Auditor Report of Satya Miners and Transporters Ltd.

Mar 31, 2015

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

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation and presentation of these Financial Statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit.

We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.

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

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

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

Opinion

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

a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2015; and

b) in the case of the Profit and Loss Account, of the profit for the year ended on March 31, 2015;

c) In the case of the Cash Flow Statement for the year ended 31st March 2015.

EMPHASIS OF MATTERS

We draw attention to the following matters in the Notes to the financial statements:

a) As certified by the management and relied upon by us in the matter that no lawsuits filed against the company.

b) That the Company has accumulated losses at the end of the financial year however it's net worth has not been eroded. However, the Company's current liabilities do not exceed its current assets as at the balance sheet date.

Our opinion is not modified in respect of these matters.

Report on Other Legal and Regulatory Requirements

As required by Companies (Auditors Report) Order 2015 ('the order') issued by Central Government of India in terms of subsection (11) of section 143 of the Act, we enclose in the annexure a statement on the matters specified in paragraphs 3 & 4 of the said order to the extent applicable.

As required by section 143(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 Standalone Balance Sheet, Standalone Statement of Profit and Loss and Standalone Statement of Cash Flow dealt with by this Report are in agreement with the books of account.

d) In our opinion, the aforesaid Standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

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

f) With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

1. The Company does not have any pending litigations which would impact its financial position.

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

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

For S.R.AGARWALA & ASSOCIATES

Chartered Accountants

FRN No.:- 309065E Place: Kolkata

Dated: 30/05/2015 Sd/-

(S.R.AGARWALA)

Mem. No: - 015986

The Annexure referred to in paragraph of the Our Report of even date to the members of Satya Miners & Transporters Limited on the accounts of the company for the year ended 31st March, 2015.

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

b) All the fixed assets have been physically verified by the management during the year which, in our opinion, is reasonable having regard to the size of the company and the nature of its business. As informed no material discrepancies were notices on such verification.

2. The company had not any inventory during the year, hence this clause is not applicable to it.

3. The company has not granted any secured/unsecured loans to parties covered in the Register maintained under section 189 of the companies Act. Accordingly this clause is not applicable.

4. In our opinion and according to the information and explanations given to us, there in an adequate internal control system commensurate with the size of the company and the nature of its business.

Further on the basis of our examinations and according to the information and explanations given to us we have neither come across not have we been informed of any instance of major weakness in the aforesaid internal control systems.

5. The Company has not accepted any deposits from the public. In our opinion and according to the information and explanations given to us the, directives issued by the Reserve Bank of India and the provisions of Section 73 to 76 or any other relevant provisions of the Companies Act and the rules framed there under, to the extent applicable have been complied with.

6. According to the information and explanations given to us, the company is not required for the maintenance of cost records which has been prescribed by the Central Government under sub-section (1) of Section 148 of the Companies Act, 2013. Hence this clause is not applicable to it.

7. a) According to the records examined by us, the company is regular in depositing undisputed statutory dues with appropriate authorities including Income Tax, Wealth Tax, Service Tax, Cess and any other Statutory dues applicable to it.

As informed to us provisions relating to Provident Fund, Employees State Insurance, Sales Tax, Custom Duty, Value Added Tax and Excise Duty are not applicable to it.

Further there were no outstanding dues at the yearend for a period of more than Six Months from the date they become payable.

b) According to the information and explanations given to us, no disputed amount is pending before any forum of the above mentioned statutory dues.

c) According to the information and explanation given to us, the company is not required to transfer any amount to the investor education protection fund in accordance with the relevant provisions of the Companies Act, and rules made there under has been transferred to such fund within time.

8. The Company has accumulated loss at the end of the financial year which is not more than fifty percent of its net worth and it has not incurred cash loss during the current financial year and in the immediately preceding financial year.

9. Based on our audit procedures and as per the information and explanations given by the management, the company has not defaulted in repayment of dues to financial institution or bank or debenture holders.

10. According to the information and explanations given to us by the management, the company has not given any guarantee for loans taken by others from bank or financial institution.

11. The Company has not obtained any term loans. Accordingly this clause of the Order is not applicable.

12. Based upon audit procedures performed for the purpose of reporting the true and fair view of the financial statements and as per the information and explanation given by the management, we report that no fraud on or by the company has been noticed or reported by the management during the year under audit.

For S.R.AGARWALA & ASSOCIATES

Chartered Accountants

FRN No: - 309065E Place: Kolkata

Dated: 30/05/2015 Sd/-

(S.R.AGARWALA)

Mem No: - 015986

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Mar 31, 2014

We have audited the accompanying financial statements of SATYA MINERS & TRANSPORTERS LIMITED, 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 referred to in sub-section (3C) of section 211 of the Companies Act, 1956. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

AUDITOR''S RESPONSIBILITY

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

OPINION

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

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

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

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

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the Companies (Auditor''s Report) Order, 2003 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;

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

(Referred to in paragraph 1 under ''Report on Other legal and Regulatory Requirements'' section of our Report of even date)

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

b) All the fixed assets have been physically verified by the management during the year which, in our opinion, is reasonable having regard to the size of the company and the nature of its business. As informed no material discrepancies were noticed on such verification.

c) There has been no disposal of fixed assets during the year.

2. The company did not possess any inventories during the year. Therefore, provisions of clauses 4(ii)(a) to 4(ii)(c) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

3. a) The Company has not granted unsecured loans to parties covered in the Register maintained under Sec 301 of the Companies Act. Hence clause 4 (III) (b) (c) and (d) are not applicable.

c) The Company has not taken unsecured Loan from Party covered in the Register maintained under Sec 301 of the Act. Hence clause 4(III) (f) and (g) are not applicable.

4. 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. Further on the basis of our examinations and according to the information and explanations given to us we have neither come across nor have we been informed of any instance of major weakness in the aforesaid internal control systems.

5. a) In our opinion and according to the information and explanations given to us we are of the opinion that the transactions in which Directors are interested as contemplated under Sec 299 of the Companies Act, 1956 and which required to be so entered in the register maintained under Sec 301 of the said Act, have been so entered.

b) In our opinion and according to the information and explanations given to us the Company has not entered into any transaction made in pursuance of contracts or arrangements entered in the Register maintained under Sec 301 of the Companies Act 1956 exceeding Rs 5,00,000/- or more in respect of any party. Accordingly Paragraph (V) (b) of the order is not applicable.

6. The Company has not accepted any deposits from the public. In our opinion and according to the information and explanations given to us the directives issued by the Reserve Bank of India and the provisions of sections 58A & 58AA or any other relevant provisions of the Act and the rules framed there under, to the extent applicable have been complied with.

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

8. According to the information and explanations given to us, the Central Government has not prescribed the maintenance of cost records under clause (d) of sub-section (1) of Section 209 of the Companies Act, 1956 in respect of services carried out by the Company.

9. a) According to the records examined by us, the company is regular in depositing with appropriate authorities undisputed Income Tax, Wealth Tax, Service Tax, Cess and other statutory dues applicable to it.

As informed to us provisions relating to Custom Duty, Excise Duty, Investor Education Protection Fund, Provident Fund, Employees State Insurance, Sales Tax, are not applicable to it.

b) According to the information and explanations given to us, no undisputed amounts payable in respect of Income Tax, Wealth Tax, Service Tax, Cess and other statutory dues were outstanding at the year end for a period of more than Six Months from the date they became payable.

As informed to us provisions relating to Custom Duty, Excise Duty, Investor Education Protection Fund, Provident Fund, Employees State Insurance, Sales Tax, are not applicable to it.

10. The Company does not have any accumulated losses at the end of the Financial Year. Further it has not incurred any cash losses during the financial year ended on that date and in the immediately preceding financial year.

11. Based on our audit procedures and as per the information and explanations given by the management, the company has not defaulted in repayment of dues to financial institutions or bank. There were no outstanding debentures during the year.

12. According to the information and explanations given to us and based on the documents and records produced to us, the company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

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

14. In respect of dealing/trading in shares in our opinion and according to the information and explanations given to us proper records have been maintained of the transactions and contracts and timely entries have been made therein in. The shares have been held by the Company in its own name.

15. According to the information and explanations given to us, the company has not given any guarantee for loans taken by others from bank or financial institutions.

16. The Company has not obtained any term loans. Accordingly clause 4(xvi) of the Order is not applicable.

17. According to the information and explanations given to us and on the basis of an overall examination of the balance sheet of the Company, we report that the Company has not utilized any funds raised on short term basis for long term investments.

18. The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act. Accordingly, clause 4(xviii) of the order is not applicable.

19. The Company did not have any outstanding debentures during the year. Accordingly, clause 4(xix) of the order is not applicable.

20. The Company has not raised any money by public issues during the year. Accordingly, clause 4(xx) of the order is not applicable.

21. Based upon audit procedures performed for the purposes of reporting the true and fair view of the financial statements and as per the information and explanation given by the management, we report that no fraud on or by the company has been noticed or reported by the management during the year under audit.

For MAROTI & ASSOCIATES Chartered Accountants

M.K.MAROTI (Proprietor) (M. No.057073) Place : Kolkata (Firm Reg. No: 322770E) Date : 30th Day of May, 2014

---

Mar 31, 2013

REPORT ON THE FINANCIAL STATEMENTS

We have audited the accompanying financial statements of SATYA MINERS & TRANSPORTERS LIMITED, which comprise the Balance Sheet as at March 31, 2013, 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. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

AUDITOR''S RESPONSIBILITY

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

OPINION

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

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

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

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

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the Companies (Auditor''s Report) Order, 2003 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 and proper returns adequate for the purposes 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 the books of account and with the returns received from branches not visited by us;

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;

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.

ANNEXURES TO THE INDEPENDENT AUDITORS'' REPORT

Referred to in paragraph 3 of our Report of even date on the Accounts for the year ended on 31.03.2013.

1. The company did not possess any fixed assets during the year. Therefore, provisions of clauses 4(i)(a) to 4(i)(c) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

2. The company did not possess any inventories during the year. Therefore, provisions of clauses 4(ii)(a) to 4(ii)(c) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

3. a) The Company has not granted unsecured loans to parties covered in the Register maintained under Sec 301 of the Companies Act. Hence clause 4 (III) ( b ( c ) and ( d ) are not applicable. b) The Company has not taken unsecured Loan from Party covered in the Register maintained under Sec 301 of the Act Hence clause 4( III ) ( f ) and ( g ) are not applicable.

4. 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. Further on the basis of our examinations and according to the information and explanations given to us we have neither come across nor have we been informed of any instance of major weakness in the aforesaid internal control systems.

5. a) In our opinion and according to the information and explanations given to us we are of the opinion that the transactions in which Directors are interested as contemplated under Sec 299 of the Companies Act, 1956 and which required to be so entered in the register maintained under Sec 301 of the said Act, have been so entered. b) In our opinion and according to the information and explanations given to us the Company has not entered into any transaction made in pursuance of contracts or arrangements entered in the Register maintained under Sec 301 of the Companies Act 1956 exceeding Rs 5,00,000 / or more in respect of any party . Accordingly Paragraph (V) (b) of the order is not applicable.

6. The Company has not accepted any deposits from the public. In our opinion and according to the information and explanations given to us the directives issued by the Reserve Bank of India and the provisions of sections 58A, 58AA or any other relevant provisions of the Act and the rules framed there under, to the extent applicable have been complied with.

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

8. According to the information and explanations given to us, the Central Government has not prescribed the maintenance of cost records under clause (d) of sub-section (1) of Section 209 of the Companies Act,1956 in respect of services carried out by the Company

9. a) According to the records examined by us, the company is regular in depositing with appropriate authorities undisputed Income Tax Wealth Tax, Service Tax, Cess and other statutory dues applicable to it.

As informed to us provisions relating to Custom Duty, Excise Duty, Investor Education Protection Fund, Provident Fund, Employees State Insurance, Sales Tax, are not applicable to it. b) According to the information and explanations given to us, no undisputed amounts payable in respect of Income Tax Wealth Tax, Service Tax, Cess and other statutory dues were outstanding at the year end for a period of more than Six Months from the date they became payable.

As informed to us provisions relating to Custom Duty, Excise Duty, Investor Education Protection Fund, Provident Fund, Employees State Insurance, Sales Tax, are not applicable to it.

10. The Company does not have any accumulated losses at the end of the Financial Year. Further it has not incurred any cash losses during the financial year ended on that date and in the immediately preceding financial year.

11. Based on our audit procedures and as per the information and explanations given by the management, the company has not defaulted in repayment of dues to financial institutions or bank. There were no outstanding debentures during the year.

12. According to the information and explanations given to us and based on the documents and records produced to us, the company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

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

14. In respect of dealing / trading in shares in our opinion and according to the information and explanations given to us proper records have been maintained of the transactions and contracts and timely entries have been made therein in. The shares have been held by the Company in its own name.

15. According to the information and explanations given to us, the company has not given any guarantee for loans taken by others from bank or financial institutions.

16. The Company has not obtained any term loans. Accordingly clause 4(xvi) of the Order is not applicable.

17. According to the information and explanations given to us and on the basis of an overall examination of the balance sheet of the Company, we report that the Company has not utilized any funds raised on short term basis for long term investments.

18. The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section301 of the Act. Accordingly, clause 4(xviii) of the order is not applicable.

19. The Company did not have any outstanding debentures during the year. Accordingly, clause 4(xix) of the order is not applicable.

20. The Company has not raised any money by public issues during the year. Accordingly, clause 4(xx) of the order is not applicable.

21. Based upon audit procedures performed for the purposes of reporting the true and fair view of the financial statements and as per the information and explanation given by the management, we report that no fraud on or by the company has been noticed or reported by the management during the year under audit.

For MAROTI & ASSOCIATES

Chartered Accountants

M.K.MAROTI

(Proprietor)

(M. No.057073)

Place : Kolkata (Firm Reg. No: 322770E)

Date : 30th Day of May, 2013

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Mar 31, 2012

We have audited the attached Balance Sheet of Messrs. Satya Miners & Transporters Limited as at 31st March, 2012, and the annexed Profit and Loss Account and also she Cash Flow Statement for the year er led on thai date annexed thereto. These financial statements are the responsibility of the Company''s Managemen Our responsibility is to express an opinion on these financial statements based on our and it.

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 finani ial statements are free of malerial misstatement. An audit includes examining, on a test basts, evidence supporting flu amounts and disclosures in the financial statements, An audit also includes assessing the accounting principles usee and significant estimates made b; management, as welt as evaluating the overall financial statement presentation. . e believe that our audit provides a reasonable basis for our opinion.

As required by the Companies (Auditors" Report) Order, 2003 issued by the central Goven nent of India in terms of Sub-section (-LVi of Section 227 of the Companies Act. 1956. we enclose m the annexure tereto a statement on the matters specified in paragraphs 4 and 5 of the said order.

Further to our comments in the annex ure referred to above, we report that:

1. We have obtained all the information and explanations which to the best of our ki >wledge 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 C mpany, so Tar as appears from our examination of those books.

3. I he said Balance Sheet. Profit & Loss Account and Cash Flow Statement dealt v ith by this report are in agreement w ith the books of account

4. In our opinion the Profit &. Loss Account and Balance Sheet comply with the mand< ory accounting standards referred to in Sub-sectic n 3(C) of Section 211 of the Companies Act, 1956 to the extent pplicable.

5. On the basis of written representation received from the directors as on 31s1 March, 20: > and taken on records b) the Board of Director we report that none of the directors are prima facie, disqualified nder Seciion 2741 ; Xg) of the Companies Art. 1956 as on 31.03.2012 from being appointed as a directors of the G mpany.

6. In our opinion and to the best of our information and explanations given to us. the sj t accounts read with and subject to the Schedule - K. of "Notes thereon, give the information required by the G /npanies Aet: 1956 in the manner so required and give a true and fair view in conformity with the accounting pri ciples general!) accepted in India. is.) In the case of Balance Sheet of the State of affairs of the Company as at 3P! March. 1012 and

(tO lii the case of the Profit &. Loss Account of the Profit for the year ended on that dati

(c i In the case of the Cash Flow Statement, of tne Cash flows of the Company for the ended on that date.

a} The company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets on the basis of available information.

b Fixed assets have been physically verified by the management during the year, which in our opinion is reasonable having regard to the size of the company and the nature of its fixed ase s.

c) There was no substantial disposal of fixed assets during the year, which would the going concern of the company.

ii) In respect of its inventories :

As informed to us, the company does not have any inventory, and as such clause; (ii) to (ii) (c) are not applicable.

(a) As informed to us. the company has not granted any loan, secured or unsecured tc any party covered in the register maintained undei section 301 of the Companies Act. 1956..

(h) Rate of interest and other tenns and conditions of loans given by the compan; to other parties are not prima facie prejudicial to the interest of the company.

(c) The receipt of the principal amount and interest are also regular.

(d) The company has not taken any loans, secured or unsecured from companies, firr or other parties covered in the register maintained u/s.301 of the act and hence clause 111 (fl and (g) is not app icable.

iv. in our opinion and according to the information and explanations given to us. th re are adequate.internal control procedures commensurate with the size of the company and the nature of its business for purchase of shares, expenses incurred and sale of shares. During the course of our audit, no i ajor weakness has been noticed in the interna; controls.

v. According to the information and explanations provided by the management, we an of the opinion that there have been no transactions that need to be entered in to the register maintained und r Section 301 and hence Clause (v)(b) is also not applicable.

vi. The company has; not accepted any deposit from Public with the meaning of Secti n 58A and 58AA of the Companies Act, 1956.

ii. hi our opinion, the company lias an internally designed internal Audit System coi mensurate with size and nature of its business.

iii. To the best of our knowledge and as explained, the Central Government has not ] -escribed maintenance of cost records under Clause (d) of Sub-Section 0) of Section 209 of the Companies At . 1 c>56.

ix. In respect of its Statutory Dues :

a) According to the records of the company, the company is regular in depositing disputed statutory dues.

including income tax. service tax and other statutory dues applicable to it with i :e 3ppropriate authorities.

According to the information and explanations given to us there are no undis uted amounts payable in respect of income service tax. wealth tax. sales tax. customs duty ant; excise duty which were

outstanding at the eai end for a period of more than six months from the date became payable.

b) There are no dues outstanding of sales tax, excise duty and cess and account of" a y dispute.

The Company has no accumulated losses and has not incurred any Cash losses i uring the financial year covered by our audit or in the immediately preceding financial year.

i. Based on our audit procedures and according to the information and explanations j. ven by the management, we are of the opinion thai the company has not defaulted in repay ment of dues to my ["manual institutions. hanks or debenture holders.

ii. According to information and explanations given to us and based on the document and records produced to us. the company has not granted loans and advances on the basis of the security by way of pledge of shares. debentures and other securities,

xiii. In our opinion and according to the information and explanations given to us, the lature of activities of the company does not attract any special statute applicable to chit fund I mutual benefit locieties.

xiv. The company has maintained proper records of transactions and contracts in respe t of trading in securities. debentures and other investment and timely entries have been made therein. All sh: res, debentures and other investments have been held by the company in its own name.

xv. According to the information and explanations given to us, the company has not giv n any guarantee for loans taken by its associates others from bank or financial institutions.

xi. here are no term loans outstanding as at the end of the year.

xvii. We have been informed the management that no short term funds have been rat; >d and used for long term purposes and hence Clause ixvii) is not applicable.

ni. The company has not made any preferential allotment of shares to parties and ompanies covered in the register maintained under Section 301 of the Companies Act. 1956.

The company did not hae any outstanding debenture during the year.

xx. 1 he comrany has not raised any money through public issue during the year.

xxi. Based on information and explanations furnished by the management, which ha1 : been relied upon by us there were no frauds on or bv the compam noticed or reported durin2 The vear. For G.K. Tulsyan & Company

Chartered Accountants,

Partner

Membership No.58084

4. Gangadhar Babu Lane.

Kolkata-7800 00

Dated 21-13-2012

---

Mar 31, 2011

We have audited the attached Balance Sheet of Messrs. Satya Miners & Transporters Limited, as at 31st March, 2011, and the annexed Profit and Loss Account and also the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company’s Management. Our responsibility is to express an opinion on these financial statements based on our audit.

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.

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 hereto a statement on the matters specified in paragraphs 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 examination of those books.

3. The said Balance Sheet, Profit & 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 & Loss Account and Balance Sheet comply with the mandatory accounting standards referred to in Sub-section 3(C) of Section 211 of the Companies Act, 1956 to the extent applicable.

5. On the basis of written representation received from the directors as on 31st March, 2011 and taken on records by the Board of Director we report that none of the directors are prima facie, disqualified under Section 274(1)(g) of the Companies Act, 1956 as on 31.03.2011 from being appointed as a directors of the Company.

6. In our opinion and to the best of our information and explanations given to us, the said accounts read with and subject to the Schedule – K of Notes thereon, 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 Balance Sheet of the State of affairs of the Company as at 31st March, 2011&

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

(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

(i) In respect of its Fixed Assets :

a) The company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets on the basis of available information.

b) Fixed assets have been physically verified by the management during the year, which in our opinion is reasonable having regard to the size of the company and the nature of its fixed asets.

c) There was no substantial disposal of fixed assets during the year, which would effect the going concern of the company.

(ii) In respect of its inventories :

As informed to us, the company does not have any inventory, and as such clauses (ii)

(a) to (ii) (c) are not applicable. (iii) (a) As informed to us, the company has not granted any loan, secured or unsecured to any party covered in the register maintained under section 301 of the Companies Act, 1956.,

(b) Rate of interest and other terms and conditions of loans given by the company to other parties are not prima facie prejudicial to the interest of the company.

(c) The receipt of the principal amount and interest are also regular.

(d) The company has not taken any loans, secured or unsecured from companies, firm or other parties covered in the register maintained u/s.301 of the act and hence clause III (f) and (g) is 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 shares, expenses incurred and sale of shares. During the course of our audit, no major weakness has been noticed in the internal controls. v. According to the information and explanations provided by the management, we are of the opinion that there have been no transactions that need to be entered in to the register maintained under Section 301 and hence Clause (v)(b) is also not applicable. vi. The company has not accepted any deposit from Public with the meaning of Section 58A and 58AA of the Companies Act, 1956. vii. In our opinion, the company has an internally designed Internal Audit System commensurate with size and nature of its business. viii. To the best of our knowledge and as explained, 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. In respect of its Statutory Dues :

a) According to the records of the company, the company is regular in depositing undisputed statutory dues, including income tax, service tax and other statutory dues applicable to it with the appropriate authorities. According to the information and explanations given to us there are no undisputed amounts payable in respect of income tax, service tax, wealth tax, sales tax, customs duty and excise duty which were outstanding at the year end for a period of more than six months from the date they became payable, except for income tax payable for earlier year amounting to Rs.2,446/- and Rs.955/- respectively.

b) There are no dues outstanding of sales tax, excise duty and cess and account of any dispute.

x. The Company has no accumulated losses and has not incurred any Cash losses during the financial year covered by our audit or in the immediately preceding financial year.

xi. Based on our audit procedures and according to the information and explanations given by the management, we are of the opinion that the company has not defaulted in repayment of dues to any financial institutions, banks or debenture holders.

xii. According to information and explanations given to us and based on the documents and records produced to us, the company has not granted loans and advances on the basis of the security by way of pledge of shares, debentures and other securities.

xiii. In our opinion and according to the information and explanations given to us, the nature of activities of the company does not attract any special statute applicable to chit fund / mutual benefit / societies.

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

xv. According to the information and explanations given to us, the company has not given any guarantee for loans taken by its associates others from bank or financial institutions. xvi. There are no term loans outstanding as at the end of the year. xvii. We have been informed by the management that no short term funds have been raised and used for long term purposes and hence Clause (xvii) is not applicable.

xviii. The company has not made any preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Companies Act, 1956. xix. The company did not have any outstanding debenture during the year. xx. The company has not raised any money through public issue during the year. xxi. Based on information and explanations furnished by the management, which have been relied upon by us there were no frauds on or by the company noticed or reported during the year.

For G.K. Tulsyan & Company

Chartered Accountants,

Registration No. 323246E

U.K. Senapati

Partner

Membership No.58084

4, Gangadhar Babu Lane,

Kolkata - 700 012.

Dated the 12th day of May, 2011.

---

Mar 31, 2010

We have audited the attached Balance Sheet of Messrs. Satya Miners & Transporters Limited, as at 31st March, 2010, and the annexed Profit and Loss Account and also the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company’s Management. Our responsibility is to express an opinion on these financial statements based on our audit.

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.

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 hereto a statement on the matters specified in paragraphs 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 examination of those books.

3. The said Balance Sheet, Profit & 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 & Loss Account and Balance Sheet comply with the mandatory accounting standards referred to in Sub-section 3(C) of Section 211 of the Companies Act, 1956 to the extent applicable.

5. On the basis of written representation received from the directors as on 31st March, 2010 and taken on records by the Board of Director we report that none of the directors are prima facie, disqualified under Section 274(1)(g) of the Companies Act, 1956 as on 31.03.2010 from being appointed as a directors of the Company.

6. In our opinion and to the best of our information and explanations given to us, the said accounts read with and subject to the Schedule – K of Notes thereon, 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 Balance Sheet of the State of affairs of the Company as at 31st March, 2010 and

(b) In the case of the Profit & 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.

(i) In respect of its Fixed Assets :

a) The company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets on the basis of available information.

b) Fixed assets have been physically verified by the management during the year, which in our opinion is reasonable having regard to the size of the company and the nature of its fixed asets.

c) There was no substantial disposal of fixed assets during the year, which would effect the going concern of the company.

(ii) In respect of its inventories :

As informed to us, the company does not have any inventory, and as such clauses (ii) (a) to (ii) (c) are not applicable.

(iii) (a) As informed to us, the company has not granted any loan, secured or unsecured to any party covered in the register maintained under section 301 of the Companies Act, 1956.,

(b) Rate of interest and other terms and conditions of loans given by the company to other parties are not prima facie prejudicial to the interest of the company.

(c) The receipt of the principal amount and interest are also regular.

(d) The company has not taken any loans, secured or unsecured from companies, firm or other parties covered in the register maintained u/s.301 of the act and hence clause III (f) and (g) is 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 shares, expenses incurred and sale of shares. During the course of our audit, no major weakness has been noticed in the internal controls.

v. According to the information and explanations provided by the management, we are of the opinion that there have been no transactions that need to be entered in to the register maintained under Section 301 and hence Clause (v)(b) is also not applicable.

vi. The company has not accepted any deposit from Public with the meaning of Section 58A and 58AA of the Companies Act, 1956.

vii. In our opinion, the company has an internally designed Internal Audit System commensurate with size and nature of its business.

viii. To the best of our knowledge and as explained, 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. In respect of its Statutory Dues :

a) According to the records of the company, the company is regular in depositing undisputed statutory dues, including income tax, service tax and other statutory dues applicable to it with the appropriate authorities. According to the information and explanations given to us there are no undisputed amounts payable in respect of income tax, service tax, wealth tax, sales tax, customs duty and excise duty which were outstanding at the year end for a period of more than six months from the date they became payable, except for income tax payable for earlier year amounting to Rs.2,446/- and Rs.955/- respectively.

b) There are no dues outstanding of sales tax, excise duty and cess and account of any dispute.

x. The Company has no accumulated losses and has not incurred any Cash losses during the financial year covered by our audit or in the immediately preceding financial year.

xi. Based on our audit procedures and according to the information and explanations given by the management, we are of the opinion that the company has not defaulted in repayment of dues to any financial institutions, banks or debenture holders.

xii. According to information and explanations given to us and based on the documents and records produced to us, the company has not granted loans and advances on the basis of the security by way of pledge of shares, debentures and other securities.

xiii. In our opinion and according to the information and explanations given to us, the nature of activities of the company does not attract any special statute applicable to chit fund / mutual benefit / societies.

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

xv. According to the information and explanations given to us, the company has not given any guarantee for loans taken by its associates others from bank or financial institutions.

xvi. There are no term loans outstanding as at the end of the year.

xvii. We have been informed by the management that no short term funds have been raised and used for long term purposes and hence Clause (xvii) is not applicable.

xviii. The company has not made any preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Companies Act, 1956.

xix. The company did not have any outstanding debenture during the year.

xx. The company has not raised any money through public issue during the year.

xxi. Based on information and explanations furnished by the management, which have been relied upon by us there were no frauds on or by the company noticed or reported during the year.

For G.K. Tulsyan & Company

Chartered Accountants,

Registration No.323246E

U.K. Senapati

Partner

Membership No.58084

4, Gangadhar Babu Lane,

Kolkata - 700 012.

Dated the 6th day of August, 2010.

---

Mar 31, 2009

We have audited the attached Balance Sheet of Messrs. Satya Miners & Transporters Limited as at 31 st March, 2009 and the annexed Profit & Loss Account and also the Cash Flow Statement for the year ended on that date annexed thereto. These Financial Statements are the responsibility of the company''s Management. Our responsibility is to express an opinion on these financial statements based on our audit.

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. Ah 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 Companies (Auditors'' Report) Order, 2003 issued by the Central Government of India in terms of Sub-Section (4 A) of Section 227 of the Companies Act, 1956 we enclose in the annexure hereto a statement on the matters specified in paragraphs 4 & 5 to the said order.

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

1) We have obtained ail 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 for as appears from our examination of those books.

3) The said Balance Sheet, Profit & 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 & Loss Account and Balance Sheet comply with the mandatory accounting standards referred to in Sub-section (3C) of Section 211 of the Companies Act, 1956 in the extent applicable.

5) On the basis of written representations received from the directors as on 31st March, 2009 and taken on record by the Board of Directors, we report that none of the Directors are prima facie, disqualified under Section 274 (1) (g) of the Companies Act. 1956 as on 31.03.2009 from being appointed as a directors of the Company. ''

6) In our opinion and to the best of our information and explanations given to us, the said accounts read with and subject to the Schedule - K of Notes thereon, give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with accounting principles generally accepted in India.

a) In the case of Balance Sheet of the state of affairs of the Company as at 31st March, 2009 and

b) In the case of the Profit & 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

(i) In respect of its Fixed Assets:

a) The company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets on the basis of available information.

b) Fixed assets have been physically verified by the management during the year, which in our opinion is reasonable having regard to the size of the company and the nature of its fixed assets.

c) During the year company disposed off ifs office at New Delhi and the fixed assets there, which would not effect the going concern of he company.

(ii) In respect of its inventories:

As informed to us, the company does not have any inventory, and as such clauses (ii) (a) to (ii) (c) are not applicable.

(iii) a) As informed to us, the company has not granted any loan, secured or unsecured to any party covered in the register maintained under section 301 of the Companies Act, 1956.,

b) Rate of interest and other terms and conditions of loans given by the company to other parties are not prima facie prejudicial to the interest of the company.

c) The receipt of the principal amount and interest are also regular.

d) The company has not taken any loans, secured or unsecured from companies, firm or other parties covered in the register maintained u/s.301 of the act and hence clause III (f) and (g) is 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 shares, expenses incurred and sale of shares. During the course of our audit, no major weakness has been noticed M the internal controls.

v. According to the information and explanations provided by the management, we are of the opinion that there have been no transactions that need to be entered in to the register maintained under Section 301 and hence Clause (v)(b) is also not applicable.

vi. The company has not accepted any deposit from Public with the meaning of Section 58A and 58AA of the Companies Act, 1956.

vii. In our opinion, the company has an internally designed Internal Audit System commensurate with size and nature of its business.

viii. To the best of our knowledge and as explained, 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. In respect of its Statutory Dues:

a) According to the records of the company, the company is regular in depositing undisputed statutory dues, including income tax, service tax and other statutory dues applicable to it with the appropriate authorities. According to the information and explanations given to us there are no undisputed amounts payable in respect of income tax, service tax, wealth tax, sales tax, customs duty and excise duty which were outstanding at the yearend for a period of more than six months from the date they became payable, except for income tax payable for earlier year amounting to Rs.2,446/- and Rs,955/- respectively.

b) There are no dues outstanding of sales tax, excise duty and cess and account of any dispute.

x. The Company has no accumulated losses and has not incurred any Cash losses during the financial year covered by our audit or in the immediately preceding financial year.

xi. Based on our audit procedures and according to the information and explanations given by the management, we are of the opinion that the company has not defaulted in repayment of dues to any financial institutions, banks or debenture holders.

xii. According to information and explanations given to us and based on the documents and records produced to us, the company has not granted loans and advances on the basis of the security by way of pledge of shares, debentures and other securities.

xiii. In our opinion and according to the information and explanations given to us, the nature of activities of the company does not attract any special statute applicable to chit fund / mutual benefit / societies.

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

xv. According to the information and explanations given to us, the company has not given any guarantee for loans taken by its associates others from bank or financial institutions.

xvi. There are no term loans outstanding as at the end of the year.

xvii. We have been informed by the management that no short term funds have been raised and used for long term purposes and hence Clause (xvii) is not applicable.

xviii. The company has not made any preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Companies Act, 1956.

xix. The company did not have any outstanding debenture during the year.

xx. The company has not raised any money through public issue during the year.

xxi. Based on information and explanations furnished by the management, which have been relied upon by us there were no frauds on or by the company noticed or reported during the year.

For G. K. TULSYAN & COMPANY

4, Gangadhar Babu Lane, Chartered Accountants

Kolkata - 700 012 U.K. SENAPATI

Partner

Dated : 31st day of July, 2009 Membership No.: 58084