Auditor Report of Speedage Commercials Ltd.

Mar 31, 2014

1. We have audited the accompanying financial statements of Sptedstge C tun me re ia Is Limited ("the Company") which comprise the Balance Sheet as at 31st March, 201L the Statement of Profit and Loss and the Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory'' information, which we hive signed tinder reference to this report.

Managements Responsibility for the Financial Statements

2: The Company''s 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 Hows of the eompam in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 of India (the ''Vcf'') read with the General Circular 15/2013 dated !3th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013 and in accordance with the accounting principles generally accepted in India. 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

3.. 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 lire 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 misstatements.

4. An audit involves performing pwcedures 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 materia! misstatement of .the financial Statements, whether due to fraud or error. Tn 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 op''inio''ti on the effectiveness of the Company''s internal control. An audit also includes evaluating the appropriateness of accounting polices used and- the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of tile financial statements.

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

Opinion

6. In our opinion and to the best of our information and according to the explain at ions given to usr the accompanying financial statement give the information required by the Companies: Act. J 956 in the manner SO required and give a true and fair, view in. con form itv with the accounting principles generalt> accepted in India;

i. in the ease, of the Balance Sheet, of the stats of affairs of the Company as at 31st. March, 2014:

ii. in the ease of the Statement of Profit and Loss, of the profit for the year ended on that date; and

lii. In the case of the Cash Flow Statement, of the cash Hows of the Company for the year ended on that date.

Report on Other Legal and Regulatory Requirements

7. As required by die Companies (Auditor''s Report) Order. 2003 ("the Order") issued by the Central Government oftndia in terms of Section 227(4A) of the Companies Act. 1*356 and on the basis of such checks of the books and records of the company as. we considered appropriate and according to the information and explanation given to us, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the order.

|i 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 tor The purposes of our audit;

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

C) The Balance Sheet, the 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, the statement of Profit and Loss and Cash Flow statement comply with the Accounting Standards notified under the Act read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Aet: 2013.

e) On the basis of written representations received from the Directors as on 31st March. 2014 and taken on record by the Board of Directors, none of the directors is disqualified as on 31 st March, 2014 from being appointed as a Director in terms of Section 274(1) (g) of the Act.

ANNEXURE TO THE INDEPENDENT AUDITORS5 REPORT

On the basis Of each checks as we considered appropriate and in terms of information and explanations given to us we state that:

1. The Company has not granted I taken any loans secured or unsecured , to/from companies , firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.Therefore, the provisions of Clause (iii.a) to (iii;g) of paragraph 4 of the Order are not applicable and hence not commented upon.

2. There is an adequate internal control system commensurate with the size of the Company and the nature of !ts business for the income by way of Commission & purchase of investments.

3. in our opinion and according to the information and explanations given to us, there are no transactions that need to be entered into a register maintained under section 301 of the Act. In view of die above clause (v) (b) of para 4 of the order is not applicable.

4. The Company has not accepted any Deposits from the public during the year.

5. In our opinion, the Company lias an adequate Interna I audit system commemsurate with size and nature of its business.

6. a) According to the records of the Company, there were no undisputed amounts payable in respect of Income Tax* Sales Tax, Wealth fax. Custom Duty, Excise Duty and Service Tax which have remained outstanding as at the last day of financial year, tor a. period of more than six months from the date they became applicable other then Professional Tax amounting to Rs. NIL which hrtve remained outstanding as at the last day of financial year, for a period of more than six months from the date they become applicable

b) There is no disputed amounts payable in respect of income Tax. Sales Tax, Wealth Tax. Custom Duty, Excise Duly and Service Tax.

7; The Company does not have accumulated losses at die end of the financial year. The company has not incurred cash losses during the current financial year and in .die immediately preceding financial year.

S. In our opinion and according to the information and explanations given to us. the company docs not have any dues payable to the financial institutions or bank Or debenture holders,

9. The Company has not granted any loans and advances on the basis of security by way of pledge of shares.

10. ''Hie special Statute applicable to Unit Tund Nidhi or Mutual Benefit /society are not applicable to company.

11 In our opinion and according to the information and explanations given to us, the Company has not dealt in shares during the year. All investments al the close of the year are held in the name of the company.

12. In our opinion and according Lo the information and explanations given to us, company has pledged its own investments in shares towards loan Laken by others from bank, the terms and conditions of the pledged, are not prima facie, prejudicial to the interests of the company except that the said pledged are not covered by any security.

13. The company has riot obtained any term leap during the year.

14, On the basis of an overall examination of the Balance Sheet of the Company, in our opinion and according to the information and explanations given to us there are no funds raised on short-term basis which have been used for long-term investment.

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

16, During the course of our examination of the books and records of the company, and according to information and explanations provided by the management, no fraud on or by the company was noticed or reported during the year.

17. Clauses (i);(ii)h(viii) ,(xix) and (xx) of paragraph 4 of Companies (Auditors'' Report) Orderh20G3 are not applicable in the ease of company for the current year, since til our opinion here is no matter to he reported thereon.

For and of behalf of B.L. Dashrda & Associates Charted Accountants F.R. No: 112615W

Sushant Metha Partnes M.No: 112489

Place: Mumbai Dated: 30th May 2014

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Mar 31, 2012

We have audited the attached Balance Sheet of SPEEDAGE COMMERCIALS LIMITED, as at 31st March, 2012 and also the Profit and Loss account for the year ended on that date annexed thereto and the cash flow statement for the year ended on that date. 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.

1. 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.

2. As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956, (hereinafter referred to as the Act), we enclose in the Annexure a statement on the matters specified in paragraphs 4 & 5 of the said order, to the extent applicable.

3. Further to our comments in the Annexure referred to above, 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, Profit & Loss Account and cash flow statement, dealt with by this report are in agreement with the books of account;

d) In our opinion, the Balance Sheet, Profit 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;

e) On the basis of written representation received from the Directors, as on 31st March, 2012 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March 2012 from being appointed as a Director in terms of clause (g) of sub-section (1) of section 274 of Companies Act;

f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts, subject to notes thereon and schedules annexed hereto, give the information required, by the Companies Act, 1956 in the manner so required and give a true and fair view:

i) in the case of the Balance Sheet, of the State of affairs of the Company as at 31st March, 2012; and

ii) in the case of Profit and Loss Account, of the Profit of the Company for the year ended on that date.

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

ANNEXURE TO THE AUDITORS' REPORT

Referred to in paragraph 1 of our report of even date on the accounts for the year ended 31st March, 2012 of SPEEDAGE COMMERCIALS LIMITED.

On the basis of such checks as we considered appropriate and in terms of information and explanations given to us we state that:

1. a) The Company had taken interest free unsecured loans from one company listed in the register maintained under section 301 of the Companies Act, 1956. The maximum balance outstanding during the year was Rs. NIL/- and the year end outstanding is Rs. NIL/-.

b) The loans granted by the company are at call and no stipulations have been made regarding repayment of loans.

c) The terms and conditions of the loan are prima facie not prejudicial to the interest of the company.

d) The Company had granted interest free unsecured loans to one company and one director listed in the register maintained under section 301 of the Companies Act, 1956. The year end outstanding is Rs 1,50,000/- and the maximum amount of loan outstanding during the year was Rs. 1,50,000/-

e) In our opinion and according to the information and explanations given to us, the other terms and conditions on which loans have been granted to companies listed in the register maintained under section 301 of the Companies Act, 1956 are not prima facie, prejudicial to the interest of the companies.

2. There is an adequate internal control system commensurate with the size of the Company and the nature of its business for the income by way of Commission & purchase of investments.

3. In our opinion and according to the information and explanations given to us, there are no transactions that need to be entered into a register maintained under section 301 of the Act. In view of the above clause (v) (b) of para 4 of the order is not applicable.

4. The Company has not accepted any Deposits from the public during the year.

5. In our opinion, the Company has an adequate internal audit system commensurate with size and nature of its business.

6. a) According to the records of the Company, there were no undisputed amounts payable in respect of Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty and Service Tax which have remained outstanding as at the last day of financial year, for a period of more than six months from the date they became applicable other then Professional Tax amounting to Rs. 14,300/- which have remained outstanding as at the last day of financial year, for a period of more than six months from the date they. become applicable.

b) There is no disputed amounts payable in respect of Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty and Service Tax.

7. The Company does not have accumulated losses at the end of the financial year. The company has not incurred cash loss during the current financial year but has incurred cash loss in the immediately preceding financial year.

8. In our opinion and according to the information and explanations given to us, the company does not have any dues payable to the financial institutions or bank or debenture holders.

9. The Company has not granted any loans and advances on the basis of security by way of pledge of shares.

10. The special Statute applicable to Unit Fund Nidhi or Mutual Benefit /society are not applicable to company.

11. In our opinion and according to the information and explanations given to us, the Company has not dealt in shares during the year. All investments at the close of the year are held in the name of the company.

12. In our opinion and according to the information and explanations given to us, company has pledged its own investments in shares towards loan taken by others from bank, the terms and conditions of the pledged, are not prima facie, prejudicial to the interests of the company except that the said pledged are not covered by any security.

13. The company has not obtained any term loan during the year.

14. On the basis of an overall examination of the Balance Sheet of the Company, in our opinion and according to the information and explanations given to us there are no funds raised on short-term basis which have been used for long-term investment.

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

16. During the course of our examination of the books and records of the company, and according to information and explanations provided by the management, no fraud on or by the company was noticed or reported during the year.

17. Clauses (i), (ii), (viii), (xix) and (xx) of paragraph 4 of Companies (Auditors' Report) Order,2003 are not applicable in the case of company for the current year, since in our opinion there is no matter to be reported thereon.

FOR AND ON BEHALF OF B. L DASHARDA & ASSOCIATES CHARTERED ACCOUNTANTS FRN NO. 112615W

SUSHANT MEHTA PARTNER M. NO. 112489

Place : MUMBAI Dated : 25TH JULY, 2012

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Mar 31, 2011

We have audited the attached Balance Sheet of SPEEDAGE COMMERCIALS LIMITED, as at 31st March, 2011 and also the Profit and Loss account for the year ended on that date annexed thereto and the cash flow statement for the year ended on that date. 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.

1. 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.

2. As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956, (hereinafter referred to as the Act), we enclose in the Annexure a statement on the matters specified in paragraphs 4 & 5 of the said Order, to the extent applicable.

3. Further to our comments in the Annexure referred to above, 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, Profit & Loss Account and cash flow statement, dealt with by this report are in agreement with the books of account;

d) In our opinion, the Balance Sheet , Profit 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;

e) On the basis of written representation received from the Directors, as on 31st March, 2011 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March 2011 from being appointed as a Director in terms of clause (g) of sub-section (1) of section 274 of Companies Act;

f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts, subject to notes thereon and schedules annexed hereto, give the information required, by the Companies Act, 1956 in the manner so required and give a true and fair view:

i) in the case of the Balance Sheet, of the State of affairs of the Company as at 31st March, 2011; and

ii) in the case of Profit and Loss Account, of the Profit of the Company for the year ended on that date.

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

ANNEXURE TO THE AUDITORS' REPORT

Referred to in paragraph 1 of our report of even date on the accounts for the year ended 31st March, 2011 of SPEEDAGE COMMERCIALS LIMITED.

On the basis of such checks as we considered appropriate and in terms of information and explanations given to us we state that:

1. a) The Company had taken interest free unsecured loans from one company listed in the register maintained under section 301 of the Companies Act,1956. The maximum balance outstanding during the year was Rs. 4,50,000/- and the year end outstanding is Rs. NIL.

b) The loans granted by the company are at call and no stipulations have been made regarding repayment of loans.

c) The terms and conditions of the loan are prima facie not prejudicial to the interest of the company.

d) The Company had granted interest free unsecured loans to one company and one director listed in the register maintained under section 301 of the Companies Act,1956. The year end outstanding is Rs NIL/- and the maximum amount of loan outstanding during the year was Rs.24,99,430/-

e) In our opinion and according to the information and explanations given to us. the other terms and conditions on which loans have been granted to companies listed in the register maintained under section 301 of the Companies Act, 1956 are not prima facie, prejudicial to the interest of the companies.

2. There is an adequate internal control system commensurate with the size of the Company and the nature of its business for the income by way of Commission & purchase of investments.

3. In our opinion and according to the information and explanations given to us, there are no transactions that need to be entered into a register maintained under section 301 of the Act. In view of the above clause (v) (b) of para 4 of the order is not applicable.

4. The Company has not accepted any Deposits from the public during the year.

5. In our opinion, the Company has an adequate Internal audit system commemsurate with size and nature of its business.

6. a) According to the records of the Company, there were no undisputed amounts payable in respect of Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty and Service Tax which have remained outstanding as at the last day of financial year, for a period of more than six months from the date they became applicable other then Professional Tax amounting to Rs.14,300/- which have remained outstanding as at the last day of financial year, for a period of more than six months from the date they become applicable

b) There is no disputed amounts payable in respect of Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty and Service Tax.

7. The Company does not have accumulated losses at the end of the financial year but has incurred cash losses during the current year.

8. In our opinion and according to the information and explanations given to us, the company does not have any dues payable to the financial institutions or bank or debenture holders.

9. The Company has not granted any loans and advances on the basis of security by way of pledge of shares.

10. The special Statute applicable to Unit Fund Nidhi or Mutual Benefit /society are not applicable to company.

11. In our opinion and according to the information and explanations given to us, the Company has not dealt in shares during the year. All investments at the close of the year are held in the name of the company.

12. In our opinion and according to the information and explanations given to us, company has pledged its own investments in shares towards loan taken by others from bank, the terms and conditions of the pledged, are not prima facie, prejudicial to the interests of the company except that the said pledged are not covered by any security.

13. The company has not obtained any term loan during the year.

14. On the basis of an overall examination of the Balance Sheet of the Company, in our opinion and according to the information and explanations given to us there are no funds raised on short-term basis which have been used for long-term investment.

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

16. During the course of our examination of the books and records of the company, and according to information and explanations provided by the management, no fraud on or by the company was noticed or reported during the year.

17. Clauses (i),(ii),(viii) ,(xix) and (xx) of paragraph 4 of Companies (Auditors' Report) Order,2003 are not applicable in the case of company for the current year, since in our opinion there is no matter to be reported thereon.

FOR AND ON BEHALF OF B. L DASHARDA & ASSOCIATES CHARTERED ACCOUNTANTS FRNN0. 112615W

SUSHANT MEHTA PARTNER M.NO. 112489

Place : MUMBAI Dated : 25TH MAY, 2011

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Mar 31, 2010

We have audited the attached Balance Sheet of SPEEDAGE COMMERCIALS LIMITED, as at 31st March, 2010 and also the Profit and Loss account for the year ended on that date annexed thereto and the cash flow statement for the year ended on that date. 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.

1. 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.

2. As required by the Companies (Auditors Report) Order, 2003 issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956, (hereinafter referred to as the Act), we enclose in the Annexure a statement on the matters specified in paragraphs 4 & 5 of the said Order, to the extent applicable.

3. Further to our comments in the Annexure referred to above, 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, Profit & Loss Account and cash flow statement, dealt with by this report are in agreement with the books of account;

d} In our opinion, the Balance Sheet , Profit 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;

e) On the basis of written representation received from the Directors, as on 31s1 March, 2010 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March 2010 from being appointed as a Director in terms of clause (g) of sub-section (1) of section 274 of Companies Act;

f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts, subject to notes thereon and schedules annexed hereto, give the information required, by the Companies Act, 1956 in the manner so required and give a true and fair view:

i) in the case of the Balance Sheet, of the State of affairs of the Company as at 31st March,2010; and

ii) in the case of Profit and Loss Account, of the Profit of the Company for the year ended on that date.

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

ANNEXURE TO THE AUDITORS REPORT Referred to in paragraph 1 of our report of even date on the accounts for the year ended 31st March, 2010 of SPEEDAGE COMMERCIALS LIMITED.

On the basis of such checks as we considered appropriate and in terms of information and explanations given to us we state that:

1. a) The Company has taken interest free unsecured loans from two companies listed in the register maintained under section 301 of the Companies Act,1956. The maximum balance outstanding during the year is Rs. 12,50,000/- and the year end outstanding is Rs. 4,50,000/-.

b) The loans granted by the company are at call and no stipulations have been made regarding repayment of loans.

c) The terms and conditions of the loan are prima facie not prejudicial to the interest of the company.

d) The Company has granted an unsecured loans to one company and one director listed in the register maintained under section 301 of the Companies Act,1956. The year end outstanding and the maximum amount of loan outstanding during the year was Rs.24,99.430/-

e) In our opinion and according to the information and explanations given to us, the other terms and conditions on which loans have been granted to companies listed in the register maintained under section 301 of the Companies Act,1956 are not prima facie, prejudicial to the interest of the companies.

2. There is an adequate internal control system commensurate with the size of the Company and the nature of its business for the income by way of Commission & purchase of investments.

3. In our opinion and according to the information and explanations given to us, there are no transactions that need to be entered into a register maintained under section 301 of the Act. In view of the above clause (v) (b) of para 4 of the order is not applicable.

4. The Company has not accepted any Deposits from the public during the year.

5. In our opinion, the Company has an adequate Internal audit system commemsurate with size and nature of its business.

6. a) According to the records of the Company, there were no undisputed amounts payable in respect of Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty and Service Tax which have remained outstanding as at the last day of financial year, for a period of more than six months from the date they became applicable other then Professional Tax amounting to Rs.11,800/- which have remained outstanding as at the last day of financial year, for a period of more than six months from the date they become applicable

b) There is no disputed amounts payable in respect of Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty and Service Tax,

7. The Company has no accumulated losses at the end of the financial year.

8. In our opinion and according to the information and explanations given to us, the company does not have any dues payable to the financial institutions or bank or debenture holders.

9. The Company has not granted any loans and advances on the basis of security by way of pledge of shares.

10. The special Statute applicable to Unit Fund Nidhi or Mutual Benefit /society are not applicable to company.

11. In our opinion and according to the information and explanations given to us, the Company has not dealt in shares during the year. All investments at the close of the year are held in the name of the company.

12. In our opinion and according to the information and explanations given to us, company has pledged its own investments in shares towards loan taken by others from bank, the terms and conditions of the pledged, are not prima facie, prejudicial to the interests of the company except that the said pledged are not covered by any security.

13. The company has not obtained any term loan during the year.

14. On the basis of an overall examination of the Balance Sheet of the Company, in our opinion and according to the information and explanations given to us there are no funds raised on short-term basis which have been used for long-term investment.

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

16. During the course of our examination of the books and records of the company, and according to information and explanations provided by the management, no fraud on or by the company was noticed or reported during the year.

17. Clauses (i),(ii),(viii) ,(xix) and (xx) of paragraph 4 of Companies (Auditors Report) Order,2003 are not applicable in the case of company for the current year, since in our opinion there is no matter to be reported thereon.

FOR AND ON BEHALF OF B. L. DASHARDA,& ASSOCIATES CHARTERED ACCOUNTANTS

Place : MUMBAI

Dated :31st MAY, 2010. B . L. DASHARDA, PARTNER

M.NO. 13708. FRN NO. 112615W