Auditor Report of Vallabh Poly-Plast International Ltd.

Mar 31, 2015

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

Management's Responsibility for the standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these standalone financial statements that give a true and fair view of 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 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 control, that were operating effectively for ensuring the accuracy and completeness of the accounting records relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone 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 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) 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 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 of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the company has in place an adequate internal financial control system over financial reporting and the operating effectiveness of such controls. 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 opinion on the standalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the afore said standalone 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, of the state of affairs of the Company as at 31st March, 2015 and its profit and its cash flows for the year ended on that date.

Emphasis of Matters

As stated in note No. 5, there are outstanding balances of advances to suppliers, debtors and custom deposit which are outstanding for a long time and if not realized, the profit would be reduced by Rs.12,89,942/-.

Our opinion is not qualified in respect of this matter.

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 sub-section (11) of section 143 of the Act, we give in the Annexure a statement on the matters specified in 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 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 accounts as required by law, have been kept by the Company so far as it appears from our examination of such 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 aforesaid standalone financial statements comply with the Accounting Standards specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;

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

f. the company has adequate internal financial control and in our opinion the same is operating effectively.

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

i. The Company has no pending litigation which has to be disclosed.

ii. The Company did not have any long term contracts including derivative contracts for which there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the investor education and protection fund by the company.

The Annexure referred to in our Independent Auditor's Report to the members of the Company on the standalone financial statements for the year ended 31 March 2015 in terms of the Companies (Auditor's Report) Order, 2015 ("the Order") issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we report that :

I. As the company does not own any fixed assets, clause (i) of Para 3 is not applicable.

II. As the company does not have any inventory, clause (ii) of Para 3 is not applicable.

III. The company has not granted any loan, secured or unsecured to any companies, firms or other parties covered in the register maintained u/s 189 of the Companies Act, 2013.

IV. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchase of inventory, fixed assets and also with regards to sale of goods/providing services.

V. In our opinion and according to the information and explanations given to us, the Company has not accepted any deposit within the meaning of Section 73 to 76 of the Companies Act, 2013, and the rules framed thereunder.

VI. As per the information and explanation given to us, the Central Government has not prescribed the maintenance of cost record u/s 148(1) of the Act.

VII. a) According to the information and explanations given to us, there were no undisputed statutory demands payable at the year end in respect of 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 outstanding for more than six months from the date they became payable.

b) According to the information and explanations given to us, and as per the books and records examined by us, there are no disputed statutory dues payables by the company.

c) As per the information and explanation given to us, there were no amounts which were required to be transferred to the investor education and protection fund by the company in accordance with the relevant provisions of the Companies Act, 1956 and Rules made thereunder.

VIII. The company has been registered for a period of not less than five years and its accumulated losses at the end of financial year 31.03.2015 are not less than 50% of its net worth and it has incurred cash losses during the financial year under audit and in the immediately preceding financial year.

IX. According to the information and explanations given to us, the company does not have any outstanding dues to financial institutions, bank or debenture holders.

X. According to the information and explanations given to us, the company has not given any guarantee for loan taken by others from Banks or Financial Institutions.

XI. The Company has not raised any term loan during the year.

XII. According to the information and explanations given to us, no material fraud on or by the company has been noticed or reported during the course of our audit.

For RAMESH CHATURVEDI & Co. Chartered Accountants Firm Regn. No.113621W

(Ramesh Chaturvedi) Proprietor M. No.044886 Place : Mumbai Date : 27th May, 2015

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Mar 31, 2014

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

Management is responsible for the preparation of these financial statements that give a true and fair view of 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 ("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.

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 reasonable basis for our 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 Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

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

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

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

1) As required by the Companies (Auditor''s Report) Order, 2003 ("the Order") issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we give in the Annexure a statement on the matters specified in paragraph 4 and 5 of the Order.

2) As required by section 227(3) of the Companies Act, 1956 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 accounts as required by law, have been kept by the Company so far as it appears from our examination of such books;

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

d. in our opinion, the Balance Sheet, Statement of Profit & Loss, and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956;

e. the advance to suppliers, debtors and custom deposits, as stated in note 5 are outstanding since very long and if not realized, the profit would be reduced by Rs. 12,89,942/-;

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

g. since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

ANNEXURE TO THE AUDITOR''S REPORT

As required by the Companies (Auditor''s Report) Order, 2003 issued by the Central Government of India in terms of section 227(4-A) of the Companies Act, 1956 and referred to in our Report of even date:

1. As the company does not own any fixed assets, clause (i) of Para 4 is not applicable.

2. As the company does not have any inventory, clause (ii) of Para 4 is not applicable.

3. The company has not granted or taken any loan, secured or unsecured to/from any companies, firms or other parties specified in the register maintained u/s 301 of the Companies Act. However, the company has taken a loan of Rs.24 lacs from one of its shareholders, terms and conditions of which are not prejudicial to the interest of the company.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchase of inventory, fixed assets and also with regards to sale of goods/providing services.

5. In our opinion and according to the information and explanations given to us, there are no 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 and exceeding the value of rupees five lacs in respect of any party during the year.

6. The Company has not accepted any deposits within the meaning of section 58-A and 58AA of the Companies Act, 1956 and rules framed there under, wherever applicable they have complied with it.

7. The company has an efficient internal audit system commensurate with its size and nature of its business.

8. We are informed that the Central Government has not prescribed the maintenance of cost record u/s 209(1)(d) of the Companies Act, 1956 for any of its products.

9. a) According to the information and explanations given to us, there were no undisputed statutory demands payable at the year end in respect of Income-tax, PF, ESIC, service-tax and/or any other undisputed statutory dues outstanding for more than six months from the date they became payable.

b) According to the information and explanations given to us, and as per the books and records examined by us, there are no disputed statutory dues payable by the company.

10. As on 31st March, 2014, the company had a accumulated loss of Rs. 3,97,84,455 (P.Y. 3,94,24,770), Share Capital of Rs. 4,19,59,000 and Capital Reserves of Rs. 2,18,809. Hence, we state that :

a) the accumulated losses at the end of the financial year are more than 50% of its net worth; and

b) the Company has made cash loss during the financial year under audit and has earned cash profit in the immediately preceding financial year.

11. As per the information and explanations given to us, during the year the company has not defaulted in repayment of any dues either to a financial institution or bank or debenture holders.

12. The company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. In our opinion and according to information and explanations given to us, the company is not a chit fund or a nidhi or mutual benefit fund/society. Accordingly, the provisions of clause 4(xiii) of the order are not applicable to the company.

14. According to information and explanations given to us, the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the order are not applicable to the company.

15. On the basis of records examined by us and information provided by the management, we are of the opinion that the company has not given guarantees for loans taken by others from banks or financial institutions and therefore, the provisions of clause (xv) are not applicable to the company.

16. According to the information and explanations given to us, the company has neither applied nor received any term loan during the year.

17. In our opinion and according to information and explanations given to us, and on an overall examination of the balance sheet of the company, we report that no funds raised on short term basis have been used for long term investment.

18. The company has not made any preferential allotment of shares during the year to parties and/or companies covered in the register maintained u/s 301 and/or to companies under the same management as defined u/s.370 (1-B) of the Act.

19. The company has not issued any debentures during the year. Therefore provisions of clause 4(xix) of the order are not applicable to the company.

20. The company has not raised any money from the public in recent years, hence the question of disclosure of end usage does not arise.

21. According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the year.

For RAMESH CHATURVEDI & Co. Chartered Accountants Firm Regn. No.113621W

(Ramesh Chaturvedi) Place : Mumbai Proprietor Date : 28th May, 2014 M. No. 044886

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Mar 31, 2011

We have audited the attached Balance Sheet of VALLABH POLY-PLAST INTERNATIONAL LTD. Mumbai as at 31 st March, 2011, the Profit & Loss Account and also the Cash Flow Statement of the company for the year ended on Jhat date annexed thereto. These financial statements are the responsibility of the company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

2. As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Government of India in terms of section 227(4-A) of the Companies Act, 1956, we annex hereto a statement on the matters specified in paragraph 4 and 5 of the said order.

3. Further to our comments stated in paragraph 1& 2, 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 accounts as required by law have been kept by the company so far as appears from our examination of the books.

(c) The Balance Sheet, Profit & Loss Account and Cash Flow Statement are in agreement with the books of accounts.

(d) In our opinion the Balance Sheet, Profit & Loss account and Cash Flow Statement dealt with byjtjjis report, comply with the mandatory accounting standards referred to in Section 211 (3C) of the Companies Act, 1956.

(e) The advance to suppliers, debtors and custom deposits, as stated in note B-5 and B-6 of schedule G are outstanding since very long and if not realized, the loss for the current year would have been more by Rs.14,84,459/-.

(f) On the basis of the written representation received from the Directors and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March, 2011 from being appointed as a Director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

(g) In our opinion and to the best of our information and according to the explanations given to>us< the said accounts together with the notes thereon give the information required by the Companies Act, 1956 in the mahnwvsas required and give a true and fair view in conformity with the accounting principles generally accepted in India :

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

ii. In the case of Profit & Loss Account of the loss for the year ended on that date.

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

ANNEXURE TO AUDITOR'S REPORT

1. As the Company does not own any fixed assets, clause (i) of Para 4 is not applicable.

2. As the Company does not have any inventory, clause (ii) of Para 4 is not applicable.

3. The company has not granted or taken any loan, secured or unsecured, to or from any company specified in the register maintained u/s.301 of the Companies Act.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchase of inventory, fixed Assets and also with regards to sale of goods/providing services.

5. a) In our opinion and according to the information and explanations given to us, the transaction that need to be entered in a register in pursuance of section 301 of the Companies Act, 1956 have been entered.

b) In our opinion and according to the information and explanations given to us, there are no transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of rupees five lacs in respect of any party during the year.

6. The company has not accepted any deposits within the meaning of section 58-A and 58AA of the Companies Act, 1956 and rules framed there under, wherever applicable they have complied with it.

7. In our opinion, the company does not have an internal audit system commensurate with the size and nature of its business.

8. We are informed that the Central Government has not prescribed the maintenance of cost record under Section 209 (1) (d) of the Companies Act, 1956 for any of its products.

9. a) According to the information and explanations given, there were no undisputed demands payable in respect of Income-tax, PF, ESIC, service-tax and other undisputed statutory dues outstanding for more than six months from the date they became payable at the year end.

b) According to the information and explanations given to us, and as per the books and records examined by us, there are no disputed statutory dues payable by the company.

10. As on 31st March 2011, the Company had a accumulated loss of Rs.3,94,84,733/-, Share Capital of Rs.4,19,59,000/- and Capital Reserves of Rs.2,18'809/-. Hence, we state that:

(a) the accumulated losses at the end of the financial year are more than 50% of its net worth; and

(b) the Company has made cash loss during the financial year under audit and cash profit in the financial year immediately preceding year covered under audit.

11. As per the information and explanations given to us, during the year the company has not defaulted in repayment of any dues either to a financial institution or bank or debenture holder.

12. There are no loans or advances given on the basis of security or by way of pledge of shares, debentures and other securities.

13. In our opinion and according to information and explanations given to us the company is not attracted by any provision of any special status applicable to chit fund or a nidhi/mutual benefit fund/society.

14. In our opinion and according to information and explanations given to us, the company is not dealing or trading in shares, securities, debentures and other investments.

15. According to the information and explanations given to us, the company has not given guarantees for loans taken by others from banks or financial institutions and therefore the provisions of clause (xv) are not applicable to the company.

16. According to the information and explanations given to us, the company has neither applied nor received any term loan during the year.

17. In our opinion and according to information and explanations given to us , and on an overall examination of the balance sheet of the company, we report that no fund raised on short term basis have been used for long term investment.

18. The company has not made preferential allotment of shares to parties and companies covered in the register maintained u/s.301 and/or to companies under the same management as defined u/s.370 (1-B) of the Act.

19. The company has not issued any debentures, hence the question of creating any securities does not arise.

20. The company has not made any public issue during the year, hence the disclosure of end usage does not arise.

21. In our opinion and according to information and explanations given to us, there was no fraud on or by the company noticed or reported during the year.

For RAMESH CHATURVEDI & CO. Chartered Accountants Firm Regn. No. 113621W

Place : Mumbai. (Ramesh Chaturvedi)

Date :30th May, 2011 Proprietor

M. No.044886

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Mar 31, 2010

We have audited the attached Balance Sheet of VALLABH POLY-PLAST INTERNATIONAL LTD. Mumbai as at 31st March, 2010, the Profit & Loss Account and also the Cash Flow Statement of the company for the year ended on that date annexed thereto. These financial statements are the responsibility of the companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

2. As required by the Companies (Auditors Report) Order, 2003 issued by the Central Government of India in terms of section 227(4-A) of the Companies Act, 1956, we annex hereto a statement on the matters specified in paragraph 4 and 5 of the said order.

3. Further to our comments stated in paragraph 1& 2, 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 accounts as required by law have been kept by the company so far as appears from our examination of the books.

(c) The Balance Sheet, Profit & Loss Account and Cash Flow Statement are in agreement with the books of accounts.

(d) In our opinion the Balance Sheet, Profit & Loss account and Cash Flow Statement dealt with by this report, comply with the mandatory accounting standards referred to in Section 211 (3C) of the Companies Act, 1956.

(e) The advance to suppliers, debtors and custom deposits, as stated in note B-4, B-5 and B-6 of schedule G are outstanding since very long and if not realized, the loss for the current year would have been more by Rs.16,03,735/-.

(f) On the basis of the written representation received from the Directors and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March, 2010 from being appointed as a Director in terms of clause . (g) of sub-section (1) of section 274 of the Companies Act, 1956.

(g) In our opinion and to the best of our information and according to the explanations given to us, the said accounts together with the notes thereon give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India :

i. In the case of the Balance Sheet, of the state of affairs of the company as at 31s" March, 2010, and

ii. In the case of Profit & Loss Account of the loss for the year ended on that date.

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

ANNEXURE TO AUDITORS REPORT

1. As the Company does not own any fixed assets, clause (i) of Para 4 is not applicable.

2. As the Company does not have any inventory, clause (ii) of Para 4 is not applicable.

3. The company has not granted or taken any loan, secured or unsecured, to or from any company specified in the register maintained u/s.301 of the Companies Act.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchase of inventory, fixed Assets and also with regards to sale of goods/providing services.

5. a) In our opinion and according to the information and explanations given to us, the transaction that need to be entered in a

register in pursuance of section 301 of the Companies Act, 1956 have been entered.

b) In our opinion and according to the information and explanations given to us, there are no transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of rupees five lacs in respect of any party during the year.

6. The company has not accepted any deposits within the meaning of section 58-A and 58AA of the Companies Act, 1956 and rules framed there under, wherever applicable they have complied with it.

7. In our opinion, the company does not have an internal audit system commensurate with the size and nature of its business.

8. We are informed that the Central Government has not prescribed the maintenance of cost record under Section 209 (1) (d) of the Companies Act, 1956 for any of its products.

9. a) According to the information and explanations given, there were no undisputed demands payable in respect of Income-tax,

PF, ESIC, service-tax and other undisputed statutory dues outstanding for more than six months from the date they became payable at the year end.

b) According to the information and explanations given to us, and as per the books and records examined by us, there are no disputed statutory dues payable by the company.

10. As on 31st March 2010, the Company had a accumulated loss of Rs.3,93,01,081/-, Share Capital of Rs.4,19,59,000/- and Capital Reserves of Rs.2,18,809/-. Hence, we state that:

(a) the accumulated losses at the end of the financial year are more than 50% of its net worth; and

(b) the Company has made cash loss during the financial year under audit and cash profit in the financial year immediately preceding year covered under audit.

11. As per the information and explanations given to us, during the year the company has not defaulted in repayment of any dues either to a financial institution or bank or debenture holder.

12. There are no loans or advances given on the basis of security or by way of pledge of shares, debentures and other securities.

13. In our opinion and according to information and explanations given to us the company is not attracted by any provision of any special status applicable to chit fund or a nidhi/mutual benefit fund/society.

14. In our opinion and according to information and explanations given to us, the company is not dealing or trading in shares, securities, debentures and other investments.

15. According to the information and explanations given to us, the company has not given guarantees for loans taken by others from banks or financial institutions and therefore the. provisions of clause (xv) are not applicable to the company.

16. According to the information and explanations given to us, the company has neither applied nor received any term loan during the year.

17. In our opinion and according to information and explanations given to us , and on an overall examination of the balance sheet of the company, we report that no fund raised on short term basis have been used for long term investment.

18. The company has not made preferential allotment of shares to parties and companies covered in the register maintained u/s.301 and/or to companies under the same management as defined u/s.370 (1-B) of the Act.

19. The company has not issued any debentures, hence the question of creating any securities does not arise.

20. The company has not made any public issue during the year, hence the disclosure of end usage does not arise.

21. In our opinion and according to information and explanations given to us, there was no fraud on or by the company noticed or reported during the year.

For RAMESH CHATURVEDI & CO.

Chartered Accountants

Place : Mumbai. (Ramesh Chaturvedi)

Date : 27,h May, 2010 Proprietor

M. No.044886