Auditor Report of Rose Merc. Ltd.

Mar 31, 2025

We have audited the accompanying financial statements of Rose Merc Limited, which comprise
the Balance Sheet as at 31^st March, 2025, and the Statement of Profit and Loss (Including Other
Comprehensive Income) and Cash Flow Statement and the statement of Changes in Equity for the
period ended, and notes to the financial statements, including a summary of significant
accounting policies and other explanatory information.(hereinafter referred to as the "standalone
financial statements").

In our opinion and to the best of our information and according to the explanations given to us,
the aforesaid standalone financial statements give the information required by the Companies
Act, 2013 ("the Act") in the manner so required and give a true and fair view inconformity with
the Indian Accounting Standards prescribed under section 133 of the Act read with the
Companies (Indian Accounting Standards) Rules, 2015, as amended, ("Ind AS") and other
accounting principles generally accepted in India, of the state of affairs of the Company as at
March 31, 2024, the profit and total comprehensive income, changes in equity and its cash flows
for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under
section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are
further described in the Auditor’s Responsibilities for the Audit of the Financial Statements
section of our report We are independent of the Company in accordance with the Code of Ethics
issued by the Institute of Chartered Accountants of India together with the ethical requirements
that are relevant to our audit of the financial statements under the provisions of the Companies
Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in
accordance with these requirements and the Code of Ethics. We believe that the audit evidence
we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance
in our audit of the financial statements of the current period. These matters were addressed in
the context of our audit of the financial statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on these matters.

Information Other than the Financial Statements and Auditor''s Report Thereon

The Company''s Board of Directors is responsible for the preparation of the other information.
The other information comprises the information included in the Management Discussion and
Analysis, Board’s Report including Annexures to Board’s Report, but does not include the
financial statements and our auditor''s report thereon. These reports are expected to be made
available to us after the date of our auditor''s report

Our opinion on the financial statements does not cover the other information and we do not
express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other
information identified above when it becomes available and, in doing so, consider whether the
other information is materially inconsistent with the financial statements or our knowledge
obtained in the audit, or otherwise appears to be materially misstated.

When we read the other information included in the above reports, if we conclude that there is
material misstatement therein, we are required to communicate the matter to those charged with
governance and determine the actions under the applicable laws and regulations.

Responsibilities of Management and Those Charged with Governance for the Consolidated
Financial Statements

The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the
Act with respect to the preparation of these standalone financial statements that give a true and
fair view of the financial position, financial performance, total comprehensive income, changes in
equity and cash flows of the Company in accordance with the Ind AS and other accounting
principles generally accepted in India. 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 ensuring the accuracy and completeness of
the accounting records, relevant to the preparation and presentation of the standalone Financial
statements that give a true and fair view and are free from material misstatement, whether due
to fraud or error.

In preparing the standalone financial statements, management is responsible for assessing the
Company’s ability to continue as a going concern, disclosing, as applicable, matters related to
going concern and using the going concern basis of accounting unless management either intends
to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing the Company’s financial reporting
process.

Auditor''s Responsibility

Our objectives are to obtain reasonable assurance about whether the financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but
is not a guarantee that an audit conducted in accordance with SAs will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these standalone financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the standalone financial
statements, whether due to fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence that is sufficient and appropriate to
provide a basis for our opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal
control.

• Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances. Under section 143(3)(i) of the
Companies Act, 2013, we are also responsible for expressing our opinion on whether the
company has adequate internal financial controls system in place and the operating
effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management''s use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant doubt on the Company’s
ability to continue as a going concern. If we conclude that a material uncertainty exists, we
are required to draw attention in our auditor''s report to the related disclosures in the
financial statements, or, if such disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained up to the date of our auditor''s
report. However, future events or conditions may cause the Company to cease to continue
as a going concern.

• Evaluate the overall presentation, structure and content of the standalone financial
statements, including the disclosures, and whether the standalone financial statements
represent the underlying transactions and events in a manner that achieves fair
presentation.

Materiality is the magnitude of misstatements in the standalone financial statements that,
individually or in aggregate, makes it probable that the economic decisions of a reasonably
knowledgeable user of the financial statements may be influenced. We consider quantitative
materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating
the results of our work; and (ii) to evaluate the effect of any identified misstatements in the
financial statements.

We communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any significant
deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with
relevant ethical requirements regarding independence, and to communicate with them all
relationships and other matters that may reasonably be thought to bear on our independence,
and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those
matters that were of most significance in the audit of the standalone financial statements of the
current period and are therefore the key audit matters. We describe these matters in our
auditor’s report unless law or regulation precludes public disclosure about the matter or when,
in extremely rare circumstances, we determine that a matter should not be communicated in our
report because the adverse consequences of doing so would reasonably be expected to outweigh
the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2020 ("the Order") issued by the
Central Government of India in terms of section 143(11) of the Act, we give in "Annexure
A", a statement on the matter specified in the paragraph 3 and 4 of the Order.

2. As required under provisions of section 143(3) of the Companies Act, 2013, we report
that:

a. We have obtained all the information and explanations which to the best of our
knowledge and belief where necessary for the purposes of our audit;

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

c. The Balance Sheet and Statement of Profit and Loss including Other
Comprehensive Income Statement of Cash Flow and Statement of Changes of
Equity dealt with this report are in agreement with the books of account;

d. In our opinion, the Balance Sheet and Statement of Profit and Loss comply with the
Ind AS specified in section 133 of the Act, read with relevant rule issued
thereunder.

e. On the basis of written representations received from the directors as on March 31,
2025, taken on record by the Board of Directors, none of the directors is
disqualified as on March 31, 2025, from being appointed as a director in terms of
section 164(2) of the Act

f. With respect to the adequacy of the internal financial controls over financial
reporting of the company and operating effectiveness of such controls, referred to
our separate report in "Annexure B".

g. With respect to the other matters to be included in the Auditor''s Report in
accordance with the requirements of section 197(16) of the Act, as amended:

In our opinion and to the best of our information and according to the
explanations given to us, the remuneration paid by the Company to its directors
during the year is in accordance with the provisions of section 197 of the Act.

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

(a) The Company has disclosed the impact of pending litigations as at 31 March
2025 on its financial position in its standalone financial statements - Refer Note
(vii) of Annexure - A to the standalone financial statements

(b) The Company did not have any long-term and derivative contracts as at March

31.2025.

(c) There were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company during the year ended March

31.2025.

(d) The management has;

(i) represented that, to the best of its knowledge and belief as disclosed in the
Note to the financial statements, no funds have been advanced or loaned or
invested (either from borrowed funds or share premium or any other
sources or kind of funds) by the Company to or in any other persons or
entities, including foreign entities ("Intermediaries"), with the
understanding, whether recorded in writing or otherwise, that the
Intermediary shall:

• directly or indirectly lend or invest in other persons or entities
identified in any manner whatsoever ("Ultimate Beneficiaries") by or
on behalf of the Company or

• provide any guarantee, security or the like to or on behalf of the
Ultimate Beneficiaries.

(ii) represented, that, to the best of its knowledge and belief as disclosed in the
Note to the financial statements, that, to the best of its knowledge and
belief, no funds have been received by the Company from any persons or
entities, including foreign entities ("Funding Parties”), with the
understanding, whether recorded in writing or otherwise, that the Company
shall:

• directly or indirectly, lend or invest in other persons or entities
identified in any manner whatsoever ("Ultimate Beneficiaries") by or
on behalf of the Funding Party or

• provide any guarantee, security or the like from or on behalf of the
Ultimate Beneficiaries; and

(iii) Based on such audit procedures as considered reasonable and appropriate
in the circumstances, nothing has come to our notice that has caused us to
believe that the representations under subclause (d) (i) and (d) (ii) contain any
material mis-statement.

(e) (a) The final dividend proposed in the previous year, declared and paid by the
Company during the year is in accordance with section 123, as applicable.

(b) In our opinion, according to the information and explanations given to us,
the Company has not declared and paid any interim dividend during the year.

(c) The Board of Director of the Company have proposed final dividend for the
year, which is subject to the approval of the members at the ensuing Annual
General Meeting. The dividend declared is in accordance with Section 123 of the
Act, as applicable.

(f) Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining
books of account using accounting software which has a feature of recording
audit trail (edit log) facility is applicable with effect from April 1, 2023 to the
Company and its subsidiaries, which are companies incorporated in India, and
accordingly, The Company has used accounting software ''Tally Prime System’
for maintaining its books of account which has a feature of recording audit trail
facility and the same has not been operated throughout the period for all
transactions recorded in the software and the hence we are unable to comment
on audit trail feature of the said software.

FOR B B GUSANI & ASSOCIATES,
Chartered Accountants

SD/-

Bhargav B. Gusani

Place: Jamnagar Proprietor

Date: 27/06/2025 M. No. 120710

UDIN: 25120710BMHTSD9347 FRN: 0140785W

---

Mar 31, 2024

We have audited the accompanying financial statements of Rose Merc Limited, which comprise the Balance Sheet as at 31^st March, 2024, and the Statement of Profit and Loss (Including Other Comprehensive Income) and Cash Flow Statement and the statement of Changes in Equity for the period ended, and notes to the financial statements, including a summary of significant accounting policies and other explanatory information. (hereinafter referred to as the “standalone financial statements”).

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Companies Act, 2013 (“the Act”) in the manner so required and give a true and fair view inconformity with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, (“Ind AS”) and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2024, the profit and total comprehensive income, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Information Other than the Financial Statements and Auditor''s Report Thereon

The Company’s Board of Directors is responsible for the preparation of the other information. The other information comprises the information included in the Management Discussion and Analysis, Board’s Report including Annexures to Board’s Report, but does not include the financial statements and our auditor’s report thereon. These reports are expected to be made available to us after the date of our auditor’s report.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information identified above when it becomes available and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

When we read the other information included in the above reports, if we conclude that there is material misstatement therein, we are required to communicate the matter to those charged with governance and determine the actions under the applicable laws and regulations.

Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements

The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance, total comprehensive income, changes in equity and cash flows of the Company in accordance with the Ind AS and other accounting principles generally accepted in India. 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 ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone financial statements, management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing the Company’s financial reporting process.

Auditor''s Responsibility

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Companies Act, 2013, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls system in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements, or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the standalone financial statements, including the disclosures, and whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the financial statements.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the standalone financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2020 ("the Order") issued by the Central Government of India in terms of section 143(11) of the Act, we give in “Annexure A”, a statement on the matter specified in the paragraph 3 and 4 of the Order.

2. As required under provisions of section 143(3) of the Companies Act, 2013, we report that:

a. We have obtained all the information and explanations which to the best of our knowledge and belief where necessary for the purposes of our audit;

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

c. The Balance Sheet and Statement of Profit and Loss including Other Comprehensive Income Statement of Cash Flow and Statement of Changes of Equity dealt with this report are in agreement with the books of account;

d. In our opinion, the Balance Sheet and Statement of Profit and Loss comply with the Ind AS specified in section 133 of the Act, read with relevant rule issued thereunder.

e. On the basis of written representations received from the directors as on March 31, 2024, taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2024, from being appointed as a director in terms of section 164(2) of the Act.

f. With respect to the adequacy of the internal financial controls over financial reporting of the company and operating effectiveness of such controls, referred to our separate report in “Annexure B".

g. With respect to the other matters to be included in the Auditor’s Report in accordance with the requirements of section 197(16) of the Act, as amended:

In our opinion and to the best of our information and according to the explanations given to us, the remuneration paid by the Company to its directors during the year is in accordance with the provisions of section 197 of the Act.

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

(a) The Company has disclosed the impact of pending litigations as at 31 March 2024 on its financial position in its standalone financial statements - Refer Note (vii) of Annexure - A to the standalone financial statements

(b) The Company did not have any long-term and derivative contracts as at March 31, 2024.

(c) There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company during the year ended March 31, 2024.

(d) The management has;

(i) represented that, to the best of its knowledge and belief as disclosed in the Note No. 49 to the financial statements, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other persons or entities, including foreign entities (“Intermediaries”), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall:

• directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever (“Ultimate Beneficiaries”) by or on behalf of the Company or

• provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

(ii) represented, that, to the best of its knowledge and belief as disclosed in the Note No. 50 to the financial statements, that, to the best of its knowledge and belief, no funds have been received by the Company from any persons or entities, including foreign entities (“Funding Parties”), with the understanding, whether recorded in writing or otherwise, that the Company shall:

• directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever (“Ultimate Beneficiaries”) by or on behalf of the Funding Party or

• provide any guarantee, security or the like from or on behalf of the Ultimate Beneficiaries; and

(iii) Based on such audit procedures as considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under subclause (d) (i) and (d) (ii) contain any material mis-statement.

(e) The company has not neither declared nor paid any dividend during the year under Section 123 of the Act.

(f) Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining books of account using accounting software which has a feature of recording audit trail (edit log) facility is applicable with effect from April 1, 2023 to the Company and its subsidiaries, which are companies incorporated in India, and accordingly, The Company has used accounting software ‘Tally Prime System’ for maintaining its books of account which has a feature of recording audit trail facility and the same has not been operated throughout the period for all transactions recorded in the software and the hence we are unable to comment on audit trail feature of the said software.

FOR B B GUSANI & ASSOCIATES, Chartered Accountants

SD/-

Bhargav B. Gusani

Place: Jamnagar Proprietor

Date: 14/05/2024 M. No. 120710

FRN: 0140785W UDIN: 24120710BJZWED6529

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Mar 31, 2014

We have audited the accompanying fianncial statements of ROSE MERC. LIMITED, which comprise the Balance Sheet as at March 31,2014, and the Statement of Profit and Loss for then year the ended, the Cash Flow Statement for the year ended on that date 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 & fair view of the financial position, financial performance of the Company in accordance with the Accouting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956 ("the Act"). These responsibility includes the design, implementation and maintenance of internal control relevant to the preparation & presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to farud or error.

Auditor''s 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 resonable 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 judgement, 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 resonableness 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 accouting 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 case of the Statement of Profit & Loss, of the profit 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 sub-section (4A) of section 227 of the Act, we give in the Annexure statement on the matters specified in paragraphs 4 & 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 accounts as required by law have been kept by the Company so far as appears from our examination of those books.

c) The Balance Sheet and Statement of Profit & Loss dealt with by this report are in agreement with books of account.

d) In our opinion, the Balance Sheet, Statement of Profit & Loss comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956;

e) On the basis of written representations received from the Directors as on March 31,2014, and taken on record by the Board of Directors, none of the directors are disqualified as on March 31,2014 from being appointed as a director in terms of Clause (g) of Sub-section 274(1) of the Companies Act, 1956;

Annexure to Independent Auditor''s Report as stated in Point no. I under Report on Other Legal and Regulatory Requirements Paragraph. As required by the Compnaies (Auditors'' Report) Order, 2003 and according to the information and explanations given to us during the course of the audit and on the basis of such checks as were considered appropriate, we report that :

1 The Company is maintaining proper records showing full particulars, including quantitative details & situa tion of the fixed assets;

As per the the information and explanations given to us, the management carries out the physical verification of the fixed assets ar resonble intervals. No material discrepancies were noticed on such verification;

No significant Fixed Assets have been disposed of by the Company during the year and the question of effect on the going concern of the Company dose not arise.

2 The Company dose not have any stock of raw materials stores & spares & finished goods.Therefore Para 4(ii) of the Auditor''s Report Order 2003 is not applicable.

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 301 of the Companies Act, 1956. Hence the provisions of clause iii(b),(c) and (d) are not applicable to the Company;

As per information furnished, the Company has not taken any loans from companies, firms, or other parties covered in the register maintained under Section 301 of the Companies Act, 1956. Accorgingly clauses (f) and (g) are not applicable to the Company.

4 In our opinion, and according to information & explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regards to purchase of fixed assets and for sale of goods and services. During the course of our audit, we have not observed any major weakness in such internal control system.

5 a) Based on the Audit procedures applied by us and according to information & explanations provised by the management,

the particulars of contracts or arrangements referred to in section 301 of the Act have been entered in the register required to the maintained under that section.

b) As per information & explanations given to us and in our opinion, the transaction entered into by the Company with parties u/s 301 of the Act dose not exceeds five lacs rupees in the financial year therefore requirement of reasonableness of transactions dose not arises.

6 The Company has not accepted any deposits from the public & therefore the question of Compliance with the provision of Sections 58A & 58 AA or any other relevant provisions of the Companies Act,1956 & Companies (Acceptance of Deposit) Rules, 1975 apply.

7 The Company dose not have an internal audit system commensurate with the size and nature of its business.

8 The maintenance of cost records under Section 209 (I) (d) of the Companies Act, 1956 are not applicable to the Company.

9 According to information & explanations given to us and the records examined by us, the Company is generally regular in depositing statutory dues with the appropriate authorities. According to the records of the Company there are no material undisputed amounts payable in respect of Sales Tax, Income Tax, Custom Duty and Excise Duty, outstanding as on 31st March, 2014, for moe than 6 months from the date on which they became payable except for the Demand for '' 460,270/- for AY 2007-2008 towards Income Tax vide order passed u/s 143(3) against which the Company has paid ''150,000/- and has preferred appeal with relevant authorities& is pending before ITAT, Similarly, in respect of AY 2009-10, the Demand for '' 370,480 towards Income Tax vide order passed u/s 143(3) against which the appeal with relevant authorities has been preferred and it is pending before CIT (Appeals).

10 The Company has not accumulated losses as on 31st Marchm 2014 and no cash losses in the immediately preceding financial year. The company has not incurred any cash losses during the financial year as well as during the immediately preceding financial year.

11 Based on our audit procedures & on the informations & explanations given by the management, we are of the opinion that, the Company has not incurred any cash loss during the financial year.

12 According to the information and explanations given to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debantures and other securities.

13 The Company is not a chit fund or a nidhi/mutual benefit fund/society, Therefore, the provision of this clause of the Companies (Auditor''s Report) Order 2003(as amended) is not applicable to the Company.

14 The Company is not dealing or trading in shares, securities, debentures and other investments, accordingly clause 4(xiv) of the order is not applicable.

15 According toth information and explanatons given to us, the company has not given any guarantee for loans taken by others from banks or financial institutions,

16 Based on our audit procedures and on the information given by the management, we report that the Company has not raised any Term Loans during the year.

17 Accoding to informations & explanations given to us & on overall examination of the balance sheet , we report that no funds raised on short term basis have been use for long term investments and vice versa.

18 According to the information & explanations given to us, the Company has not made any preferential allottment of shares during the year, to parties and companies covered in the Register maintained under section 301 of the Companies Act, 1956, therefore the question of pricing of shares fone not arise.

19 The Company has not have any outstanding debentures at the year end.

20 The company has not raised any money by Public issue during the year covered by our report.

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

FOR J. K. SHAH & ASSOCIATES CHARTERED ACCOUNTANTS PLACE : MUMBAI J. K. SHAH DATED : 14th August, 2014. PROPRIETOR

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Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying fianncial statements of ROSE MERC. LIMITED, which comprise the Balance Sheet as at March 31, 2013, and the Statement of Profit and Loss Account for the year the ended, the Cash Flow for the year ended on that date and a summary of significant accounting polocies 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 & fair view of the financial position, financial performance of the Company in accordance with the Accouting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956 ("the Act"). These responsibility includes the design, implementation and maintenance of internal control relevant to the preparation of the financial statements that give a true and fair view and are free from material misstatement, whether due to farud or error.

Auditor''s 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 resonable 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 auditor''s judgement, 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 resonableness 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 accouting 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 case of the Statement of Profit & Loss, of the profit 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 sub-section (4A) of section 227 pf the Act, we give in the Annexure statement on the matters specified in paragraphs 4 & 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 accounts have been kept by the company as required by law have been kept by the Company so far as appears from our examination of those books.

c) The Balance Sheet and Statement of Profit & Loss dealt with by this report are in agreement with books of account.

d) In our opinion, the Balance Sheet, Statement of Profit & Loss comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956;

e) On the basis of written representations received from the Directors as on March 31, 2013, and taken on record by the Board of Directors, none of the directors are disqualified as on March 31, 2013 from being appointed as a director in terms of Section 274(1)(g) of the Companies Act, 1956;

Annexure to Indeoendent Auditor''s Report as stated in Point no. I under Report on Other Legal and Regulatory Requirements Paragraph.

1 a.The Company is maintaining proper records showing full particulars, including quantitative details & situa tion of the fixed assets. b.As per the the information and explanations given to us, the management carries out the physical verification of the fixed assets ar resonble intervals. No material discrepancies were noticed on such verification. c.No significant Fixed Assets have been disposed of by the Company during the year and the question of effect on the going concern of the Company dose not arise.

2 The Company dose not have any stock of raw materials stores & spares & finished goods.Therefore Para 4(ii) of the Auditor''s Report Order 2003 is not applicable.

3 a.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 301 of the Companies Act, 1956. Hence the provi- sions of clause iii(b),(c) and (d) are not applicable to the Company. b.As per information furnished, the Company has not taken any loans from companies, firms, or other parties covered in the register maintained under Section 301 of the Companies Act, 1956. Accorgingly clauses (f) and (g) are not applicable to the Company.

4 In our opinion, and according to information & explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regards to purchase of fixed assets and for sale of goods and services. During the course of our audit, we have not observed any major weakness in such internal control system.

5 According to information & explanations given to us, there are no transactions and arrangements, the particulars of which need to be entered into the Register maintained under Section 301 of the Companies Act, 1956.

6 The Company has not accepted any deposits from the public & therefore the question of Compliance with the provision of Sections 58A & 58 AA or any other relevant provisions of the Companies Act,1956 & Companies (Acceptance of Deposit) Rules, 1975 apply.

7 The Company dose not have an internal audit system commensurate with the size and nature of its business.

8 The maintenance of cost records under Section 209 (I) (d) of the Companies Act, 1956 are not applicable to the Company.

9 According to information & explanations given to us and the records examined by us, the Company is generally regular in depositing statutory dues with the appropriate authorities. According to the records of the Company there are no material undisputed amounts payable in respect of Sales Tax, Income Tax, Custom Duty and Excise Duty, outstanding as on 31st March, 2013, for moe than 6 months from the date on which they became payable except for the Demand for Rs. 460,270/- for AY 2007-2008 towards Income Tax vide order passed u/s 143(3) against which Rs. 150,000/- have been paid and the appeal with relevant authorities has been preferred.Similary, in respect of AY 2009-10, the Demand for Rs. 370,480/- towards Income Tax vide order passed u/s 143(3) against which entire amount of Rs. 370,480/- have been paid by the Company however the appeal with relevant authorities has been preferred.

10 The Company has not accumulated losses as on 31st Marchm 2013 and no cash losses in the immediately preceding financial year. The company has not incurred any cash losses during the financial year as well as during the immediately preceding financial year.

11 Based on our audit procedures & on the informations & explanations given by the management, we are of the opinion that, the Company has not incurred any cash loss during the financial year.

12 According to the information and explanations given to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debantures and other securities.

13 The Company is not a chit fund or a nidhi/mutual benefit fund/society, Therefore, the provision of this clause of the Companies (AuditorRs.s Report) Order 2003(as amended) is not applicable to the Company.

14 The Company is not dealing or trading in shares, securities, debentures and other investments, accordingly clause 4(xiv) of the order is not applicable.

15 According toth information and explanatons given to us, the company has not given any guarantee for loans taken by others from banks or financial institutions,

16 Based on our audit procedures and on the information given by the management, we report that the Company has not raised any Term Loans during the year.

17 Accoding to informations & explanations given to us & on overall examination of the balance sheet , we report that no funds raised on short term basis have been use for long term investments and vice versa.

18 According to the information & explanations given to us, the Company has not made any preferential allottment of shares during the year, to parties and companies covered in the Register maintained under section 301 of the Companies Act, 1956, therefore the question of pricing of shares fone not arise.

19 The Company has not have any outstanding debentures at the year end.

20 The company has not raised any money by Public issue during the year covered by our report.

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

For J. K. SHAH & ASSOCIATES

Place : Mumbai CHARTERED ACCOUNTANTS

Date : 12th July, 2013 J. K. SHAH

PROPRIETOR

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Mar 31, 2012

We have audited the attached Balance Sheet of ROSE MERC. LIMITED as at 31st March, 2012, and the Profit and Loss Account for the year ended on that date annexed thereto and the Cash Flow Statement for the year ended on that date. These financial statements are the responsibility of the Company''s manage- ment. 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 obtained resonable assurance about whether the financial state- ments are free of material misstatements. An audit included 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 evaluting the overall financial statements presentation.

As required by the Manufacturing and Others Companies (Auditors Report) Order, 1988 issued by the Company Law Board in terms of section 227 (4A) of the Companies Act, 1956, we enclose in the annexure a statement on the matters specified in paragraph 4 & 5 of the said order. We further 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 have been kept by the company as required by law so far as appears from our examinations of the books.

c) The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with books of account.

d) In our opinion, the Profit & Loss Account and the Balance Sheet comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956;

e) In our opinion, and based on information and explanations given to us, none of the directors are disquali- fied as on 31st March, 2012 from being appointed as a director in terms of Section 274(1 )(g) of the Companies Act, 1956;

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

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

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

iii) in the case of Cash Flow Statement of the cash flows for the year ended on date.

ANNEXURE TO THE AUDITORS REPORT REFERED TO IN PARAGRAPH (1) OF OUR REPORT OF EVEN DATE

i. The Company has maintained proper records showing full particulars, including quantitative details & situation of the fixed assets. The management at reasonable intervals has physically verified the fixed assets. No material discrepancies between the book records and the physical inventory have been noticed in respect of the assets physically verified. None of the Fixed Assets were disposed off during the year.

ii. The Company dose not have any stock of raw materials stores & spares & finished goods.Therefore Para 4(ii) of the Auditor''s Report Order 2003 is not applicable.

iii. We are informed that the Company has not taken/granted any loans, secured or unsecured from/to companies, firms, ot other parties covered in the register maintained under Section 301 of the Companies Act, 1956. Other parties to whom interest free Loans and Advances in the nature of loans have been given by the Company, have no stipulations as to the repayment. However the loans are considered good by the management.

iv. In our opinion, and according to information & explanations given to us, there are adequate internal control procedures commensurate with teh size of the Company and the nature of its business.

v. According to information & explanations given to us, there are no transactions and arrangements, the particulars of which need to be entered into the Register maintained under Section 301 of the Companies Act, 1956.

vi. The Company has not accepted any deposits from the public within the meaning of Sec. 58A & Sec. 58 AA or any other relevant prov. of the Companies Act,1956 & the rules framed there under.

vii. The Company dose not have an internal audit system commensurate with the size and nature of its business.

viii. The maintenance of cost records under Sectio 209 (1) (d) of the Companies Act, 1956 are not applicable to the Company.

ix. The Company is generally regular in depositing statutory dues with the appropriate authorities. According to the records of the Company there are no material undisputed amounts payable in respect of Sales Tax, Income Tax, Custom Duty and Excise Duty, outstanding as on 31st March, 2012, for moe than 6 months from the date on which they became payable except for the Demand for Rs. 460,270/- for AY 2007-2008 towards Income Tax vide order passed u/s 143(3) against which Rs. 150,000/- have been paid and the appeal with relevant authorities has been preferred. Similary, in respect of AY 2009-10, the Demand for Rs. 370,480/- towards Income Tax vide order passed u/s 143(3) against which entire amount of Rs. 370,480/- have been paid by the Company however the appeal with relevant authorities has been preferred.

x. The Company is registered for a period for not less than 5 years and it dose not have any accumu lated losses at the end of the financial year. The company has not incurred any cash losses during the financial year as well as during the immediately preceding financial year.

xi. The Company has not borrowed funds from financial institutions or from banks, therefore no comments regarding defaults need be furnished.

xii. The Company has not granted loans and advances on te basis of security by way of pledge of shares, debantures and other securities; the question of reporting on the same dose not arise.

xiii. The provisions of any special statute applicable to chit fund nidhi/mutual benefit fund/societies; are not applicable to the Company.

xiv. The Company is not dealing or trading in shares, securities, debentures and other investments, accordingly clause 4(xiv) of the order is not applicable.

According toinformation and explanatons given to us the company has not given any guarantee for loans taken by other from bank or financial institutions, the terms and conditions whereof are prejudicial to the interest of the Company.

xvi. The Company has not raised any Term Loans during the year.

xvii. Accoding to information and explanations given tous and on overall examination of the balance sheet of the Company, we report that no funds raised on short term basis have been use for long term investments and vice versa;

xviii. The Company has not made any preferential allottment of shares to parties and companies covered in the Register maintained under section 301 of the Companies Act, 1956, during the year.

xix. The Company has not issued any debentures during the year and hence the question of creating securities for the debentures issued dose not arise.

xx. The company has not made any Public issue during the year and such, reporting under clause 4(xx) of the Order dose not arise.

xxi. During the course of our examinations of the books and records of the Company, carried out in accordance with the generally accepted auditing practises in India, and according to the information & explanations given to us we have neither come across any instance of fraud on or by the Company, noticed and reported during the year, nor have we been informed of such case by the management.

For J. K. SHAH & ASSOCIATES

Place : Mumbai CHARTERED ACCOUNTANTS

Date : 1st September, 2012 J. K. SHAH

PROPRIETOR

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Mar 31, 2010

We have audited the attached Balance Sheet of ROSE MERC. LIMITED as at 31st March, 2010, and the Profit and Loss Account for the year ended on that date annexed thereto and the Cash Flow Statement for the year ended on that date. These financial statements are the responsibility of the Companys management. Our re- sponsibility 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 obtained resonable assurance about whether the financial state- ments are free of material misstatements. An audit included 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 evaluting the overall financial statements presentation.

As required by the Manufacturing and Others Companies (Auditors Report) Order, 1988 issued by the Company Law Board in terms of section 227 (4A) of the Companies Act, 1956, we enclose in the annexure a statement on the matters specified in paragraph 4 & 5 of the said order. We further 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 have been kept by the company as required by law so far as appears from our examinations of the books.

c) The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with books of account.

d) In our opinion, the Profit & Loss Account and the Balance Sheet comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956;

e) In our opinion, and based on information and explanations given to us, none of the directors are disquali- fied as on 31 st March, 2010 from being appointed as a director in terms of Section 274(1 )(g) of the Compa- nies Act, 1956;

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

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

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

iii) in the case of Cash Flow Statement of the cash flows for the year ended on date.





ANNEXURE TO THE AUDITORS REPORT REFERED TO IN PARAGRAPH (1) OF OUR REPORT OF EVEN DATE

i. The Company has maintained proper records showing full particulars, including quantitative details & situation of the fixed assets. The management at reasonable intervals has physically verified the fixed assets. No material discrepancies between the book records and the physical inventory have been noticed in respect of the assets physically verified. None of the Fixed Assets were disposed off during the year.

ii. The Company dose not have any stock of raw materials stores & spares & finished goods.Therefore Para 4(ii) of the Auditors Report Order 2003 is not applicable.

iii. We are informed that the Company has not taken/granted any loans, secured or unsecured from/to companies, firms, ot other parties covered in the register maintained under Section 301 of the Compa- nies Act, 1956. Other parties to whom interest free Loans and Advances in the nature of loans have been given by the Company, have no stipulations as to the repayment. However the loans are consid- ered good by the management.

iv. In our opinion, and according to information & explanations given to us, there are adequate internal control procedures commensurate with teh size of the Company and the nature of its business.

v. According to information & explanations given to us, there are no transactions and arrangements, the particulars of which need to be entered into the Register maintained under Section 301 of the Companies Act, 1956.

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

vii. The Company dose not have an internal audit system commensurate with the size and nature of its business.

viii. The maintenance of cost records under Sectio 209 (1) (d) of the Companies Act, 1956 are not appli- cable to the Company.

ix. The Company is generally regular in depositing statutory dues with the appropriate authorities. Accord- ing to the records of the Company there are no material undisputed amounts payable in respect of Sales Tax, Income Tax, Custom Duty and Excise Duty, outstanding as on 31st March, 2010, for moe than 6 months from the date on which they became payable.

x. The Company is registered for a period for not less than 5 years and it dose not have any accumulated losses at the end of the financial year. The company has not incurred any cash losses during the financial year as well as during the immediately preceding financial year.

xi. The Company has not borrowed funds from financial institutions or from banks, therefore no comments regarding defaults need be furnished.

xii. The Company has not granted loans and advances on te basis of security by way of pledge of shares, debantures and other securities; the question of reporting on the same dose not arise.

xiii. The provisions of any special statute applicable to chit fund nidhi/mutual benefit fund/societies; are not applicable to the Company.

xiv. The Company is not dealing or trading in shares, securities, debentures and other investments, accordingly clause 4(xiv) of the order is not applicable.

xv. According toinformation and explanatons given to us the company has not given any guarantee for loans taken by other from bank or financial institutions, the terms and conditions whereof are prejudicial to the interest of the Company.

xvi. The Company has not raised any Term Loans during the year.

xvii.Accoding to information and explanations given tous and on overall examination of the balance sheet of the Company, we report that no funds raised on short term basis have been use for long term investments and vice versa;

xviii.The Company has not made any preferential allottment of shares to parties and companies covered in the Register maintained under section 301 of the Companies Act, 1956, during the year.

xix. The Company has not issued any debentures during the year and hence the question of creating securities for the debentures issued dose not arise.

xx. The company has not made any Public issue during the year and such, reporting under clause 4(xx) of the Order dose not arise.

xxi. During the course of our examinations of the books and records of the Company, carried out in accordance with the generally accepted auditing practises in India, and according to the information & explanations given to us we have neither come across any instance of fraud on or by the Company, noticed and reported during the year, nor have we been informed of such case by the management.

FOR J.K.SHAH.ASSOCIATES

PLACE : MUMBAI CHARTERED ACCOUNTANTS

Date : 1st September, 2010 J. K. SHAH

PROPRIETOR