applicable to it. We have been informed by the Company, provision of Provident Fund, Employees State Insurance Scheme is not applicable and also provisions of Investor Education & Protection Fund are not applicable.

b. As per records of the Company and according to the information & explanation given to us, generally no undisputed amount payable in respect of Income Tax, Wealth Tax, Service Tax, Sales Tax, Customs Duty, Excise Duty, Cess were outstanding as at 31.03.2014 for a period more than six months from the date they become payable.

c. According to the information & explanation given to us there are no dues of Sales Tax, Income Tax, Customs duty, Service Tax, Wealth Tax, Excise Duty and Cess which have not been deposited on account of any dispute.

9. The Company have accumulated losses at the end of the financial year.

10. According to information & explanations given to us, the Company has not defaulted in the repayment of dues to financial institution & Banks. The Company has not borrowed any sums through Debentures.

11. Based on our examination of the records and information and explanations given to us, the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

12. In our opinion, the Company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, the provision of clause 4 (xiii) of the said Order, 2003 is not applicable to the Company.

13. In respect of dealing in Shares, Securities, Debentures and other Investments, in our opinion and according to information and explanations given to us, proper records have been maintained of the transaction and contracts and timely entries have been made therein. The Shares, Securities, Debentures and other Investments have been held by the Company in its own name.

14. According to the information and explanations given to us, the Company has not given any guarantees for loans taken by others from a Bank or Financial Institutions.

15. The Company has not obtained any term loans. Accordingly, the question of reporting on its applications does not arise.

16. According to the information and explanation given to us and on overall examination of the Balance Sheet of the Company, we report that generally no funds raised on short term basis have been used during the year for the long term investment.

17. The Company has not made any preferential allotment of shares to parties and Companies covered in the register maintained u/s. 301 of the Companies Act, 1956.

18. There are no debentures issued or outstanding during the year.

19. The Company has not raised any money by public issue during the year; accordingly paragraph 4(xx) of the said Order is not applicable.

20. According to the information & explanation given to us, no fraud on or by the Company has been noticed or reported during the course of our Audit.

For D M Oza & Associates Chartered Accountants Firm Registration No.:119407W

D M Oza Place : Hyderabad Proprietor Date : May 30, 2014 M. No. : 106993

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Mar 31, 2013

1. We have audited the attached Balance Sheet of RUBRA MEDICAMENTS LIMITED (''the Company'') as at 31st March, 2013 and the related Profit and Loss Account and the Cash Flow Statement of the Company for the year ended on that annexed thereto, which we have signed under reference to this report. 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 mis-statement. An audit includes examining on 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 the 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 (Auditor''s Report) Order, 2003 as amended by Companies (Auditor''s Report) amendment Order, 2004 (together with the order) 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) The Management Discussion and Analysis Report forms part of the Annual report as above and information and explanations provided to us, we report that:

a. We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of the 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 our examination of those books.

c. The Balance Sheet, Profit and Loss account and Cash Flow statement referred to in this report are in agreement with the books of account of the Company.

d. In our opinion, these financial statements comply with the Accounting Standard referred to in sub-section (3C) of Section 211 of the Companies Act, 1956 except as stated in para f (i) and (ii) below.

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 is disqualified as on 31st March, 2013 from being appointed as Director in term 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 explanations given to us, the accounts together with the notes thereon of schedule 11 and in particular 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:

I. In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2013 and

II. In the case of the Profit and Loss account, of the Loss for the year ended on 31st March, 2013.

III. In the case of the Cash Flow Statement, of the Cash Flow for the year ended on 31st March, 2013.

Annexure referred to in paragraph 3 of our report even date:

As required by the Companies (Auditor''s Report) Order, 2003 issued by the Central Government of India in term of Section 227(4A) of the Companies Act, 1956 and in our opinion and on the basis of such checks as we considered appropriate, we further report that:

1. a. The Company has maintained proper records showing full particulars including quantitative details & situation of fixed assets.

b. As explained to us, Fixed Assets have been physically verified during the year by the Management at the reasonable interval and no material discrepancies were noticed on such verification as compared with the available records.

c. During the year, the Company has not disposed off any substantial part of its fixed assets which has affected going concern status of the Company.

2. a. As explained to us, the inventories were physically verified during the year by the Management at reasonable intervals

b. In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the Management were 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 has maintained proper records of its inventories and no material discrepancies were noticed on physical verification.

3. According to the information & explanation given to us, the Company has not granted or taken loans, secured or unsecured to/from companies or other parties listed in the register maintained u/s. 301 of the Companies'' act 1956. According, sub-clause 4(iii) (b), (c), (d), (e), (f) & (g) are not applicable to the Company.

4. According to the information & explanations given to us, there is generally adequate internal control procedure commensurate with the size of the Company and the nature of its business with regard to the purchase of fixed assets, inventories & sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal controls.

5. The Company has not entered into any transaction covered by section 297 and 299 of the Act and so paragraphs 4(v) (a) and (b) of the said Order is not applicable.

6. In our opinion and according to the information and explanations given to us, the Company has not accepted deposits from the public within the meaning of Section 58A and 58AA or any other provision of the Companies Act, 1956.

7. The Company has neither formal internal audit department nor internal auditors. However, Company''s control procedure ensures reasonable internal checking of its financial and other records.

8. In our opinion and according to the information and explanation given to us, maintenance of cost records has not been prescribed by the Central Government under clause (d) of the Section 209(1) of the Companies Act,1956, hence the question of reporting under clause 4(viii) of the said Order does not arise.

a. In our opinion and according to the records of the Company, the Company is regular in depositing with the appropriate authorities undisputed statutory dues including Income Tax, Sales Tax, Wealth Tax, Service Tax , Custom Duty, Excise Duty, Cess & other material statutory dues applicable to it. We have been informed by the Company, provision of Provident Fund, Employees State Insurance Scheme is not applicable and also provisions of Investor Education & Protection Fund are not applicable.

b. As per records of the Company and according to the information & explanation given to us, generally no undisputed amount payable in respect of Income Tax, Wealth Tax, Service Tax , Sales Tax, Customs Duty, Excise Duty, Cess were outstanding as at 31.03.2013 for a period more than six months from the date they become payable.

c. According to the information & explanation given to us there are no dues of Sales Tax, Income Tax, Customs duty, Service Tax, Wealth Tax, Excise Duty and Cess which have not been deposited on account of any dispute.

9. The Company have accumulated losses at the end of the financial year.

10. According to information & explanations given to us, the Company has not defaulted in the repayment of dues to financial institution & Banks. The Company has not borrowed any sums through Debentures.

11. Based on our examination of the records and information and explanations given to us, the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

12. In our opinion, the Company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, the provision of clause 4 (xiii) of the said Order, 2003 is not applicable to the Company.

13. In respect of dealing in Shares, Securities, Debentures and other Investments, in our opinion and according to information and explanations given to us, proper records have been maintained of the transaction and contracts and timely entries have been made therein. The Shares, Securities, Debentures and other Investments have been held by the Company in its own name.

14. According to the information and explanations given to us, the Company has not given any guarantees for loans taken by others from a Bank or Financial Institutions.

15. The Company has not obtained any term loans. Accordingly, the question of reporting on its applications does not arise.

16. According to the information and explanation given to us and on overall examination of the Balance Sheet of the Company, we report that generally no funds raised on short term basis have been used during the year for the long term investment.

17. The Company has not made any preferential allotment of shares to parties and Companies covered in the register maintained u/s. 301 of the Companies Act, 1956.

18. There are no debentures issued or outstanding during the year.

19. The Company has not raised any money by public issue during the year; accordingly paragraph 4(xx) of the said Order is not applicable.

20. According to the information & explanation given to us, no fraud on or by the Company has been noticed or reported during the course of our Audit.

For D M Oza & Associates.

Chartered Accountants

Firm Registration No.:119407W

D M Oza

Proprietor

M. No. : 106993

Place: Hyderabad

Date: September 02, 2013

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Mar 31, 2012

1. We have audited the attached Balance Sheet of RUBRA MEDICAMENTS LIMITED (''the Company'') as at 31st March, 2012 and the related Profit and Loss Account and the Cash Flow Statement of the Company for the year ended on that annexed thereto, which we have signed under reference to this report. 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 mis-statement. An audit includes examining on 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 the 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 (Auditor''s Report) Order, 2003 as amended by Companies (Auditor''s Report) amendment Order, 2004 (together with the order) 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) The Management Discussion and Analysis Report forms part of the Annual report as above and information and explanations provided to us, we report that:

a. We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of the 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 our examination of those books.

c. The Balance Sheet, Profit and Loss account and Cash Flow statement referred to in this report are in agreement with the books of account of the Company.

d. In our opinion, these financial statements comply with the Accounting Standard referred to in sub-section (3C) of Section 211 of the Companies Act, 1956 except as stated in para f (i) and (ii) below.

e. On the basis of the written representation received from the Directors as on 31st March, 2012 and taken on record by the Board of Directors, we report that none of

the Directors is disqualified as on 31st March, 2012 from being appointed as Director in term 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 explanations given to us, the accounts together with the notes thereon of schedule 11 and in particular 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:

I. In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2012 and

II. In the case of the Profit and Loss account, of the Loss for the year ended on 31st March, 2012.

III. In the case of the Cash Flow Statement, of the Cash Flow for the year ended on 31st March, 2012.

As required by the Companies (Auditor''s Report) Order, 2003 issued by the Central Government of India in term of Section 227(4A) of the Companies Act, 1956 and in our opinion and on the basis of such checks as we considered appropriate, we further report that:

1. a. The Company has maintained proper records showing full particulars including quantitative details & situation of fixed assets.

b. As explained to us, Fixed Assets have been physically verified during the year by the Management at the reasonable interval and no material discrepancies were noticed on such verification as compared with the available records.

c. During the year, the Company has not disposed off any substantial part of its fixed assets which has affected going concern status of the Company.

2. a. As explained to us, the inventories were physically verified during the year by the Management at reasonable intervals

b. In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the Management were 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 has maintained proper records of its inventories and no material discrepancies were noticed on physical verification.

3. According to the information & explanation given to us, the Company has not granted or taken loans, secured or unsecured to/from companies or other parties listed in the register maintained u/s. 301 of the Companies'' act 1956. According, sub-clause 4(iii) (b), (c), (d), (e), (f) & (g) are not applicable to the Company.

4. According to the information & explanations given to us, there is generally adequate internal control procedure commensurate with the size of the Company and the nature of its business with regard to the purchase of fixed assets, inventories & sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal controls.

5. The Company has not entered into any transaction covered by section 297 and 299 of the Act and so paragraphs 4(v) (a) and (b) of the said Order is not applicable.

6. In our opinion and according to the information and explanations given to us, the Company has not accepted deposits from the public within the meaning of Section 58A and 58AA or any other provision of the Companies Act, 1956.

7. The Company has neither formal internal audit department nor internal auditors. However, Company''s control procedure ensures reasonable internal checking of its financial and other records.

8. In our opinion and according to the information and explanation given to us, maintenance of cost records has not been prescribed by the Central Government under clause (d) of the Section 209(1) of the Companies Act,1956, hence the question of reporting under clause 4(viii) of the said Order does not arise.

a. In our opinion and according to the records of the Company, the Company is regular in depositing with the appropriate authorities undisputed statutory dues including Income Tax, Sales Tax, Wealth Tax, Service Tax , Custom Duty, Excise Duty, Cess & other material statutory dues applicable to it. We have been informed by the Company, provision of Provident Fund, Employees State Insurance Scheme is not applicable and also provisions of Investor Education & Protection Fund are not applicable.

b. As per records of the Company and according to the information & explanation given to us, generally no undisputed amount payable in respect of Income Tax, Wealth Tax, Service Tax , Sales Tax, Customs Duty, Excise Duty, Cess were outstanding as at 31.03.2012 for a period more than six months from the date they become payable.

c. According to the information & explanation given to us there are no dues of Sales Tax, Income Tax, Customs duty, Service Tax, Wealth Tax, Excise Duty and Cess which have not been deposited on account of any dispute.

9. The Company have accumulated losses at the end of the financial year.

10. According to information & explanations given to us, the Company has not defaulted in the repayment of dues to financial institution & Banks. The Company has not borrowed any sums through Debentures.

11. Based on our examination of the records and information and explanations given to us, the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

12. In our opinion, the Company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, the provision of clause 4 (xiii) of the said Order, 2003 is not applicable to the Company.

13. In respect of dealing in Shares, Securities, Debentures and other Investments, in our opinion and according to information and explanations given to us, proper records have been maintained of the transaction and contracts and timely entries have been made therein. The Shares, Securities, Debentures and other Investments have been held by the Company in its own name.

14. According to the information and explanations given to us, the Company has not given any guarantees for loans taken by others from a Bank or Financial Institutions.

15. The Company has not obtained any term loans. Accordingly, the question of reporting on its applications does not arise.

16. According to the information and explanation given to us and on overall examination of the Balance Sheet of the Company, we report that generally no funds raised on short term basis have been used during the year for the long term investment.

17. The Company has not made any preferential allotment of shares to parties and Companies covered in the register maintained u/s. 301 of the Companies Act, 1956.

18. There are no debentures issued or outstanding during the year.

19. The Company has not raised any money by public issue during the year; accordingly paragraph 4(xx) of the said Order is not applicable.

20. According to the information & explanation given to us, no fraud on or by the Company has been noticed or reported during the course of our Audit.

For D M Oza & Associates.

Chartered Accountants

Firm Registration No.:119407W

D M Oza

Proprietor

M. No. : 106993

Place: Hyderabad

Date: September 01, 2012

---

Mar 31, 2011

1. We have audited the attached Balance Sheet of RUBRA MEDICAMENTS LIMITED (''the Company'') as at 31st March, 2011 and the related Profit and Loss Account and the Cash Flow Statement of the Company for the year ended on that annexed thereto, which we have signed under reference to this report. 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 mis-statement. An audit includes examining on 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 the 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 (Auditor''s Report) Order, 2003 as amended by Companies (Auditor''s Report) amendment Order, 2004 (together with the order) 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) The Management Discussion and Analysis Report forms part of the Annual report as above and information and explanations provided to us, we report that:

a. We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of the 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 our examination of those books.

c. The Balance Sheet, Profit and Loss account and Cash Flow statement referred to in this report are in agreement with the books of account of the Company.

d. In our opinion, these financial statements comply with the Accounting Standard referred to in sub-section (3C) of Section 211 of the Companies Act, 1956 except as stated in para f (i) and (ii) below.

e. On the basis of the written representation received from the Directors as on 31st March, 2011 and taken on record by the Board of Directors, we report that none of

the Directors is disqualified as on 31st March, 2011 from being appointed as Director in term 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 explanations given to us, the accounts together with the notes thereon of schedule 11 and in particular 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:

I. In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2011 and

II. In the case of the Profit and Loss account, of the Loss for the year ended on 31st March, 2011.

III. In the case of the Cash Flow Statement, of the Cash Flow for the year ended on 31st March, 2011.

As required by the Companies (Auditor''s Report) Order, 2003 issued by the Central Government of India in term of Section 227(4A) of the Companies Act, 1956 and in our opinion and on the basis of such checks as we considered appropriate, we further report that:

1. a. The Company has maintained proper records showing full particulars including quantitative details & situation of fixed assets.

b. As explained to us, Fixed Assets have been physically verified during the year by the Management at the reasonable interval and no material discrepancies were noticed on such verification as compared with the available records.

c. During the year, the Company has not disposed off any substantial part of its fixed assets which has affected going concern status of the Company.

2. a. As explained to us, the inventories were physically verified during the year by the Management at reasonable intervals

b. In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the Management were 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 has maintained proper records of its inventories and no material discrepancies were noticed on physical verification.

3. According to the information & explanation given to us, the Company has not granted or taken loans, secured or unsecured to/from companies or other parties listed in the register maintained u/s. 301 of the Companies'' act 1956. According, sub-clause 4(iii) (b), (c), (d), (e), (f) & (g) are not applicable to the Company.

4. According to the information & explanations given to us, there is generally adequate internal control procedure commensurate with the size of the Company and the nature of its business with regard to the purchase of fixed assets, inventories & sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal controls.

5. The Company has not entered into any transaction covered by section 297 and 299 of the Act and so paragraphs 4(v) (a) and (b) of the said Order is not applicable.

6. In our opinion and according to the information and explanations given to us, the Company has not accepted deposits from the public within the meaning of Section 58A and 58AA or any other provision of the Companies Act, 1956.

7. The Company has neither formal internal audit department nor internal auditors. However, Company''s control procedure ensures reasonable internal checking of its financial and other records.

8. In our opinion and according to the information and explanation given to us, maintenance of cost records has not been prescribed by the Central Government under clause (d) of the Section 209(1) of the Companies Act,1956, hence the question of reporting under clause 4(viii) of the said Order does not arise.

a. In our opinion and according to the records of the Company, the Company is regular in depositing with the appropriate authorities undisputed statutory dues including Income Tax, Sales Tax, Wealth Tax, Service Tax , Custom Duty, Excise Duty, Cess & other material statutory dues applicable to it. We have been informed by the Company, provision of Provident Fund, Employees State Insurance Scheme is not applicable and also provisions of Investor Education & Protection Fund are not applicable.

b. As per records of the Company and according to the information & explanation given to us, generally no undisputed amount payable in respect of Income Tax, Wealth Tax, Service Tax , Sales Tax, Customs Duty, Excise Duty, Cess were outstanding as at 31.03.2011 for a period more than six months from the date they become payable.

c. According to the information & explanation given to us there are no dues of Sales Tax, Income Tax, Customs duty, Service Tax, Wealth Tax, Excise Duty and Cess which have not been deposited on account of any dispute.

9. The Company have accumulated losses at the end of the financial year.

10. According to information & explanations given to us, the Company has not defaulted in the repayment of dues to financial institution & Banks. The Company has not borrowed any sums through Debentures.

11. Based on our examination of the records and information and explanations given to us, the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

12. In our opinion, the Company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, the provision of clause 4 (xiii) of the said Order, 2003 is not applicable to the Company.

13. In respect of dealing in Shares, Securities, Debentures and other Investments, in our opinion and according to information and explanations given to us, proper records have been maintained of the transaction and contracts and timely entries have been made therein. The Shares, Securities, Debentures and other Investments have been held by the Company in its own name.

14. According to the information and explanations given to us, the Company has not given any guarantees for loans taken by others from a Bank or Financial Institutions.

15. The Company has not obtained any term loans. Accordingly, the question of reporting on its applications does not arise.

16. According to the information and explanation given to us and on overall examination of the Balance Sheet of the Company, we report that generally no funds raised on short term basis have been used during the year for the long term investment.

17. The Company has not made any preferential allotment of shares to parties and Companies covered in the register maintained u/s. 301 of the Companies Act, 1956.

18. There are no debentures issued or outstanding during the year.

19. The Company has not raised any money by public issue during the year; accordingly paragraph 4(xx) of the said Order is not applicable.

20. According to the information & explanation given to us, no fraud on or by the Company has been noticed or reported during the course of our Audit.

For D M Oza & Associates.

Chartered Accountants

Firm Registration No.:119407W

D M Oza

Place: Hyderabad Proprietor

Date: September 01, 2011 M. No. : 106993

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Mar 31, 2010

Not Available