Auditor Report of Sarthak Global Ltd.

Mar 31, 2015

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

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these financial statements to give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014{The existing Accounting Standards notified under section 211(3C) [Companies(Accounting Standards) Rules, 2006, as amended], shall continue to apply till the standards of accounting or any addendum thereto are prescribed by the Central Government in consultation and recommendation of the National Financial Reporting Authority}. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We have taken into account the provisions of the Act and the Rules made there under including the accounting standards and matters which are required to be included in the audit report.

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

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of the financial statements that give a true and fair view, in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls.

An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company's Directors, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2015, and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

As required by 'the Companies (Auditor's Report) Order, 2015', issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act (hereinafter referred to as the "Order"), and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order.

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

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

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

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

(d) In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014 {The existing Accounting Standards notified under section 211(3C) [Companies(Accounting Standards) Rules, 2006, as amended], shall continue to apply till the standards of accounting or any addendum thereto are prescribed by the Central Government in consultation and recommendation of the National Financial Reporting Authority}, Consequently, these financial statements have been prepared to comply in all material aspects with the above mentioned accounting standards and other relevant provisions of the Companies Act, 2013.

(e) On the basis of the written representations received from the directors as on March 31, 2015 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2015 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 knowledge and belief and according to the information and explanations given to us:

i) The Company does not have any pending litigations as at March 31, 2015 which would impact its financial position.

ii) There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company during the year ended March 31, 2015.

Annexure to Independent Auditors' Report

Referred to in paragraph of Report on Other Legal and Regulatory Requirements of the Independent Auditors' Report of even date to the members of Sarthak Global Limited on the financial statements as of and for the year ended March 31, 2015

i. (a) The Company is maintaining proper records showing full particulars, including quantitative details and situation, of fixed assets.

(b) The fixed assets of the Company have been physically verified by the Management during the year and no material discrepancies have been noticed on such verification. In our opinion, the frequency of verification is reasonable.

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

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

(c) On the basis of our examination of the inventory records, in our opinion, the Company is maintaining proper records of inventory. The discrepancies noticed on physical verification of inventory as compared to book records were not material.

iii. The Company has granted unsecured loans, to three companies covered in the register maintained under Section 189 of the Act.

(a) In respect of the aforesaid loans, the parties are repaying the principal amounts, as stipulated, and are also regular in payment of interest as applicable.

(b) In respect of the aforesaid loans, there is no overdue amount more than Rupees One Lakh.

iv. In our opinion, and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business for the purchase of inventory and fixed assets and for the sale of goods and services. Further, on the basis of our examination of the books and records of the Company, and according to the information and explanations given to us, we have neither come across, nor have been informed of, any continuing failure to correct major weaknesses in the aforesaid internal control system.

v. The Company has not accepted any deposits from the public within the meaning of Sections 73, 74, 75 and 76 of the Act and the rules framed there under to the extent notified.

vi. The Central Government of India has not specified the maintenance of cost records under sub- section (1) of Section 148 of the Act for any of the products of the Company.

vii. (a) According to the information and explanations given to us and the records of the Company examined by us, in our opinion, the Company is regular in depositing the undisputed statutory dues, including provident fund, employees' state insurance, income tax, sales tax, wealth tax, service tax, duty of customs, duty of excise, value added tax, cess and other material statutory dues, as applicable, with the appropriate authorities.

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(b) According to the information and explanations given to us and the records of the Company examined by us, there are no dues of income-tax, sales-tax, wealth-tax, service-tax, duty of customs, and duty of excise or value added tax or cess which have not been deposited on account of any dispute.

(c) There are no amounts required to be transferred by the Company to the Investor Education and Protection Fund in accordance with the provisions of the Companies Act, 1956 and the rules made there under.

viii. The Company has no accumulated losses as at the end of the financial year and it has not incurred any cash losses in the financial year ended on that date or in the immediately preceding financial year.

ix. As the Company does not have any borrowings from any financial institution or bank nor has it issued any debentures as at the balance sheet date, the provisions of Clause 3(ix) of the Order are not applicable to the Company.

x. In our opinion, and according to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions during the year. Accordingly, the provisions of Clause 3(x) of the Order are not applicable to the Company

xi. The Company has not raised any term loans. Accordingly, the provisions of Clause 3(xi) of the Order are not applicable to the Company.

xii. During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of material fraud on or by the Company, noticed or reported during the year, nor have we been informed of any such case by the Management.

For Rajendra Garg & Co.

Chartered Accountants

(Firm Reg. No. 005165C)

Rajendra Garg

Place : Indore Partner

Date : 29/05/2015 M.No. 74054

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Mar 31, 2014

We have audited the accompanying financial Statements of Sarthak Global Limited ("the company"), which comprise the Balance Sheet as at March 31, 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 notified 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 controls 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 risk of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal controls 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, but not for the purpose of expressing an opinion on the effectiveness of the entity''s internal control. An audit also include 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 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;

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

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

Report on other Legal and other 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 accounts as required by law have been kept by the Company so far as appears from our examination of those books and proper returns adequate for the purpose of our audit have been received from branches not visited by us.

c. the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this report are in agreement with books of account.

d. in our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards notified under 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 March 31, 2014, and taken on record by the Board of the Directors, none of the directors is disqualified as on March 31, 2014, from being appointed as a director in terms clause (g) of sub-section (1) of section 274 of the Act.

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 Act 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 Auditor''s Report

Referred to in paragraph 3 of the Auditor''s Report of even date to the members of M/s SARTHAK GLOBAL LIMITED on the Financial Statement for the year ending March 31, 2014

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

(b) All the assets have not been physically verified by the management in previous year but there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification,

(c) During the year, the company has not disposed off substantial part of fixed assets.

(ii) (a) The Company is acting as registrar & share ''transfer agent. The Company has shares as stock in trade although no transactions of Sales and Purchase in shares (stock in trade) was undertaken during the year. As explained to us, inventories have been physically verified by the management during the year. In our opinion the frequency of verification is reasonable, having regard to the nature of business of the company.

(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 are reasonable and adequate in relation to the size of the company and the nature of its business.

(c) In our opinion and according to the information and explanations given to us, the company is maintaining'' proper records of inventory. No discrepancies were noticed on verification between the physical stocks and the books records.

(iii) (a) According to the information and explanations given to us, during the year, the company has granted unsecured loans to two (previous year two) companies, covered in the register maintained under section 301 of the Companies Act, 1956. The Maximum amount involved during the year was Rs. 959.92 lakhs (Previous year Rs. 971.96 lakhs) and the year-end balance of loans taken from such parties was Rs. 914.92 lakhs (Previous year Rs. 959.92 lakhs).

(b) In our opinion, loans have been given to companies or• firm covered in the register maintained under section 301 of the Companies Act, 1956 are unsecured and interest ‘free and there are no covenants with regard to the repayment of the loan, hence to that extent it is prejudicial to interest of the company. It was explained that the loan was given out of interest free funds with the company.

(c) There is no receipts schedule for interest free loans given by the company. Hence the provisions of clause 4(iii)(d) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company. .

(d) According to the information and explanations given to us, during the year, the company has taken loan from three parties (previous year two), unsecured from companies covered in the register maintained under section 301 of the Companies Act, 1956. The Maximum amount involved during the year was Rs. 433.02 lakhs (Previous year 429.00 lakhs) and the year-end balance of loans taken from such parties was Rs. 429.86 laldis (Previous year 429.00 lakhs)

(e) In our opinion, the rate of interest and other terms and conditions on which loans have been taken from companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956 are not, prima facie, prejudicial to the interest of the company.

(f) There is no repayment schedule for interest free loans taken by the company.

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

(v) In respect of the contracts or arrangements referred to in Section 301 of the Companies Act, 1956:

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

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts / arrangements entered in the Register maintained under section 301 of the Companies Act, 1956 were less than Rs. 5,00,000/- and were accounted for on reasonable basis.

(vi) According to the information and explanations given to us and on the basis of our checking during the course of audit, the company has not accepted any deposits from the public during the year and consequently, the directives issued by the Reserve Bank of India, the provisions of section 58A and 58AA or any other relevant provisions of the Companies Act, 1956 and the rules framed there under are not applicable.

(vii) In our ''opinion, the company does not have an internal audit system.

(viii) According to the information and explanation given to us, the Central Government has not prescribed maintenance of cost records under clause (d) of sub-section (1) of section 209 of the Companies Act, 1956 as company is not engaged in business of production, processing, manufacturing, or mining activities.

(ix) The company is regular in depositing with appropriate authorities undisputed statutory dues including income tax, service tax, cess and other material statutory dues applicable to it.

(x) The company has not incurred any cash loss during the financial year covered by our audit and the immediately preceding financial year and has no accumulated losses.

(xi) The company did not have any outstanding dues to any financial institution; banks or debenture holders during the year.

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

(xiii) In our opinion, the company is not a chit fund or a nidhi or mutual fund society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

(xiv) Proper and timely records of the transactions and contracts relating to purchase and sale of shares, securities, debentures and other investments have been maintained. These have been held by the company in its own name.

(xv) The company has not given any guarantee for loan taken by others during the years. Accordingly, the provisions of clause 4(xv) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

(xvi) The company has not obtained any term loans. Accordingly, the provisions of clause 4(xvi) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

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

(xviii) The company has not made any issue of shares during the year.

(xix) The company has not issued debentures during the year.

(xx) The company has not made any public issue during the year.

(xxi) Based upon audit procedures performed and according to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

FOR GUPTA AND ASHOK

CHARTERED ACCOUNTANTS

FRN 02254C

ASHOK AGRAWAL

(PARTNER)

M.NO. 71274

Place: Indore

Date: 30.05.2014

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Mar 31, 2013

We have audited accompanying financial statements of Sharthak Global Limited ("the Company"), which comprise the Balance Sheet as at 31st March 2013 and Statement of Profit and Loss and Cash Flow for the year then ended, and a summary of significant accounting policies and other explanatory information, which we have signed under reference to this report.

Management''s Responsibility for the Financial Statements

The company''s Management is responsible for the preparation of these finacial statements that give a true and fair view of the finacial postion and finacial 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") and in accordance with the accounting principle generally accepted in India. This responsibility includes the design, implementation and maintenance of internal controls relevant to the preparation and presentation of the finacial statements that give a true and fair view and are free from material misstatements, whether due to fraud or error.

Auditor''s Responsibility

Our responsibility is to express an opinion on these finacial 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 finacial statements are free from material misstatements.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the finacial statements. The procedures selected depend on the auditor''s judgement, including the assessment of the risks of material misstatement of the finacial 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 circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company''s internal control. An audit also inclueds 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 finacial 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 said accounts give the information required by the companies Act, 1956, in the manner so required 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, 2013;

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

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 subsection (3C) of section 211 of the Companies Act, 1956; and

e) On the basis of written representations received from the directors as on March 31, 2013, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2013, 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 Auditors'' Report

Referred to in paragraph 3 of the Auditors'' Report of even date to the members of M/s SARTHAK GLOBAL LIMITED on the Financial Statement for the year ending March 31, 2013.

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

(b) All the assets have not been physically verified by the management during the year but there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

(c) During the year, the company has not disposed off substantial part of fixed assets.

(ii) (a) The Company is acting as registrar & share transfer agent. The Company has shares as stock in trade although no transactions of Sales and Purchase in shares (stock in trade) was undertaken during the year. As explained to us, inventories have been physically verified by the management during the year. In our opinion the frequency of verification is reasonable, having regard to the nature of business of the company.

(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 are reasonable and adequate in relation to the size of the company and the nature of its business.

(c) In our opinion and according to the information and explanations given to us, the company is maintaining proper records of inventory. No discrepancies were noticed on verification between the physical stocks and the books records.

(iii) (a) According to the information and explanations given to us, during the year, the company has granted unsecured loans to two (previous year two) companies, covered in the register maintained under section 301 of the Companies Act, 1956. The Maximum amount involved during the year was Rs. 971.96 lakhs (Previous year Rs. 1039.96 lakhs) and the year-end balance of loans taken from such parties was Rs. 959.92 lakhs (Previous year Rs. 979.96 lakhs).

(b) In our opinion, loans have been given to companies or firm covered in the register maintained under section 301 of the Companies Act, 1956 are unsecured and interest free and there are no covenants with regard to the repayment of the loan, hence to that extent it is prejudicial to interest of the company. It was explained that the loan was given out of interest free funds with the company.

(c) There is no receipts schedule for interest free loans given by the company. Hence the provisions of clause 4 (iii) (d) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

(d) According to the information and explanations given to us, during the year, the company has taken loan from two parties (previous year one) loan, unsecured from company covered in the register maintained in the register under section 301 Companies Act, 1956. The Maximum amount involved during the year was Rs. 429.00 lakhs. (Previous year 425.00 lakhs) and the year-end balance of loans taken from such parties was Rs. 429.00 lakhs (Previous year 425.00 lakhs).

(e) In our opinion, the rate of interest and other terms and conditions on which loans have been taken from companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956 are not, prima facie, prejudicial to the interest of the company.

(f) There is no repayment schedule for interest free loans taken by the company.

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

(v) On the basis of representation made by the management and scrutiny of books of accounts carried out by us, the company did not entered into any contract for the sale, purchase or supply of any goods, material or services that need to be entered in the register in pursuance of section 301 of the Companies Act, 1956. Hence the provisions of clause 4(v)(b) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

(vi) According to the information and explanations given to us and on the basis of our checking during the course of audit, the company has not accepted any deposits from the public during the year and consequently, the directives issued by the Reserve Bank of India, the provisions of section 58A and 58AA or any other relevant provisions of the Companies Act, 1956 and the rules framed there under are not applicable.

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

(viii) According to the information and explanation given to us, the Central Government has not prescribed maintenance of cost records under clause (d) of sub-section (1) of section 209 of the Companies Act, 1956 as company is not engaged in business of production, processing, manufacturing, or mining activities.

(ix) The company is regular in depositing with appropriate authorities undisputed statutory dues including income tax, service tax, cess and other material statutory dues applicable to it.

(x) The company has not incurred any cash loss during the financial year covered by our audit and the immediately preceding financial year and has no accumulated losses.

(xi) The company did not have any outstanding dues to any financial institution, banks or debenture holders during the year.

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

(xiii) In our opinion, the company is not a chit fund or a nidhi or mutual fund society. Therefore, the provisions of clause 4 (xiii) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

(xiv) Proper and timely records of the transactions and contracts relating to purchase and sale of shares, securities, debentures and other investments have been maintained. These have been held by the company in its own name.

(xv) The company has not given any guarantee for loan taken by others during the years. Accordingly, the provisions of clause 4 (xv) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

(xvi) The company has not obtained any term loans. Accordingly, the provisions of clause 4(xvi) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

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

(xviii) The company has not made any issue of shares during the year.

(xix) The company has not issued debentures during the year.

(xx) The company has not made any public issue during the year.

(xxi) Based upon audit procedures performed and according to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

FOR GUPTA AND ASHOK CHARTERED ACCOUNTANTS FRN 02254C

ASHOK AGRAWAL M.NO. 71274 (PARTNER) Place : Indore Date : 30.05.2013

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Mar 31, 2012

We have audited the attached Balance Sheet of M/S Sarthak Global Limited, Mumbai, as at 31st March, 2012 and also the Profit and Loss account and the cash flow statement of the Company 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.

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 amount 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 Companies (Auditor''s Report) Order, 2003 issued by the Central Government of India in terms of Section 227(4A) 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: -

1. 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;

2. In our opinion, proper books of accounts as required by law have been kept by the Company, so far as appears from our examinations of the books.

3. The Balance Sheet, the Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account.

4. In our opinion, the Profit and Loss Account, Balance Sheet and Cash Flow Statement dealt with by this report comply with the accounting standards refereed to in Section 211 (3c) of the Companies Act, 1956 to the extent applicable except our comments elsewhere in this report.

5. On the basis of written representations received from the directors 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.

6. In our opinion and to the best of our information and according to explanations given to us and

7. The said accounts give the information required by the companies Act, 1956 in the manner so required and subject to the accounting policy adopted by the company and contained in Note no.2.05 and non disclosure of information as required by AS 15 (Employees benefits) issued by Central Government of India (amount not ascertained 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 compay as at 31st March, 2012,

(b) In the case of the profit and loss account, of the profit for the year ended on that date; and

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

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

(b) All the assets have not been physically verified by the management during the year but there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

(c) During the year, the company has not disposed off substantial part of fixed assets.

(ii) (a) The Company is acting as registrar & share transfer agent. The Company has shares as stock in trade although no transactions of Sales and Purchase in shares (stock in trade) was undertaken during the year. As explained to us, inventories have been physically verified by the management during the year. In our opinion the frequency of verification is reasonable, having regard to the nature of business of the company.

(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 are reasonable and adequate in relation to the size of the company and the nature of its business.

(c) In our opinion and according to the information and explanations given to us, the company is maintaining proper records of inventory. No discrepancies were noticed on verification between the physical stocks and the books records.

(iii) (a) According to the information and explanations given to us, during the year, the company has granted unsecured loans to two ( previous year one ) companies, covered in the register maintained under section 301 of the Companies Act, 1956. The Maximum amount involved during the year was Rs. 1039.96 lakhs (Previous year Rs. 117.21 lakhs) and the year-end balance of loans taken from such parties was Rs. 979.96 lakhs (Previous year Rs. 117.21 lakhs).

(b) In our opinion, loans have been given to companies or firm covered in the register maintained under section 301 of the Companies Act, 1956 are unsecured and interest free and there are no covenants with regard to the repayment of the loan, hence to that extent it is prejudicial to interest of the company. It was explained that the loan was given out of interest free funds with the company.

(c) There is no receipts schedule for interest free loans given by the company. Hence the provisions of clause 4(iii)(d) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company. .

(d) According to the information and explanations given to us, during the year company has taken one (previous year Nil) loan, unsecured from company covered in the register maintained in the register under section 301 of the Companies Act, 1956. The Maximum amount involved during the year was Rs. 425.00 lakhs (Previous year Nil) and the year-end balance of loans taken from such parties was Rs. 425.00 lakhs (Previous year Nil).

(e) In our opinion, the rate of interest and other terms and conditions on which loans have been taken from companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956 are not, prima facie, prejudicial to the interest of the company.

(f) There is no repayment schedule for interest free loans taken by the company.

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

(v) On the basis of representation made by the management and scrutiny of books of accounts carried out by us, the company did not entered into any contract for the sale, purchase or supply of any goods, material or services that need to be entered in the register in pursuance of section 301 of the Companies Act, 1956. Hence the provisions of clause 4(v)(b) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

(vi) According to the information and explanations given to us and on the basis of our checking during the course of audit, the company has not accepted any deposits from the public during the year and consequently, the directives issued by the Reserve Bank of India, the provisions of section 58A and 58AA or any other relevant provisions of the Companies Act, 1956 and the rules framed there under are not applicable.

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

(viii) According to the information and explanation given to us, the Central Government has not prescribed maintenance of cost records under clause (d) of sub-section (1) of section 209 of the Companies Act, 1956 as company is not engaged in business of production, processing, manufacturing, or mining activities.

(ix) The company is regular in depositing with appropriate authorities undisputed statutory dues including income tax, service tax, cess and other material statutory dues applicable to it.

(x) The company has not incurred any cash loss during the financial year covered by our audit and the immediately preceding financial year and has no accumulated losses.

(xi) The company did not have any outstanding dues to any financial institution, banks or debenture holders during the year.

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

(xiii) In our opinion, the company is not a chit fund or a nidhi or mutual fund society. Therefore, the provisions of clause 4(xiii) of the Companies {Auditor''s Report) Order, 2003 are not applicable to the company.

(xiv) Proper and timely records of the transactions and contracts relating to purchase and sale of shares, securities, debentures and other investments have been maintained. These have been held by the company in its own name.

(xv) The company has not given any guarantee for loan taken by others during the years. Accordingly, the provisions of clause 4(xv) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

(xvi) The company has not obtained any term loans. Accordingly, the provisions of clause 4(xvi) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

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

(xviii) The company has not made any issue of shares during the year.

(xix) The company has not issued debentures during the year.

(xx) The company has not made any public issue during the year.

(xxi) Based upon audit procedures performed and according to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

FOR GUPTA AND ASHOK

CHARTERED ACCOUNTANTS

FRN 02254C

ASHOK AGRAWAL

M.NO. 71274

(PARTNER)

Place: Indore

Date: 03/09/2012

---

Mar 31, 2011

We have audited the attached Balance Sheet of M/S Sarthe Global Limited, Mumbai, as at 31st March,2011 and also the profit and Loss account and the cash flow statement of the company for the year ended on that date, annexed thereto. These financial statements are the responsibility of the company's management. Out responsibility is to express an opinion on the 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 the financial statements are free of material! misstatement. An audit includes examining, on a test basis, evidence supporting the amount and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as wed as evaluating, the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Government of India in t-rams of Section 227(4A) 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: -

1. We have obtained all theft information and explanations, which to the best of our knowledge and belief were necessary for the purposes of our audit;

2. in our opinion, proper books of accounts as required by law have been kept by the Company, so far as appears from otter examinations of the books. '

3. The Balance Sheet, the Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account.

4. In our opinion, the Profit and Loss Account, Balance Sheet and Cash Flow Statement dealt with by this report comply with the accounting standards referred to in Section 2ll(3c) of the Companies Act, 1956 to the extent applicable except our comments elsewhere in this report.

5. On the basis of written representations received from the directors 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 a director in terms of clause (g) of sub-section (1) old section 274 of the Companies Act, 1956.

6. In our opinion and to the best of our information and according to explanations given to us and subject to non-provision towards diminution in value of investments (amount not ascertained),on provision of gratuity and non disclosure of information as required by AS 15 (Employees benefits) issued by Central Government of India (amount not ascertained) and note No. 3 of Notes on accounts under part B of schedule 16 as under;

NOTE NO. 3: Regarding non-confirmation of balances from debtors, creditors and liars and advance;

the said accounts tide the information required by the companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:-

(a) in the case of the balance sheet, of the state of affairs of the company as at 31st March, 2011,

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

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

SARTAK GLOBAL LIMITED

Annexure to Auditors Report

Referred to in paragraph 3 of the Auditors' Report of even date to the members of M/S SARTHAK GLOBAL LIMITED on the Financial Statement for the year ending March 31.2011

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

(b) All the assets have not been physically verified by the management during the year but there is a regular programmed of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

(c) During the year, the company has not disposed off substantial part of fixed assets.

(ii) (a) The Company is acting as registrar & share transfer agent. The Company has shares as stock in trade although no transactions of Sales and Purchase in sharks(stock in trade) was undertaken during the year. As explained to us, inventories have been physically verified by the management during the year. in our opinion the frequency of verification is reasonable, having regard to the nature of business of the company.

(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 are reasonable and adequate in relation to the size of the company and the nature of its business.

(c) In our opinion and according to the information and explanations given to us, the company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the books records were not material and the same have been properly dealt with in the books of accounts.

(iii) (a) According to the information and explanations given to us, during the year, the company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained tinder section 301 of them. Companies Act, 1956. Therefore clauses iii(b), iii(c) and iii(d) of paragraph 4 of the Order, are not applicable.

(b) According to the information and explanations given to us, during the year, the company has not taken any loans, secured or unsecured from companies, firms or other parties covered in the register maintained in the register under section 301 of the Companies Act, 1956. Therefore clauses iii(f) and iii(g) of paragraph 4 of the Order, are not applicable.

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

(v) (a) On the basis of representation made by the management and scrutiny of books of accounts carried out by us, there was oil information that need to be entered in the register in pursuance of section 301 of the Companies Act, 1956. Therefore clauses v (b) of paragraph 4 of the Order, are not applicable.

(vi) According to the information and explanations given to us and on the basis of our checking during the course of audit, the company has not accepted any deposits from the public during the year and consequently, the directives issued by the Reserve Bank of India, the provisions of section 58A and 58AA or any other relevant provisions of tie Companies ac1, 1956 and the rules framed there under are not applicable.

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

(viii) According to the information and explanation given to us, the Centre! Government has not prescribed maintenance of cost records under clause (d) of sub-section (1) of section 209 of the Companies Act, 1956.

(ix) (a) The company is regular in depositing with appropriate authorities undisputed statutory dues including income tax, sales tax, service tax, custom duty, cuss and other material statutory dues applicable to it.

(b) According to information and explanations given to us, there are no dues of sales tax, service tax, custom duty, and cuss which have not been deposited on account of any dispute. Under income tax act demands have been raised Rs. 485044/- relating to assessment year 2003-2004(penalty case) . The appeals are pending before The Commissioner of Income Tax (A) Mumbai.

(x) The company has not incurred any cash loss during the financial year covered by our audit and the immediately preceding financial year and has no accumulated losses.

(xi) The company did not have any outstanding dues to any financial institution, banks or debenture holders during the year.

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

(xiii) In our opinion, the company is not a chit fund or a niche or mutual fund society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor's Report) Order, 2003 arc not applicable to the company.

(xiv) Proper and timely records of the transactions and contracts relating to purchase and sale of shares, securities, debentures and other investments have been maintained. These have been held by the company in its own name.

(xv) The company has not given any guarantee for loan taken by others during the years. Accordingly, the provisions of clause 4(xv) of the Companies (Auditor's Report) Order, 2003 are not applicable to the company.

(xvi) The company has not obtained any term loans. Accordingly, the provisions of clause 4(xvi) of the Companies (Auditor's Report) Order, 2003 are not applicable to the company.

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

(xviii) The company has not made any issue of shares during the year.

(xix) The company has not issued debentures during the year.

(xx) The company has not made any public issue during the year.

(xxi) Based upon audit procedures performed and according to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

FOR GUPTA AND ASHOK CHARTERED ACCOUNTANTS FRN 02254C

ASHOK Agawam M.NO. 71274 (PARTNER) Place: Indore Date: 3rd September 2011

---

Mar 31, 2010

We have audited the attached Balance Sheet of M/S Sarthak Global Limited, Mumbai, as at 31st March, 2010 and also the Profit and Loss account and the cash flow statement of the Company 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.

We conducted our audit in accordarjpe with auditing standards generally accepted in India. Those standards require that we plajj 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 amount and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made1 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 Companies (Auditor''s Report) Order, 2003 issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956, we enclose in the annexure a statement on the matters specified in paragraph 4 ;.nd 5 of the said order.

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

1. We. have obtained all the information and explanations, which to the best of our knowledge and belief were nqpessary for the purposes of our audit;

2. In our opinion, proper books of accounts as required by law have been kept by the Company, so far as appears from our examinations of the books.

3. The Balance Sheet, the ProfiJ and Loss Account and Cosh Flow Statement dealt with by this report are in agreement with the books of account.

4. In our opinion, the Profit and Loss Account, Balance account and Cash Flow Statement dealt with by this report comply with the accounting standanded refereed to in Scction 21 l(3c) of the Companies Apt, 1956 to the extent appl''cable except our comments elsewhere in this report.

5. On the basis of written representations received from the directors and taken on record by the Board of Directors, we report that none of (he 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.

6. In our opinion and to the best of our information and according to explanations given to us and subject to non-provision towards diminution in value of investments (amount not ascertained), non provision of gratuity and non disclosure of information as required by AS 15 (Employees benefits) issued by Central Government of India (amount not ascertained) and note No. 3 of Notes on accounts under part B of schedule 16 as under;

NOTE NO. 3: Regarding non-confirmation of balances from debtors, creditors and loans and advances;

the said accounts give the information required by the companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:-

(a) in the case of the balance sheet, of the state of affairs of the company as at 31st March, 2010,

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

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

M/S Sarthak Global Limited, Mumbai, as at 31st March, 2010 Annexure referred to in paragraph 3 of our report of even date

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

(b) All the assets have not been physically verified by the management during the year but there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

(c) During the year, the company has not disposed off substantial part of fixed assets.

(ii) (a) The Company is acting as registrar & share transfer agent. The Company has shares as stock in trade although no transactions of Sales and Purchase in shares was undertaken during the year. As explained to us, inventories have been physically verified by the management during the year. In our opinion the frequency of verification is reasonable, having regard to the nature of business of the company.

(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 are reasonable and adequate in relation to the size of the company and the nature of its business.

(c) In our opinion and according to the information and explanations given to us, the company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the books records were not material and the same have been properly dealt with in the books of accounts.

(iii) (a) According to the information and explanations given to us, during the year, the company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Therefore clauses iii(b), iii(c) and iii(d) of paragraph 4 of the Order, are not applicable.

(b) According to the information and explanations given to us, during the year, the company has not taken any loans, secured or unsecured from companies, firms or other parties covered in the register maintained in the register under section 301 of the Companies Act, 1956. Therefore clauses iii(f) and iii(g) of paragraph 4 of the Order, are not applicable.

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

(v) (a) On the basis of representation made by the management and scrutiny of books of accounts carried out by us, there was on information that need to be the register in pursuance of section 301 of the Companies Act,1956. Therefore clauses v (b) of paragraph 4 of the Order, are not applicable.

(vi) According to the information and explanations given to us and on the basis of our checking during the course of audit, the company has not accepted any deposits from the public during the year and consequently, the directives issued by the Reserve Bank of India, the provisions of section 58A and 58AA or any other relevant provisions of the Companies Act, 1956 and the rules framed there under are not applicable.

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

(viii) According to the information and explanation given to us, the Central Government has not prescribed maintenance of cost records under clause (d) of sub-section (I) of section 209 of the Companies Act, 1956.

(ix) (a) The company is regular in depositing with appropriate authorities undisputed statutory dues including income tax, sales tax, service tax, custom duty, cess and other material statutory dues applicable to it.

(b) According to information and explanations given to us, there are no dues of sales tax, service tax, custom duty, and cess which have not been deposited on account of any dispute. Under income tax act demands have been raised Rs. 485044/- relating to assessment year 2003-2004 . The appeals are pending before The Commissioner of Income Tax (A) Mumbai.

(x) The company has not incurred any cash loss during the financial year covered by our audit and the immediately preceding financial year and has no accumulated losses.

(xi) The company did not have any outstanding dues to any financial institution, banks or debenture holders during the year.

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

(xiii) In our opinion, the company is not a chit fund or a nidhi or mutual fund society, Therefore, the provisions of clause 4(xiii) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

(xiv). Proper and timely records of the transactions and contracts relating to purchase and sale of shares, securities, debentures and other investments have been maintained. These have been held by the company in its own name.

(xv) The company has not given any guarantee for loan taken by others during the years. Accordingly, the provisions of clause 4(xv) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

(xvi) The company has not obtained any term loans. Accordingly, the provisions of clause 4(xvi) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

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

(xviii) The company has not made any issue of shares during the year.

(xix) The company has not issued debentures during the year.

(xx) The company has not made any public issue during the year.

(xxi) Based upon audit procedures performed and according to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

FOR GUPTA AND ASHOK

CHARTERED ACCOUNTANTS

FRN 02254C

ASHOK AGRAWAL

M.NO. 71274

(PARTNER)

Place: Indore

Date: 04th September2010