Auditor Report of Sirhind Steel Ltd.

Mar 31, 2014

We have audited the accompanying financial statements of SIRHIND STEEL LIMITED ("the Company"), which comprise the Balance Sheet as at March 31, 2014, the Statement of Profit and Loss and Cash Flow information and a summary of significant accounting policies and other explanatory

Management''s Responsibility for the Financial Statements

Management is resPonsible for the preparation of these financial statements that give a true and fair view of the financial performance of the company in accordance with the Accounting Standards notified under the Companies Act, 1956 ("the Act") read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act 2013

This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

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 Sandards 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, but not for the Purpose of expressing an opinion on the effectiveness of the entity''s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

Opinion

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

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

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

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

Emphasis of Matter

Reference is invited to note 23 with regard to closure of manufacturing activities and investment made by company in securities, mutual funds and other liquid funds out of retained earnings. The company, out of earned profits in earlier financial year and retained in to the business, has made aforesaid investment and in order to undertake such activity the company has modified the object clause in Memorandum of Association Subsequent to year end, the company has sought advice from Reserve Bank of India about regulatory compliances relating to Non Banking Finance Companies to be made by it. Pending response from Reserve Bank of India, as to requirement of regulatory compliance relating to NBFC the income generated out of such investment has been considered and classified as "Revenue from Operations".

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 a statement on the matters specified in paragraphs 4 and 5 of the Order.

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

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

(b) in our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books;

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

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

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

Annexure to the Auditors'' Report

(Referred to in our Report of even date to the members of Sirhind Steel Limited)

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

(b) The fixed assets have been physically verified by the management during the year at reasonable intervals and no material discrepancies were noticed on such verification.

(c) The company had retired all the fixed assets related to manufacturing activities consequent upon the resolution passed by Board of Directors to close the same in the preceding financial year. The company has sold the retired assets during the year under review.

(ii) There is no inventory during the year, hence this clause is not applicable.

(iii) The Company has neither taken nor granted any loans, secured or unsecured, from / to companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly the clauses 4(iii) (a) to 4(g) of the order are not applicable.

(iv) In our opinion and according to information and explanation given to us; there is an adequate internal control system commensurate with the size of the Company and the nature of its business, with regard to purchase of fixed assets, and with regard to the services. During the course of our audit, we have not observed any continuing failure to correct major weakness in the internal controls.

(v) (a) According to the information and explanations given to us, we are of the opinion that there are no contracts or arrangements that need to be entered into the register maintained under section 301 of the Companies Act, 1956.

(b) According to the information and explanations given to us, since there are no such contracts and arrangements, paragraph 4(v)(b) of the order is not applicable.

(vi) In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from the public within the meaning of Section 58A, 58AA or other relevant provisions of the Act and the rules framed there under.

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

(viii) As company is not engaged in production, processing or manufacturing activities during the year hence maintenance of cost records is not applicable to the company. ''

(ix) (a) In our opinion, the Company is regular in depositing with appropriate authorities undisputed statutory dues and the company had no arrears of such outstanding dues as at 31st March, 2014 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us, no undisputed statutory dues with the appropriate authorities in respect of any statutory dues were in arrears, as at 31st March 2014 for a period of more than six months from the date they become payable.

(x) The company does not have any accumulated losses at the end of the financial year and has not incurred cash losses during the financial year and in the immediately preceding financial year.

(xi) According to information and explanations given to us, the Company has not defaulted in repayment of dues to any financial institution or bank or debenture holders.

(xii) According to information and explanations given to us, the Company has not granted any loan or advance on the basis of security by way of pledge of shares, debentures and other securities

(xiii) The provisions of any special statute applicable to chit fund, Nidhi or Mutual Benefit Funds/Societies are not applicable to the Company.

(xiv) In our opinion, the Company is not a dealer or trader in shares, securities, debentures and other investments.

(xv) The company has not given guarantees for loans taken by others from banks or financial institutions.

(xvi) The company has not taken any term loans during the year and accordingly clause 4(xvi) of the report is not applicable.

(xvii) According to the information and explanations given to us and over all examination of the balance sheet of the company, funds raised on short-term basis have not been used for long-term investments.

(xviii) The Company has not made any preferential allotment to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956.

(xix) The Company has not issued any debentures during the period under review.

(xx) The Company has not raised any money by public issues during the period under review.

(xxi) According to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year under review.





FOR G. K. CHOKSI & CO.

[Firm Registration No. 101895W] Chartered Accountants

SHAUNAK V. MUZUMDAR Partner Place: Ahmedabad Mem. No. 37571

Date : 30th May, 2014

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Mar 31, 2012

1. We have audited the attached Balance Sheet of SIRHIND STEEL LIMITED as at 31st March, 2012 and the related Statement of Profit and Loss and Cash Flow Statement of the company 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.

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

3. As required by the Companies (Auditors' Report) Order, 2003, as amended by the Companies (Auditor's Report) (Amendment) Order, 2004 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, and on the basis of such checks as we considered appropriate and according to information and explanations given to us, we enclose in the Annexure a statement on the matters specified in paragraph 4 of the said order.

4. Further to our comments in the Annexure referred at para 3 above, 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 purposes of our audit.

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

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

d. In our opinion the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement 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 representation received from the directors of the company as at 31sl March, 2012 and taken on record by the board of directors, we report that none of the directors is disqualified from being appointed as director of company under clause (g) of sub-section (1) of Section 274 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, give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view; in conformity with the accounting principles generally accepted in India:

a. in the case of the Balance Sheet, of the state of affairs of the Company as at 31sl March, 2012

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

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

ANNEXURE TO AUDITORS' REPORT

[Referred to in paragraph (3) of our report of even date]

1. (a) The Company has maintained proper records showing full particulars, including quantitative

details and situation of fixed assets.

(b) The fixed assets have been physically verified by the management during the year, According to the information provided to us no material discrepancies were noticed in such verification.

(a) The management has carried out physical verification of inventory during the year. In our opinion the frequency of verification is reasonable.

(b) The procedure of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business.

(c) The Company has maintained proper records of inventory and no material discrepancies were noticed on physical verification.

The Company has not granted any loans, secured or unsecured to any companies, firms or other parties covered in the register maintained u/s.301 of the Companies Act, 1956. Accordingly clauses 4(iii)(a) .4(iii)(b), 4(iii)(c). 4(iii)(d), 4{iii)(e). 4(iti)(f) and 4(ifi)(g) of the order are not applicable.

4 In our opinion and according to information and explanation given to us; there is an adequate

internal control system commensurate with the size of the Company and the nature of its business with regard to purchase of inventory and fixed assets, and with regard to the sale of goods ana- services. During the course of our audit, we have not observed any continuing failure to correct major weakness in the internal controls.

In our opinion and according to the information and explanations given to us, there were no contracts, particulars of which needed to be entered in the register maintained under section 301 of the Companies Act. 1956 and hence provisions of paragraph 4 (v(b) of the said Order relating to reasonableness of price having regard to prevailing market price is not applicable to the Company.

In our opinion and according to the information and explanations given to us, the company has no1 accepted any deposits from the public within the meaning of Section 58A. 5BAA or other relevant provisions of the act.

7. The Company has appointed a firm of Chartered Accountants as its internal auditor. On the basis of the reports made by the internal auditor to the management, in our opinion, internal audit system is commensurate with the size of the company and nature of its business.

8 We have broadly reviewed the cost records maintained by the company pursuant to the Companies (Cost Accounting Records) Rules,2011 prescribed by the Central Government under Section 209(1)(d) of the Companies Act, 1956 and are of the opinion that the prima facie the prescribed cost records have been maintained. We have however, not made detailed examination of the cost records with a view to determine whether they are accurate or complete.

(a) In our opinion, the Company is regular in depositing with appropriate authorities undisputed statulory dues and the company had no arrears of such outstanding dues as at 31st March, 2012 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us, no undisputed statutory dues with the appropriate authorities in respect of any statutory dues were in arrears, as at 31st March 2012 for a period of more than six months from the date they become payable.

10. The company does not have accumulated losses and has not incurred any cash losses during the financial year and also in the preceding financial year.

11. There were no borrowing from banks and financial institutions. Hence reporting requirement relating to defauft in repayment is not applicable.

12 As per the information and explanations given to us, the Company has not granted any loan or advance on the basis of security by way of pledge of shares, debentures and other securities.

13. The provisions of any special statute applicable to Chit fund, Nidhi or Mutual Benefit Funds/Societies are not applicable to the company.

14. In our opinion, the Company is not a dealer or trader in shares, securities, debentures and other investments.

15. In our opinion and according to the information and explanation given to us, the company has not given any guarantee for loans taken by others from banks and financial institutions during the year.

16. The Company has not obtained any term loans during the year.

17. According to the information and explanations given to us and over all examination of the balance sheet of the company, funds raised on short-term basis have not been used for long-term investments.

18. The company has not made any preferential allotment to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956.

19. The Company has not issued any debentures during the year under review.

20. The company has not raised any money by public issues during the year under review.

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



FOR G. K.CHOKSI&CO Chartered Accountants Firm Registration No. 101895W

J. D. PATEL Partner Membership No. 32780

Place : Ahrnedabad Date :30th May,2012

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Mar 31, 2010

1. We have audited the attached Balance Sheet of SIRHIND STEEL LIMITED as at 31st March, 2010, and also 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 responsibility is to express an opinion on these financial statements based on our audit.

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

3. 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 of the said Order.

4. 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 purposes of our audit;

(ii) 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;

(iii) The Balance Sheet, Profit & Loss Account and Cash flow statement dealt with by this report are in agreement with books of account;

(iv) In our opinion, the Balance Sheet, Profit & Loss Account and Cash flow statement dealt with by this report comply with the applicable 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, and taken on record by the Board of Directors, we report that none of directors is disqualified as on 31st March, 2010 from being appointed as a director in terms of Clause (g) of sub Section (1) of Section 274 of the Companies Act, 1956;

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

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

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

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

ANNEXURE TO AUDITORS REPORT [Referred to in paragraph (3) of our report of even date]

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

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

(c) The Company has not disposed of substantial part of fixed assets during the year.

(ii) (a) The Management has carried out physical verification of inventory during the year. In our opinion, the frequency of verification is reasonable.

(b) The procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business;

(c) The Company has maintained proper records of inventory and no material discrepancies were noticed on physical verification.

(iii) The Company has not granted or taken any loans secured / unsecured to / from companies, firms or other parties covered in the Register maintained under section 301 of the Companies Act, 1956. Consequently, reporting requirements of clauses (iii. a), (iii. b), (iii. c), (iii. d), (iii. e), (iii. f) and (iii. g) of paragraph 4 of the Order are not applicable.

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

(v) (a) According to information and explanations given to us, we are of the opinion that the particulars of all contracts or arrangements that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered.

(b) In our opinion and according to the information and explanations given to us, there are no transactions in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 aggregating during the year to Rs. 5,00,000/- or more in respect of any party.

(vi) The Company has not accepted deposits from the public within the meaning of Section 58A and 58AA of the Companies Act, 1956 and the Rules framed there under. We are informed that no Order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunal.

(vii) The Company has appointed a firm of Chartered Accountants as its internal auditor. On the basis of the reports made by the internal auditor to the management, in our opinion, internal audit system is commensurate with the size of the company and nature of its business.

(viii) The Central Government has not prescribed maintenance of cost records under section 209(1) (d) of the Companies Act, 1956 for any of the products of the company.

(ix) (a) According to the records of the Company, the company is regular in depositing undisputed statutory dues with the appropriate authorities in respect of Provident Fund, Investor Education and Protection Fund, Employees State Insurance dues, Income-tax, Sales tax, Wealth tax, Service tax, Custom duty, Excise duty, Cess, Professional tax and other material statutory dues applicable to it.

(b) According to the information and explanations given to us, no undisputed amounts payable in respect of Income tax, Wealth tax, Service Tax, Sales tax, Customs duty and Excise duty were in arrears, as at 31st March 2010 for a period of more than six months from the date they became payable.

(c) According to the information and explanations given to us, there are no dues of Income tax, Wealth tax, Service tax, Excise duty, Cess, Customs duty and Sales tax which have not been deposited on account of any dispute.

(x) The Company does not have any accumulated losses and has not incurred any cash losses during the financial year and also in the immediately preceding financial year.

(xi) There were no borrowing from banks and financial institutions. Hence reporting requirement relating to default in repayment is not applicable.

(xii) The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) According to the information and explanation given to us, the company has not provided guarantees for loans taken by others from banks and financial institutions.

(xiv) The company has not obtained any term loans during the year.

(xv) According to the information and explanations given to us and on an overall examination of the balance sheet of the company, funds raised on short-term basis have not been used for long-term investment.

(xvi) During the year the Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956.

(xvii) There are no debentures issued and outstanding during the year.

(xviii) During the year, the Company has not raised money by public issue.

(xix) To the best of our knowledge and belief, and according to the information and explanation given to us, no fraud on or by the Company was noticed or reported during the year.

(xx) The nature of the Companys activities is such that the requirements of clauses (xiii) and (xiv) of paragraph 4 of the Order are not applicable.



For MANUBHAI & CO.

Chartered Accountants

Firm Registration No. 106041W

Ahmedabad (K. C. Patel)

May 31, 2010 Partner

Membership No. 30083

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Mar 31, 2009

1. We have audited the attached Balance Sheet of SIRHIND STEEL LIMITED as at 31st March, 2009, and also 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 responsibility is to express an opinion on these financial statements based on our audit.

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

3. As required by the Company (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 of the said Order.

4. 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 purposes of our audit;

(ii) 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;

(iii) The Balance Sheet, Profit & Loss Account and Cash flow statement dealt with by this report are in agreement with books of account;

(iv) In our opinion, the Balance Sheet, Profit & Loss Account and Cash flow statement dealt with by this report comply with the applicable 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, and taken on record by the Board of Directors, we report that none of directors is disqualified as on 31 st 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 of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956, in the manner so required, and give a true and fair view in conformity with the accounting principles generally accepted in India:

a) in the case of Balance Sheet of the state of affairs of the Company as at 31st March, 2009,

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

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

ANNEXURE TO AUDITORS REPORT

[Referred to in paragraph (3) of our report of even date]

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

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

(c) The Company has not disposed of substantial part of fixed assets during the year.

(ii) (a) The Management has carried out physical verification of inventory during the year. In our opinion, the frequency of verification is reasonable.

(b) The procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business;

(c) The Company has maintained proper records of inventory and no material discrepancies were noticed on physical verification.

(iii) The Company has not granted or taken any loan secured / unsecured to / from companies, firms or other parties covered in the Register maintained under section 301 of the Companies Act, 1956. Consequently, reporting requirements of clauses (iii. a), (iii. b), (iii. c), (iii. d), (iii. e), (iii. f) and (iii. g) of paragraph 4 of the Order are not applicable.

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

(v) (a) According to information and explanations given to us, we are of the opinion that the particulars of all contracts or arrangements that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered.

(b) In our opinion and according to the information and explanations given to us, there are no transactions in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 aggregating during the year to Rs. 5,00,000/- or more in respect of any party.

(vi) The Company has not accepted deposits from the public within the meaning of Section 58A and 58AA of the Companies Act, 1956 and Rules framed there under. We are informed that no Order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunal.

(vii) The Company has appointed a firm of Chartered Accountants as its internal auditor. On the basis of the reports made by the internal auditor to the management, in our opinion, internal audit system is commensurate with the size of the company and nature of its business.

(viii) The Central Government has not prescribed maintenance of cost records under section 209(1) (d) of the Companies Act, 1956 for any of the products of the company.

(ix) (a) According to the records of the Company, the company is regular in depositing undisputed statutory dues with the appropriate authorities in respect of Provident Fund, Investor Education and Protection Fund, Employees State Insurance dues, Income-tax, Sales tax, Wealth tax, Service tax, Custom duty, Excise duty, Cess, Professional tax and other material statutory dues applicable to it.

(b) According to the information and explanations given to us, no undisputed amounts payable in respect of Income tax, Wealth tax, Service Tax, Sales tax, Customs duty and Excise duty were in arrears, as at 31st March 2009 for a period of more than six months from the date they became payable.

(c) According to the information and explanations given to us, there are no dues of Income tax, Wealth tax, Service tax, Excise duty, Cess, Customs duty and Sales tax which have not been deposited on account of any dispute.

(x) The Company does not have any accumulated losses and has not incurred any cash losses during the financial year and also in the immediately preceding financial year.

(xi) There were no borrowing from banks and financial institutions. Hence reporting requirement relating to default in repayment is not applicable.

(xii) The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) According to the information and explanation given to us, the company has not provided guarantees for loans taken by others from banks and financial institutions.

(xiv) The company has not obtained any term loans during the year.

(xv) According to the information and explanations given to us and on an overall examination of the balance sheet of the company, funds raised on short-term basis have not been used for long-term investment.

(xvi) During the year the Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956.

(xvii) There are no debentures issued and outstanding during the year.

(xviii) During the year, the Company has not raised money by public issue.

(xix) To the best of our knowledge and belief, and according to the information and explanation given to us, no fraud on or by the Company was noticed or reported during the year.

(xx) The nature of the Companys activities is such that the requirements of clauses (xiii) and (xiv) of paragraph 4 of the Order are not applicable.

For MANUBHAI G. PATEL & CO. Chartered Accountants

Ahmedabad (M. G. Patel)

June 15, 2009 Proprietor

Membership No. 4705