Auditor Report of Sunrise Industrial Traders Ltd.

Mar 31, 2015

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

Management's Responsibility for the Financial Statements

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

Auditor's Responsibility

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

We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) 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 financial controls relevant to the Company's preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Company's Directors, as well as evaluating the overall presentation of the financial statements, We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the 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 31st March, 2015

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

c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date. Report on Other Legal and Regulatory Requirements

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

2. As required by section 143(3) of the Act, we report that:

a. We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the 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 it appears from our examination of those books.

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

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

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(2) of the Act.

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

i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements,

ii. In our opinion and as per the information and explanations provided to us, the Company has not entered into any long-term contracts including derivative contracts, requiring provision under applicable laws or accounting standards, for material foreseeable losses, and

iii. As at the year end, there were no amounts that were required to be transferred, to the Investor Education and Protection Fund by the Company.

ANNEXURE TO THE INDEPENDENT AUDITORS'REPORT:

(Referred to in Paragraph 1 under section (Report on Other Legal and Regulatory Requirements, of our report of even date)

1.1. The company is maintaining proper records showing full particulars including quantitative details and situation of fixed assets.

1.2. All the fixed assets have been physically verified by the management at reasonable intervals and no material discrepancies were noticed on such verification.

2. The securities held as inventory have been verified from the statement of holding from the depository participants and by physical verification of the share certificates in case of inventory held in physical form, by the management during the year/at the year end. In our opinion, the frequency of verification is reasonable.

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

On the basis of our examination of the records of the Company relating to securities held as inventory, in our opinion, the Company is maintaining proper records of inventory. There are no material discrepancies noticed between the book records and the statement of holding provided by the depository participants, physically verified shares in physical form.

3. As informed to us, the company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained under section 189 of the Companies Act. Accordingly, the sub-clauses (a) and (b) are not applicable to the company.

4. In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the company and the nature of its business for the purchase/sale of shares and securities & fixed assets. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control system.

5. According to the information and explanations given to us, the Company has not accepted any deposits in terms of directives issued by Reserve Bank of India and the provisions of Sections 73 to 76 or any other relevant provisions of the Companies Act and the rules framed there under.

6. We have broadly reviewed the books of account maintained by the Company pursuant subsection (1) of Section 148 of the Companies Act, and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained.

7. The company is generally regular in depositing undisputed statutory dues including provident fund, employees state insurance, income tax, sales tax, wealth tax, service tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues with the appropriate authorities and we have been informed that there are no arrears of outstanding statutory dues as at the last day of the financial year under audit for a period of more than six months from the date they became payable.

7.2 Details of the particulars of dues of income-tax as at 31st March,2015 which have not been deposited on account of a disputes, are as follows:

7.3 There are no amounts payable in respect of investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and Rules made thereunder.

8. The Company has no accumulated losses at the end of the financial year under audit. The company has not incurred cash losses during the financial year covered by audit and in the immediately preceding financial year.

9. According to the information and explanations given to us, the Company has not defaulted in repayment of dues to a financial institution or bank.

10. According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions, the terms and conditions whereof are prejudicial to the interest of the Company.

11. According to the information and explanations given to us, no term loans were obtained during the year under audit.

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

For R.A. RAJANI & Co. Firm Registration No.: 114606W Chartered Accountants

(R. A. RAJANI) Proprietor. M.No. 48441 Mumbai. 29th May,2015.

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Mar 31, 2014

Report on the Financial Statements

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

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India including Accounting Standards referred to in Section 211(3C) of the Companies Act, 1956 ("the Act") read with the General Circular 15/2013 dated 13th September,2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act,2013. This responsibility includes the design, implementation and maintenance of internal 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.

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 misstatements.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity''s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

Opinion

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

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

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

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

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order") issued by the Central Government of India in terms of Section 227(4A) of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by Section 227(3) of the Act, we report that:

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

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

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

d) in our opinion, the Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement comply with the Accounting Standards referred to in section 211(3C) of the Act,1956 read with the General Circular 15/2013 dated 13th September,2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act,2013.

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

Referred to in Paragraph 1 under the heading of "report on other legal and regulatory requirements" of our report of even date

1. This being an Investment Specified Company, this report includes matters stipulated in the above-mentioned order as far as applicable to this company.

2. In respect of its fixed assets:

a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information.

b) As explained to us, all the fixed assets have been physically verified by the management in a phased periodical manner, which in our opinion is reasonable, having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such physical verification.

c) In our opinion, the Company has not disposed off a substantial part of its fixed assets during the year and the going concern status of the Company is not affected.

d) None of the Fixed Assets have been revalued by the company during the year.

3. In respect of the loans, secured or unsecured, granted or taken by the Company to / from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956:

a) The Company has not taken loans from companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956 and/or from the companies under the same management as defined under sub-section (1B) of Section 370 of the Companies Act, 1956.

b) The Company has not granted any loans secured or unsecured to companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956 and/or to the Companies under the same management as defined under sub-section (1B) of section 370 of the Companies Act, 1956.

4. The company has not granted any loans or advances in the nature of loans to any party.

5. In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business for the purchase and sale of shares and securities and fixed assets .

6. In respect of the contracts or arrangements referred to in Section 301 of the Companies Act, 1956:

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

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts / arrangements entered in the Register maintained under section 301 of the Companies Act, 1956 and exceeding the value of Rs. 5,00,000 in respect of each party during the year have been made at prices which appear reasonable as per information available with the Company.

7. According to the information and explanations given to us, the Company has not accepted any deposit from the public. Therefore, the provisions of Clause (vi) of paragraph 4 of the Order are not applicable to the Company.

8. The Company does not have any internal audit system.

9. We are informed that the provision of Provident Fund and Employees State Insurance Act are not applicable to the Company

10. In respect of statutory dues:

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, Customs Duty, Excise Duty, Cess, and other statutory dues have been generally regularly deposited with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at March 31, 2014 for a period of more than six months from the date of becoming payable.

b) The disputed statutory dues aggregating Rs.21,57,225/- that have not been deposited on account of disputed matters pending before appropriate authorities are as under:

Name of the Nature of Forum where dispute is Rs. Period to which it relates Statute Dues pending

Income Tax Commissioner 65,098/- Assessment Year 2007-08 (Appeals)- Mumbai

Income Tax Appellate 6,30,467/- Assessment Year 2009-10 The Income Tax Income Tax Tribunal Mumbai Act,1961

Income Tax Commissioner 9,55,320/- Assessment Year 2010-11 (Appeals)- Mumbai

Income Tax Commissioner 5,06,340/- Assessment Year 2011-12 (Appeals)- Mumbai

11. The Company does not have accumulated losses at the end of the financial year. The Company has not incurred cash losses during the financial year covered by the audit and in the immediately preceding financial year.

12. In our opinion and according to the explanations given to us and based on the information available, no loans and advances have been granted by the Company on the basis of security by way of pledge of shares, debentures and other securities.

13. In our opinion, the Company is not a chit fund / nidhi / mutual benefit fund / society. Therefore, the provisions of clause (xiii) of paragraph 4 of the Order are not applicable to the Company.

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

15. The Company has not given guarantees for loans taken by Others from banks and financial institutions.

16. The Company has not raised any monies by way of public issues during the year.

17. On the basis of our examination of books of accounts and according to the information and explanation given to us there are no personal expenses charged to the Revenue Account for the year, other than those covered by contracted obligations or those in accordance with accepted business practice.

18. In our opinion and according to the information and explanations given to us, no material fraud on or by the Company has been noticed or reported during the year.

For R.A. RAJANI & Co.

Firm Registration No.: 114606W

Chartered Accountants

(R. A. RAJANI)

Proprietor.

M. No. 48441

Mumbai. 29th May,2014.

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Mar 31, 2013

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

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India including Accounting Standards referred to in Section 211(3C) of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

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 misstatements.

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 aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

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

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

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

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order") issued by the Central Government of India in terms of Section 227(4A) of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by Section 227(3) of the Act, we report that:

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

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

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

d) in our opinion, the Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement comply with the Accounting Standards referred to in section 211(3C) of the Act;

e) On the basis of the written representations received from the directors as on March 31, 2013, 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 Section 274(1)(g) of the Act.

Annexure to Auditors'' Report

Referred to in Paragraph 1 under the heading of "report on other legal and regulatory requirements" of our report of even date

1. This being an Investment Specified Company, this report includes matters stipulated in the above. mentioned order as far as applicable to this company.

2. In respect of its fixed assets:

a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information.

b) As explained to us, all the fixed assets have been physically verified by the management in a phased periodical manner, which in our opinion is reasonable, having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such physical verification.

c) In our opinion, the Company has not disposed off a substantial part of its fixed assets during the year and the going concern status of the Company is not affected.

d) None of the Fixed Assets have been revalued by the company during the year.

3. In respect of the loans, secured or unsecured, granted or taken by the Company to / from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956:

a) The Company has not taken loans from companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956 and/or from the companies under the same management as defined under sub.section (1B) of Section 370 of the Companies Act, 1956.

b) The Company has not granted any loans secured or unsecured to companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956 and/or to the Companies under the same management as defined under sub.section (1B) of section 370 of the Companies Act, 1956.

4. The company has not granted any loans or advances in the nature of loans to any party.

5. In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business for the purchase and sale of shares and securities and fixed assets .

6. In respect of the contracts or arrangements referred to in Section 301 of the Companies Act, 1956:

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

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts / arrangements entered in the Register maintained under section 301 of the Companies Act, 1956 and exceeding the value of Rs. 5,00,000 in respect of each party during the year have been made at prices which appear reasonable as per information available with the Company.

7. According to the information and explanations given to us, the Company has not accepted any deposit from the public. Therefore, the provisions of Clause (vi) of paragraph 4 of the Order are not applicable to the Company.

8. The Company does not have any internal audit system.

9. We are informed that the provision of Provident Fund and Employees State Insurance Act are not applicable to the Company

10. In respect of statutory dues:

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, Customs Duty, Excise Duty, Cess, and other statutory dues have been generally regularly deposited with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at March 31, 2013 for a period of more than six months from the date of becoming payable.

11.The Company does not have accumulated losses at the end of the financial year. The Company has not incurred cash losses during the financial year covered by the audit and in the immediately preceding financial year.

12. In our opinion and according to the explanations given to us and based on the information available, no loans and advances have been granted by the Company on the basis of security by way of pledge of shares, debentures and other securities.

13. In our opinion, the Company is not a chit fund / nidhi / mutual benefit fund / society. Therefore, the provisions of clause (xiii) of paragraph 4 of the Order are not applicable to the Company.

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

15. The Company has not given guarantees for loans taken by Others from banks and financial institutions.

16. The Company has not raised any monies by way of public issues during the year.

17. On the basis of our examination of books of accounts and according to the information and explanation given to us there are no personal expenses charged to the Revenue Account for the year, other than those covered by contracted obligations or those in accordance with accepted business practice.

18. In our opinion and according to the information and explanations given to us, no material fraud on or by the Company has been noticed or reported during the year.

For R.A. RAJANI & Co.

Firm Registration No.: 114606W

Chartered Accountants

(R. A. RAJANI)

Proprietor

M.No. 48441

Mumbai. 30th May,2013.

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Mar 31, 2012

We have audited the attached Balance Sheet of Sunrise Industrial Traders Limited as at 31st March 2012 and the Profit & Loss Account for the year ended on 31st March 2012 annexed thereto & Cash Flow Statement for the year ended on that date, which we have signed under reference to this report. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with 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.

We report as follows:

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

2. In our opinion, proper books of account as required by law have been kept by the company so far as it appears from our examination of such books.

3. The Balance Sheet and Profit & Loss Account dealt with by this report are in agreement with the Books of Accounts.

4. In our opinion, the Balance Sheet and the Profit & Loss Account dealt with by the report are in compliance with the accounting standard referred to in section 211 (3C) of the Companies Act, 1956 and are in agreement with the books of account.

5. 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 are disqualified as on 31st March 2012 from being appointed as a Director in terms of clause (g) of Sub-section (1) of Section 274 of the Companies Act, 1956.

6. In our opinion and to the best of our information and according to the explanations given to us, the accounts read with the notes thereon give the information required by the Companies Act, 1956:

- In the case of the Balance Sheet of the state of affairs of the company as at 31st March 2012.

- In the case of the Profit & Loss Account of the profit of the company for the year ended on 31/3/2012.

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

As required by the Companies (Auditor's Reports) Order, 2003 issued by the Central Government of India in terms of sub - section (4A) of 227 of the Companies Act, 1956, we considered appropriate and according to the information and explanations given to us we report that:

1. This being an Investment Specified Company, this report includes matters stipulated in the above-mentioned order as far as they are applicable to this company.

2. The Company has maintained proper records showing full particulars, including quantitative details and situation of Fixed Assets. During the year the management has carried out physical verification of these assets and no discrepancy was noticed on such verification.

3. None of the Fixed Assets have been revalued by the company during the year.

4. The Company has not taken loans from companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956 and/or from the companies under the same management as defined under sub-section (1B) of Section 370 of the Companies Act, 1956.

5. The Company has not granted any loans secured or unsecured to companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956 and/or to the Companies under the same management as defined under sub-section (1B) of section 370 of the Companies Act, 1956.

6. The company has not granted any loans or advances in the nature of loans to any party.

7. In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchase and sale of shares and securities.

8. In our opinion and according to the information and explanation given to us the purchase of goods and materials and sale of goods, materials and services made in pursuance of contracts or arrangement entered in the register maintained u/s 301 of the Companies Act, 1956 and aggregating during the year to Rs.500000/- or more in the value, in respect of each party have been made at prices for such goods materials or services at which transactions for similar goods or services have been made with other parties.

9. The Company has not accepted any deposits from the public within the meaning of Section 58-A, 58-AA, or any other relevant provisions of the Companies Act, 1956 and the rules framed there under.

10. The Company does not have any internal audit system.

11. The Company has not so far established any Provident Fund scheme for its employees, as it is not applicable to them.

12. According to the records of the company there were no undisputed amounts payable in respect of income tax, wealth tax, service tax, sales tax, custom duty, excise duty outstanding as at 31st March 2012 for the period of more than 6 months from the date they become payable.

13. On the basis of our examination of books of accounts and according to the information and explanation given to us there are no personal expenses charged to the Revenue Account for the year, other than those covered by contracted obligations or those in accordance with accepted business practice.

14. The Company has not granted any loans and advances on the basis of securities by way of pledge of shares, debentures or other similar securities.

15. The Company has maintained proper records of transactions and contracts of investment/trading in shares, debentures and other investments and timely entries have been made therein. The shares and debentures acquired, by the Company are held by the Company in its own name.

16. In our opinion the provisions of paragraph 4(I) C, 4(II), 4(III), 4(X), 4(XI), 4(XIII), 4(XV), 4(XVI), 4(VII), 4(VIII), 4(XIX), 4(XX), 4(XXI) of the order are not applicable to the company for the year under report.

For: R. A. RAJANI & Co.

Firm Registration No.:114606W

Chartered Accountants

Place: MUMBAI (R. A. RAJANI)

Dated: 28-05-2012 Proprietor

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Mar 31, 2011

We have audited the attached Balance Sheet of Sunrise Industrial Traders Limited as at 31st March 2011 and the Profit & Loss Account for the year ended on 31st March 2011 annexed thereto & Cash Flow Statement for the year ended on that date, which we have signed under reference to this report. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with 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.

We report as follows:

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

2. In our opinion, proper books of account as required by law have been kept by the company so far as it appears from our examination of such books.

3. The Balance Sheet and Profit & Loss Account dealt with by this report are in agreement with the Books of Accounts.

4. In our opinion, the Balance Sheet and the Profit & Loss Account dealt with by the report are in compliance with the accounting standard referred to in section 211 (3C) of the Companies Act, 1956 and are in agreement with the books of account.

5. 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 are disqualified as on 31st March 2011 from being appointed as a Director in terms of clause (g) of Sub-section (1) of Section 274 of the Companies Act, 1956.

6. In our opinion and to the best of our information and according to the explanations given to us, the accounts read with the notes thereon give the information required by the Companies Act, 1956:

- In the case of the Balance Sheet of the state of affairs of the company as at 31st March 2011.

- In the case of the Profit & Loss Account of the profit of the company for the year ended on 31/3/2011.

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

As required by the Companies (Auditor's Reports) Order, 2003 issued by the Central Government of India in terms of sub - section (4A) of 227 of the Companies Act, 1956, we considered appropriate and according to the information and explanations given to us we report that:

1. This being an Investment Specified Company, this report includes matters stipulated in the above-mentioned order as far as they are applicable to this company.

2. The Company has maintained proper records showing full particulars, including quantitative details and situation of Fixed Assets. During the year the management has carried out physical verification of these assets and no discrepancy was noticed on such verification.

3. None of the Fixed Assets have been revalued by the company during the year.

4. The Company has not taken loans from companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956 and/or from the companies under the same management as defined under sub-section (1B) of Section 370 of the Companies Act, 1956.

5. The Company has not granted any loans secured or unsecured to companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956 and/or to the Companies under the same management as defined under sub-section (1B) of section 370 of the Companies Act, 1956.

6. The company has not granted any loans or advances in the nature of loans to any party.

7. In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchase and sale of shares and securities.

8. In our opinion and according to the information and explanation given to us the purchase of goods and materials and sale of goods, materials and services made in pursuance of contracts or arrangement entered in the register maintained u/s 301 of the Companies Act, 1956 and aggregating during the year to Rs.500000/- or more in the value, in respect of each party have been made at prices for such goods materials or services at which transactions for similar goods or services have been made with other parties.

9. The Company has not accepted any deposits from the public within the meaning of Section 58-A, 58-AA, or any other relevant provisions of the Companies Act, 1956 and the rules framed there under.

10. The Company does not have any internal audit system.

11. The Company has not so far established any Provident Fund scheme for its employees, as it is not applicable to them.

12. According to the records of the company there were no undisputed amounts payable in respect of income tax, wealth tax, service tax, sales tax, custom duty, excise duty outstanding as at 31st March 2011 for the period of more than 6 months from the date they become payable.

13. On the basis of our examination of books of accounts and according to the information and explanation given to us there are no personal expenses charged to the Revenue Account for the year, other than those covered by contracted obligations or those in accordance with accepted business practice.

14. The Company has not granted any loans and advances on the basis of securities by way of pledge of shares, debentures or other similar securities.

15. The Company has maintained proper records of transactions and contracts of investment/trading in shares, debentures and other investments and timely entries have been made therein. The shares and debentures acquired, by the Company are held by the Company in its own name.

16. In our opinion the provisions of paragraph 4(I) C, 4(II), 4(III), 4(X), 4(XI), 4(XIII), 4(XV), 4(XVI), 4(VII), 4(VIII), 4(XIX), 4(XX), 4(XXI) of the order are not applicable to the company for the year under report.

For: R. A. RAJANI & Co. Firm Registration No.:114606W Chartered Accountants

(R. A. RAJANI) Proprietor

Place: MUMBAI Dated: 28-05-2011

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Mar 31, 2010

We have audited the attached Balance Sheet of Sunrise Industrial Traders Limited as at 31st March 2010 and the Profit & Loss Account for the year ended on 31st March 2010 annexed thereto & Cash Flow Statement for the year ended on that date, which we have signed under reference to this report. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with 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.

We report as follows:

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

2. In our opinion, proper books of account as required by law have been kept by the company so far as it appears from our examination of such books.

3. The Balance Sheet and Profit & Loss Account dealt with by this report are in agreement with the Books of Accounts.

4. In our opinion, the Balance Sheet and the Profit & Loss Account dealt with by the report are in compliance with the accounting standard referred to in section 211 (3C) of the Companies Act, 1956 and are in agreement with the books of account.

5. On the basis of written representation received from the Directors as on 31st March 2010 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 a Director in terms of clause (g) of Sub-section (1) of Section 274 of the Companies Act, 1956.

6. In our opinion and to the best of our information and according to the explanations given to us, the accounts read with the notes thereon give the information required by the Companies Act, 1956:

- In the case of the Balance Sheet of the state of affairs of the company as at 31st March 2010.

- In the case of the Profit & Loss Account of the profit of the company for the year ended on 31/3/2010.

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

As required by the Companies (Auditors Reports) Order, 2003 issued by the Central Government of India in terms of sub - section (4A) of 227 of the Companies Act, 1956, we considered appropriate and according to the information and explanations given to us we report that:

1. This being an Investment Specified Company, this report includes matters stipulated in the above-mentioned order as far as they are applicable to this company.

2. The Company has maintained proper records showing full particulars, including quantitative details and situation of Fixed Assets. During the year the management has carried out physical verification of these assets and no discrepancy was noticed on such verification.

3. None of the Fixed Assets have been revalued by the company during the year.

4. The Company has not taken loans from companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956 and/or from the companies under the same management as defined under sub-section (IB) of Section 370 of the Companies Act, 1956.

5. The Company has not granted any loans secured or unsecured to companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956 and/or to the Companies under the same management as defined under sub-section (IB) of section 370 of the Companies Act, 1956.

6. The company has not granted any loans or advances in the nature of loans to any party.

7. In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchase and sale of shares and securities.

8. In our opinion and according to the information and explanation given to us the purchase of goods and materials and sale of goods, materials and services made in pursuance of contracts or arrangement entered in the register maintained u/s 301 of the Companies Act, 1956 and aggregating during the year to Rs.500000/- or more in the value, in respect of each party have been made at prices for such goods materials or services at which transactions for similar goods or services have been made with other parties.

9. The Company has not accepted any deposits from the public within the meaning of Section 58-A, 58-AA, or any other relevant provisions of the Companies Act, 1956 and the rules framed there under.

10. The Company does not have any internal audit system.

11. The Company has not so far established any Provident Fund scheme for its employees, as it is not applicable to them.

12. According to the records of the company there were no undisputed amounts payable in respect of income tax, wealth tax, service tax, sales tax, custom duty, excise duty outstanding as at 31st March 2010 for the period of more than 6 months from the date they become payable.

13. On the basis of our examination of books of accounts and according to the information and explanation given to us there are no personal expenses charged to the Revenue Account for the year, other than those covered by contracted obligations or those in accordance with accepted business practice.

14. The Company has not granted any loans and advances on the basis of securities by way of pledge of shares, debentures or other similar securities.

15. The Company has maintained proper records of transactions and contracts of investment/trading in shares, debentures and other investments and timely entries have been made therein. The shares and debentures acquired, by the Company are held by the Company in its own name.

16. In our opinion the provisions of paragraph 4(1) C, 4(11), 4(111), 4(X), 4(XI), 4(XI1I), 4(XV), 4(XVI), 4(VII), 4(VIII), 4(XIX), 4(XX), 4(XXI) of the order are not applicable to the company for the year under report.

For: R. A. RAJANI & Co.

Chartered Accountants

Place: MUMBAI (R A. RAJANI)

Dated: 27-05-2010 Proprietor