Auditor Report of Western Ministil Ltd.

Mar 31, 2024

We have audited the accompanying financial statements of WESTERN MINISTIL
LIMITED (“the Company”), which comprise the Balance Sheet as at 31st March 2024,
the Statement of Profit and Loss, including the statement of Other Comprehensive
Income, the Cash Flow Statement and the Statement of Changes in Equity for the year
then ended, and a summary of significant accounting policies and other explanatory
information (hereinafter referred to as “Financial Statements”).

In our opinion and to the best of our information and according to the explanations
given to us, except for the effects of the matter described in the Basis for Qualified
opinion section of our report, the aforesaid financial statements give the information
required by the Act in the manner so required and give a true and fair view in conformity
with the accounting principles generally accepted in India, of the state of affairs of the
Company as at , 31st March 2024 , Its Loss including Other Comprehensive Income
and its Cash flows, and the Statement of Changes in Equity for the year ended on that
date.

Basis for Qualified Opinion

a. We have observed in note no. 7 of financial statements, giving details of the Loans
availed by the Company from related parties and the interest payable thereon,
that the Company has not made provision for interest on borrowing from a related
party since April 1,2001. As a consequence, loss for the year is understated by
Rs.11.46 lakhs, consequently, accumulated losses under Other Equity and Other
Current Financial Liabilities are understated by Rs. 263.76 Lakhs (understated by
Rs. 252.26 lakhs as at March 31,2022).

b. Material Uncertainty related Going Concern.

We have observed in note no. 14 and 15 financial statements, wherein the
company has disclosed the factors that, the accumulated losses of the Company
as at the Balance Sheet date exceeds its paid up share capital and free reserves
eroding its networth, the Liabilities exceeds it assets as on the balance sheet
date and the Company is presently not carrying on any activity indicating that,
material uncertainty exists as on balance sheet date, casting significant doubt on
company''s ability to continue as a going concern. The Company has however
prepared account on Going Concern Basis based on evaluation of possibilities
of restructuring the activities of the Company. We have not received sufficient
appropriate evidence to substantiate any such efforts, which justify the preparation
of financials on going concern basis and possible impact if any on the carrying
value of assets, liabilities and loss for the year ended March 31,2024

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. We have determined that there are no key audit matters to be communicated
in our report.

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

The Company''s Board of Directors is responsible for the other information. The other
information comprises the information included in the Annual Report but does not
include the financial statements and our auditor''s report thereon.

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 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. If, based on the work we have
performed, we conclude that there is a material misstatement of this other information;
we are required to report that fact. We have nothing to report in this regard.

Management’s Responsibility for the Financial Statements

The Company''s Board of Directors is responsible for the matters stated in Section
134(5) of the Companies Act, 2013 (“the Act”) with respect to the preparation of these
Financial Statements that give a true and fair view of the Financial Position , Financial
Performance including Other Comprehensive Income, Cash Flows and the Statement
Of Changes in Equity of the Company in accordance with the accounting principles
generally accepted in India, including the Indian Accounting Standards (Ind AS)
specified under section 133 of the Act, read with the Companies (Indian Accounting
Standards) Rules, 2015 , as amended.

This responsibility also includes maintenance of adequate accounting records in
accordance with the provision of the Act for safeguarding the assets of the Company
and for preventing and detecting frauds and other irregularities; selection and
application of the appropriate accounting policies; making judgements and estimates
that are reasonable and prudent; and design, implementation and maintenance of
adequate internal financial controls, that we are operating effectively for ensuring the
accuracy and completeness of the accounting records, relevant to the preparation and
fair presentation of the financial statements that give a true and fair view and are free
from material misstatement, whether due to fraud or error.

In preparing the 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 Responsibilities for the Audit of the Financial Statements

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 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 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, but not for the purpose
of expressing an opinion on whether company has in place an adequate internal
financial control system over financial reporting 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 Financial
Statements, including the disclosures, and whether the Financial Statements
represent the underlying transactions and events in a manner that achieves fair
presentation.

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.

Other Matter

The Financial statements of the Company for the year ended March 31, 2023, were
audited by another Auditor who expressed an unmodified opinion on those statements
on May 29, 2023.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2016 (“the Order”), issued
by the Central Government of India in terms of sub-section (11) of section 143 of
the Companies Act, 2013, we give in the Annexure A statement on the matters
specified in paragraphs 3 and 4 of the Order, to the extent applicable.

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

a) We have sought and except for the matters described in the basis for qualified
opinion paragraph, obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of our audit.

b) Except for the effect of the matters described in the basis for qualified opinion
paragraph, 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) Except for the effect of the matters described in the basis for qualified opinion
paragraph, In our opinion, the aforesaid financial statements comply with the
accounting standards specified under section 133 of the Act, read with Rule 7
of the Companies (Accounts) Rules, 2014.

e) On the basis of written representations received from the directors as on 31st
March 2024 taken on record by the Board of Directors, none of the directors
is disqualified as on 31st March 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 the operating effectiveness of such controls,
refer to our separate Report in “Annexure B”.

g) In our opinion and to the best of our information and according to the
explanations given to us, no remuneration was paid or provided by the
Company to its directors during the year. Therefore, the provisions of Section
197 of the Act are not applicable.

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

i. The Company does not have any pending litigations which would impact
on its financial position.

ii. The Company did not have any material foreseeable losses on long¬
term contracts including derivative contracts that require provision under
any law or accounting standards for which there were any material
foreseeable losses; and

iii. There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company.

vi. (a) Management has represented to us that, to the best of it''s knowledge
and belief, other than as disclosed in the notes to the accounts
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, whether, directly or indirectly lend or invest in other persons
or entities identified in any manner whatsoever by or on behalf of
the Company (“Ultimate Beneficiaries”) or provide any guarantee,
security or the like on behalf of the Ultimate Beneficiaries;

(b) Management has represented to us that, to the best of it''s knowledge
and belief, other than as disclosed in the notes to the accounts no
funds have been received by the Company from any person(s) or

entity(ies), including foreign entities (“Funding Parties”), with the
understanding, whether recorded in writing or otherwise, that the
Company shall, whether, directly or indirectly, lend or invest in other
persons or entities identified in any manner whatsoever by or on
behalf of the Funding Party (“Ultimate Beneficiaries”) or provide any
guarantee, security or the like on behalf of the Ultimate Beneficiaries

(c) Based on our audit procedure conducted that are considered
reasonable and appropriate in the circumstances, nothing has come
to our attention that cause us to believe that the representation given
by the management under paragraph (2) (h) (iv) (a) & (b) contain any
material misstatement.

v. Since the Company has not declared or paid any dividend during the
year, the question of commenting on whether dividend declared or paid
is in accordance with Section 123 of the Companies Act, 2013 does not
arise.

vi. The Company has migrated to the software which has feature of Audit
Trail during the year and is in the process of establishing necessary
controls and documentations regarding audit trail. Consequently, we are
unable to comment on audit trail feature of the said software.

For Paresh Rakesh & Associates LLP
Chartered Accountants
FRN: 119728W/W100743

Rakesh Chaturvedi
M. no:102075
UDIN: 24102075BKFHLJ6941

Date: May 30 2024
Place: Mumbai

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Mar 31, 2014

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

Management''s Responsibility for the Financial Statements

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

Auditors'' Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors'' 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 Company''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 qualified audit opinion.

Basis for Qualified Opinion

1. The Company has not made provision for interest on short term borrowings since April 1, 2001. As a consequence, loss for the year are understated by Rs. 11.46 lacs, Reserves and Surplus are overstated by Rs. 149.06 lacs and Other Current Liabilities are understated by Rs. 149.06 lacs.

2. The management has prepared the financial statements on a going concern basis, inspite of the fact that the Company is facing financial difficulties and has incurred huge loss during the year and accumulated losses of the Company as at the Balance Sheet date exceeds its paid up share capital and free reserves, indicating uncertainty that casts significant doubt on the Company''s ability to continue as a going concern. As a consequence, we are unable to comment upon the resultant impact on assets, liabilities and loss for the year.

Qualified Opinion

In our opinion and to the best of our information and according to the explanations given to us, except for the effects of the matter described in the Basis for Qualified Opinion paragraph, 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 loss for the year ended on that date; and

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

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors'' 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. except for the effects of the matter described in the Basis for Qualified Opinion paragraph, 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 Act;

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 Act.

ANNEXURE TO INDEPENDENT AUDITORS'' REPORT

[Referred to in paragraph 1 under ''Report on Other Legal and Regulatory Requirements'' in the Independent Auditors'' Report of even date to the members of Western Ministil Limited on the financial statements for the year ended March 31, 2014].

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

(b) We are informed that fixed assets of the company have been physically verified by the management at reasonable intervals, which in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. Further, we are informed that no material discrepancies were noticed on such verification.

(c) In our opinion and according to the information and explanations given to us, a substantial part of fixed assets has not been disposed of by the company during the year.

(ii) (a) The Company does not have any inventories on hand. Accordingly, the provisions stated in paragraph 4 (ii) (a), (b) and (c) is not applicable to the Company.

(iii) (a) As informed, 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. Accordingly, the provisions stated in paragraph 4 (iii)(b), (c) and (d) of the order are not applicable.

(e) The Company had taken loan from two companies and a party covered in the register maintained under Section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs. 221.07 lacs and the year-end aggregate balance of loans taken from such parties was Rs. 165.85 lacs.

(f) The Company has not provided for any interest on the above loans during the year and there is no stipulation with respect to repayment of principal amount. Further, other terms and conditions of loans taken by the Company are prima facie, not prejudicial to the interest of the Company. Accordingly, the provisions stated in paragraph 4 (iii) (g) is not applicable to the Company.

(iv) In our opinion and according to the information and explanations given to us, there exists an adequate internal control system commensurate with the size of the Company and the nature of its business. During the course of our audit, we have not observed any continuing failure to correct weaknesses in internal control system of the Company.

(v) In our opinion and according to the information and explanations given to us, there are no transactions for purchase and sale of goods, materials and services made in pursuance of contracts or arrangements that need to be entered in the register maintained under Section 301 of Companies Act, 1956. Accordingly, the provisions stated in paragraph 4 (v) (b) is not applicable to the Company.

(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 Sections 58A and 58AA of the Act and the rules framed there under.

(vii) The Company does not have a formal internal audit system.

(viii) The Company has not maintained cost records as prescribed by the Central Government under clause (d) of sub-section (1) of Section 209 of the Companies Act, 1956. We are informed that the operations of the Company have come to an end since December, 1995 and therefore the relevant provisions are not applicable.

(ix) (a) The Company is generally regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education and protection fund, employees'' state insurance, income-tax, sales-tax, wealth- tax, service tax, customs duty, excise duty, cess and other material statutory dues applicable to it.

(b) According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, investor education and protection fund, employees'' state insurance, income-tax, wealth-tax, service tax, sales-tax, customs duty, excise duty, cess and other undisputed statutory dues were outstanding, at the year end, for a period of more than six months from the date they became payable.

(c) According to the information and explanations given to us, arrears of Property Tax till 31.03.2005 amounting to Rs. 28.37 lacs for which appeal is pending with DY. Assessor & Collector (E.S.), Municipal Corporation of Greater Mumbai, Ghatkopar, the dues are outstanding on account of disputes.

(x) The Company has accumulated losses exceeding its net worth as at March 31, 2014 and it has incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year.

(xi) In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

(xii) According to the information and explanations given to us and based on the documents and records produced to us, the Company has not granted loans & advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) In our opinion, the Company is not a chit fund or a nidhi / mutual benefit fund/society. Therefore, the provisions of clause (xiii) of paragraph 4 of the Companies (Auditor''s Report) Order, 2003 (as amended) are not applicable to the Company.

(xiv) In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause (xiv) of paragraph 4 of the Companies (Auditor''s Report) Order, 2003 (as amended) are not applicable to the Company.

(xv) In our opinion and according to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions during the year, the terms and conditions of which are prejudicial to the interest of the Company.

(xvi) During the year, the Company has not obtained any term loans.

(xvii) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we report that funds amounting to Rs. 49.90 lacs raised on short term basis have been used for long term investment.

(xviii) According to the information and explanation given to us, 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.

(xix) According to the information and explanations given to us, no debentures have been issued by the Company during the year.

(xx) The Company has not raised money by way of public issue during the year.

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

For Haribhakti & Co. Chartered Accountants Firm Registration No.103523W

Sd/- Atul Gala Place: Mumbai Partner Date: May 20, 2014 Membership No. 048650

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Mar 31, 2012

1. We have audited the attached Balance Sheet of Western Ministil Limited ('the Company') as at March 31, 2012 and the Statement of Profit and Loss and also the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

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 (Auditor's Report) Order, 2003, (as amended), issued by the Central Government of India in terms of sub-section (4A) of Section 227 of 'The Companies Act, 1956' of India (the 'Act') and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

4. Further to our comments in the paragraph 3 above, we report that:

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

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

iii. 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;

iv. Except for compliance with Accounting Standard (AS) 6 on 'Depreciation Accounting', the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956.

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

5. We further report as under:

i. No provision has been wade for (a) doubtful deposits included under the head 'Long Term Loans and Advances' amounting to Rs. 0.01 lacs (Previous Year Rs. 0.01 lacs) (b) doubtful trade receivables amounting to Rs. 181.67 lacs (Previous Year Rs. 181.67 lacs) (c) doubtful advances included under the head 'Short Term Loans and Advances' amounting to Rs. 2.54 lacs (Previous Year Rs. 2.54 lacs) and (d) interest on loans amounting to Rs. 195.62 lacs upto March 31, 2012 (including Rs. 18.09 lacs for the current year) (Previous Year upto March 31, 2011 Rs. 177.53 lacs, including Rs. 18.09 lacs for last year).

ii. No provision has been made for depreciation amounting to Rs. 5.01 lacs upto March 31, 2012 (including Rs. 0.28 lacs for the current year) (Previous Year upto March 31, 2011 Rs. 4.73 lacs, including Rs. 0.28 lacs for last year).

As a result of the above, the loss for the year is understated by Rs. 202.59 lacs (Previous Year Rs. 202.59 lacs), Fixed Assets are overstated by Rs. 0.28 lacs (Previous Year Rs. 0.28 lacs), Long Term Loans and Advances are overstated by Rs. 0.01 lacs (Previous Year Rs. 0.01 lacs), Trade Receivables are overstated by Rs. 181.67 lacs (Previous Year Rs. 181.67 lacs), Short Term Loans and Advances are overstated by Rs. 2.54 lacs (Previous Year Rs. 2.54 lacs) and Other Current Liabilities are understated by Rs. 18.09 lacs (Previous Year Rs. 18.09 lacs).

Further as at March 31, 2012, the accumulated losses are understated by Rs. 384.85 lacs (Previous Year Rs. 366.48 lacs), Fixed Assets are overstated by Rs. 5.01 lacs (Previous Year Rs. 4.73 lacs), Long Term Loans and Advances are overstated by Rs. 0.01 lacs (Previous Year Rs. 0.01 lacs), Trade Receivables are overstated by Rs. 181.67 lacs (Previous Year Rs. 181.67 lacs), Short Term Loans and Advances are overstated by Rs. 2.54 lacs (Previous Year Rs. 2.54 lacs) and Other Current Liabilities are understated by Rs. 195.62 lacs (Previous Year Rs. 177.53 lacs).

iii. The management does not foresee revival of the Company in near future. In view of the said fact, it appears that the Company cannot be considered as a 'Going Concern' and its assets would not be able to realize enough amounts to meet its liabilities.

6. Our audit report on the financial statements for the year ended March 31, 2011 was also qualified in respect of the matters stated in para 5 above.

7. Subject to the above observations given in para 4 (iv) and 5, 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 March 31, 2012;

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

c) in the 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 the Auditors' Report of even date to the members of Western Ministil Limited on the financial statements for the year ended March 31, 2012)

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

(b) We are informed that fixed assets have been physically verified by the management at reasonable intervals, which in our opinion, is reasonable having regard to the size of the Company and nature of its assets. Further, we are informed that no material discrepancy was noticed on such verification.

(c) During the year, the Company has not disposed off a substantial part of the fixed assets.

(ii) The Company does not have any inventories on hand.

(iii) (a) 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. Accordingly, the sub-clauses (b), (c) and (d) are not applicable to the Company.

(e) The Company has taken unsecured loans from companies and a party covered in the register maintained under Section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs. 500.19 lacs and the year-end balance of loans taken from such parties was Rs. 500.19 lacs.

(f) The Company has not provided for any interest on the above loans during the year and there is no stipulation with respect to repayment of principal amount. Further, other terms and conditions of loans taken by the Company are, prima facie, not prejudicial to the interest of the Company. Accordingly, the sub- clause (g) is not applicable to the Company.

(iv) In our opinion and according to the information and explanations given to us, there exists an adequate internal control system commensurate with the size of the Company and the nature of its business. During the course of our audit, we have not observed nor have been informed of any continuing failure to correct major weaknesses in internal control system of the Company.

(v) (a) In our opinion and according to the information and explanations given to us, there are no transactions for purchase and sale of goods, materials and services made in pursuance of contracts or arrangements that need to be entered in the register maintained under Section 301 of Companies Act, 1956. Accordingly, the sub- clause (b) is not applicable to the Company.

(vi) The Company has not accepted any deposits from 'Public' within the meaning of Sections 58A, 58AA or any other provisions of the act and the rules framed there under.

(vii) The Company does not have an internal audit system.

(viii) The Company has not maintained cost records as prescribed by the Central Government under clause (d) of sub-section (1) of Section 209 of the Companies Act, 1956. We are informed that the operations of the Company have come to an end since December 1995, the relevant provisions are not applicable.

(ix) (a) The Company is regular in depositing with the appropriate authorities undisputed statutory dues in respect of Provident Fund, Employees' State Insurance dues, Investor Education and Protection Fund, Income Tax, Sales Tax, Service Tax, Wealth Tax and other material statutory dues applicable to it.

(b) According to the books and records as produced and examined by us in accordance with generally accepted auditing practices in India and also based on management representations, no undisputed statutory dues in respect of Provident Fund, Employees' State Insurance dues, Investor Education and Protection Fund, Income Tax, Sales Tax, Service Tax, Wealth Tax and other material statutory dues were outstanding, at the year end, for a period of more than six months from the date they become payable.

(c) According to the information and explanations given to us, arrears of Property Tax till 31.03.2005 amounting to Rs. 28.37 lacs for which appeal is pending with DY. Assessor a Collector (E.S.), Municipal Corporation of Greater Mumbai, Ghatkopar, the dues are outstanding on account of disputes.

(x) The Company has accumulated losses exceeding its net worth as at March 31, 2012 and it has incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year.

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

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

(xiii) In our opinion, the Company is not a chit fund or a nidhi / mutual benefit fund/society and therefore the clause is not applicable, hence not reported.

(xiv) In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments and therefore the clause is not applicable, hence not reported.

(xv) In our opinion, the Company has not given any guarantee for loans taken by others from banks or financial institutions during the year, the terms and conditions of which are prejudicial to the interest of the Company.

(xvi) During the year the Company has not obtained any term loan.

(xvii) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we report that funds amounting to Rs. 7.23 lacs raised on short-term basis have been used for long-term investment.

(xviii) According to the information and explanations given to us, 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 Act.

(xix) According to the information and explanations given to us, the Company did not have any debenture outstanding during the year.

(xx) The Company has not raised any money by issue of any shares/securities to the public during the year.

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



For Haribhakti & Co. Chartered Accountants Firm Registration No.103523W

Sumant Sakhardande Partner Membership No. 034828

Place: Mumbai Date : August 13, 2012

---

Mar 31, 2011

We have audited the attached Balance Sheet of Western Ministil Limited as at 31st March, 2011, the Profit and Loss Account and also the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

I. Our report as required by the Companies (Auditor's Report) Order, 2003 (as amended), issued by the Central Government of India in terms of sub-section (4A) of Section 227 of The Companies Act, 1956 (the 'Act') and on the basis of such checks of the books and records of the company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

II. Further to our comments in the paragraph I above, we report that:

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

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

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

iv. Except for compliance with Accounting Standard 6 on 'Depreciation Accounting', the Balance Sheet, the Profit and Loss Account and the Cash Flow Statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956.

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

III. We further report as under:

a) No provision has been made for (a) doubtful debts amounting to Rs. 181.67 lacs (Previous Year Rs. 181.67 lacs), (b) doubtful advances amounting to Rs. 2.55 lacs (Previous Year Rs. 2.55 lacs) and (c) interest on loans amounting to Rs. 177.53 lacs up to 31st March, 2011 (including Rs. 18.09 lacs for the current year) (Previous Year Rs. 159.44 lacs, including Rs. 18.09 lacs for last year).

b) No provision has been made for depreciation amounting to Rs. 4.73 lacs up to 31st March, 2011 (including Rs. 0.28 lacs for the current year) (Previous Year Rs. 4.45 lacs, including Rs. 0.28 lacs for the last year).

As a result of which, the loss for the year is understated by Rs. 202.59 lacs (Previous Year Rs. 202.59 lacs), the current assets, loans and advances are overstated by Rs. 184.22 lacs (Previous Year Rs. 184.22 lacs), fixed assets are overstated by Rs. 0.28 lacs (Previous Year Rs. 0.28 lacs) and unsecured loans are understated by Rs. 18.09 lacs (Previous Year Rs. 18.09 lacs).

Further, as at 31st March, 2011, the accumulated losses are understated by Rs. 366.48 lacs (Previous Year Rs. 348.11 lacs), the current assets & loans and advances are overstated by Rs. 184.22 lacs (Previous Year Rs. 184.22 lacs), fixed assets are overstated by Rs. 4.73 lacs (Previous Year Rs. 4.45 lacs) and unsecured loans are understated by Rs. 177.53 lacs (Previous Year Rs. 159.44 lacs).

c) The management does not foresee revival of the Company in near future. In view of this, it appears that the Company cannot be considered as a 'Going Concern' and its assets would not be able to realize enough amounts to meet its liabilities.

IV. Our audit report on the financial statements for the year ended 31st March, 2010 was also qualified in respect of the matters stated in paragraph III above.

V. Subject to the above observations in paragraph ll(iv) and III above, 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 31st March, 2011;

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

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

ANNEXTURE TO AUDITORS' REPORT

[Referred to in paragraph 3 of the Auditors' Report of even date to the members of WESTERN MINISTIL LIMITED on the financial statements for the year ended 31st March, 2011]

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

(b) We are informed that fixed assets have been physically verified by the management at reasonable intervals, which in our opinion, is reasonable having regard to the size of the Company and nature of its assets. We are informed that no material discrepancy was noticed on such verification.

(c) During the year, the Company has not disposed off a substantial part of the fixed assets.

(ii) The Company does not have any inventories on hand.

(iii) (a) 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. Accordingly, the sub-clauses (b), (c) and (d) are not applicable to the company.

(b) The Company has taken unsecured loans from a company and a party covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs. 494.24 Lacs and the year- end balance of loans taken from such parties was Rs. 494.24 Lacs.

(c) The Company has not provided for any interest on the above loans during the year and there is no stipulation with respect to repayment of principal amount. Further, other terms and conditions of loans taken by the Company are, prima facie, not prejudicial to the interest of the Company. Accordingly, the sub- clause (g) is not applicable to the company.

(iv) In our opinion and according to the information and explanations given to us, there exists an adequate internal control system commensurate with the size of the Company and the nature of its business. During the course of our audit, we have not observed nor have been informed of any continuing failure to correct major weaknesses in internal control system of the company. (v) (a) In our opinion and according to the information and explanations given to us, there are no transactions for purchase and sale of goods, materials and services made in pursuance of contracts or arrangements that need to be entered in the register maintained under Section 301 of Companies Act, 1956. Accordingly, the sub-clause (b) is not applicable to the company. (vi) The Company has not accepted any deposits from 'Public' within the meaning of Sections 58A, 58AA or any other provisions of the act and the rules framed there under.

(vii) The Company does not have an internal audit system.

(viii) The Company has not maintained cost records as prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Companies Act, 1956. We are informed that the operations of the Company have come to an end since December 1995, the relevant provisions are not applicable. (ix) (a) The Company is regular in depositing with the appropriate authorities undisputed statutory dues in respect of Provident Fund, Employees' State Insurance dues, Investor Education and Protection Fund, Income Tax, Sales Tax, Service Tax, Wealth Tax and other material statutory dues applicable to it. Further, since the Central Governent has till date not prescribed the amount of cess payable under section 441 A of the Companies Act, 1956, we are not in a position to comment upon the regularity or otherwise of the company in depositing the same.

(b) According to the books and records as produced and examined by us in accordance with generally accepted auditing practices in India and also based on management representions, no undisputed statutory dues in respect of Provident Fund, Employees' State Insurance dues, Investor Education and Protection Fund, Income Tax, Sales Tax, Service Tax, Wealth Tax and other material statutory dues were outstanding, at the year end, for a period of more than six months from the date they become payable.

(c) According to the information and explanations given to us, arrears of Property Tax till 31.03.2005 amounting to Rs. 28.37 lacs, being disputed and contested by the company before the higher authorities at MCGM, is outstanding but not provided for. Further, Property Tax, if any, payable till 31-03-2011, has also not been provided for, pending disposal of the aforesaid dispute

(x) The Company has accumulated tosses exceeding its net worth as at 31" March, 2011 and it has incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year.

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

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

(xiii) In our opinion, the Company is not a chit fund or a nidhi. / mutual benefit fund / society and therefore the clause is not applicable, hence not reported.

(xiv) In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments and therefore the clause is not applicable, hence not reported.

(xv) In our opinion, the Company has not given any guarantee for loans taken by others from banks or financial institutions during the year, the terms and conditions of which are prejudicial to the interest of the company.

(xvi) During the year the Company has not obtained any term loan.

(xvii) According to the information and explanations given to us and on an overall examination of the balance sheet of the Company, we report that no funds raised on short-term basis have been used for long-term investment, except Rs. 5.23 lacs which have been utilised to meet the expenses of the business.

(xviii) According to the information and explanations given to us, 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 Act.

(xix) According to the information and explanations given to us, the Company did not have any debenture outstanding during the year.

(xx) The Company has not raised any money by issue of any shares/securities to the public during the year.

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

For Haribhakti & Co. Chartered Accountants FRN NO.103523W

sd/- Prasad Paranjape Partner Membership No.:047296

Place: Mumbai Date: 12th August, 2011

---

Mar 31, 2010

We have audited the attached Balance Sheet of Western Ministil Limited as at 31st March, 2010 and also the Profit and Loss account and the cash flow statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

I. Our report as required by the Companies (Auditors Report) Order, 2003, as amended by the Companies (Auditors 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 (the Act) and on the basis of such checks of the books and records of the company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

II. Further to our comments in the paragraph I 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 account as required by law have been kept by the Company so far as appears from our examination of such books;

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

iv. Except for compliance with Accounting Standard 6 on Depreciation Accounting, the Balance Sheet, the Profit and Loss Account and the Cash Flow Statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956.

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

III. We further report as under:

a) No provision has been made for (a) doubtful debts amounting to Rs. 181.67 lacs (Previous Year Rs. 181.67 lacs), (b) doubtful advances amouting to Rs. 2.54 lacs (Previous Year Rs. 2.54 lacs) and (c) interest on loans amounting to Rs. 159.44 lacs up to 31st March, 2010 (including Rs. 18.09 lacs for the current year) (Previous Year Rs. 141.35 lacs, including Rs. 18.09 lacs for the last year).

b) No provision has been made for depreciation amounting to Rs. 4.45 lacs up to 31st March,2010 (including Rs. 0.29 lacs for the current year) (Previous Year Rs. 4.16 lacs, including Rs. 0.29 lacs for the last year).

As a result of which, the loss for the year is understated by Rs.206.75 lacs, the current asset & loans and advances are overstated by Rs. 184.21 lacs, unsecured loans are understated by Rs. 18.09 lacs and fixed assets are overstated by Rs. 4.45 lacs.

c) The management does not foresee revival of the Company in near future. In view of this, it appears that the Company cannot be considered as a Going Concern and its assets would not be able to realize enough amounts to meet its liabilities.

IV. Our audit report on the financial statements for the year ended 31st March, 2009 was also qualified in respect of the matters stated in paragraph III above.

V. Subject to the above observations in paragraph ll(iv) and III above, 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 31st March, 2010;

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

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

ANNEXTURE TO AUDITORS REPORT [Referred to in paragraph 3 of the Auditors Report of even date to the members of WESTERN MINISTIL LIMITED on the financial statements for the year ended 31st March, 2010]

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

(b) We are informed that fixed assets have been physically verified by the management at reasonable intervals, which in our opinion, is reasonable having regard to the size of the Company and nature of its assets. We are informed that no material discrepancy was noticed on such verification.

(c) During the year, the Company has not disposed off a substantial part of the fixed assets.

(ii) The Company does not have any inventories on hand.

(iii) (a) 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. Accordingly, the sub-clauses (b), (c) and (d) are not applicable to the company.

(b) The Company has taken unsecured loans from a company and a party covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs. 501.45 Lacs and the year-end balance of loans taken from such parties was Rs. 489.80 lacs.

(c) The Company has not provided for any interest on the above loans during the year and there is no stipulation with respect to repayment of principal amount. Further, other terms and conditions of loans taken by the Company are, prima facie, not prejudicial to the interest of the Company. Accordingly, the sub-clause (g) is not applicable to the company.

(iv) In our opinion and according to the information and explanations given to us, there exists 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. During the course of our audit, we have not observed nor have been informed of any continuing failure to correct major weaknesses in internal control system of the company.

(v) (a) In our opinion and according to the information and explanations given to us, there are no transactions for purchase and sale of goods, materials and services made in pursuance of contracts or arrangements that need to be entered in the register maintained under Section 301 of Companies Act, 1956. Accordingly, the sub-clause (b) is not applicable to the company.

(vi) The Company has not accepted any deposits from Public within the meaning of Sections 58A, 58AA or any other provisions of the act and the rules framed there under.

(vii) The Company does not have an internal audit system.

(viii) The Company has not maintained cost records as prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Companies Act, 1956. We are informed that since the operations of the Company have come to an end since December, 1995, the relevant provisions are not applicable.

(ix) (a) The Company is regular in depositing with the appropriate authorities undisputed statutory dues in respect of Provident Fund, Employees State Insurance dues, Investor Education and Protection Fund, Income Tax, Sales Tax, Service Tax, Wealth Tax and other material statutory dues applicable to it.

Further, since the Central Government has till date not prescribed the amount of cess payable under Section 441A of the Companies Act, 1956, we are not in a position to comment upon the regularity or otherwise of the Company in depositing the same.

(b) According to the books and records as produced and examined by us in accordance with generally accepted auditing practices in India and also based on management representations, no undisputed statutory dues in respect of Provident Fund, Employees State Insurance dues, Investor Education and Protection Fund, Income Tax, Sales Tax, Service Tax, Wealth Tax and other material statutory dues were outstanding, at the year end, for a period of more than six months from the date they become payable.

(c) According to the information and explanations given to us, excise duty dues of Rs.65.56 lacs pertaining to the year 1991-92 for which appeal is pending at Mumbai High Court and arrears of Property Tax till 31.03.2005 amounting to Rs. 28.37 lacs for which appeal is pending with DY. Assessor 6 Collector (E.S.), Municipal Corporation of Greater Mumbai, Ghatkopar are the dues outstanding on account of disputes.

(x) The Company has accumulated losses exceeding its net worth as at 31st March, 2010 and it has incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year.

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

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

(xiii) In our opinion, the Company is not a chit fund or a nidhi / mutual benefit fund / society and therefore the clause is not applicable, hence not reported.

(xiv) In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments and therefore the clause is not applicable, hence not reported.

(xv) In our opinion, the Company has not given any guarantee for loans taken by others from banks or financial institutions during the year, the terms and conditions of which are prejudicial to the interest of the company.

(xvi) During the year the Company has not obtained any term loan.

(xvii) According to the information and explanations given to us and on an overall examination of the balance sheet of the Company, we report that no funds raised on short-term basis have been used for long-term investment except Rs. 4.34 lacs which have been utilised to meet the expenses of the business.

(xviii) According to the information and explanations given to us, 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 Act.

(xix) According to the information and explanations given to us, the Company did not have any outstanding debentures.

(xx) The Company has not raised any money by issue of any shares/securities to the public during the year.

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

For Haribhakti & Co.

Chartered Accountants

FRN NO.103523W

Prasad Paranjape

Partner

Membership No.:047296

Place: Mumbai

Date: 29th July, 2010