Auditor Report of Sunrise Asian Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of Sunrise Asian Limited which comprise the Balance Sheet as at March 31, 2014, and the Statement of Profit and Loss and Cash Flows for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company's Board of Directors are responsible for the matters stated in Section 134(5) of 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 includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding 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; design, implementation and maintenance of adequate internal financial controls, that are 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.

Auditors' 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.

We conducted our audit in accordance with the Standards on Auditing specified under Section 43(10) of the Act. 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 inorder 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.

Qualified Opinion

In our opinion and to the best of our information and according to the explanations given to us, except for the effects of the matters described in the basis of Qualified Opinion paragraph, 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;

b) in the case of the Statement of Profit and Loss, of the loss for the period ended on that date; and c) in the case of Cash Flow Statement, of the cash flows for the period ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2015,("the order") issued by the central Government of India in terms of subsection (11) of 143 of the Act, we give in the Annexure a statement on the matters specified in the paragraph 3 and 4 of the order, to the extent applicable.

2. 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 Balance Sheet, 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, the Statement of Profit & Loss and the CashFlow Statement comply with the Accounting Standards referred to in Section 211(3C) of the Act read with the General Circular 15/2013 dated September 13, 2013 issued by the Ministry of Corporate Affairs; and

e) On the basis of written representations received from the directors as on March 31, 2015, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2015, from being appointed as a director in terms of section 164 of the Companies Act, 2013.

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

(b) As explained to us, all the fixed assets have been physically verified by the management during the period and no material discrepancies were noticed on such physical verification.

(c) During the year, the Company has not disposed off any fixed assets.

(a) (a) As explained to us, inventories have been physically verified during the year by the management at reasonable intervals.

(b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

(c) In our opinion and on the basis of our examination of the records, the Company is generally maintaining proper records of its inventories. No material discrepancy was noticed on physical verification of stocks by the management as compared to book records.

(iii) (a) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not granted loan to any party listed in the register maintained under Section 189 of the Companies Act, 2013. Thus sub clause (b), (c) and (d) of the order are not applicable to the Company.

(e) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not taken loans from any party listed in the register maintained under Section 189 of the Companies Act, 2013. Thus sub Clause (f) and (g) of the order are not applicable to the company.

(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 nature of its business with regard to purchases of fixed assets and for the sale of services. In our opinion and according to the information and explanations given to us, there is no continuing failure to correct major weaknesses in internal control.

(v) (a) In our opinion and according to the information and explanations given to us, the particulars of contracts and arrangements referred to in section 189 of the Companies Act, 2013 have been entered in the register required to be maintained under that section.

(vi) During the year, the Company has not accepted any deposits. As such, the compliance with directives issued by the Reserve Bank of India and the provisions of section 73 and 78 the Act and the rules framed there under are not applicable.

(vii) As per information and explanations given by the management, the Company has an internal audit system commensurate with its size and the nature of its business.

(viii) As per information and explanation given by the management, maintenance of cost records has not been prescribed by the Central Government under sub-section (1) of section 148 of the Companies the Act, 2013.

(ix) (a) According to the records of the company, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees' State Insurance, Income- tax, Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, cess to the extent applicable and any other statutory dues have generally been regularly deposited with the appropriate authorities. According to the information and explanations given to us there were no outstanding statutory dues as on 31st of March, 2015 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 is no amounts payable in respect of income tax, wealth tax, service tax, sales tax, customs duty and excise duty which have not been deposited on account of any disputes.

(x) The Company does not have any accumulated losses at the end of the financial year. The Company has not incurred cash losses during the financial year covered by our audit, though it has incurred cash losses in the immediately preceding financial year.

(xi) Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that, the Company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

(xii) According to the information and explanations given 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.

(xiii) In our opinion, the Company is not a chit fund, nidhi or 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.

(xiv) The Company has kept adequate records of transactions and contracts in respect of dealing or trading in shares, securities, debentures and other investment made by company and timely entries have been made therein. The Company's investments are held in its own name.

(xv) According to the information and explanations given to us, the Company has not given any corporate guarantee for loan taken by others from bank or financial institution.

(xvi) Based on the information and explanations given to us and on an overall examination of the Balance Sheet of the Company as at 31st March, 2015, we report that the company has not raised any term loan during the year.

(xvii) Based on the information and explanations given to us and on an overall examination of the Balance Sheet of the Company as at 31st March, 2015, we report that no funds raised on short-term basis have been used for long-term investment by the Company.

(xviii) Based on the audit procedures performed and the information and explanations given to us by the management, we report that the Company has not made any preferential allotment of shares during the year to the parties covered under section 189 of the Act.

(xix) The Company did not have any outstanding debentures during the year.

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

(xxi) Based on the audit procedures performed and the information and explanations given to us, we report that no fraud on or by the Company has been noticed or reported during the year, nor have we been informed of such case by the management.

For Vikash Jindal & Associates

Firm Regn. No. : 129922W

Chartered Accountants

(Vikash Jindal)

Proprietor

Membership No. : 408934 Place: Mumbai

Date: 30-05-2015

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Mar 31, 2014

We have audited the accompanying financial statements of Sunrise Asian Limited which comprise the Balance Sheet as at March 31, 2014, and the Statement of Profit and Loss and Cash Flows for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

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 flows of the Company in accordance with the Accounting Standards referred to in Section 211(3C) of the Companies Act, 1956 (''the Act'') read with the General Circular 15/2013 dated September 13, 2013 issued by the Ministry of Corporate Affairs. The responsibility includes the design, implementation and maintenance of internal controls relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatements, whether due to fraud or error.

Auditors'' 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 inorder 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. This report includes a statement on the matter specified in paragraph 4 of the Companies (Auditors Report) Order, 2003 issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956; 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 dealt with by this Report are in agreement with the books of account;

d) In our opinion, the Balance Sheet, the Statement of Profit & Loss and the Cash Flow Statement comply with the Accounting Standards referred to in Section 211 (3C) of the Act read with the General Circular 15/2013 dated September 13, 2013 issued by the Ministry of Corporate Affairs; and

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 appointedas a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

SUNRISE ASIAN LIMITED ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT

(Referred to in Paragraph (1) of our Report of even date)

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

(b) As explained to us, all the fixed assets have been physically verified by the management during the period and no material discrepancies were noticed on such physical verification.

(c) During the year, the Company has not disposed off any fixed assets.

(ii) (a) As explained to us, inventories have been physically verified during the year by the management at reasonable intervals.

(b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

(c) In our opinion and on the basis of our examination of the records, the Company is generally maintaining proper records of its inventories. No material discrepancy was noticed on physical verification of stocks by the management as compared to book records.

(iii) (a) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not granted loan to any party listed in the register maintained under Section 301 of the Companies Act, 1956. Thus sub clause (b), (c) and (d) are not applicable to the Company.

(e) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not taken loans from any party listed in the register maintained under Section 301 of the Companies Act, 1956. Thus sub Clause (f) and (g) are not applicable to the company.

(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 nature of its business with regard to purchases of fixed assets and for the sale of services. In our opinion and according to the information and explanations given to us, there is no continuing failure to correct major weaknesses in internal control.

(v) (a) In our opinion and according to the information and explanations given to us, the particulars of contracts and arrangements referred to in section 301 of the Companies Act, 1956 have been entered in the register required to be maintained under that section.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered into the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of Rs. 500,000/- in respect of any party during the year, have been made at prices/rates which are reasonable having regard to the prevailed market prices at the relevant time.

(vi) As per information and explanations given by the management, The Company has not accepted any deposits from the public covered under section 58A and 58AA of the Companies Act, 1956.

(vii) As per information and explanations given by the management, the Company has an internal audit system commensurate with its size and the nature of its business.

(viii) As per information and explanation given by the management, maintenance of cost records has not been prescribed by the Central Government under clause

(d) of sub-section (1) of section 209 of the Companies the Act, 1956.

(ix) (a) According to the records of the company, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, cess to the extent applicable and any other statutory dues have generally been regularly deposited with the appropriate authorities. According to the information and explanations given to us there were no outstanding statutory dues as on 31st of March, 2014 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 is no amounts payable in respect of income tax, wealth tax, service tax, sales tax, customs duty and excise duty which have not been deposited on account of any disputes.

(x) The Company does not have any accumulated losses at the end of the financial year. The Company has not incurred cash losses during the financial year covered by our audit, though it has incurred cash losses in the immediately preceding financial year.

(xi) Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that, the Company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

(xii) According to the information and explanations given 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.

(xiii) In our opinion, the Company is not a chit fund, nidhi or 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.

(xiv) The Company has kept adequate records of transactions and contracts in respect of dealing or trading in shares, securities, debentures and other investment made by company and timely entries have been made therein. The Company''s investments are held in its own name.

(xv) According to the information and explanations given to us, the Company has not given any corporate guarantee for loan taken by others from bank or financial institution.

(xvi) Based on the information and explanations given to us and on an overall examination of the Balance Sheet of the Company as at 31st March, 2014, we report that the company has not raised any term loan during the year.

(xvii) Based on the information and explanations given to us and on an overall examination of the Balance Sheet of the Company as at 31st March, 2014, we report that no funds raised on short-term basis have been used for long-term investment by the Company.

(xviii) Based on the audit procedures performed and the information and explanations given to us by the management, we report that the Company has not made any preferential allotment of shares during the year to the parties covered under section 301 of the Act.

(xix) The Company did not have any outstanding debentures during the year.

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

(xxi) Based on the audit procedures performed and the information and explanations given to us, we report that no fraud on or by the Company has been noticed or reported during the year, nor have we been informed of such case by the management.

For Vikash Jindal & Associates Firm Regn. No. : 129922W Chartered Accountants

(Vikash Jindal) Place: Mumbai Proprietor Date: 30-05-2014 Membership No. : 408934

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Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of Sunrise Asian Limited which comprise the Balance Sheet as at March 31,2013, and the Statement of Profit and Loss and Cash Flows for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility forthe Financial Statements

Management is responsible forthe 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 relevantto the preparation and presentation of the financial statements that give a true and fair view and are free from material mis statement, whether due to fraud or error.

Auditors'' 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 ofthe Balance Sheet, ofthe state of affairs of the Company as at March 31,2013;

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

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

Report on Other Legal and Regulatory Requirements

1. This report includes a statement on the matter specified in paragraph 4 of the Companies (Auditors Report) Order, 2003 issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956; we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 ofthe 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 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 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.

ANNEXURE TO THE AUDITORS'' REPORT (Referred to in Paragraph (1) of our Report of even date)

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

(b) As explained to us, all the fixed assets have been physically verified by the management during the period and no material discrepancies were noticed on such physical verification.

(c) During the year, the Company has not disposed off any fixed assets.

(ii) (a) As explained to us, inventories have been physically verified during the year by the management at reasonable intervals.

(b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

(c) In our opinion and on the basis of our examination of the records, the Company is generally maintaining proper records of its inventories. No material discrepancy was noticed on physical verification of stocks by the management as compared to book records.

(iii) (a) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not granted loan to any party listed in the register maintained under Section 301 of the Companies Act, 1956. Thus sub clause (b), (c) and (d) are not applicable to the Company.

(e) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not taken loans from any party listed in the register maintained under Section 301 of the Companies Act, 1956. Thus sub Clause (f) and (g) are not applicable to the company.

(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 nature of its business with regard to purchases of fixed assets and for the sale of services. In our opinion and according to the information and explanations given to us, there is no continuing failure to correct major weaknesses in internal control.

(v) (a) In our opinion and according to the information and explanations given to us, the particulars of contracts and arrangements referred to in section 301 of the Companies Act, 1956 have been entered in the register required to be maintained underthat section.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered into the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of Rs. 500,000/- in respect of any party during the year, have been made at prices/rates which are reasonable having regard to the prevailed market prices at the relevant time.

(vi) As per information and explanations given by the management, The Company has not accepted any deposits from the public covered under section 58A and 58AA of the Companies Act, 1956.

(vii) As per information and explanations given by the management, the Company has an internal audit system commensurate with its size and the nature of its business.

(viii) As per information and explanation given by the management, maintenance of cost records has not been prescribed by the Central Government under clause (d) of sub- section (1) of section 209 of the Companies the Act, 1956.

(ix) (a) According to the records of the company, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, cess to the extent applicable and any other statutory dues have generally been regularly deposited with the appropriate authorities. According to the information and explanations given to us there were no outstanding statutory dues as on 31 st of March, 2013 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 is no amounts payable in respect of income tax, wealth tax, service tax, sales tax, customs duty and excise duty which have not been deposited on account of any disputes.

(x) The Company does not have any accumulated losses at the end of the financial year. The

Company has not incurred cash losses during the financial year covered by our audit, though it has incurred cash losses in the immediately preceding financial year.

(xi) Based on our audit procedures and on the information and explanations given by the

management, we are of the opinion that, the Company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

(xii) According to the information and explanations given to us, the Company has not granted loans and advances on the basis of security byway of pledge of shares, debentures and other securities.

(xiii) In our opinion, the Company is not a chit fund, nidhi or 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.

(xiv) The Company has kept adequate records of transactions and contracts in respect of dealing or trading in shares, securities, debentures and other investment made by company and timely entries have been made therein. The Company''s investments are held in its own name.

(xv) According to the information and explanations given to us, the Company has not given any corporate guarantee for loan taken by others from bank or financial institution.

(xvi) Based on the information and explanations given to us and on an overall examination of the Balance Sheet of the Company as at 31st March, 2013, we report that the company has not raised any term loan during the year.

(xvii) Based on the information and explanations given to us and on an overall examination of the Balance Sheet of the Company as at 31 st March, 2013, we report that no funds raised on short-term basis have been used for long-term investment by the Company.

(xviii) Based on the audit procedures performed and the information and explanations given to us by the management, we report that the Company has not made any preferential allotment of shares during the year to the parties covered under section 301 of the Act.

(xix) The Company did not have any outstanding debentures during the year.

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

(xxi) Based on the audit procedures performed and the information and explanations given to us, we report that no fraud on or by the Company has been noticed or reported during the year, nor have we been informed of such case by the management.

For Vikash Jindal & Associates

Firm Regn. No.: 129922W

Chartered Accountants

(Vikash Jindal)

Place : Mumbai

Date : 31-05-2013 Membership No. To8934

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Mar 31, 2012

1. We have audited the attached Balance Sheet of SUNRISE ASIAN LIMITED as at 31st March, 2012 and also the Profit & Loss Account and the Cash Flow Statement of the Company for the year ended on that date annexed thereto. These financial statements are the responsibilities 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.

1. As required, by the Companies (Auditor''s Report) Order, 2003 issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956, We enclose in the annexure, a statement on the matters prescribed in paragraphs 4 and 5 of the said order to the extent applicable.

2. Further to our comments in the Annexure referred to in paragraph (2) above, we report that:

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

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

iii) The said Balance sheet and Profit & Loss Account dealt by this report are in agreement with the books of account.

iv) In our opinion, the Balance Sheet and Profit & Loss Account dealt with by this report comply with the accounting Standards referred to in sub-section (3C) of Section 211 of the Company Act, 1956; Except AS-15 on "Accounting of Retirement Benefit to Employees" which is on cash basis.

v) On the basis of the written representations received from the directors, as on 31st March, 2012, and taken on record by the Board of Directors, We report that none of the directors is disqualified as on 31st March, 2012 from being appointed as a director in terms of clause (g) of Sub-section (I) 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 with and subject to notes thereon, gives the information required by the Companies Act, 1956 in the manner so required and give a true and fair view:

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

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

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

i The Company has not any fixed assets. Therefore sub-clause (b) and (c) to clause 4(i) are not applicable to company.

ii. (a) The stock in trade has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

(b) In our opinion and according to the information given to us, the procedure of physical verification of inventories followed by the management is reasonable and adequate in relation to the size of the company and the nature of its business.

(c) According to the information and explanations given to us the company is maintaining proper records of inventory and discrepancies found in physical verification have been properly dealt with in the accounts.

iii. (a) The Company has not granted loan to any party listed in the register to be maintained under section 301 of the Companies Act, 1956. Therefore sub- clause (b), (c) and (d) to clause 4(iii) are not applicable to the Company.

(e) The Company has not taken loan from any party listed in the register to be maintained under section 301 of the Companies Act, 1956. Therefore sub- clause (f) and (g) to clause 4(iii) are not applicable to the Company.

iv. In our opinion and according to the explanations given to us, there is an adequate internal control system commensurate with the size of the company and the nature of its business with regard to purchases of inventory, fixed assets and sale of goods and services. During the course of the audit we have not observed any continuing failure to correct major weaknesses in internal control.

v. In our opinion and according to the information and explanations given to us, the transactions of purchase of inventory in pursuance of contracts of arrangements entered in the register maintained under Section 301 of the Act, and aggregating during the year to Rs.5,00,000 or more in respect of each party have been made at the prevailing market prices at the relevant time.

vi. As informed to us the company has not accepted any deposits from the public to which section 58A, 58AA or any other relevant provisions of the Companies Act, 1956 and the rules framed there under apply.

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

viii. As informed to us, the Central Government has not prescribed the maintenance of the cost records under section 209(1)(d) of the Companies Act, 1956.

ix. According to the records of the company and the information and explanations given to us, undisputed statutory dues including provident fund, investor education and protections fund, employees state insurance, income tax, sales tax, wealth tax, service tax, custom duty, excise duty cess and other material statutory dues applicable to it, have been regularly deposited with the appropriate authorities. As explained to us, no undisputed amounts payable were outstanding for more than six months at the end of the accounting year from the date they become payable.

x. The Accumulated Losses at the end of the financial year are amounting to Rs.443.41 Lakh, which is more than 100% of the Net worth. The company has incurred cash losses of Rs.0.52 Lakh for the period under reference but company has no cash losses in the year immediately proceeding the financial year.

xi. Based on our audit procedures and according to the information and explanations given to us, during the year, there are no dues from the bank or Financial Institution.

xii. As informed to us, the company has not granted any loans and advances on the basis of security by way of pledge on any shares, debentures and other securities. Therefore, the provisions of clause 4(xii) of the companies (Auditor''s Report) Order 2003 are not applicable to the Company.

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 Companies (Auditor''s Report) Order 2003 are not applicable to the Company.

xiv. As informed to us the Company is not dealing or trading in shares, securities, debentures and other investments, Therefore, the provisions of clause 4(xiv) of the Company''s (Auditor''s Report) Order 2003 are not applicable to the company.

xv. As informed to us, the Company has not given any guarantee for any loans taken by other from bank or financial institutions. Therefore, the provisions of clause 4(xv) of the Companies (Auditor''s Report) Order 2003 are not applicable to the Company.

xvi. On the basis of information and explanations given to us, the company has not obtained and / or applied any term loan during the year.

xvii. On the basis of information and explanations given to us and on an overall examination of the Balance Sheet and the Cash Flow Statement of the Company, we report that no funds raised on short term basis have been used during the year for long term investment.

xviii. The Company has not made any preferential allotment of shares during the year under review.

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

xx. During the year under review, The Company has not raised any money by way of public issues. Hence the question of verification of end use of money raised in public issue as per the provision of clause 4(xx) of the companies (Auditor''s Report) Order 2003 does not arise.

xxi. On the basis of our examinations and according to the information and explanations given to us, no fraud/s on or by the Company has been noticed or reported during the course of the audit.

For Vikash Jindal & Associates

Chartered Accountants

Place : Mumbai (Vikash Jindal)

Dated: 31.05.2012 Proprietor

FR No. 129922W

---

Mar 31, 2011

1. We have audited the attached Balance Sheet of SUNRISE ASIAN LIMITED as at 31st March, 2011 and also the Profit & Loss Account and the Cash Flow Statement of the Company for the year ended on that date annexed thereto. These financial statements are the responsibilities 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.

1. As required, by the Companies (Auditor's Report) Order, 2003 issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956, We enclose in the annexure, a statement on the matters prescribed in paragraphs 4 and 5 of the said order to the extent applicable.

2. Further to our comments in the Annexure referred to in paragraph (2) above, we report that:

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

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

iii) The said Balance sheet and Profit & Loss Account dealt by this report are in agreement with the books of account.

iv) In our opinion, the Balance Sheet and Profit & Loss Account dealt with by this report comply with the accounting Standards referred to in sub-section (3C) of Section 211 of the Company Act, 1956; Except AS-15 on "Accounting of Retirement Benefit to Employees" which is on cash basis.

v) On the basis of the written representations 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 (I) 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 with and subject to notes thereon, gives the information required by the Companies Act, 1956 in the manner so required and give a true and fair view:

a) In the case of Balance Sheet of the state of affairs of the Company as at 31st March, 2011 and;

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

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

SUNRISE ASIAN LIMITED ANNEXURE TO THE AUDITORS' REPORT (Referred to in Paragraph (1) of our Report of even date)

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

(b) According to the information and explanation given to us, the fixed assets have been physically verified by the management at reasonable intervals and no material discrepancies were noticed on such verification.

(c) According to the information and explanation given to us, the Company has disposed off a substantial part of its fixed assets during the year and the going concern status of the Company is not affected.

ii. (a) The stock in trade has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

(b) In our opinion and according to the information given to us, the procedure of physical verification of inventories followed by the management is reasonable and adequate in relation to the size of the company and the nature of its business.

(c) According to the information and explanations given to us the company is maintaining proper records of inventory and discrepancies found in physical verification have been properly dealt with in the accounts.

iii. (a) The Company has not granted loan to any party listed in the register to be maintained under section 301 of the Companies Act, 1956. Therefore sub- clause (b), (c) and (d) to clause 4(iii) are not applicable to the Company.

(e) The Company has not taken loan from any party listed in the register to be maintained under section 301 of the Companies Act, 1956. Therefore sub- clause (f) and (g) to clause 4(iii) are not applicable to the Company.

iv. In our opinion and according to the explanations given to us, there is an adequate internal control system commensurate with the size of the company and the nature of its business with regard to purchases of inventory, fixed assets and sale of goods and services. During the course of the audit we have not observed any continuing failure to correct major weaknesses in internal control.

v. In our opinion and according to the information and explanations given to us, the transactions of purchase of inventory in pursuance of contracts of arrangements entered in the register maintained under Section 301 of the Act, and aggregating during the year to Rs.5,00,000 or more in respect of each party have been made at the prevailing market prices at the relevant time.

vi. As informed to us the company has not accepted any deposits from the public to which section 58A, 58AA or any other relevant provisions of the Companies Act, 1956 and the rules framed there under apply.

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

viii. As informed to us, the Central Government has not prescribed the maintenance of the cost records under section 209(1)(d) of the Companies Act, 1956.

ix. According to the records of the company and the information and explanations given to us, undisputed statutory dues including provident fund, investor education and protections fund, employees state insurance, income tax, sales tax, wealth tax, service tax, custom duty, excise duty cess and other material statutory dues applicable to it, have been regularly deposited with the appropriate authorities. As explained to us, no undisputed amounts payable were outstanding for more than six months at the end of the accounting year from the date they become payable.

x. The Accumulated Losses at the end of the financial year are amounting to Rs.623.57 Lacs, which is more than 100% of the Net worth. The company has not incurred any cash losses for the period under reference but company has cash losses in the year immediately proceeding the financial year.

xi. Based on our audit procedures and according to the information and explanations given to us, during the year, there are no dues from the bank or Financial Institution.

xii. As informed to us, the company has not granted any loans and advances on the basis of security by way of pledge on any shares, debentures and other securities. Therefore, the provisions of clause 4(xii) of the companies (Auditor's Report) Order 2003 are not applicable to the Company.

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 Companies (Auditor's Report) Order 2003 are not applicable to the Company.

xiv. As informed to us the Company is not dealing or trading in shares, securities, debentures and other investments, Therefore, the provisions of clause 4(xiv) of the Company's (Auditor's Report) Order 2003 are not applicable to the company.

xv. As informed to us, the Company has not given any guarantee for any loans taken by other from bank or financial institutions. Therefore, the provisions of clause 4(xv) of the Companies (Auditor's Report) Order 2003 are not applicable to the Company.

xvi. On the basis of information and explanations given to us, the company has not obtained and / or applied any term loan during the year.

xvii. On the basis of information and explanations given to us and on an overall examination of the Balance Sheet and the Cash Flow Statement of the Company, we report that no funds raised on short term basis have been used during the year for long term investment.

xviii. The Company has not made any preferential allotment of shares during the year under review.

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

xx. During the year under review, The Company has not raised any money by way of public issues. Hence the question of verification of end use of money raised in public issue as per the provision of clause 4(xx) of the companies (Auditor's Report) Order 2003 does not arise.

xxi. On the basis of our examinations and according to the information and explanations given to us, no fraud/s on or by the Company has been noticed or reported during the course of the audit.

For Vikash Jindal & Associates Chartered Accountants

Sd/-

Place : Mumbai (Vikash Jindal)

Dated: 31.05.2011 Proprietor

FR No. 129922W

---

Mar 31, 2010

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

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. This does not include a statement on matters specified in paragraph 4 of 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, since in our opinion and according to the information and explanation given to us, the said order is not applicable to the company as referred in clause l(2)(iv) of the said order.

4. Further to our comments in the Annexure referred to (1) above, we report that:

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

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

iii) The said Balance sheet and Profit & Loss Account dealt by this report are in agreement with the books of account

iv) In our opinion, the Profit & Loss Account and the Balance Sheet comply with the Accounting Standards referred to in Section 211 (3C) of the Companies Act, 1956.

v) On the basis of written representation received from directors and taken on record by the Board of Directors, we report that none of the directors are disqualified as on 31st March, 2010 from being appointed as directors in terms of Section 274(1 )(g) 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 Accounts, read together with the notes thereon, give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view:

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 Profit and Loss account of the Loss for the year ended on that date.

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



ANNEXURE TO THE AUDITORS REPORT



(Referred to in Paragraph (1) 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) The fixed assets were physically verified by the management. No material discrepancies were noticed on such verification.

(c) During the year, the Company has not disposed off any fixed assets.

(2) (a) The management of the Company has conducted physical verification of the inventory at reasonable intervals.

(b) The procedures of physical verification of the inventory were reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) The Company is maintaining proper records of the inventory and no material discrepancies on its physical verification were noticed.

(3) (a) The Company has not granted unsecured loan to parties covered in the register maintained u/s. 301 of the Companies Act, 1956.

(b) The Company has not taken any unsecured loans from parties listed in the register maintained under section 301 of the Companies Act, 1956.

(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 nature of its business with regard to purchases of fixed assets. In our opinion and according to the information and explanations given to us, there is no continuing failure to correct major weaknesses in internal controls.

(5) In our opinion and according to the information and explanations given to us, the transactions of purchase of inventory in pursuance of contracts of arrangements entered in the register maintained under Section 301 of the Act, and aggregating during the year to Rs.5,00,000 or more in respect of each party have been made at the prevailing market prices at the relevant time.

(6) The Company has not accepted deposits from the public and hence the directives issued by the Reserve Bank of India and the provisions of Section 58A, 58AA or any other relevant provision of the Companies Act, 1956 and rules framed there under are not applicable.

(7) In our opinion, the Company has an in house internal audit system commensurate with the size and nature of its business.

(8) We have been informed that Central Government has not prescribed maintenance of cost records under section 209 (l)(d) of the Companies Act, 1956.

(9) According to the records of the Company, undisputed liabilities towards income tax, wealth tax, service tax, excise duty, sales tax, Cess and other statutory dues have been regularly deposited with appropriate authorities. There were no undisputed statutory dues which was outstanding as at 31st March, 2010 for a period of more than six months from the date they became payable.

(10) The Accumulated Losses at the end of the financial year are amounting to Rs.628.88 Lacs, which is more than 100% of the Net worth. The company has incurred cash losses for the period under reference and also in the year immediately proceeding the financial year.

(11) During the year, there are no dues from the bank or Financial Institution.

(12) According to the information and explanations given to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other investments. Therefore, the provisions of clause 4(xii) of the companies (Auditors Report) Order 2003 are not applicable to the Company.

(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 (Auditors Report) Order 2003 are not applicable to the Company.

(14) The Company is maintaining timely proper records of the transaction and contracts for purchases or sales of shares, securities, debentures and other investment, and the same is held by the company in its own name.

(15) As informed to us, the Company has not given any guarantee for any loans taken by other from bank or financial institutions. Therefore, the provisions of clause 4(xv) of the Companies (Auditors Report) Order 2003 are not applicable to the Company.

(16) On the basis of information and explanations given to us, the company has not obtained and / or applied any term loan during the year.

(17) On the basis of information and explanations given to us and on an overall examination of the Balance Sheet and the Cash Flow Statement of the Company, we report that no funds raised on short term basis have been used during the year for long term investment.

(18) The Company has not made any preferential allotment of shares during the year under review.

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

(20) During the year under review, The Company has not raised any money by way of Public issues. Hence the question of verification of end use of money raised in public issue as per the provision of clause 4(xx) of the companies (Auditors Report) Order 2003 does not arise.

(21) On the basis of our examinations and according to the information and explanations given to us, no fraud/s on or by the Company has been noticed or reported during the course of the audit.

Place: Mumbai

Dated: 31.05.2010

For Vikash Jindal & Associates

Chartered Accountants

(Vikash, Jindal)

Proprietor

FR No. 129922W

---

Mar 31, 2007

1. We have audited the attached Balance Sheet of SUNRISE ASIAN LIMITED as at 31st March, 2007 and also the Profit & Loss Account and the Cash Flow Statement of the Company for the year ended on that date annexed thereto. These financial statements are the responsibilities of the Companys Management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. This does not include a statement on matters specified in paragraph 4 of 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, since in our opinion and according to the information and explanation given to us, the said order is not applicable to the company as referred in clause l(2)(iv) of the said order.

4. Further to our comments in the Annexure referred to (1) above, we report that:

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

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

iii) The said Balance sheet and Profit & Loss Account dealt by this report are in agreement with the books of account.

iv) In our opinion, the Profit & Loss Account and the Balance Sheet comply with the Accounting Standards referred to in Section 21 1 (3C) of the Companies Act. 1956.

v) On the basis of written representation received from directors and taken on record by the Board of Directors, we report that none of the directors are disqualified as on 31st March, 2007 from being appointed as directors in terms of Section 274(1 )(g) of the Companies Act, 1956. No Company Secretary was appointed under section 383 A 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 Accounts, read together with the 4 notes thereon, give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view.

a) In the case of Balance Sheet of the state of affairs of the Company as at 31st March, 2007 and;

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

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

ANNEXURE TO THE AUDITORS REPORT (Referred to in Paragraph (I) of our Report of even date)

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

(b) The fixed assets were physically verified by the management. No material: discrepancies were noticed on such verification.

(c) During the year, the Company has not dispose Jeff any fixed assets.

(2) (a) The management of the Company has conducted physical verification of the inventory at reasonable intervals.

(b) The procedures of physical verification of the inventory were reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) The Company is maintaining proper records of the inventory and no material discrepancies on its physical verification were noticed.

(3) (a) The Company has not granted unsecured loan to parties covered in the register maintained u/s. 301 of the Companies Act. 1956.

(b) The Company has not taken any unsecured loans from parties listed in the register maintained under section 301 of the Companies Act, 1956.

(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 nature of its business with regard to purchases of fixed assets. In our opinion and according to the information and explanations given to us, there is no continuing failure to correct major weaknesses in internal controls.

(5) In our opinion and according to the information and explanations given to us, the transactions of purchase of inventory in pursuance of contracts of arrangements entered in the register maintained under Section 301 of the Act, and aggregating during the year to Rs.5.00.000 or more in respect of each party have been made at the prevailing market prices at the relevant time.

(6) The Company has not accepted deposits from the public and hence the directives issued by the Reserve Bank of India and the provisions of Section 58A, 58AA or any other relevant provision of the Companies Act. 1956 and rules framed there under are not applicable.

(7) In our opinion, the Compain has an in house internal audit system commensurate with the size and nature of its business. _

(8) We have been informed thai Central Government has not prescribed maintenance of cost records under section 209 (l)(d) of the Companies Act, 1956.

(9) (a) According to the records of the Company, undisputed liabilities towards income tax, wealth tax, service tax, excise duty, sales tax. Cess and other statutory dues have generally been regularly deposited with appropriate authorities. There were no undisputed statutory dues which was outstanding as at 31st March, 2007 for a period of more than six months from the date they became payable.

(b) As on 31st March 2006, according to the records of the company, the company have not deposited disputed income tax demand of amount of Rs. 83.09 Lacs, Appeal for which is pending with Income Tax Appellate Tribunal, for the Financial Year 1995-96.

(10) The Accumulated Losses at the end of the financial year are amounting to Rs.633.51 Lacs, which is more than 100% of the Net worth. The company has incurred cash losses for the period under reference and also in the year immediately proceeding the financial year.

(11) During the year, the company has defaulted in repayment of dues to the Financial Institution Gujrat State Financial Corporation.

(12) According to the information and explanations given to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other investments. Therefore, the provisions of clause 4(xii) of the companies (Auditors Report) Order 2003 are not applicable to the Company.

(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 (Auditors Report) Order 2003 are not applicable to the Company.

(14) The Company is maintaining timely proper records of the transaction and contracts for purchases or sales of shares, securities, debentures and other investment, and the same is held by the company in its own name.

(15) As informed to us, the Company has not given any guarantee for any loans taken by other from bank or financial institutions. Therefore, the provisions of clause 4(xv) of the Companies (Auditors Report) Order 2003 are not applicable to the Company.

(16) On the basis of information and explanations given to us, the company has not obtained and / or applied any term loan during the year.

(17) On the basis of information and explanations given to us and on an overall examination of the Balance Sheet and the Cash Flow Statement of the Company, we report that no funds raised on short term basis have been used during the year for long term investment.

(18) The Company has not made any preferential allotment of shares during the year under review.

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

(20) During the year under review, The Company has not raised any money by way of Public issues. Hence the question of verification of end use of money raised in public issue as per the provision of clause 4(xx) of the companies (Auditors Report) Order 2003 does not arise.

(21)On the basis of our examinations and according to the information and explanations given to us, no fraud/s on or by the Company has been noticed or reported during the course of the audit.

For VMRS & CO.

Chartered Accountants

Manoj More

Partner

Place: Mumbai

Dated: 30-06-2007