Auditor Report of Savani Financials Ltd.

Mar 31, 2013

Report on the financial statements

We have audited the accompanying financial statements of Savani Financials Limited ("the company"), which comprise the balance sheet as at 31 March, 2013, 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 principles generally accepted in India, including accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"). 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, but not for the purpose of expressing an opinion on the effectiveness of the company''s internal control. 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:

1) In the case of the balance sheet, of the state of affairs of the Company as at 31s1 March, 2013

2) In the case of statement of profit and loss, of the profit for the year ended on that date, and

3) 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 which to the best of our knowledge and belief was 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 and statement of profit and loss dealt with by this report are in agreement with the books of account.

d) In our opinion, the balance sheet and statement of profit and loss comply with the accounting standards referred to in sub-section (3C) of section 211 of the Act.

e) On the basis of written representations received from the directors as on 31st March, 2013, and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2013, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Act.

Annexure referred to in paragraph 1 under the heading "Report on other legal and regulatory requirements" of our report of even date

Re: Savani Financials Limited

i) The company has no Fixed Assets during the year hence; the requirements of clause 4(i) are not applicable to the company.

ii) The company has not carried any inventory during the year. Accordingly clauses 4(ii) (a) to (c) of the Order are not applicable.

iii) a) According to the information and explanations given to us, 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 Act. Accordingly, the provisions of clause 4(iii)(b) to (d) of the Order are not applicable to the company. b) The Company has not taken any loans secured or unsecured from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, clause 4(iii) (f) to (g) of the order is not applicable.

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. During the course of our audit, we have not observed any major weakness or continuing failure to correct any major weakness in the internal control system of the company in respect of these areas.

v) a) According to the information and explanations provided by the management, there are no contracts which need to be entered into the register maintained under section 301 of the Companies Act, 1956. Accordingly, clause 4 (v) (b) of the order is not applicable.

vi) The company has not accepted any deposit from public within the meaning of section 58A and 58AA of the Companies Act, 1956 and rules made there under.

vii) The company does not have any formal system of internal audit. However, in our opinion and according to the information and explanations given to us, the internal control procedures are adequate considering the size and nature of its business.

viii) We are informed that the Central Government has not prescribed the maintenance of Cost records under Section 209(1) (d) of the Companies Act, 1956.

ix) a) The company is regular in depositing undisputed statutory dues, including Provident Fund, Investor Education and Protection Fund, Income Tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess and other statutory dues with appropriate authorities, where applicable. As informed to us, the provisions of the Employees State Insurance Act are not applicable to the Company. According to the information and explanations given to us, there are no undisputed amounts payable in respect of such statutory dues which have remained outstanding as at 31st March, 2013 for a period of more than six months from the date they became payable.

b) According to the records of the company, there are no dues in respect of Sales tax, Income tax, Custom duty, Wealth tax, Service Tax, Excise duty and Cess which are disputed.

x) The company has accumulated losses at the end of the financial year which exceeds fifty percent of its net worth. It has not incurred cash losses in the current year however has incurred cash losses in the immediately preceding financial year.

xi) The company does not have borrowings from financial institutions, banks or borrowings by way of debentures and hence the clause is not applicable.

xii) According to the information and explanations given to us and based on the documents and records produced before us, 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/mutual benefit fund/society. Therefore, the provisions of clause 4(xiii) of the Order are not applicable to the company.

xiv) In our opinion, the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Order are not applicable to the company.

xv) 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 and hence, the requirements of clause 4(xv) are not applicable to the company.

xvi) The company does not have any borrowings from banks/ financial institutions by way of term loans / borrowings during the year, accordingly the requirements of clause 4(xvi) 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 investments.

xviii) During the year, the company has not made any preferential allotment of shares to parties or companies covered in the register maintained under section 301 of the Act, hence, the requirements of clause 4(xviii) are not applicable to the company.

xix) The company has not issued any debentures during the year and hence, the requirements of clause 4(xix) are not applicable to the company.

xx) The company has not raised any money by way of public issue during the year, and hence the requirements of clause 4(xx) are not applicable to the company.

xxi) On the basis of our examination and according to the information and explanations given to us, no fraud on or by the company, has been noticed or reported during the year.

For P.P. BHANDARI AND CO.

Chartered Accountants

Firm Regn. No. 101174W

(Samir Gaglani)

Partner

Mumbai, May 27, 2013 Mem. No. 117496

---

Mar 31, 2012

We have audited the attached Balance Sheet of SAVANI FINANCIALS LIMITED as at 31st March, 2012, the Statement of Profit and Loss and the Cash Flow Statement for the year ended on that date both annexed thereto which we have signed under reference to this report. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards in India. These 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, (the 'Act') we give below a statement on the matters specified in paragraphs 4 and 5 of the said order;

i) The company has no Fixed Assets during the year hence; the requirements of clause 4(i) are not applicable to the company.

ii) The Company has not carried any inventory during the year. Accordingly clauses 4 (ii) (a) to (c) of the Order are not applicable.

iii) a) 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. Accordingly, the clause 4(iii) (b) to (d) of the order is not applicable. b) The Company has not taken any loans secured or unsecured from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, clause 4(iii) (f) to (g) of the order is not applicable.

iv) In our opinion there are adequate internal control procedures commensurate with the size of the Company and the nature of its business.

v) In respect of transactions entered in the register maintained in pursuance of section 301 of the Companies Act, 1956;

a) Based on the audit procedures applied by us and according to the information, explanations and representation given to us, we are of the opinion that particulars of contracts or arrangements referred to in section 301 of the Companies Act, 1956 that need to be entered in the register maintained under that section have been so entered;

b) According to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 exceeding the value of Rs. 5 lakhs in respect of each party, the transactions have been made at prices which are, prima facie, reasonable having regard to the prevailing market prices at the relevant time.

vi) The Company has not accepted any deposits from public to which the provisions of section 58A and 58AA of the Companies Act, 1956 and the rules framed there under would apply.

vii) The Company does not have any formal system of internal audit. However, in our opinion and according to the information and explanations given to us, the internal control procedures are adequate considering the size and nature of its business.

viii) We are informed that the Central Government has not prescribed the maintenance of cost records for any of the Company's products under section 209 (1) (d) of the Companies Act, 1956.

ix) a) The Company has been regular in depositing undisputed statutory dues, including Provident Fund, Investor Education and Protection Fund, Income Tax, Sales Tax, Service Tax, Wealth Tax, Customs Duty, Excise Duty, Cess and other statutory dues with appropriate authorities, where applicable. As informed to us, the provisions of the Employees State Insurance Act are not applicable to the Company. According to the information and explanations given to us, there are no undisputed amounts payable in respect of such statutory dues which have remained outstanding as at 31st March, 2012 for a period of more than six months from the date they became payable.

b) According to the information and explanations given to us, there are no dues in respect of Sales tax, Income tax, Custom duty, Wealth tax, Service Tax, Excise duty and Cess which are disputed.

x) The Company has accumulated losses which exceeds fifty percent of its net worth. The company has incurred cash losses during financial year. However, the company has not incurred cash losses in the immediately preceding financial year.

xi) The Company does not have any borrowings from banks and financial institution or by way of debentures and hence the clause is not applicable.

xii) The Company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures or other securities.

xiii) The provisions of any special statute applicable to Chit Fund, Nidhi or Mutual Benefit Fund/Societies are not applicable to the Company.

xiv) The Company does not deal or trade in shares, securities and other investments. Accordingly the provisions of clause 4(xiv) are not applicable to the company.

xv) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks and financial institutions.

xvi) The Company has not obtained any term loans during the year.

xvii) According to the information and explanations given to us and on the overall examination of the financial statements of the Company and after placing reliance on the reasonable assumptions made by the Company for classification of long term and short term usages of funds, we are of the opinion that, prima -facie, short term funds have not been utilized for long investments.

xviii) The Company has not made any preferential allotment of shares during the year to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956.

xix) The Company has not issued any debentures during the year.

xx) The Company has not raised any money by way of public issue during the year.

xxi) On the basis of our examination and according to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year.

Further to our comments referred to above, we report that:

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

ii) In our opinion, proper books of account, as required by law, have been kept by the Company so far as appears from our examination of these books;

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

iv) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956; v) On the basis of written representations received from the Directors as on 31st March, 2012 and taken on record by the Board of Directors and on the basis of examination and records of the Company, we report and certify that none of the Directors is disqualified as on 31st March, 2012 from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956; vi) In our opinion and to the best of our information and according to the explanations given to us, the said Accounts read together with notes appearing 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 the Balance Sheet, of the State of Affairs of the Company as at 31st March, 2012;

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

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

For P.P. BHANDARI AND CO. Chartered Accountants Firm Regn. No. 101174W

(Samir Gaglani) Partner Mem. No. 117496

Mumbai, May 29, 2012

---

Mar 31, 2011

We have audited the attached Balance Sheet of SAVANI FINANCIALS LIMITED as at 31st March, 2011, the Profit and Loss Account and the Cash Flow Statement for the year ended on that date both 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 generally accepted auditing standards in India. These 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 give below a statement on the matters specified in paragraphs 4 and 5 of the said order

i) The company has disposed off all its fixed assets during the year. However, the company being engaged in the business of providing financial services, the disposal of fixed assets, in our opinion, has not affected the going concern.

ii) The company has not carried any inventory during the year. Accordingly clauses 4(ii) (a) to (c) of the Order are not applicable.

iii) a) 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. Accordingly, the clause 4 (iii) (b) to (d) of the order is not applicable.

b) The company has not taken any loans secured or unsecured from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, clause 4(iii) (f) to (g) of the order is not applicable.

iv) In our opinion there are adequate internal control procedures commensurate with the size of the Company and the nature of its business.

v) In respect of transactions entered in the register maintained in pursuance of section 301 of the Companies Act, 1956;

(a) Based on the audit procedures applied by us and according to the information, explanations and representation given to us, we are of the opinion that particulars of contracts or arrangements referred to in section 301 of the Companies Act, 1956 that need to be entered in the register maintained under that section have been so entered.

(b) According to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 exceeding the value of Rs. 5 lakhs in respect of each party, the transaction have been made at prices which are, prime facie, reasonable having regard to the prevailing market prices at the relevent tiem.

vi) The Company has not accepted any deposits from public to which the provisions of section 58A and 58AA of the Companies Act, 1956 and the rules framed thereunder would apply.

vii) The Company does not have any formal system of internal audit. However, in our opinion and according to the information and explanations given to us, the internal control procedures are adequate considering the size and nature of its business.

viii) We are informed that the Central Government has not prescribed the maintenance of cost records for any of the Company's products under section 209 (1) (d) of the Companies Act, 1956.

ix) a) The Company has been regular in depositing undisputed statutory dues, including Provident Fund, Investor Education and Protection Fund, Income Tax, Sales Tax, Service Tax, Wealth Tax, Customs Duty, Excise Duty, Cess and other statutory dues with appropriate authorities, where applicable. As informed to us, the provisions of the Employees State Insurance Act are not applicable to the Company. According to the information and explanations given to us, there are no undisputed amounts payable in respect of such statutory dues which have remained outstanding as at 31st March 2011 for a period of more than six months from the date they became payable.

b) According to the information and explanations given to us, there are no dues in respect of Sales tax, Income tax, Custom duty, Wealth tax, Service Tax, Excise duty and Cess which are disputed.

x) The Company has accumulated losses which exceeds fifty percent of its net worth. However, the company has not incurred cash losses during financial year and in the immediately preceding financial year.

xi) The Company does not have any borrowings from banks and financial institution or by way of debentures and hence he clause is not applicable.

xii) The Company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures or other securities.

xiii) The provisions of any special statute applicable to Chit Fund, Nidhi or Mutual Benefit Fund / Societies are not applicable to the Company.

xiv) The Company does not deal or trade in shares, securities and other investments. Accordingly the provisions of clause 4(xiv) are not applicable to the company.

xv) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks and financial institutions.

xvi) The Company has not obtained any term loans.

xvii) According to the information and explanations given to us and on the overall examination of the financial statements of the Company and after placing reliance on the reasonable assumptions made by the Company for classification of long term and short term usages of funds, we are of the opinion that, prima -facie, short term funds have not been utilized for long investments.

xviii)The Company has not made any preference allotment of shares during the year to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956.

xix) The Company has not issued any debentures during the year.

xx) The Company has not raised any money by way of public issue during the year.

xxi) On the basis of our examination and according to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year.

Further to our comments referred to above, we report that:

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

ii) In our opinion, proper books of account, as required by law, have been kept by the Company so far as appears from our examination of these books;

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

iv) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956;

v) On the basis of written representations received from the Directors as on 31st March, 2011 and taken on record by the Board of Directors and on the basis of examination and records of the Company, we report and certify 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) of Section 274 of the Companies Act, 1956;

vi) In our opinion and to the best of our information and according to the explanations given to us, the said Accounts read together with the notes appearing 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 principals generally accepted in India;

a) in the case of the Balance Sheet, of the State of Affairs of the Company as at 31 st 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 the Cash Flow Statement, of the Cash Flows for the year ended on that date.

For P.P. BHANDARI AND CO. Chartered Accountants Registration No. 101174 W

Samir Gaglani Partner Membership No. 117496

Mumbai, 30th May, 2011

---

Mar 31, 2010

We have audited the attached Balance Sheet of SAVANI FINANCIALS LIMITED as at 31st March, 2010, the Profit and Loss Account and the Cash Flow Statement for the year ended on that date both annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with generally accepted auditing standards in India. These 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 give below a statement on the matters specified in paragraphs 4 and 5 of the said order 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;

b) As explained to us, the fixed assets being building have been physically verified by the management during the year. The frequency of verification is reasonable and no material discrepancies have been noticed on such physical verification.

c) During the year the Company has not disposed off a substantial part of its fixed assets.

ii) The Company has not carried any inventory during the year. Accordingly clauses 4 (ii) (a) to (c) of the Order are not applicable.

iii) a) 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. Accordingly, the clause 4 (b) to (d) of the order is not applicable. b) The company has not taken any loans secured or unsecured from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, clause 4(iii) (f) to (g) of the order is not applicable.

iv) In our opinion there are adequate internal control procedures commensurate with the size of the Company and the nature of its business.

v) In respect of transactions entered in the register maintained in pursuance of section 301 of the Companies Act, 1956; a) According to the information and explanations given to us, transactions that needed to be entered into the register have been so entered; b) According to the information and explanations given to us and to the best of our knowledge and belief, there were no transactions in excess of Rs. 5 lakhs in respect of each party, which needs to be commented upon.

vi) The Company has not accepted any deposits from public to which the provisions of section 58A and 58AA of the

Companies Act, 1956 and the rules framed thereunder would apply.

vii) The Company does not have any formal system of internal audit. However, in our opinion and according to the information and explanations given to us, the internal control procedures are adequate considering the size and nature of its business.

viii) We are informed that the Central Government has not prescribed the maintenance of cost records for any of the Companys products under section 209 (1) (d) of the Companies Act, 1956.

ix) a) The Company has been regular in depositing undisputed statutory dues, including Provident Fund, Investor Education and Protection Fund, Income Tax, Sales Tax, Service Tax, Wealth Tax, Customs Duty, Excise Duty, Cess and other statutory dues with appropriate authorities, where applicable. As informed to us, the provisions of the Employees State Insurance Act are not applicable to the Company. According to the information and explanations given to us, there are no undisputed amounts payable in respect of such statutory dues which have remained outstanding as at 31st March 2010 for a period of more than six months from the date they became payable.

b) According to the information and explanations given to us, there are no dues in respect of Sales tax, Income tax, Custom duty, Wealth tax, Service Tax, Excise duty and Cess which are disputed.

x) The Company has accumulated losses which exceeds fifty percent of its net worth. The company has not incurred cash losses during financial year covered by our audit. The Company has incurred cash losses in the immediately preceding financial year.

xi) The Company does not have any borrowings from banks and financial institution or by way of debentures and hence the clause is not applicable.

xii) The Company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures or other securities.

xiii) The provisions of any special statute applicable to Chit Fund, Nidhi or Mutual Benefit Fund / Societies are not applicable to the Company.

xiv) The Company does not deal or trade in shares, securities and other investments. Accordingly the provisions of clause 4

(xiv) are not applicable to the company.

xv) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks and financial institutions.

xvi) The Company has not obtained any term loans.

xvii) According to the information and explanations given to us and on the overall examination of the financialstatements of the Company and after placing reliance on the reasonable assumptions made by the Company for classification of long term and short term usages of funds, we are of the opinion that, prima -facie, short term funds have not been utilized for long investments.

xviii)The Company has not made any preferential allotment of shares during the year to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956. xix) The Company has not issued any debentures during the year.

xx) The Company has not raised any money by way of public issue during the year.

xxi) On the basis of our examination and according to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year. Further to our comments referred to above, we report that:

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

ii) In our opinion, proper books of account, as required by law, have been kept by the Company so far as appears from our examination of these books;

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

iv) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956;

v) On the basis of written representations received from the Directors as on 31st March, 2010 and taken on record by the Board of Directors and on the basis of examination and records of the Company, we report and certify that none of the Directors is disqualified as on 31st March, 2010 from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956;

vi) In our opinion and to the best of our information and according to the explanations given to us, the said Accounts together with the notes appearing thereon give the information aequired by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principals 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 the Cash Flow Statement, of the Cash Flows for the year ended on that date.

For P.P. BHANDARI AND CO. Chartered Accountants Registration No. 101174 W

Samir Gaglani

Mumbai, 29th May, 2010 Partner

Membership No. 117496