Auditor Report of Sanmitra Commercial Ltd.

Mar 31, 2014

We have audited the accompanying financial statements of SANMITRA COMMERCIAL LIMITED ("the Company"), which comprise the Balance Sheet as at 31st March, 2014, and 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") read with the General Circular 15/2013 dated 13th 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 31st March, 2014;

(b) in the case of the Statement of Profit and Loss, of the loss for the year ended on that date; and

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

Report on Other Legal and Regulatory Requirements

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

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

a. we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the 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, and Cash Flow Statement comply 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 13th September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013;

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

ANNEXURE TO THE AUDITORS'' REPORT (Referred to in paragraph 1 of our report of even date on the accounts of SANMITRA COMMERCIAL LIMITED for the year ended on 31st March 2014.)

1. The provisions of clauses xi, xii, xiii, xv, xvi, xvii, xviii, and xix of paragraph 4 and 5of the Companies (Auditor''s Report) Order, 2003 are not applicable for the current year.

2. Fixed Assets:

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

(b) All fixed assets have been physically verified by the management at reasonable intervals during the year and no discrepancies were noticed on such verification.

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

3. (a) Loans taken by the company:

According to the information and explanation given to us, the Company has not taken during the year any loan from any Company, Firm or other party listed in the register mentioned under section 301 of the Companies Act, 1956.

(b) Loans given by the company:

According to information and explanation given to us the Company has not granted any loan to any Company, Firm or other party listed in register mentioned under section 301 of the Companies Act, 1956.

4. In our opinion and according to the information and explanations given to us, the Company has adequate internal control procedures commensurate with the size of the company and nature of its business with regard to purchase and sale of inventories and assets.

5. According to the information and explanations provided by the management, there have been no transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956.

6. The Company has not accepted any deposit in contravention of the provision of section 58A of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975.

7. During the year, the Company had an internal audit system, which in our opinion, is commensurate of the size of the company and nature of its business.

8. The Central Government has not prescribed the maintenance of Cost Records under Section 209(1) of the Companies Act, 1956 for any of the products of the company.

9. (a) As informed to us Provident Fund and Employees State Insurance Act is not applicable to the company.

(b) According to the information and explanation given to us the Company does not have any undisputed amount payable in respect of Income Tax, Wealth Tax, Custom Duty and Excise Duty outstanding as at the last day of the financial year for a period of more than six months from the date they become payable.

(c) According to the Cash Flow Statement and other records examined by us and the information and explanations given to us, on all overall basis, funds raised on short term basis have, prima facie, not been used during the year for long term investments (fixed assets etc.) and vice versa, other than temporary deployment pending application.

10. The Company has not raised any money through a public issue during the year under review.

11. The Company is not a Sick Industrial Unit within the meaning of clause (o) of Sub Section (1) of Section 3 of Sick Industrial Companies (Special Provision) Act, 1985.

12. The company has maintained proper records in respect of transactions and contracts in shares; securities, debentures and other investments and timely entries have been made therein. Shares, securities, debentures and other investments have been held by the company in its own name.

13. To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the company was noticed or reported during the year.

Place: Mumbai For A. W. KETKAR & CO. Dated: May 30, 2014 Chartered Accountants Registration No. :105006W

Address: 4, "SOUKHYA", Opp. B.M.C. Hospital A. W. KETKAR V. N. Purav Marg Proprietor Chunabhatti, Mumbai – 400 022 Membership No.: 012287

---

Mar 31, 2012

1. We have audited the attached Balance Sheet of SANMITRA COMMERCIAL LIMITED as at 31st March 2012 and also the Profit and Loss Account and 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 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 paragraph 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 purposes 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 and Profit and 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 and Profit and Loss Account 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, 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 a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956;

vi) 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 case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2012; and

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

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

ANNEXURE TO THE AUDITORS' REPORT

(Referred to in paragraph 3 of our report of even date on the accounts of SANMITRA COMMERCIAL LIMITED for the year ended on 31st March 2012.)

1. The provisions of clauses xi, xii, xiii, xv, xvi, xvii, xviii, and xix of paragraph 4 and of the Companies (Auditor's Report) Order, 2003 are not applicable for the current year.

2. Fixed Assets:

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

(b) All fixed assets have been physically verified by the management at reasonable intervals during the year and no discrepancies were noticed on such verification.

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

3. Inventories:

(a) Physical verification of stocks has been conducted by the management during the year at reasonable intervals.

(b) The procedure of physical verification of stock followed by the management in our opinion is reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) As per the information and explanation given to us no material discrepancies have been noticed on physical verification of stocks as compared to book records.

(d) On the basis of our examination of the stock records, we are satisfied that the valuation of stocks is fair and proper and in accordance with normally accepted accounting principals and are on the same basis as in the preceding years.

4. (a) Loans taken by the company:

According to the information and explanation given to us, the Company has not taken during the year any loan from any Company, Firm or other party listed in the register mentioned under section 301 of the Companies Act, 1956.

(b) Loans given by the company:

According to information and explanation given to us the Company has not granted any loan to any Company, Firm or other party listed in register mentioned under section 301 of the Companies Act, 1956.

5. In our opinion and according to the information and explanations given to us, the Company has adequate internal control procedures commensurate with the size of the company and nature of its business with regard to purchase and sale of inventories and assets.

6. According to the information and explanations provided by the management, there have been no transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956.

7. The Company has not accepted any deposit in contravention of the provision of section 58A of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975.

8. During the year, the Company had an internal audit system, which in our opinion, is commensurate of the size of the company and nature of its business.

9. The Central Government has not prescribed the maintenance of Cost Records under Section 209(1) of the Companies Act, 1956 for any of the products of the company.

10. (a) As informed to us Provident Fund and Employees State Insurance Act is not applicable to the company.

(b) According to the information and explanation given to us the Company does not have any undisputed amount payable in respect of Income Tax, Wealth Tax, Custom Duty and Excise Duty outstanding as at the last day of the financial year for a period of more than six months from the date they become payable.

(c) According to the Cash Flow Statement and .other records examined by us and the information and explanations given to us, on all overall basis, funds raised on short term basis have, prima facie, not been used during the year for long term investments (fixed assets etc.) and vice versa, other than temporary deployment pending application.

11. The Company has not raised any money through a public issue during the year under review.

12. The Company is not a Sick Industrial Unit within the meaning of clause (o) of Sub Section (1) of Section 3 of Sick Industrial Companies (Special Provision) Act, 1985.

13. The company has maintained proper records in respect of transactions and contracts in shares; securities, debentures and other investments and timely entries have been made therein. Shares, securities, debentures and other investments have been held by the company in its own name.

14. To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the company was noticed or reported during the year.



For A. W. KETKAR & CO. Chartered Accountants Registration No. :105006W

A. W. KETKAR Proprietor Membership No.: 012287

Place: Mumbai Dated: May 30, 2012

Address: 4, "SOUKHYA", Opp. B.M.C. Hospital V. N. Purav Marg Chunabhatti, Mumbai 400 022

---

Mar 31, 2010

1 . We have audited the attached Balance Sheet of SANMITRA COMMERCIAL LIMITED as at 31st March 2010 and also the Profit and Loss Account and 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 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 paragraph 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 purposes 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 and Profit and 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 and Profit and Loss Account 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, as on 31st March, 2010, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March 2010 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956;

vi) 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 fai view in conformity with the accounting principles generally accepted in India:

a) In case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2010; and

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

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

ANNEXURE TO THE AUDITORS REPORT

(Referred to in paragraph 3 of our report of even date on the accounts of SANMITRA COMMERCIAL LIMITED for the year ended on 31" March 2010.)

1. The provisions of clauses xi, xii, xiii, xv, xvi, xvii, xviii, and xix of paragraph 4 and 5of the Companies (Auditors Report) Order, 2003 are not applicable for the current year.

2. Fixed Assets:

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

(b) All fixed assets have been physically verified by the management at reasonable intervals during the year and no discrepancies were noticed on such verification.

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

3. Inventories:

(a) Physical verification of stocks has been conducted by the management during the year at reasonable intervals.

(b) The procedure of physical verification of stock followed by the management in our opinion is reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) As per the information and explanation given to us no material discrepancies have been noticed on physical verification of stocks as compared to book records.

(d) On the basis of our examination of the stock records, we are satisfied that the valuation of stocks is fair and proper and in accordance with normally accepted accounting principals and is on the same basis as in the preceding years.

4. (a) Loans taken by the company:

According to the information and explanation given to us, the Company has not taken during the year any loan from any Company, Firm or other party listed in the register mentioned under section 301 of the Companies Act, 1956. There is no Company under the same management as defined under section 370 (IB) of the Companies Act, 1956. (b) Loans given by the company:

According to information and explanation given to us the Company has not granted any loan to any Company, Firm or other party listed in register mentioned under section 301 of the Companies Act, 1956.

5. In our opinion and according to the information and explanations given to us, the Company has adequate internal control procedures commensurate with the size of the company and nature of its business with regard to purchase and sale of inventories and assets.

6. According to the information and explanations provided by the management there have been no transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956.

7. The Company has not accepted any deposit in contravention of the provision of section 58A of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975.

8. During the year, the Company had an internal audit system, which in our opinion, is commensurate of the size of the company and nature of its business.

9. The Central Government has not prescribed the maintenance of Cost Records under Section 209(1) of the Companies Act, 1956 for any of the products of the company.

10. (a) As informed to us Provident Fund and Employees State Insurance Act is not applicable to the company.

(b) According to the information and explanation given to us the Company does not have any undisputed amount payable in respect of Income Tax, Wealth Tax, Custom Duty and Excise Duty outstanding as at the last day of the financial year for a period of more than six months from the date they become payable.

(c) According to the Cash Flow Statement and other records examined by us and the information and explanations given to us, on all overall basis, funds raised on short term basis have, prima facie, not been used during the year for long term investments (fixed assets etc.) and vice versa, other man temporary deployment pending application.

11. The Company has not raised any money through a public issue during the year under review.

12. The Company is not a Sick Industrial Unit within the meaning of clause (o) of Sub Section (1) of Section 3 of Sick Industrial Companies (Special Provision) Act, 1985.

13. The company has maintained proper records in respect of transactions and contracts in shares; securities, debentures and other investments and timely entries have been made therein. Shares, securities, debentures and other investments have been held by the company in its own name.

14. To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the company was noticed or reported during the year.

Place: Mumbai For A. W. KETKAR & CO.

Dated: May 31,2010 Chartered Accountants

Registration No. .105006W

Address: 4, "SOUKHYA", Opp. B.M.C. Hospital

V. N. Purav Marg A. W. KETKAR

Chunabhatti, Mumbai 400 022 Proprietor

Membership No.: 012287

---

Mar 31, 2002

We have audited the attached Balance Sheet of SANMITRA COMMERCIAL LIMITED as at 31st March 2002 and also the Profit and Loss Account for the year ended on that date annexed thereto. These financial statements arc the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require-that we plan and perform the audit to obtain reasonable assurance about whether (ho 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.

As required by the Manufacturing and Other Companies (Auditors Report) Order, 1988 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 paragraph 4 and 5 of the said Order.

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 knowledgeand belief were necessary for the purposes 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 and Profit and Loss Account dealt with by this report are in agreement with the books of account;

iv) In our opinion, the Balance Sheet and Profit and Loss Account 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, as on 31st March, 2002, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March 2002 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956;

vi) In our opinion and to the best of our information and according to the explanations given tous, 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 case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2002; and

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

ANNEXURE TO AUDITORS REPORT

1) The Physical verification of stocks has been conducted by the management during the year at reasonable intervals in respect of properties, shares and securities.

2) The procedure of physical verification of stock followed by the management in our opinion is reasonable and adequate in relation to the size of the Company and the nature of its business. -

3) As per the information and explanation given to us no material discrepancies have been noticed on physical verification of stocks as compared to the book records.

4) On the basis of our examination of the stock records, we are satisfied that the valuation of stocks is fair and proper in accordance with the normally accepted accounting principles and is on the same basis as in the preceding year.

5) As per the information and explanation given to us, the Company has not taken during the year any loan from any Company, Firm or other party listed in the register mentioned under Section 301 of the Companies Act, 1956. As per the information and explanation given to us, there is no Company under the same management as defined under Section 370 (1B) of the Companies Act, 1956.

6) As per the information and explanation given to us the Company has not granted any loan to any Company, Firm or other party listed in the register mentioned under Section 301 of the Companies Act, 1956.

7) The Loans and Advances, in the nature of loans given by the Company to the parties are repaying the principal amount as stipulated and are regular in payment of the interest.

8) In our opinion and according to the information and explanation given to us, there is adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchase of assets, plant and machinery, equipment and other assets and for the sale of goods

9) The Company has not made any purchase and sales of goods and materials exceeding Rs.50,000/- or more in value during the year from any firm, companies or parties in which Directors are interested listed in the register maintained under Section 301 of the Companies Act, 1956.

10) As per the information and explanation given to us, the Company did not have any unsalable or damaged stores and raw materials during the year.

11) In our opinion and information and explanation given to us, the Company has not accepted any deposits in contravention of the provisions of Section 58A of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975.

12) During the year, the Company had an internal audit system, which, in our opinion, is commensurate of the size of the Company and nature of its business.

13) The Central Government has not prescribed maintenance of cost records under 209 (I) (d) of the Companies Act, 1956.

14) In our opinion and according to the information and explanation given to us, provident fund and state Insurance Schemes are not applicable to the Company.

15) As per the information and explanation given to us the Company does not have any undisputed amounts payable in respect of Income Tax, Wealth Tax, Customs Duty and Excise Duty outstanding as at the last day of the Financial Year for a period of more than six months from the date they become payable.

16) According to the information and explanation given to us and the records of the Company examined by us, no personal expenses have been charged to revenue account other than those payable under contractual or in accordance with generally accepted business practice.

17) The Company is not a Sick Industrial Unit within the meaning of Clause (c) of Sub Section (1) of Section 3 of Sick Industrial Companies (Special Provision) Act, 1985.

For A. W. KETKAR & CO. Chartered Accountants

A. W. KETKAR Proprietor

Place: Mumbai Dated : June 29, 2002

Address: 4, Soukhya, Sion Trombay Road Chunabhatti, Mumbai 400 022