Auditor Report of Blazon Marbles Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of BLAZON MARBLES LTD ("the company"), which comprise the Balance Sheet as at 31 March 2015, the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management's 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 and financial performance of the Company 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 the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding of the assets of the Company and for preventing and detecting the 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 control, that were operating effectively for ensuring the accuracy and completeness of the 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 thereunder.

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 give 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 an adequate internal financial controls system over financial reporting and 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 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 audit opinion on the financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, 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 2015, and its loss and its cash flow for the year ended on that date.

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 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 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 it appears from our examination of those books.

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

d) In our opinion, the 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 31 March, 2015, taken on record by the Board of Directors, none of the directors is disqualified as on 31 March, 2015, from being appointed as a director in terms of Section 164(2) of the Act.

f) 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. The Company does not have any pending litigations which would impact its financial position.

ii. The Company did not have any long-term contracts including derivatives contracts for which there were any material foreseeable losses.

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

ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT (Referred to in paragraph 1 under 'Report on Other Legal and Regulatory Requirements' section of our report of even date)

1. a) The company has maintained requisite records showing required particulars including quantitative details and situation of its fixed assets.

b) According to the information and explanation given to us by the management of the company, most of the fixed assets of the company have been physically verified by the management during the year and the intervals of such verification had also been reasonable.

2. The provisions of Clause 2(a), 2(b) & 2(c) are not applicable since there is no activity and inventory during the year.

3. The Company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the Register maintained under Section 189 of the Act.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and its nature of business. During our course of audit, no major weakness was noticed by us in the existing internal control system in procedure.

5. In our opinion and according to the information and explanations given to us, the Company has not accepted deposits during the year and does not have any unclaimed deposits. Therefore, the provisions of the clause 3 (v) of the Order are not applicable to the Company.

6. The provisions of clause 3 (vi) of the Order are not applicable to the Company as the Company is not covered by the Companies (Cost Records and Audit) Rules, 2014.

7. a) 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, undisputed statutory dues in respect of provident fund, employee state insurance, income tax, wealth tax, service tax, sales tax, value added tax, excise duty, cess and other material statutory dues have generally been regularly deposited by the company during the year with the appropriate authorities in India.

b) According to information and explanations given to us, no undisputed amounts payable in respect of income tax, service tax and excise duty were outstanding as on 31st March, 2015 for a period more than six months from the date the same became payable.

c) According to the information and explanations given to us the amounts which were required to be transferred to the investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules there under has been transferred to such fund within time.

8. The Company does not have accumulated losses at the end of the financial years but has incurred cash losses during the financial year covered by our audit but not in the immediately preceding financial year.

9. As observed by us and as per the information and explanations given by the management, we are of the opinion that the company has not defaulted in repayment of dues to its financial institution or bank during the year under audit.

10. As per the information and explanations given to us, the company has not given any guarantee for loans taken by others from any bank or financial institutions. Hence, reporting on terms and conditions of any such guarantee is irrelevant to our reporting.

11. According to the information and explanations given to us, the Company did not avail any term loan during the year

12. Based upon the audit procedures performed and information and explanations given by the management, we report that no fraud on or by the Company has been noticed or reported during the year under audit and even upto the date of our audit.

For C.B.MEHTA & CO.,

Chartered Accountants

Sd/-

C.B.MEHTA

Proprietor

MEM. NO. 517103

Place: VADODARA

Date : 29/08/2015

---

Mar 31, 2014

1. We have audited the attached Balance Sheet of BLAZON MARBLES LIMITED as at 31st March, 2014 and the related Profit and Loss Account and Cash Flow Statement for the year ended on that date, which we have signed under reference to this report. 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 have 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 the 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'' of India and on the basis of such checks as we considered appropriate and according to the information and explanations given to us, we set out in the Annexure, a statement on the matters specified in paragraphs 4 and 5 of the said Order to the extent applicable.

1. Further to our comments in the Annexure referred in paragraph (3) above, we report that :

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

b) In our opinion, proper Books of Accounts as required by law, have been kept by the Company so far as appears from our examination of those Books;

c) The Balance Sheet, 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 and Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956, to the extent applicable.

e) On the basis of confirmations 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, 2014 from being appointed as a Director of the Company in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956 and

f) Subject to the matters reported above, In our opinion, and to the best of our information and according to the explanations given to us, the said accounts read together with the 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 Balance Sheet, of the state of the affairs of the Company as at 31st March, 2014

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

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 (Referred to in Paragraph (3) of our Report of even date)

(i) (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. (b) No Fixed Assets have been disposed off during the year.

(ii) (a) As explained to us, the stocks of finished and semi-finished goods and raw materials of the Company have been physically verified by the Management at reasonable intervals during the year. In respect of Stock lying with third parties, these have substantially been confirmed by them.

(b) In our opinion and according to the information and explanations given to us the procedure of physical verification of stocks followed by the Management are reasonable and adequate in relation to Size of the company and nature of its business.

(c) In our opinion and according to the information and explanations given to us, the company is maintaining proper records of inventory. The discrepancies noticed between the physical stocks as verified by the Management and the Book records were not material having regard to the size of the operations of the company.

(iii) In our opinion the company has not granted or taken any loans, secured or unsecured to/from companies, firms or other parties covered in the Register maintained under Section 301 of the Companies Act,1956.Consequently requirement of clauses (iii b), (iii c), (iii d) of paragraph 4 of the order are not applicable.

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

(v) According to the information and explanations given to us, that no transactions need to be entered into the register maintained under section of 301 of the Companies Act 1956. Consequently requirement of clause (v,b) of paragraph 4 of the Order is not applicable.

(vi) In our opinion the company has not accepted any deposits from the public, within the meaning of Section 58A and 58AA of the Companies Act,1956.

(vii) The company has an internal audit system which in our opinion is commensurate with the size and nature of business.

(viii) To the best of our knowledge and according to explanations given to us the Central Government has not prescribed maintenance of cost records under Section 209 (1) (d) of the Companies Act, 1956 for any of the products manufactured by the Company.

(ix) According to the information and explanation given to us and on the basis of our explanation of books of accounts, we are in the opinion that the provident fund, employees state Insurance and Wealth tax are not applicable to the company, however company has been generally regular in depositing undisputed other statutory dues including investor education protection fund, Employees state insurance, Income tax, Sales Tax, Cess, Custom Duty and Excise Duty, and other material statutory dues with appropriate authorities, whenever applicable to it and there are not any outstanding are as at the last day of the F.Y. for a period of more then 6 month from the date they become payable.

(x) The company has no accumulated losses as at the end of the Financial year 31st March, 2014.

(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 or banks.

(xii) In our opinion 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 and according to information and explanation given to us, the company is not a chitfund, nidhi / mutual benefit fund/society therefore the provisions of clause 4(xiii) of the Companies (Auditors Report) Order, 2004 are not applicable to the company.

(xiv) According to the information and explanations given to us, the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly the provisions 4(xiv) of the companies (Auditor''s report) 2004 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 guarantee for loans taken by others from banks or financial institutions.

(xvi) In our opinion and information and explanations given to us, the company had not raised any term loan during the year under review.

(xvii) According to information and explanations 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.

(xviii) According to the information and explanation given to us ,we report that the funds raised on short term basis have not been used for long-term investment and vice-versa.

(xix) In our opinion and according to information and explanations given to us, the Company has not issued any secured debentures during the period covered by the report. Accordingly, the provisions of clause 4 (xix) of the Companies (Auditors Report) Order, 2003 are not applicable to the company.

(xx) During the period covered by our audit report, the Company has not raised any money by public issues.

(xxi) 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 has been noticed or reported during the course of our audit.

For Shirish Dalal & Associates Chartered Accountants

Date : 01/08/2014 Place : Ahmedabad SD/- (Shirish Dalal) Proprietor Mem. No. 8996

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Mar 31, 2013

1. We have audited the attached Balance Sheet of BLAZON MARBLES LIMITED as at 31st March, 2013 and the related Profit and Loss Account and Cash Flow Statement for the year ended on that date, which we have signed under reference to this report. 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 have 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 the 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'' of India and on the basis of such checks as we considered appropriate and according to the information and explanations given to us, we set out in the Annexure, a statement on the matters specified in paragraphs 4 and 5 of the said Order to the extent applicable.

1. Further to our comments in the Annexure referred in paragraph (3) above, we report that :

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

b) In our opinion, proper Books of Accounts as required by law, have been kept by the Company so far as appears from our examination of those Books;

c) The Balance Sheet, 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 and Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956, to the extent applicable.

e) On the basis of confirmations 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, 2013 from being appointed as a Director of the Company in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956 and

f) Subject to the matters reported above, In our opinion, and to the best of our information and according to the explanations given to us, the said accounts read together with the 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 Balance Sheet, of the state of the affairs of the Company as at 31st March, 2013

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

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

(Referred to in Paragraph (3) of our Report of even date)

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

(b) No Fixed Assets have been disposed off during the year.

(ii) (a) As explained to us, the stocks of finished and semi-finished goods and raw materials of the Company have been physically verified by the Management at reasonable intervals during the year. In respect of Stock lying with third parties, these have substantially been confirmed by them.

(b) In our opinion and according to the information and explanations given to us the procedure of physical verification of stocks followed by the Management are reasonable and adequate in relation to Size of the company and nature of its business.

(c) In our opinion and according to the information and explanations given to us, the company is maintaining proper records of inventory. The discrepancies noticed between the physical stocks as verified by the Management and the Book records were not material having regard to the size of the operations of the company.

(iii) In our opinion the company has not granted or taken any loans, secured or unsecured to/from companies, firms or other parties covered in the Register maintained under Section 301 of the Companies Act,1956.Consequently requirement of clauses (iii b), (iii c), (iii d) of paragraph 4 of the order are not applicable.

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

(v) According to the information and explanations given to us, that no transactions need to be entered into the register maintained under section of 301 of the Companies Act 1956. Consequently requirement of clause (v,b) of paragraph 4 of the Order is not applicable.

(vi) In our opinion the company has not accepted any deposits from the public, within the meaning of Section 58A and 58AA of the Companies Act,1956.

(vii) The company has an internal audit system which in our opinion is commensurate with the size and nature of business.

(viii) To the best of our knowledge and according to explanations given to us the Central Government has not prescribed maintenance of cost records under Section 209 (1) (d) of the Companies Act, 1956 for any of the products manufactured by the Company.

(ix) According to the information and explanation given to us and on the basis of our explanation of books of accounts, we are in the opinion that the provident fund, employees state Insurance and Wealth tax are not applicable to the company, however company has been generally regular in depositing undisputed other statutory dues including investor education protection fund, Employees state insurance, Income tax, Sales Tax, Cess, Custom Duty and Excise Duty, and other material statutory dues with appropriate authorities, whenever applicable to it and there are not any outstanding are as at the last day of the F.Y. for a period of more then 6 month from the date they become payable.

(x) The company has no accumulated losses as at the end of the Financial year 31st March, 2013.

(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 or banks.

(xii) In our opinion 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 and according to information and explanation given to us, the company is not a chitfund, nidhi / mutual benefit fund/society therefore the provisions of clause 4(xiii) of the Companies (Auditors Report) Order, 2004 are not applicable to the company.

(xiv) According to the information and explanations given to us, the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly the provisions 4(xiv) of the companies (Auditor''s report) 2004 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 guarantee for loans taken by others from banks or financial institutions.

(xvi) In our opinion and information and explanations given to us, the company had not raised any term loan during the year under review.

(xvii) According to information and explanations 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.

(xviii) According to the information and explanation given to us ,we report that the funds raised on short term basis have not been used for long-term investment and vice-versa.

(xix) In our opinion and according to information and explanations given to us, the Company has not issued any secured debentures during the period covered by the report. Accordingly, the provisions of clause 4 (xix) of the Companies (Auditors Report) Order, 2003 are not applicable to the company.

(xx) During the period covered by our audit report, the Company has not raised any money by public issues.

(xxi) 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 has been noticed or reported during the course of our audit.

For Shirish Dalal & Associates

Chartered Accountants

Date : 01/08/2013

Place : Ahmedabad SD/-

(Shirish Dalal)

Proprietor

---

Mar 31, 2012

1. We have audited the attached Balance Sheet of BLAZON MARBLES LIMITED as at 31st March, 2012 and the related Profit and Loss Account and Cash Flow Statement for the year ended on that date, which we have signed under reference to this report. 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 have 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 the 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' of India and on the basis of such checks as we considered appropriate and according to the information and explanations given to us, we set out in the Annexure, a statement on the matters specified in paragraphs 4 and 5 of the said Order to the extent applicable.

1. Further to our comments in the Annexure referred in paragraph (3) above, we report that :

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

b) In our opinion, proper Books of Accounts as required by law, have been kept by the Company so far as appears from our examination of those Books;

c) The Balance Sheet, 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 and Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956, to the extent applicable.

e) On the basis of confirmations 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, 2012 from being appointed as a Director of the Company in terms of clause (g) of sub-section (1) of Section 274 ofthe Companies Act, 1956and

d) Subject to the matters reported above, In our opinion, and to the best of our information and according to the explanations given to us, the said accounts read together with the 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 Balance Sheet, of the state of the 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.

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

(Referred to in Paragraph (3) of our Report of even date)

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

(b) All Fixed Assets have been disposed off during the year.

(ii) (a) As explained to us, the stocks of finished and semi-finished goods and raw materials of the Company have been physically verified by the Management at reasonable intervals during the year. In respect of Stock lying with third parties, these have substantially been confirmed by them.

(b) In our opinion and according to the information and explanations given to us the procedure of physical verification of stocks followed by the Management are reasonable and adequate in relation to Size of the company and nature of its business.

(c) In our opinion and according to the information and explanations given to us, the company is maintaining proper records of inventory. The discrepancies noticed between the physical stocks as verified by the Management and the Book records were not material having regard to the size of the operations of the company.

(iii) In our opinion the company has not granted or taken any loans, secured or unsecured to/from companies, firms or other parties covered in the Register maintained under Section 301 of the Companies Act,1956.Consequently requirement of clauses (iiib), (iii c), (iii d) of paragraph 4 of the order are not applicable.

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

(v) According to the information and explanations given to us, that no transactions need to be entered into the register maintained under section of 301 of the Companies Act 1956. Consequently requirement of clause (v,b) of paragraph 4 of the Order is not applicable.

(vi) In our opinion the company has not accepted any deposits from the public, within the meaning of Section 58A and 58AA of the Companies Act,1956.

(vii) The company has an internal audit system which in our opinion is commensurate with the size and nature of business.

(viii) To the best of our knowledge and according to explanations given to us the Central Government has not prescribed maintenance of cost records under Section 209 (1) (d) of the Companies Act, 1956 for any of the products manufactured by the Company.

(ix) According to the information and explanation given to us and on the basis of our explanation of books of accounts, we are in the opinion that the provident fund, employees state Insurance and Wealth tax are not applicable to the company, however company has been generally regular in depositing undisputed other statutory dues including investor education protection fund, Employees state insurance, Income tax, Sales Tax, Cess, Custom Duty and Excise Duty, and other material statutory dues with appropriate authorities, whenever applicable to it and there are not any outstanding are as at the last day of the F.Y. for a period of more then 6 month from the date they become payable.

(x) The company has accumulated losses as at the end of the Financial year 31st March, 2012 which is less then 50% of the networth and has incurred cash losses during the financial year covered by our audit.

(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 or banks.

(xii) In our opinion 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 and according to information and explanation given to us, the company is not a chitfund, nidhi / mutual benefit fund/society therefore the provisions of clause 4(xiii) of the Companies (Auditors Report) Order, 2004 are not applicable to the company.

(xiv) According to the information and explanations given to us, the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly the provisions 4(xiv) of the companies (Auditor's report) 2004 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 guarantee for loans taken by others from banks or financial institutions.

(xvi) In our opinion and information and explanations given to us, the company had not raised any term loan during the year under review.

(xvii) According to information and explanations 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.

(xviii) According to the information and explanation given to us ,we report that the funds raised on short term basis have not been used for long-term investment and vice-versa.

(xix) In our opinion and according to information and explanations given to us, the Company has not issued any secured debentures during the period covered by the report. Accordingly, the provisions of clause 4 (xix) of the Companies (Auditors Report) Order, 2003 are not applicable to the company.

(xx) During the period covered by our audit report, the Company has not raised any money by public issues.

(xxi) 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 has been noticed or reported during the course of our audit.

For Shirish Dalal & Associates

Chartered Accountants

Date : 31-08-2012

Place : Ahmedabad SD/-

(Shirish Dalal)

Proprietor

---

Mar 31, 2010

1. We have audited the attached Balance Sheet of SHUBHAM GRANITES LIMITED as at 31st March, 2010 and the related Profit and Loss Account and Cash Flow Statement for the year ended on that date, which we have signed under reference to this report. 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 have 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 the 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 of India and on the basis of such checks as we considered appropriate and according to the information and explanations given to us, we set out in the Annexure, a statement on the matters specified in paragraphs 4 and 5 of the said Order to the extent applicable.

4. Further to our comments in the Annexure referred in paragraph (3) above, we report that

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

b) In our opinion, proper Books of Accounts as required by law, have been kept by the Company so far as appears from our examination of those Books;

c) The Balance Sheet, 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 and Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956, to the extent applicable.

e) On the basis of confirmations 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 of the Company in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956 and

f) Subject to the matters reported above, In our opinion, and to the best of our information and according to the explanations given to us, the said accounts read together with the 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 Balance Sheet, of the state of the affairs of the Company as at 31st March, 2010

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

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

ANNEXURE TO THE AUDITORSREPORT (Referred to in Paragraph (3) of our Report of even date)

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

(b) All Fixed Assets have been disposed off during the year. (ii) (a) As explained to us, the stocks of finished and semi-finished goods and raw materials of the Company have been physically verified by the Management at reasonable intervals during the year. In respect of Stock lying with third parties, these have substantially been confirmed by them.

(b) In our opinion and according to the information and explanations given to us the procedure of physical verification of stocks followed by the Management are reasonable and adequate in relation to Size of the comrJkny and nature of its business. in our opinion and according to the information and explanations given to us, the company is maintaining proper records of inventory. The discrepancies noticed between the physical stocks as verified by the Management and the Book records were not material having regard to the size of the operations of the company.

(iii) In our opinion the company has not granted or taken any loans, secured or unsecured to/from companies, firms or other parties covered in the Register maintained under Section 301 of the Companies Act,1956.Consequently requirement of clauses (iii b), (iii c), (iii d) of paragraph 4 of the order are not applicable.

[iv] In our opinion and according to information and explanations given to us, during the course of our audit there are adequate internal control procedures commensurate with the size of the Company and the nature of its business for the purchases of inventory, and fixed assets and for the sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal controls.

(v) According to the information and explanations given to us, that no transactions need to be entered into the register maintained under section of 301 of the Companies Act 1956. Consequently requirement of clause (v,b) of paragraph 4 of the Order is not applicable.

(vi) In our opinion the company has not accepted any deposits from the public, within the meaning of Section 58A and 58AA of the Companies Act, 1956.

(vii) The company has an internal audit system which in our opinion is commensurate with the size and nature of business.

(s£ii) To the best of our knowledge and according to explanations given to us the Central Government has not prescribed maintenance of cost records under Section 209 (1) (d) of the Companies Act, 1956 for any of the products manufactured by the Company.

(ix) According to the information and explanation given to us and on the basis of our explanation of books of accounts, we are in the opinion that the provident fund, employees state Insurance and Wealth tax are not applicable to the company, however company has been generally regular in depositing undisputed other statutory dues including investor education protection fund, Employees state insurance, Income tax, Sales Tax, Cess, Custom Duty and Excise Duty, and other material statutory dues with appropriate authorities, whenever applicable to it and there are not any outstanding are as at the last day of the F.Y. for a period of more then 6 month from the date they become payable.

(x) The company has accumulated losses as at the end of the Financial year 31st March, 2010 which is less then 50% of the networth and has incurred cash losses during the financial year covered by our audit.

(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 or banks.

(xii) In our opinion 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 and according to information and explanation given to us, the company is not a chitfund, nidhi / mutual benefit fund/ society therefore the provisions of clause 4(xiii) of the Companies (Auditors Report) Order, 2004 are not applicable to the company.

(xiv) According to the information and explanations given to us, the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly the provisions 4(xiv) of the companies (Auditors report) 2004 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 guarantee for loans taken by others from banks or financial institutions.

(xvi) In our opinion and information and explanations given to us, the company had not raised any term loan during the year under review.

(xvii) According to information and explanations 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.

(xviii) According to the information and explanation given to us ,we report that the funds raised on short term basis have not been used for long-term investment and vice-versa.

(xix) In our opinion and according to information and explanations given to us, the Company has not issued any secured debentures during the period covered by the report.

Accordingly, the provisions of clause 4 (xix) of the Companies (Auditors Report) Order, 2003 are not applicable to the company.

(xx) During the period covered by our audit report, the Company has not raised any money by public issues.

(xxi) 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 has been noticed or reported during the course of our audit.

For S. N. GADIYA & CO. CHARTERED ACCOUNTANTS

Date : 21-08-2010

Place : Indore Sd/-

(S. N. GADIYA) PROPRIETOR