Auditor Report of WW Technology Holdings Ltd.

Mar 31, 2014

We have audited the accompanying financial statements of W W Technology Holdings Ltd, 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''s Responsiblilty 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 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.

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 ofthe Company as at March 31,2014;

b) In the case ofthe Profit and Loss Account, of the loss for the 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 Requirments

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

2. As required by section 227(3) ofthe 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 and proper returns adequate for the purposes of our audit have been received from branches not visited by us;

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 and with the returns received from branches not visited by us;

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

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 ofthe directors is disqualified as on March 31,2014, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 ofthe Companies Act, 1956.

f) 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 "A" TO THE AUDITORS'' REPORT

(Referred to in Paragraph of the Auditors'' Report of even date to the members of W W Technology Holdings Ltd. On the financial statements for the year ended 31st March 2014)

1. The company do not have any fixed assets. Hence this clause is not applicable.

2. The company has no owns stock during the year as it is a service company. Hence this clause is not applicable.

3. (a) According to the information and explanations given to us, the Company has taken loan from Directors section 301 of the Companies Act, 1956 and the year end balances were Rs. 21000/-.

(b) As informed, the rate of interest and other terms and conditions of the unsecured loans mentioned in (a) above, were not prima facie prejudicial to the interest of the Company.

(c) The company has not given any loan to the parties listed in the register maintained in pursuance of section 301 of the Companies Act 1956.Hence relavant paras are not applicable .

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, for the purchase of inventory and fixed assets and for the sale of goods & services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in the internal controls.

5. As explained to us, in case of transactions exceeding the value of Rs 5 Lakhs in the financial year in respect of any party (a) the transaction need to be entered into a register in pursuance of Section 301 of the companies act,1956 have been so entered. (b) During the year there is no such transaction.

6. The Company has not accepted any deposits from the public within the meaning of Section 58A and 58AA of the Act and as such the requirement of compliance thereof is not applicable to the Company.

7. In our opinion, the internal audit system has been found to be generally commensurate with the size and nature of the business of the Company.

8. According to the information and explanations given to us, the Central Government has not prescribed for the maintenance of cost records under clause (d) of sub-section (1) of Section 209 ofthe Companies Act, 1956 in respect ofthe product ofthe Company.

9. a. According to the information and explanations given to us, the Company has been generally regular in depositing the undisputed statutory dues including provident fund, investor education and protection fund, employees'' state insurance, income tax, sales tax, wealth tax, service tax, excise duty, cess and other material statutory dues with the appropriate authorities. As far as available from the records verified by us and according to the information and explanations given to us, there were no arrears of dues outstanding for a period of more than six months as at 31st March 2014 from the date they became payable.

b. According to the information and explanations given to us, there is disputed statutory liabilities at the end of year in respect of Income tax of Rs 274052/- for which matter is pending before CIT(Appeals).

10. The Company has accumulated losses Rs. 6791524/-. The company has not incurred cash loss in the financial year under report as well as in immediately preceding financial year.

11. The Company has not taken any loan from bank/institution. Hence relevant clause is not applicable.

12. As informed, the Company has not granted any loans and advances on the basis of any security by way of pledge of shares, debentures and other securities.

13. According to the information and explanations given to us, the Company is not a chit fund or a nidhi/mutual benefit fund/society.

14. According to the information and explanations given to us, the Company is not engaged in dealing or trading in shares, securities, debentures and other investments.

15. In our opinion and according to the information and explanations given to us, the Company has not given guarantees for loans taken by others from banks.

16. The Company has not taken any term loan during the year.

17. The company has not taken any short term /long term loan. Hence relevant clause is not applicable.

18. According to the information and explanations given to us, the Company has not made any preferential allotment of shares to parties and companies.

19. According to the information and explanations given to us, no debentures has been issued during the year by the Company.

20. According to the information and explanations given to us, the Company has raised any money during the year by public issue.

21. During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices and according to the information and explanations given to us, we have neither come across any fraud on or by the Company nor have we have been informed of any such case by the Management.

For SHANKARLAL JAIN & ASSOCIATES Chartered Accountants Firm Reg. No.109901 W

Place: Mumbai S. L. AGRAWAL Dated: 15/05/2014 (PARTNER) Membership No. 72184

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Mar 31, 2012

We have audited the attached Balance Sheet of WW Technology Holdings Ltd; as at - 31st March, 2012 and also the Profit and Loss Account and Cash Flow Statement for the year ended on that 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.

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.

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

Further to our comments in the Annexure referred to above, we report that:

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

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

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

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

v) On the basis of written representations received from the directors, as on 31st March, 2012, and taken on record by the Board of Directors, we report that . none of the directors is disqualified as on 31st March 2012 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

vi) In our opinion and to the best if our information and according to the explanation given to us, the said accounts read together with other notes thereon given in Note '1 ' gives the information required by the Companies Act, 1956, m the matter so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

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

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

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

4.NNKXuRE "A.'..TO. TIIE.AUDITORS' REPORT

(Referred to in Paragraph 3 of the Auditors' Report of even date to the members of Technology Holdings Limited On the financial statements for the year ended 31st March 2012)

1. The company do not have any fixed assets. Hence this clause is not applicable.

2. The company has no owns stock during the year as it is a service company.

Hence this clause is not applicable. ,

3. (a) According to the information and explanations given to us, the Company has taken loan from Directors section 301 of the Companies Act, 1956 and the year end balances were Rs. 21000/-.

(b) As informed, the rate of interest and other terms and conditions of the unsecured loans mentioned in (a) above, were not prima facie prejudicial to the interest of the Company.

(c) The company has not given any loan to the parties listed in the register maintained in pursuance of section 301 of the Companies Act 1956.Hence relaxant pares are not applicable .

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, for the purchase of inventory and fixed assets and for the sale of goods & services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in the internal controls.

5. As explained to us, in case of transactions exceeding the value of Rs 5 Lakhs in the financial year in respect of any party (a) the transaction need to be entered into a register in pursuance of Section 301 of the companies act, 1956 have been so entered, (b) in our opinion these transaction have been made at the prices which are reasonable having regards to prevailing market price at relevant price.

6. The Company has not accepted any deposits from the public within the meaning of Section 58A and 58AA of the Act and as such the requirement of compliance thereof is not applicable to the Company.

7. In our opinion, the internal audit system has been found to be generally commensurate with the size and nature of the business of the Company.

8. According to the information and explanations given to us, the Central Government has not prescribed for the maintenance of cost records under clause (d) of sub-section (1) of Section 209 of the Companies Act, 1956 in respect of the product of the Company.

9. a. According to the information and explanations given to us, the Company has been generally regular in depositing the undisputed statutory dues including provident fund, investor education and protection fund, employees' state insurance, income tax, sales tax, wealth tax, service tax, excise duty, cess and other material statutory dues with the appropriate authorities. As far as available from the records verified by us and according to the information and explanations given to us, there were no arrears of dues outstanding for a period of more than six months as at 31st March 2012 from the date they became payable.

b. According to the information and explanations given to us, there is disputed statutory liabilities at the end of year in respect of Income tax of Rs 274052/- for which matter is pending before CIT(Appeals).

10. The Company has accumulated losses Rs. 6702335/--. The company has not incurred cash loss in the financial year under report as well as in immediately preceding financial year.

11. The Company has not taken any loan from bank/institution .Hence . relevant clause is not applicable.

12. As informed, the Company has not granted any loans and advances on the basis of any security by way of pledge of shares, debentures and other securities.

13. According to the information and explanations given to us, the Company is not a chit fund or a nidhi/mutual benefit fund/society.

14. According to the information and explanations given to us, the Company is not engaged in dealing or trading in shares, securities, debentures and other investments.

15. In our opinion and according to the information and explanations given to us, the Company has not given guarantees for loans taken by others from banks.

16. The Company has not taken any term loan during the year.

17. The company has not taken any short term /long term loan. Hence relevant clause is not applicable.

18. According to the information and explanations given to us, the Company has not made any preferential allotment of shares to parties and companies.

19. According to the information and explanations given to us, no debentures has been issued during the year by the Company.

20. According to the information and explanations given to us, the Company has raised any money during the year by public issue.

21. During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices and according to the information and explanations given to us, we have neither come across any fraud on or by the Company nor have we have been informed of any such case by the Management.

For SHANKARLAL JAIN & ASSOCIATES

CHARTERED ACCOUNTANTS FRN -109901W

Place: Mumbai

Date: May 21, 2012

Sd/-

S L AGARWAL

PARTNER M. NO. 72184

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Mar 31, 2010

We have audited the attached Balance Sheet of WW Technology Holdings Ltd., as at 31st March, 2010 and also the Profit and Loss Account and Cash Flow Statement 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.

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.

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

Further to our comments in the Annexure referred to above, we report that:

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

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

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

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

v) On the basis of written representations received from the directors, as on 31st March, 2009, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31sl March 2010 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

vi) In our opinion and to the best if our information and according to the explanation given to us, the said accounts subject to note No.3 regarding non-provision for doubtful Advances of Rs. 10,00,000/-, note No 9 regarding non provision for fall in investment Rs. 1653286/- and read together with other notes thereon given in schedule 7 gives the information required by the Companies Act, 1956, in the matter so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

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

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

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

ANNEXURE "A" TO THE AUDITORSREPORT

(Referred to in Paragraph 3 of the Auditors Report of even date to the members of WW Technology Holdings Ltd. On the financial statements for the year ended 31st March 2010)

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

(b) As explained to us, the Company has a system of physical verification of its fixed assets by the management during the year. Discrepancies in respect of the assets physically verified, as informed, are not material.

(c) During the year, the Company has disposed off all Assets.

2. The company has no owns stock during the year as it is a service company. Hence this clause is not applicable.

3. (a) According to the information and explanations given to us, the Company has taken loan

from companies and Directors section 301 of the Companies Act, 1956 and the year end balances were Rs. 85.92 lacs.

(b) As informed, the rate of interest and other terms and conditions of the unsecured loans mentioned in (a) above, were not prima facie prejudicial to the interest of the Company.

(c) The company has not given any loan to the parties listed in the register maintained in pursuance of section 301 of the Companies Act 1956.Hence relavant paras are not applicable .

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, for the purchase of inventory and fixed assets and for the sale of goods & services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in the internal controls.

5. As explained to us, in case of transactions exceeding the value of Rs 5 Lakhs in the financial year in respect of any party (a) the transaction need to be entered into a register in pursuance of Section 301 of the companies act, 1956 have been so entered, (b) in our opinion these transaction have been made at the prices which are reasonable having regards to prevailing market price at relevant price.

6. The Company has not accepted any deposits from the public within the meaning of Section 58A and 58AA of the Act. According to the information and explanations given to us, no order has been passed by Company Law Board and as such the requirement of compliance thereof is not applicable to the Company.

7. In our opinion, the internal audit system has been found to be generally commensurate with the size and nature of the business of the Company. However, the same is not required to the company.

8. According to the information and explanations given to us, the Central Government has not prescribed for the maintenance of cost records under clause (d) of sub-section (1) of Section 209 of the Companies Act, 1956 in respect of the product of the Company.

9. According to the information and explanations given to us, the Company, has been generally regular in depositing the undisputed statutory dues including provident fund, investor education and protection fund, employees state insurance, income tax, sales tax, wealth tax, service tax, excise duty, cess and other material statutory dues with the appropriate authorities. Asfaras available from the records verified by us and according to the information and explanations,g$!8n-WT§54JS|re: were no arrears of dues

outstanding for a period of more than six months as at 31st March 2010 from the date they became pay able. According to the information and explanations given to us, there is no disputed statutory liabilities at the end of year.

10. The Company has accumulated losses Rs. 8004782/-. The company has not incurred cash losses in the financial year under report as well as in immediately preceding financial year.

11. In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to Banks or Debentures holders.

12. As informed, the Company has not granted any loans and advances on the basis of any security by way of pledge of shares, debentures and other securities.

13. According to the information and explanations given to us, the Company is not a chit fund or a nidhi/mutual benefit fund/society.

14. According to the information and explanations given to us, the Company is not engaged in dealing or trading in shares, securities, debentures and other investments.

15. In our opinion and according to the information and explanations given to us, the Company has not given guarantees for loans taken by others from banks.

16. The Company has not taken any term loan during the year.

17. The funds raised on short - term basic have not been used for long term investments.

18. According to the information and explanations given to us, the Company has not made any preferential allotment of shares to parties and companies.

19. According to the information and explanations given to us, no debentures has been issued during the year by the Company.

20. According to the information and explanations given to us, the Company has raised any money during the year by public issue.

21. During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices and according to the information and explanations given to us, we have neither come across any fraud on or by the Company nor have we have been informed of any such case by the Management.

For SHANKARLAL JAIN & ASSOCIATES CHARTERED ACCOUNTANTS



S.L.Agrawal PARTNER

Place : Mumbai M. NO. 72184

Date : 30/7/2010

---

Mar 31, 2009

We have audited the attached Balance Sheet of WW Technology Holdings Ltd., as at 31st March, 2009 and also the Profit and Loss Account and Cash Flow Statement 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.

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.

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

Further to our comments in the Annexure referred to above, we report that:

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

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

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

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

v) On the basis of written representations received from the directors, as on 31st March, 2009, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March 2009 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

vi) In our opinion and to the best if our information and according to the explanation given to us, the said accounts subject to note No.3 regarding non- provision for doubtful Advances of Rs.10,00,000/-, note No 8 regarding non provision for fall in investment Rs. 1653286/- and read together with other notes thereon given in schedule 7 gives the information required by the Companies Act, 1956, in the matter so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

a) in the case of Balance Sheet, of the state of affairs of the Company as at 31st March, 2008; and

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

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

(Referred to in Paragraph 3 of the Auditors Report of even date to the members of WW Technology Holdings Ltd. On the financial statements for the year ended 31st March 2009)

1. (a). The company has maintained proper records showing full particulars

including, quantitative details and situation of fixed assets except in certain cases where such records are in the process of updation.

(b) As explained to us, the Company has a system of physical verification of its fixed assets by the management during the year. Discrepancies in respect of the assets physically verified, as informed, are not material.

(c) During the year, the Company has not disposed off any material Assets. Hence this para is not applicable.

2. The company has no owns stock during the year as it is a service company. Hence this clause is not applicable.

3. (a) According to the information and explanations given to us, the Company has taken loan from companies and Directors section 301 of the Companies Act, 1956 and the year end balances were Rs. 112.76 lacs.

(b) As informed, the rate of interest and other terms and conditions of the unsecured loans mentioned in (a) above, were not prima facie prejudicial to the interest of the Company.

(c) In respect of the loans taken by the Company, there were no stipulation with respect to repayment of principal amounts. As such, we are unable to comment on the regularity or otherwise of repayment of such loans. However the same are said to be interest free.

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, for the purchase of inventory and fixed assets and for the sale of goods & services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in the internal controls.

5. In respect of particulars of contracts or arrangements and transactions entered in the register maintained in pursuance of section 301 of the Companies Act 1956; .

a) To the best of our knowledge and relief and according to the information and explanations given to us, particulars of contracts or arrangements that need needed to be entered into the register have been so entered.

b) According to the information and explanations given to us , these contracts or arrangements have been made at prices which are reasonable having regards to the prevailing market prices at the relevant time .

6. The Company has not accepted any deposits from the public within the meaning of Section 58A and 58AA of the Act. According to the information and explanations given to us, no order has been passed by Company Law Board and as such the requirement of compliance thereof is not applicable to the Company.

7. In our opinion, the internal audit system has been found to be generally commensurate with the size and nature of the business of the Company. However , the same is not required to the company.

8. According to the information and explanations given to us, the Central Government has not prescribed for the maintenance of cost records under clause (d) of sub-section (1) of Section 209 of the Companies Act, 1956 in respect of the product of the Company.

9. According to the information and explanations given to us, the Company, has been generally regular in depositing the undisputed statutory dues including provident fund, investor education and protection fund, employees state insurance, income tax, sales tax, wealth tax, service tax, excise duty, cess and other material statutory dues with the appropriate authorities. As far as available from the records verified by us and according to the information and explanations given to us, there were no arrears of dues outstanding for a period of more than six months as at 31 st March 2009 from the date they became payable. According to the information and explanations given to us, there is no disputed statutory liabilities at the end of year.

10. The Company has accumulated losses Rs. 7741979/-. The company has not incurred cash losses in the financial year under report as well as in immediately preceding financial year.

11. In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to Banks or Debentures holders.

12. As informed, the Company has not granted any loans and advances on the basis of any security by way of pledge of shares, debentures and other securities.

13. According to the information and explanations given to us, the Company is not a chit fund or a nidhi/mutual benefit fund/society.

14. According to the information and explanations given to us, the Company is not engaged in dealing or trading in shares, securities, debentures and other investments.

15. In our opinion and according to the information and explanations given to us, the Company has not given guarantees for loans taken by others from banks.

16. The Company has not taken any term loan during the year.

17. The funds raised on short - term basic have not been used for long term investments.

18. According to the information and explanations given to us, the Company has not made any preferential allotment of shares to parties and companies.

19. According to the information and explanations given to us, no debentures has been issued during the year by the Company.

20. According to the information and explanations given to us, the Company has raised any money during the year by public issue.

21. During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices and according to the information and explanations given to us, we have neither come across any fraud on or by the Company nor have we have been informed of any such case by the Management.

For SHANKARLAL JAIN & ASSOCIATES CHARTERED ACCOUNTANTS

S L AGARWAL

PARTNER

M. NO. 72184

Place :Mumbai

Date:31/07/09