Auditor Report of Sai Baba Investment & Commercial Enterprise Ltd.

Mar 31, 2016

INDEPENDENT AUDITOR''S REPORT IQ THE MEMBERS OF SAI BABA INVESTMENT AND COMMERCIAL ENTERPRISES LIMITED 1. REPORT ON THE FINANCIAL STATEMENTS

We have audited the accompanying financial statements of SAI BABA INVESTMENT AND COMMERCIAL ENTERPRISES LIMITED, which comprise the Balance Sheet as at 31^stMarch, 2016, the Statement of Profit and Loss for the year then ended, and a summary of significant accounting policies and other explanatory information.

2. 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 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 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.

3. 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 under the 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 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 and fair presentation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of 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 on the financial statements.

4. OPINION

In our opinion and to the best of our information and according to the explanation 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, of the state of affairs of the Company as at 31^st March, 2016, and its profit for the year ended on that date.

5. REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. This report includes a statement on the matters specified in paragraph 3 and 4 of the Companies (Auditor''s Report) Order, 2016( ''the order'' ) issued by the Central Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2013 since in our opinion and according to the explanation given to us the said Order is applicable to the company.

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

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

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

(c) The Balance Sheet, the Statement of Profit and Loss 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, 2016 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2016 from being appointed as a director in terms of Section 164 (2) of the Act.

(f) 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 does not have any pending litigations which would impact its financial position.

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

iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the company.

To

The members of Sai Baba Investment And Commercial Enterprises Limited

Companies (Auditor''s Report )Order, 2016 for the year ended 31st, March 2016

SR. NO.	COMMENT REQUIRED ON	AUDITOR''S OPINION ON FOLLOWING REQUIRED	REMARKS BY AUDITORS
(I)	FIXED ASSETS	(A) whether the company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets (B) whether these fixed assets have been Physically verified by the management at reasonable intervals; whether any material discrepancies were noticed on such verification and if so, whether the same have been properly dealt with in the books of account (C'') whether the title deeds of immovable properties are held in the name of the company. If not, provide the details thereof	The Company does not have any Fixed Assets
(II)	INVENTORY	whether physical verification of inventory has been conducted at reasonable intervals by the management and whether any material discrepancies were noticed and if so, whether they have been properly dealt with in the books of account;	The nature of business is such that there are no Inventories
(III)	LOANS SECURED OR UNSECURED GRANTED	whether the company has granted any loans, secured or unsecured to companies, firms, Limited Liability Partnerships or other parties covered in the register maintained under section 189 of the Companies Act, 2013. If so (A) whether the terms and conditions of the grant of such loans are not prejudicial to the company''s interest;	The Company has granted unsecured Loans NO

		(B) whether the schedule of repayment of principal and payment of interest has been stipulated and whether there payments or receipts are regular; (C'') if the amount is overdue, state the total amount overdue for more than ninety days, and whether reasonable steps have been taken by the company for recovery of the principal and interest; in respect of loans, investments, guarantees, and security whether provisions of section 185 and 186 of the Companies Act, 2013 have been complied with. If not, provide the details thereof.	Yes N.A.
(IV)	INTERNAL CONTROL	the Company has an adequate internal control system commensurate with its size and the nature of its business for the purchase of inventory and fixed assets and for the sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in such internal control system.	The Company has adequate Internal control system.
(V)	PUBLIC DEPOSITS	in case, the company has accepted deposits, whether the directives issued by the Reserve Bank of India and the provisions of sections 73 to 76 or any other relevant provisions of the Companies Act, 2013 and the rules framed there under, where applicable, have been complied with? If not, the nature of such contraventions be stated; If an order has been passed by Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other tribunal,	The Company has not accepted any Public Deposits during the year

		whether the same has been complied with or not?
(VI)	COST ACCOUNTING RECORDS	whether maintenance of cost records has been specified by the Central Government under sub-section (1) of section 148 of the Companies Act, 2013 and whether such accounts and records have been so made and maintained.	Not Applicable
(VII)	STATUTORY COMPLIANCE	(a) whether the company is regular in depositing undisputed statutory dues including provident fund, employees'' state insurance, income-tax, sales-tax, service tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues to the appropriate authorities and if not, the extent of the arrears of outstanding statutory dues as on the last day of the financial year concerned for a period of more than six months from the date they became payable, shall be indicated; (b) where dues of income tax or sales tax or service tax or duty of customs or duty of excise or value added tax have not been deposited on account of any dispute, then the amounts involved and the forum where dispute is pending shall be mentioned. (A mere representation to the concerned Department shall not be treated as a dispute).	The Company has paid all the Statutory Dues

(VIII)	LOAN FROM BANKS/ FINANCIAL INSTITUTION	whether the company has defaulted in repayment of loans or borrowing to a financial institution, bank, Government or dues to debenture holders? If yes, the period and the amount of default to be reported (in case of defaults to banks, financial institutions, and Government, lender wise details to be provided).	The Company has not taken any loans from Banks or Financial Institutions
(IX)	APPLICATION OF MONEY RECEIVED FROM EQUITY OR LOAN	whether moneys raised by way of initial public offer or further public offer (including debt instruments) and term loans were applied for the purposes for which those are raised. If not, the details together with delays or default and subsequent rectification, if any, as may be applicable, be reported;	Yes
(X)	FRAUD REPORTING	whether any fraud by the company or any fraud on the Company by its officers or employees has been noticed or reported during the year; If yes, the nature and the amount involved is to be indicated;	No fraud was detected during the course of Audit
(XI)	MANAGERIAL REMUNERATION	whether managerial remuneration has been paid or provided in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Companies Act? If not, state the amount involved and steps taken by the company for securing refund of the same;	yes
(XII)	NIDHI COMPANY - COMPLIANCE WITH DEPOSITS	whether the Nidhi Company has complied with the Net Owned Funds to Deposits in the ratio of 1: 20 to meet out the liability and whether the Nidhi Company is maintaining ten per cent unencumbered term deposits as specified in the Nidhi Rules, 2014 to meet out the liability;	Not Applicable

(XIII)	RELATED PARTY TRANSACTIONS	whether all transactions with the related parties are in compliance with sections 177 and 188 of Companies Act, 2013 where applicable and the details have been disclosed in the Financial Statements etc., as required by the applicable accounting standards;	There are no related party transactions
(XIV)	ISSUE OF SHARE CAPITAL AND USE OF AMOUNT RAISED	whether the company has made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review and if so, as to whether the requirement of section 42 of the Companies Act, 2013 have been complied with and the amount raised have been used for the purposes for which the funds were raised. If not, provide the details in respect of the amount involved and nature of non-compliance;	No new issue was made during the year
(XV)	TRANSACTION WITH DIRECTOR	whether the company has entered into any non-cash transactions with directors or persons connected with him and if so, whether the provisions of section 192 of Companies Act, 2013 have been complied with;	No
(XVI)	REGISTERATION FROM RBI	whether the company is required to be registered under section 45-IA of the Reserve Bank of India Act, 1934 and if so, whether the registration has been obtained.	Not Applicable

FOR PRIYANK M SHAH

CHARTERED ACCOUNTANTS

Place : Mumbai

Date : 27th May,2016

CA Priyank M Shah

(Proprietor)

MEMBERSHIP

NO. : 143951

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Mar 31, 2015

NOT AVAILABLE

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Mar 31, 2014

We have audited the accompanying financial statements of SAI BABA INVESTMENT AND COMMERCIAL ENTERPRISES LIMITED., which comprise the Balance Sheet as at March 31, 2014, and the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility

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 read with the General Circular 15/2013 dated 13 September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error..

Auditor''s Responsibility

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

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

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

Opinion

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

a) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31 2014; AND

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

Legal and Regulatory Requirement

1. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order") issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by section 227(3) of the Act, we report that;

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

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

c) The Balance Sheet, Statement of Profit and Loss and cash flow statement dealt with by this Report are in agreement with the books of account

d) In our opinion, the Balance Sheet, Statement of Profit and Loss comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956;

e) On the basis of written representations received from the directors as on March 31, 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2014, from being appointed as a director in terms of clause (g) of sub- section (1) of section 274 of the Companies Act, 1956.

f) 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 TO THE AUDITOR''S REPORT

Referred under the heading of "report on other Legal and regulatory requirements" of our report of even date

I) In respect of its Fixed Assets:

The company has maintained proper records showing full particular including quantitative details and situation of fixed assets on the basis of available information.

II) In respect of its Inventories:

As the Company does not have Inventory, the Clauses (ii)(a) to (ii)(c) of para 4 of the Orders are not applicable to the company.

III) According to the information and explanations given to me, In respect of the loans, secured or unsecured, granted or taken by the Companies to /from Companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

IV) According to the information and explanation given to me, there have been no contracts or arrangements referred to in section 301 of the Companies Act, 1956 during the year to be entered in the register required to be maintained under that section. Accordingly, sub- clause (B) is not applicable.

V) In my opinion and according to the information and explanations given to me there are adequate internal control procedures commensurate with the size of the Company & nature of its business with regard to the sale of goods and services.During the course of my Audit, I have not observed any major weakness in internal control.

VI) In my opinion and according to the information and explanation given to me, The Company has not accepted any deposits from the public as defined under sections 58A and 58AA of the Companies Act, 1956 & the Companies (Acceptance of deposits) Rules 1975.

VII) In my opinion and according to the information and explanation given to me, The Company has an in-house audit system commensurate with the size and the nature of its business.

VIII) As the company is not a manufacturing concern, the clause (viii) of para 4 of the Order regarding maintenance of cost records under clause (d) of sub-section (1) of section 209 of the Companies Act, 195 is not applicable to the company.

IX) (a) In my opinion and according to the information and explanation given to me, the company has generally been regular in depositing undisputed statutory dues, including provident fund, investor education and protection fund, employees state insurance, income tax , wealth tax, service tax, custom duty, cess and any other material statutory dues where applicable, with the appropriate authorities during the year.

(b) According to the information and explanation given to me, there are no amounts outstanding in respect of sales tax, income tax, customs duty, wealth tax, service tax, excise duty and cess that have not been deposited with the appropriate authorities on account of any dispute.

X) The Company does not have accumulated losses as on 31st March, 2014 and has earned profit for the financial year on that date.

XI) In my opinion and according to the information and explanations given to me by the management, the Company has not defaulted in repayment of dues to a Financial Institution, Bank or Debenture holders

XII) The Company has not granted any loans and advances on the basis of security by way of pledge of share, debentures & other securities. Accordingly, the provisions of clause 4(xii) of the Order are not applicable.

XIII) The Company is not a chit fund or nidhi /mutual benefit fund/society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor''s Report''s) Order, 2003 is not applicable to the Company

XIV) In my opinion, the Company is not a dealer in shares, securities & debentures or any other investments. Accordingly, the provision of clause 4(xiv) of the Order are applicable

XV) In my opinion and according to the information and explanations given to me the Company has not given any guarantee for loans taken by others from banks or financial institutions during the year.

XVI) The Company has not taken any term loan during the year; as such required details need not be given.

XVII) According to the information and explanations given to me and on an overall examination of the Balance Sheet of the Company, no funds are raised on short term basis; hence detail need not be given.

XVIII) According to the information and explanations given to me, the Company has not made any preferential allotment of shares to parties & Companies covcred in the register maintained under section 301 of the Companies Act, 1956 for such a purpose.

XIX) According to the information and explanations given to me, during the period covered by my audit, the Company has not issued debentures.

XX) The company has not raised any money by public issue during the year and hence paragraph 4(xx) of the order is not applicable.

XXI) During the course of our examination of the books and records of the company, carried out in accordance with generally accepted auditing practices in India and according to information and explanation given to me, I have neither come across any instances of material fraud on or by the company, noticed or reported during the year nor have been informed of such case by management.

PLACE: MUMBAI For SHYAM C. AGARWAL & CO. DATED:15-06-2014 CharteredAccountants SD/- CA. S.C.AGARWAL (Proprietor) Membership No.:31774 Firm Reg. No.: 110243W

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Mar 31, 2013

We have audited the accompanying financial statements of M/S Sai baba investment and commercial Enterprises ltd which comprise the Balance sheet as at 31st march 2013 and the Statement of profit and loss and for the year then ended and a summary of significant acccounting pollcies and othe explantory information.

Managements Responsibility for the statements

Managements is responsible for the preparation of these financial statements that give a true and fair view of the financial position and financial performance of the company in accordance with the accounting standards referred to in sub section 3c of section 211 of the copanies act 1956. this responsibility includes the design implementation and maintence 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 Responsibility

Our responsibility is to express and opinion on these financial statements based on our audit we conducted our audit in accordance with the standards require that we comply with ethical requirements and plan and perform the audit to obtaine reasonable assuarance 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 auditors judgment including the assessment of the risks of material misstatement fo the financial statements whether due to fraud or erroro. in making those risk assessments the auditor considers internal control relevant to the comapnys preparation and fair presentation in the circumstances. and audit also includes evaluatin the appropriateness of accounting polcies used and the reasobleness of the accounting estimates made by management as well as evaluating the overall presentation of the financial statement.

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 tru 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 31 March 2013,

ii. in the case of the statement of profit and loss, of the profit for the year ended on that date;

Report on Other Legal and Regulatory Requirements

1 AS required by the Compenies (Auditor''s Report) Order, 2003, as amended. issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Actwe give in the Annexure a statement on the matters specified in paragraphs 4 and S of the Order.

2 As required by section 227(3) of the Act, we report that. a) we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

b) in our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books

c) the Balance Sheet. Statement of Profit and Loss and Cash Flow Statement dealt with b, this Report are In agreement with the books of account land with the returns received rom branches not visited by us

d) In our opinion, the Balance Sheet & Statement of Profit and Loss comply with the Accounting Standards referred to in sub-section (30 of Section 211 of the Companies Act, 1956; and

e) on the basis of written representations received from the directors as on 31 March 2013 and taken on record by the Board of Directors, none of the directors Is disqualified as on 3 March 2013, from being appointed as a director in terms of clause (g) of sub-section (1) of Section of the Companies Act, 1956.

f) 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 to the auditors Report Reporting of matters reiertedin Companies (Auditor''s Report) Order, 2003

1.Fixed Assets:

(a) The company has maintained proper records showing full particulars including quantitative details and situations of its fixed assets if any.

(b) As explained to us the company did not have any fixed assets as on the date of Balance Sheet.

(c) in our opinion and according to the information and explanations given to us, the company did not own any fixed assets as on the date of Balance Sheet hence nothing could be d.sposed off as a substantial part of the fixed assets which has direct effect on going concern

(2) Inventories:

(a) As explained to us, inventories have been physically verified by the management at reasonable intervals.

(b) According to the information and explanations given to us, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size company and the nature of its business

(c) On the basis of our examination according to information and explanations given to us of the record of inventories, we are of the opinion that, the company is maintaining proper records of inventories the discrepancies noticed on physical verification of inventories as compared to book records were not material and have been properly dealt with in the books of accounts. .

(3) (a) The company has neither granted not taken any loan, secured or unsecured, to/from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956: Accordingly, paragraphs 4(iii) (a), (b), (c), (d), (e), (f) and (g) of the order are not applicable.

(4) According to the information and explanations given to us, there is adequate internal control system commensurate with the size of company and the nature of the business with regard to the purchase inventories and fixed assets and with regard to the sale of goods & services. Further, on the basis of our examinations and according to the information and explanations given to us, we neither have not come across any continuing failure to correct major weakness in the aforesaid internal control system.

(5) (a) According to the information and explanations given to us, the company has not entered on our enquiries on this behalf and the records produced to us for our verification, we are of the opinion that there were no transactions during the year that need to be entered in the register maintained under section 301 of the Companies Act, 1956.

(6) The Company has not accepted any deposits from the public.

(7) According to the information and explanations given to us, the company has adequate internal audit system commensurate with its size and nature of its business.

(8) According to the information and explanations given to us; the maintenance of cost records tor tne products of the company has not been prescribed by the Central Government as required under clause (d) of sub-section (1) of Section 209 of the Companies Act, 1956, .

(9) (a) According to the records of the company, undisputed statutory dues including, Provident fund, income tax, sales tax, wealth tax, customs duty, excise duty, Cess and other statutory dues have generally been regularly deposited during the year with the appropriate authorities and there are no undisputed amounts payable in respect of above statutory dues outstanding as at 31st March, 2013 for a period exceeding six months from the date they became payable.

(b) According to the records of the company and the information and explanation given to us upon our enquiries there are, no dues of sales tax, income tax , custom duty, excise duty which has not been deposited on account of any dispute;

(10) The Company has earned Rs. 251472 profit during the year.

(11) Based on our audit procedures and according to the information and explanation given to us, we are of the opinion that the company has not default in repayment of dues to financial institutions or banks.

(12) Based on examination of document and records made available to us and on the basis of information and explanations given to us, the company has not granted any loans and advance on the basis of security by way of pledge of shares, debentures and other securities therefore paragraph 4(xii) of the companies (auditor''s Report) Order, 2003 is not applicable to the company.

(13) According to the information and explanations given to us, the company is not a ch t fund/ nidhi / mutual benefit fund/ society. Therefore, clause 4(xiii) of the companies (auditor''s Report) Order, 2003 is not applicable to the company.

(14) According to the information and explanations given to us, tne company has maintained proper records of transactions and contracts in respect of trading in Shares, Securities and debentures and other investments and timely entries have been made therein. Ail shares, debentures and other investments have been held by the company in its own name.

(15) According to the information and explanations given to us, the company has not given any guarantee for loans taken by others banks or financial institutions. Therefore, clause 4(14) of the companies (auditor''s Report) Order, 2003 is not applicable to the company.

(16) The Company has not obtained any new term loan during the year.

(17) According to the information and explanations given to us and on an overall examination of the Balance Sheet of company, we report that short term funds have not been used to finance long term investments.

18) During the year, the company hat not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the companies act 1956.

(19) The Company has not issued any debenture and clause 4 of the companies auditors report order 2003 is not applicable to the comapny

(20) During the year covered by our report the Company has issue.

(21) According to the infotmation, and emanations given , us, no fraud on or, by the company has been noticed or reported during the year.

For MANDEEP MODI & ASSOCIATES (Chartered Accountants) Firm Registration No 024715N

place: New Delhi Date: 03/09/2013 CA MANDEEP MODI Propretor Membership No.: 513748