Auditor Report of Autoriders International Ltd.

Mar 31, 2025

We have audited the accompanying financial statements of AUTORIDERS INTERNATIONAL LIMITED
("the Company"), which comprises Balance Sheet as at 31st March, 2025, the Statement of Profit and
Loss (including Other Comprehensive Income) , Statement of changes in Equity and Cash Flow
statement for the year ended 31st March 2025, including summary of significant accounting policies
and other explanatory information (herein after referred to as financial statements.)

In our opinion and to the best of our information and according to the explanations given to me, the
financial statements give the information required by the Companies Act,2013 (''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 31^st March 2025, and Profit and other
comprehensive income, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements 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 Standalone
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 standalone 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 on the
Financial Statements.

Emphasis of Matters

The company had granted unsecured loan of Rs. 300 Lakhs to a group company which has ceased to be
going concern. However, in the opinion of management the same is good for recovery being a loan given
to company within group. (Refer Note No. 34 of Notes forming part of accounts)

Key Audit Matter

Key audit matters are those matters that, in our professional judgment, were of most significance in our
audit of the standalone financial statements of the current period. These matters were addressed in the
context of our audit of the standalone 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 the matters
described below to be the key audit matters to be communicated in our reports.

Revenue Recognition

The Company derives revenue primarily from activities of giving Car on Rent.

Income from car rental is recognized when service rendered and in accordance with the terms of
respective agreement wherever applicable and other income is accounted on accrual basis. Insurance
claims are accounted for on the basis of claims admitted / expected to be admitted and to the extent
that there is no uncertainty in receiving the claims.

Revenue is recognized on satisfaction of performance obligation upon completion of services to
customers in an amount that reflects the consideration the company expects to receive in exchange for
those Services.

Revenue is measured based on transaction price which is fair value of the consideration received or
receivable, after deduction of any discounts, and any taxes or duties collected on behalf of the government
such as goods and services tax etc. Revenue is only recognized to the extent that it is highly probable a
significant reversal will not occur.

Interest income is recognized using Effective Interest Rate (EIR) method.

Principal Audit Procedures Performed

As part of our audit, we assessed the Company''s revenue recognition policies, particularly for income
derived from car rentals. We examined a sample of rental agreements to ensure that revenue was
recognized accurately and in accordance with the terms of the agreements. Our procedures included testing
the accuracy and timing of revenue recognition to confirm that it occurred when services were rendered and
performance obligations were satisfied. We also reviewed other income recognized on an accrual basis,
ensuring that it was recorded only when earned, and verified that insurance claims were accounted for
when admitted or expected to be admitted. Furthermore, we evaluated the transaction price to confirm that
it reflected the fair value of the consideration received, with appropriate deductions for discounts and taxes.
We performed cut-off procedures to ensure that revenue was recognized in the correct accounting period,
and we verified the accuracy of interest income recognized using the Effective Interest Rate (EIR) method.
Finally, we reviewed the related disclosures in the financial statements to ensure they were complete,
accurate, and compliant with applicable accounting standards

Information other than the financial statements and Auditors report thereon (''Other information'')

The Company''s management and Board of Directors are responsible for the other information. The other
information comprises the information included in the Company''s annual report, but does not include the
financial statements and auditor''s report thereon.

Our Opinion on the financial statements does not cover the information and we do not express any form of
assurance or conclusions 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 my 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 the other
information, We are required to report that fact. We have nothing to report in this regard.

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

The Company''s Board of Directors is responsible for the matters stated in section 134(5) of the Companies
Act, 2013 ("the Act") with respect to the preparation of these standalone financial statements that give a
true and fair view of the financial position, financial performance including Other comprehensive income,
changes in equity and cash flows of the Company in accordance with the Ind AS and other accounting
principles generally accepted in India. This responsibility also includes maintenance of adequate accounting
records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for
preventing and detecting frauds and other irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and prudent; and design, implementation and
maintenance of adequate internal financial controls, that were operating effectively for ensuring the
accuracy and completeness of the accounting records, relevant to the preparation and presentation of the
standalone financial statements that give a true and fair view and are free from material misstatement,
whether due to fraud or error.

In preparing the standalone financial statements, the Board of Directors 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 the Board of Directors either intends to liquidate the
Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Company''s financial reporting process.
Auditor''s Responsibilities for the Audit of the Standalone Financial Statements

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

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

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

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

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

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

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

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

We also provide those charged with governance with a statement that we have complied with relevant
ethical requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, related
safeguards. From the matters communicated with those charged with governance, we determine those
matters that were of most significance in the audit of the standalone financial statements of the current
period and are therefore the key audit matters. We describe these matters in our auditor''s report unless law
or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we
determine that a matter should not be communicated in our report because the adverse consequences of
doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2020 ("the Order"), issued by the Central
Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2013, we give
in the Annexure "A" 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 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, the Statement of Profit and Loss including Other Comprehensive Income, the
Statement of Changes in Equity and the Cash Flow Statement dealt with by this Report are in
agreement with the books of account

d) In our opinion, the standalone financial statement complies with the Ind AS 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 March 31, 2025, and taken
on record by the Board of Directors, none of the directors is disqualified as on March 31, 2025, from

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, the
managerial remuneration paid or provided by the company to its directors during the year is in
accordance with the provisions of Section 197 read with Schedule V of the Act.

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

i. As per the information and explanations given to us there are no pending litigations other than
those disclosed in the financial statements.

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

iii. There has not been any occasion in case of the Company during the year under report to
transfer any sums to the Investor Education and Protection Fund; hence the question of delay in
transferring such sums does not arise

iv. (a) The Management has represented that, to the best of its knowledge and belief, no funds
(which are material either individually or in the aggregate) 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 person or entity, including foreign entity ("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) The Management has represented, that, to the best of its knowledge and belief, no funds
(which are material either individually or in the aggregate) have been received by the Company
from any person or entity, including foreign entity ("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 the audit procedures that have been considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has caused us to believe that the
representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above,
contain any material misstatement.

v. Based on our examination which included test checks, the company has used an accounting
software for maintaining its books of account which has a feature of recording audit trail (edit log)
facility and the same has operated throughout the year for all relevant transactions recorded in
the respective software.

vi. No dividend has been declared or paid during the year by the Company.

vii. With respect to the matter to be included in the Auditor''s Report under Section 197(16):

In our opinion and according to the information and explanations given to us, the remuneration
paid by the company to its directors during the current year is in accordance with the provisions
of Section 197 of the Act. The remuneration paid to the directors is not in excess of the limit laid
down under Section 197 of the Act. The Ministry of Corporate affairs has not prescribed other
details under Section 197(16) which are required to be commented upon by us.

For VANDANA V. DODHIA & CO.

Chartered Accountants
(Firm Reg. No. 117812W)

Vandana V. Dodhia
Partner

Membershin No.104000
UDIN NO. 25104000BMLCXB6396
Place: Mumbai
Date: 30th May, 2025

---

Mar 31, 2024

I have audited the accompanying financial statements of AUTORIDERS INTERNATIONAL
LIMITED (“the Company”), which comprises Balance Sheet as at 31st March, 2024, the
Statement of Profit and Loss ( including Other Comprehensive Income) , Statement of changes
in Equity and Cash Flow statement for the year ended 31^st March 2024, including summary of
significant accounting policies and other explanatory information (herein after referred to as
financial statements.

In my opinion and to the best of my information and according to the explanations given to
me, the financial statements give the information required by the Companies Act,2013 (''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 31^st March
2022, and Loss and other comprehensive income, changes in equity and its cash flows for the
year ended on that date.

Basis for Opinion

I have conducted my audit in accordance with the Standards on Auditing (SAs) specified under
section 143(10) of the Act. My responsibilities under those SAs are further described in the
''Auditor''s Responsibilities for the Audit of the Financial Statements'' Section of my Report. I am
independent of the Company in accordance with the Code of Ethics issued by the Institute of
Chartered Accountants of India (''ICAI”) together with the ethical requirements that are
relevant to my audit of the financial statements under the provisions of the Act and the Rules
there under, and I have fulfilled my other ethical responsibilities in accordance with these
requirements and the Code of Ethics. I believe that the audit evidence I have obtained is
sufficient and appropriate to provide a basis for my opinion on the financial statements

Emphasis of Matters

a) The company had granted unsecured loan of Rs. 300 lacs to a group company which has
ceased to be going concern. However in the opinion of management the same is good for
recovery being a loan given to company within group.

( Refer Note No. 33 of Notes forming part of accounts)

b) Balances of Income Tax Refunds receivable are subject to confirmation.

( Refer Note No 34 of Notes forming part of accounts)

Information other than the financial statements and Auditors report thereon (''Other
information'')

The Company''s management and Board of Directors are responsible for the other information.
The other information comprises the information included in the Company''s annual report,
but does not include the financial statements and auditor''s report thereon.

My Opinion on the financial statements does not cover the information and I do not express
any form of assurance or conclusions thereon.

In connection with my audit of the financial statements, my responsibility is to read the other
information and in doing so, consider whether the other information is materially inconsistent
with the financial statements or my knowledge obtained in the audit or other wise appears to
be materially misstated. If, based on the work I have performed, I conclude that there is a
material misstatement of the other information, I am required to report that fact. I have
nothing to report in this regard.

Responsibilities of Management and Those charged with Governance for the Standalone
Financial Statements

The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of
the Act with respect to the preparation of these standalone financial statements that give a
true and fair view of the state of affairs ( financial position), profit or loss (financial
performance) changes in equity and cash flows of the company in accordance with the
accounting principles generally accepted in India, including the Ind As specified under section
133 of the Act, read with Rule 7 of the Companies (Accounts) Rules 2014. This responsibility
also includes maintenance of adequate accounting records in accordance with the provisions
of the Act for safeguarding the assets of the Company and for preventing and detecting frauds
and other irregularities; selection and application of appropriate accounting policies ; making
judgments and estimates that are reasonable and prudent ; and design, implementation and
maintenance of adequate internal financial controls, that were operating effectively for
ensuring the accuracy and completeness of accounting records, relevant to the preparation
and presentation of the financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.

In preparing the financial statements, management and the Board of Directors are responsible
for assessing the Company''s ability to continue as 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.

Auditor''s Responsibility for the audit of the financial statements

My objective is to obtain reasonable assurance about whether the financial statements as a
whole are free from material misstatements, whether due to fraud or error, and to issue an
auditor''s report that include my opinion. Reasonable assurance is a high level of assurance,
but it is not a guarantee that an audit conducted in accordance with SAs will always detect a
material misstatement when it exists. Misstatement 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 decision of users taken on the basis of the financial statements.

As part of an audit in accordance with SAs, I exercise professional judgment and maintain
professional skepticism throughout the audit. I 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 my 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.

• 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 I conclude that a material uncertainty exists, I am
required to draw attention in my auditors report to the related disclosures conclusions are
based on the audit evidence obtained up to the date of my 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.

I 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 I identify during an audit.

1 also provide those charged with governance with a statement that I 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 my independence,
and where applicable, related safeguards.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies ( Auditor''s Report) Order,2016 issued by the Central
Government in terms of the Section 143(11) of the Act, I give in the “Annexure A” 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, I report that:

a. I have sought and obtained all the information and explanations which to the best my
knowledge and belief were necessary for the purpose of my audit.

b. In my opinion proper books of accounts as required by law have been kept by the Company
so far as appears from my examination of those books.

c. The standalone financial statements dealt with by this Report are in agreement with the

books of accounts.

d. In my opinion, the aforesaid financial statements comply with the Indian accounting
standards referred to in the Section 133 of the Companies Act,2013 and read with Rule No
7 of the Companies Accounting Rules 2014.

e. On the basis of representations received from the directors as on Mar 31, 2022 and taken on

record by the Board of Directors, none of the directors is disqualified as on Mar 31,2024
from being appointed as a director in terms of Section 164(2) of the Act.

f. As referred in Para (b) of the main report the company could not carry out review of Internal

Financial Controls due to Covid 19 lockdown situations at the year end, and hence separate
report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143
of the Companies Act, 2013 (“the Act”) is not given.

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

i. As per the information and explanations given to me there are no pending litigations
other than those disclosed in the financial statements.

ii. As per the information and explanations given to me the company has not entered into
any long-term derivative contracts during the year and hence there exists no such losses
from such contracts which requires provision in the accounts.

iii. There are no amounts to be transferred to Investor Education & Protection Fund during
the year.

iv. a) The management has represented that, to the best of its knowledge and belief, as
disclosed 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:
dire ctly or indirectly lend or invest in other persons or entities identified in any manner
whatsoever (“Ultimate Beneficiaries”) by or on behalf of the Company, or provide any
guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
b)The management has represented, that, to the best of its knowledge and belief, no funds
have been received by the Company from any persons or entities, including foreign
entities (“Funding Parties”), with the understanding, whether recorded in writing or
otherwise, that the Company shall:

directly or indirectly, lend or invest in other persons or entities identified in any manner
whatsoever (“Ultimate Beneficiaries”) by or on behalf of the Funding Party or provide
any guarantee, security or the like from or on behalf of the Ultimate Beneficiaries.

Based on such audit procedures as considered reasonable and appropriate in the
circumstances, nothing has caused us to believe that the representations under clause
iv (a) and (b) contain any material misstatement.

h. With respect to the matter to be included in the Auditor''s Report under Section 197 (16):

In my opinion and according to the information and explanations given to me, the
remuneration paid by the company to its directors during the current year is in
accordance with the provisions of Section 197 of the Act. The remuneration paid to the
directors is not in excess of the limit laid down under Section 197 of the Act. The Ministry
of Corporate affairs has not prescribed other details under Section 197(16) which are
required to be commented upon by us.

For VANDHANA V.DODHIA & CO.

Chartered Accountants
(Firm Regn No. 117812W)

_Sd/-_

Vandana V. Dodhia
Partner

Membership No.104000

UDIN NO. 24104000BKFJGJ2115

Mumbai.

Date : 30th May, 2024

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Mar 31, 2015

We have audited the accompanying financial statements of AUTORIDERS INTERNATIONAL LIMITED, which comprises Balance Sheet as at 31st March, 2015, the Statement of Profit and Loss Account for the year ended 31st March 2015 and a summary of significant accounting policies and other explanatory information.

Managements ' 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 presentation of these financial statements that give a true and fair view of the financial position and financial performance in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies ; making judgments and estimates that are reasonable and prudent ; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified under Section 143 (10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material 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 financial control relevant to the Company's preparation of the financial statements that five a true and fair view in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on whether the company has in place adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Company's Directors as well as evaluating the overall presentation of the financial statements.

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

Basis for Qualified Opinion

The company has written back a sum of Rs. 3430.40 lacs of old balances of creditors/loans due to group companies to Profit and Loss Appropriation Account as determined to be no longer payable as certified by the Board of Directors.(Refer Note No. (1) of Note No II of Notes on Accounts.)

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 matters 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 31st March 2015

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

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

Emphasis of Matter

As referred in Note No. (k) of Note No. II of Notes forming part of the Financial Statements, the company has changed the method of the depreciation from written down value to straight line method retrospectively, consequent to the changes made by the Companies Act 2013 ("the Act') w.e.f. 1/4/2014 in relevant provisions and accordingly written back depreciation amounting to Rs. 5.37 crores and credited Profit and Loss Appropriation account by Rs. 3.63 crores(Net of Tax). The company has amortized net carrying value of the Fixed Assets over their useful lives as specified in the Part C of Schedule II of the Act for the current year. Based on the transitional provisions, a sum of Rs. 7.39 lacs is debited to Profit and Loss Account along with normal depreciation being carrying amounts of the fixed assets whose useful lives has already expired as on 1st April 2014.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) order ,2015 ("The Order") issued by the Central Government of India in terms of sub section (11) of section 143 of the Act, we give in the Annexure a statement on the matters specified in the paragraphs 3 and 4 of the Order.

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

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

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

c. The Balance Sheet, Statement of Profit and Loss and other notes thereon dealt with by this Report are in agreement with the books of accounts.

d. In our opinion, the Balance Sheet and Statement of Profit and Loss comply with the accounting standards referred to in the Section 133 of the Companies Act,2013 and read with Rule No 7 of the Companies Accounting Rules 2014.

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

f. There are no other matters to be included in and Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules,2014.

ANNEXURE TO THE AUDITORS' REPORT

(REFERRED TO IN THE REPORT OF EVEN DATE OF THE AUDITORS TO THE MEMBERS OF AUTORIDERS INTERNATIONAL LIMITED ON THE ACCOUNTS FOR THE PERIOD ENDED 31st March 2015)

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

b) As explained to us major portion of the fixed assets have been physically verified by the management at the year end, which in our opinion is reasonable having regard to the size of the company and nature of its assets. No material discrepancies were noticed on such physical verification.

2] As the company being a service company it does not have any inventories and relevant clauses are not applicable and hence not dealt with.

3] The company has not granted any loans, secured or unsecured , to Companies, firms and other parties listed in the register maintained under Section 189 of the Companies Act 1956.

3] In our opinion and according to the information and explanations given to us, there are adequate internal control system commensurate with the size of the company and the nature of its business with regard to purchases of fixed assets and for the sale of services. During the course of our audit we have not observed any continuing failure to correct major weaknesses in internal controls system.

4] The company has not accepted any deposits from the public within the meaning of provisions of sections 73 to 76 and rules framed there under.

5] Maintenance of cost records under section 148 (1) of the Act are not applicable to the company.

6] a) In our opinion and according to the information and explanations given to us, the company is generally regular in depositing undisputed statutory dues including provident fund, employees state insurance, income tax, custom duty excise duty etc with the appropriates authorities. There are no arrears of outstanding statutory dues, as on 31st March,2015 for a period of more than six months from the date they became payable, b) As on 31st March, 2015, according to the records of the company, there are no disputed dues on account of sale tax, excise duty and income tax.

7] The company has not incurred cash loss during the year . The company has no accumulated losses at the year end.

8] The company has not defaulted in repayment of dues to a financial institution or bank or debenture holders.

9] According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from bank and financial institutions.

10] To the best of our knowledge and belief and according to the information and explanations given to us, the term loans have been utilized for the purpose for which they were obtained.

11] To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company on or by the Company was noticed or reported during the year.

For and on behalf of the SHETH DOCTOR & ASSOCIATES Chartered Accountants. FRN No.l24822W

PARESH .S. DOCTOR Membership no. 36056 Mumbai DATED : 30th May 2015.

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Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of AUTORIDERS INTERNATIONAL LIMITED, which comprises Balance Sheet as at 31st March, 2013, the Statement of Profit and Loss Account and also the Cash Flow Statement of the Company for the period then ended, and a summary of significant accounting policies and other explanatory information.

Managements ''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 flow 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 fair presentation of the financial statements that 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 Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that re appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the 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 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 2013

(b) In the case of the Profit and Loss Account, of the Profit for the period ended on that date: and

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

Report on Other Legal and Regulatory Requirements

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

2. As required under provisions of section 227(3) of the Companies Act, 1956 we report that:

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

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

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

d. 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 representations received from the directors as on Mar 31, 2013 and taken on record by the Board of Directors, none of the directors is disqualified as on Mar 31,2013 from being appointed as a director in terms of clause (g) of sub-section of Section 274 of the Act.

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

Statement referred to in paragraph 3 of our report of even date on the accounts of Autoriders International Limited for the year ended on 31st March, 2013.

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

(2) As explained to us, the assets have been physically verified by the management in accordance with the phased programmed of verification, which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification.

(ii) (1) According to the information and explanation given to us, the

Company has, during the year, 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, paragraphs 4(iii) (a), (b), (c) and (d) of the order are not applicable.

(2) According to the information and explanation given to us, the Company has taken interest free unsecured loans from companies covered in the register maintained u/s 301 of the Companies Act 1956. The maximum amount involved during the year is Rs. 596.29 lakhs and year-end balance of loans taken is x 596.29 lakhs.

(3) In our opinion, other terms and conditions on which loans have been taken from the company, are prima fence, not prejudicial to the interest of the Company.

(iii) 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, with regard to the purchases of fixed assets and for sale of services. Further, on the basis of our examination and according to the information and explanations given to us, we have neither come across nor have any information of any instances of major weaknesses in the aforesaid internal control system.

(iv) (1) According to the information and explanations given to us, the particulars of contracts or arrangements referred to in Section 301 of the Companies Act, 1956 have been entered in the register required to be maintained under that section; and

(2) In our opinion and according to the information and explanations given to us, there are no transactions made in pursuance of such contracts or arrangements entered in the register maintained under Section Companies Act, 1956 and exceeding the value of Rs. 500,000/

(v) The Company has not accepted any deposits from the public.

(vi) According to information and explanation given to us, the company has an internal audit systems commensurate with the size and nature of its business.

(vii) (a) According to the information and explanations given to us and the records of the Company examined by us, in our opinion, the Company is generally regular in depositing undisputed statutory dues including Investor Education & Protection Fund, Income Tax, Sales Tax, Wealth tax, cess and other material statutory dues as applicable with the appropriate authorities.

(b) According to the information and explanation given to us and the records of the Company examined by us, there are no undisputed dues outstanding in respect statutory dues which were due for more than six months from the date they become payable except Service Tax of Rs. 86,00,569/-.

(viii) As at the balance sheet date, the accumulated losses of the Company exceed fifty percent of its net worth within the meaning of Section 2(29A) of the Companies Act, 1956. The Company has not incurred cash losses in the financial year under report and in the immediately preceding financial year.

(ix) The Company has not defaulted in repayment of its dues to bank. The Company has not issued any debentures.

(x) Based on our examination of the records and the information and explanations given to us, the Company has not granted any loans and advances on the basis Of securities by way of pledge of shares, debentures and other securities.

(xi) In our opinion, the provisions of any special Statute applicable to Chit Fund, Nidhi or Mutual Benefits Fund/Societies are not applicable to the Company.

(xii) The Company is not dealing or trading in shares, securities, debentures or other investments and hence requirements of Para 4 (xiv) are not applicable to the Company.

(xiii) According to information and explanation given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

(xiv) The Company has not raised any term loan during the year.

(xv) The Company has not raised any funds during the year on short tern basis and hence question of use of such funds for long-term investment does

(xvi) The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained U/ s 301 of the Companies Act, 1956.

(xvii) The Company has not issued any debentures and hence, question of creating security or charge in respect thereof does not arise.

(xviii) The Company has not raised any money by public issues during the year.

(xix) Based upon the audit procedures performed and according to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year.

(xx) In view of the nature of the activity of the Company, in our opinion, other matters specified in Paragraph 4 of the Order are not applicable to the Company.

For Sheth Doctor and Associates

Chartered Accountants

(Firm Regn No. 124822W)

(Proprietor,)

Membership No. 36056

Mumbai.

Dated: 30.05.2013

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Mar 31, 2012

1) We have audited the attached balance sheet of Autoriders International Limited as at 31st March, 2012, 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.

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 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 the information and explanations given to us during the course of audit, we enclose in the Annexure a statement on the matters specified in paragraphs 4 & 5 of the said order.

4) Further to our comments in the Annexure referred to 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 as required by law have been kept by the Company so far as appears from our examination of the books;

c) the balance sheet, profit and loss account and cash flow statement dealt with by this report are in agreement with the books of account;

d) in our opinion, the balance sheet, profit and loss account and cash flow statement dealt with by this report comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956;

e) on the basis of written representations received from the directors and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 2012 from being appointed as director of the Company in terms of 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 read together with notes thereon, give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

i) in the case of the balance sheet, of the state of affairs of the Company as at 31st March, 2012;

ii) in the case of the profit and loss account, of the profit for the year ended on that date; and

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

ANNEXURE TO THE AUDITORS'' REPORT

Statement referred to in paragraph 3 of our report of even date on the accounts of Autoriders International Limited for the year ended on 31st March, 2012.

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

(2) As explained to us, the assets have been physically verified by the management in accordance with the phased programmed of verification, which, in our opinion, is reasonable having regard to the size of the Company and the nature o£ its assets. No material discrepancies were noticed on such verification.

(ii) (1) According to the information and explanation given to us, the Company has, during the year, 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, paragraphs 4(iii) (a), (b), (c) and (d) of the order are not applicable.

(2) According to the information and explanation given to us, the Company has taken interest free unsecured loans from companies covered in the register maintained u/s 301 of the Companies Act 1956. The maximum amount involved during the year is Rs. 596.29 lacs and year end balance of loans taken is Rs. 596.29 lacs.

(3) In our opinion, other terms and conditions on which loans have been taken from the company, are prima fecie, not prejudicial to the interest of the Company,

(iii) 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, with regard to the purchases of fixed assets and for. sale of services. Further, on the baisis of our examination and according to the information and explanations given to us, we have neither come across nor have any information of any instances of major weaknesses in the aforesaid internal control system.

(iv) (1) According to the; information and explanations given to us, the particulars of contracts or arrangements referred to in Section 301 of the Companies Act, 1956 have been entered in the register required to be maintained under that section; and

(2) In our opinion and according to the information and explanations given to us, there are no transactions made in pursuance of such contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956 and exceeding the value of Rs. 500,000/-.

(v) The Company has not accepted any deposits from the public.

(vi) According to information and explanation given to us, the company has an internal audit systems commensurate with the size and nature of its business.

(vii) (a) According to the information and explanations given to us and the records of the Company examined by us, in our opinion, the Company is generally regular in depositing undisputed statutory dues including Investor Education & Protection Fund, Income Tax, Sales Tax, Wealth tax, cess and other material statutory dues as applicable with the appropriate authorities.

(b) According to the information and explanation given to us and the records of the Company examined by us, there are no undisputed dues outstanding in respect statutory dues which were due for more than six months from the date they become payable except Service Tax of t 5193891/-.

(viii) As at the balance sheet date, the accumulated losses of the Company exceed fifty percent of its net worth within the meaning of Section 2(29A) of the Companies Act, 1956. The Company has not incurred cash losses in the financial year under report and in the immediately preceding financial year.

(ix) The Company has not defaulted in repayment of its dues to bank. The Company has not issued any debentures.

(x) Based on our examination of the records and the information and '' explanations given to us, the Company has not granted any loans and advances on the basis of securities by way of pledge of shares, debentures and other securities.

(xi) In our opinion, the provisions of any special Statute applicable to Chit Fund, Nidhi or Mutual Benefits Fund/Societies are not applicable to the Company.

(xii) The Company is not dealing or trading in shares, securities, debentures or other investments and hence requirements of Para 4 (xiv) are not applicable to the Company.

(xiii) According to information and explanation given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

(xiv) The Company has not raised any term loan during the year.

(xv) The Company has not raised any funds during the year on short-term basis and hence question of use of such funds for long-term investment does not arise.

(xvi) The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained U/s 301 of the Companies Act, 1956.

(xvii) The Company has not issued any debentures and hence, question of creating security or charge in respect thereof does not arise.

(xviii) The Company has not raised any money by public issues during the year.

(xix) Based upon the audit procedures performed and according to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year.

(xx) In view of the nature of the activity of the Company, in our opinion, other matters specified in Paragraph 4 of the Order are not applicable to the Company.



For S. V. DOSHI & CO. Chartered Accountants





SUNIL DOSHI Partner Mumbai, 30 May, 2012 Membership No: 35037 Firm Reg. No.: 102752W

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Mar 31, 2010

1) We have audited the attached balance sheet of Autoriders International Limited as at 31st March, 2010, 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 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 and on the basis of such checks as we considered appropriate and according to the information and explanations given to us during the course of audit, we enclose in the Annexure a statement on the matters specified in paragraphs 4 & 5 of the said order.

4) Further to our comments in the Annexure referred to 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 as required by law have been kept by the Company so far as appears from our examination of the books;

c) the balance sheet, profit and loss account and cash flow statement dealt with by this report are in agreement with the books of account;

d) in our opinion, the balance sheet, profit and loss account and cash flow statement dealt with by this report comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956;

e) on the basis of written representations received from the directors and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 2010 from being appointed as director of the Company in terms of 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 read together with notes thereon, give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

i) in the case of the balance sheet, of the state of affairs of the Company as at 31st March, 2010;

ii) in the case of the profit and loss account, of the profit for the year ended on that date; and

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

ANNEXURE TO THE AUDITORSREPORT *

Statement referred to in paragraph 3 of our report of even date on the accounts of Autoriders International Limited for the year ended on 31st March, 2010.

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

(2) As explained to us, the assets have been physically verified by the management in accordance with the phased programme of verification, which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification.

(ii) (1) According to the information and explanation given to us, the Company has, during the year, 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, paragraphs 4(iii) (a), (b), (c) and (d) of the order are not applicable.

(2) According to the information and explanation given to us, the company has taken interest free unsecured loans from a Company. The maximum amount involved during the year was Rs. 530.06 lacs and year end balance of loan taken is Rs. 530.06 lacs.

(3) In our opinion, other term and condition on which loan has been taken from the Company, is prima fecie, not prejudicial to the interest of the Company.

(iii) 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, with regard to the purchases of fixed assets and for sale of services. Further, on the basis of our examination and according to the information and explanations given to us, we have neither come across nor have any information of any instances of major weaknesses in the aforesaid internal control system.

(iv) (1) According to the information and explanations given to us, the particulars of contracts or arrangements referred to in Section 301 of the Companies Act, 1956 have been entered in the register required to be maintained under that section; arid

(2) In our opinion and according to the information and explanations given to us, there are no transactions made in pursuance of such contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956 and exceeding the value of Rs.500,000/-.

(v) The Company has not accepted any deposits from the public.

(vi) According to information and explanation given to us, the company has an internal audit systems commensurate with the size and nature of its business.

(vii) (a) According to the information and explanations given to us and the records of the Company examined by us, in our opinion, the Company is generally regular in depositing undisputed statutory dues including Investor Education & Protection Fund, Income Tax, Sales Tax, Wealth tax, cess and other material statutory dues as applicable with the appropriate authorities.

(b) According to the information and explanation given to us and the records of the Company examined by us, there are no undisputed dues outstanding in respect statutory dues which were due for more than six months from the date they become payable except Service Tax of Rs.59,58,655/-.

(viii) As at the balance sheet date, the accumulated losses of the Company exceed fifty percent of its net worth within the meaning of Section 2(29A) of the Companies Act, 1956. The Company has not incurred cash losses in the financial year under report and in the immediately preceding financial year.

(ix) The Company has not defaulted in repayment of its dues to bank. The Company has not issued any debentures.

(x) Based on our examination of the records and the information and explanations given to us, the Company has not granted any loans and advances on the basis of securities by way of pledge of shares, debentures and other securities.

(xi) In our opinion, the provisions of any special Statute applicable to Chit Fund, Nidhi or Mutual Benefits Fund/Societies are not applicable to the Company.

(xii) The Company is not dealing or trading in shares, securities, debentures or other investments and hence requirements of Para 4 (xiv) are not applicable to the Company.

(xiii) According to information and explanation given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

(xiv) The Company has not raised any term loan during the year.

(xv) The Company has not raised any funds during the year on short-term basis and hence question of use of such funds for long-term investment does not arise.

(xvi) The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained U/s 301 of the Companies Act, 1956.

(xvii) The Company has not issued any debentures and hence, question of creating security or charge in respect thereof does not arise.

(xviii) The Company has not raised any money by public issues during the year.

(xix) Based upon the audit procedures performed and according to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year.

(xx) In view of the nature of the activity of the Company, in our opinion, other matters specified in Paragraph 4 of the Order are not applicable to the Company.

For S. V. DOSHI & CO Chartered Accountants,

SUNIL DOSTO Partner Mumbai, 29th May 2010 Membership No.: 35037

Firm Reg. No.: 102752W