Auditor Report of Capital Finvest Ltd.

Mar 31, 2014

1 We have audited the accompanying financial statements of CAPITAL FINVEST LIMITED ("the Company"), which comprise the Balance Sheet as at March 31,2014, the Statement of Profit and Loss and Cash Flow Statement for the year ended on that date, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

2 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") read with the General Circular 15/2013 dated 13 September 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act, 2013 and in accordance with the accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

3 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.

4 An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. 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.

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

Opinion

6 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:

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

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

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

Report on Other Legal and Regulatory Requirements

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

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

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

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

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

d In our opinion, the Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Act read with the General Circular 15/2013 dated 13 September 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act, 2013;

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

Annexure to the Independent Auditors Report (Referred to in Paragraph 7 under 'Report on Other Legal and Regulatory Requirements' section of our report of even date

1 The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information.

As explained to us, the fixed assets have been physically verified by the management during the year in a phased periodical manner, which in our opinion is reasonable, having regard to the size of the company and nature of its business. No material discrepancies were noticed on such physical verification.

In our opinion, the company has not disposed off substantial part of fixed assets during the year and the going concern status of the company is not affected.

2 As explained to us, the inventories have been physically verified by the management at reasonable intervals during the year. In our opinion, the frequency of such verification is reasonable having regard to the size of the company and the nature of its business.

In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

The Company has maintained proper records of inventory. As explained to us, there were no material discrepancies noticed on physical verification of stocks, as compared to book records.

3 The Company has not granted any loans, secured or unsecured, from/to companies, firms or other parties covered in the register to be maintained under section 301 of the Companies Act, 1956.

The Company has not taken any loans, secured or unsecured from companies, firms or other parites covered in the register maintained under section 301 of the Companies Act, 1956.

4 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 for the purchase of inventory and fixed assets and for the sale of goods and services. In our opinion and according to the information and explanations given to us, there is no continuing failure to correct major weakness in internal control system.

5 As explained to us, neither any contract or arrangement refered to in section 301 of the Companies Act 1956 has been entered into by the company nor there had been any transaction pursuant to such contracts or arrangements.

6 Since the company has not accepted any deposit from the public, provisions of Section 58 A and 58 AA or any other relevant provisions of the Act and the rules framed there under are not applicable to it.

7 On the basis of the report made by the internal auditors to the management, in our opinion the Internal Audit System is commensurate with the size of the Company and the nature of its business.

8 Since the Company is not required to maintain any cost records pursuant to the Rules made by the Central Government for the maintenance of cost records under Section 209(1) (d) of the Companies Act, 1956 in respect of certain manufacturing activities, the requirement of item (viii) of Paragraph 4 of the Order is not applicable to the company.

9. (a) According to the information and explanations given to us, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income-Tax, Sales-Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other statutory dues as applicable to the Company have generally been regularly deposited with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at 31st March, 2014 for a period of more than six months from the date of becoming payable.

(b) According to the information and explanations given to us and the records of the Company, there are no disputed or undisputed statutory dues of Income Tax/ Sales Tax / Wealth Tax / Service Tax / Custom Duty / Excise Duty / Cess, that have not been deposited by the Company.

10 The Company neither have any accumulated losses at the end of the year, nor incurred cash losses during the current and the immediately preceding financial year.

11 According to the information and explanations given to us, the company has not defaulted in repayment of dues to a financial institution or bank.

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

13 The Company is not a Chit Fund, Nidhi or Mutual benefit Society. Hence the requirement of item (xiii) of paragraph 4 of the Order is not applicable to the company.

14 The Company has kept proper records of its transactions and contracts in securities and other investments and timely entries have been made therein. The securities and other investments are held by the Company in its own name except given as margin and to the extent of the exemption, if any, granted under section 49 of the Act.

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

16 The Company has not taken any term loan hence the requirement of item (xvi) of paragraph 4 of the Order is not applicable to the company.

17 The Company has neither raised any fund on short term basis nor any fund on long term basis.

18 According to the information and explanations given to us, no preferential allotment of shares has been made by the company to parties and companies covered in the register required to be maintained under section 301 of the Companies Act, 1956.

19 The Company has not issued any debentures. Hence the requirements of clause (xix) of paragraph 4 of the Order is not applicable to the Company.

20 The Company has not raised any money from public issue during the financial year.

21 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 was noticed or reported during the year.

FOR P.M. ARORA & CO. CHARTERED ACCOUNTANTS (Firm Registration No. 1775N )

P.M. ARORA PROPRIETOR M.No.013597

PLACE : NEW DELHI DATED : 21st MAY 2014

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Mar 31, 2013

1 We have audited the accompanying financial statements of CAPITAL FINVEST LIMITED ("the Company"), which comprise the Balance Sheet as at March 31, 2013, the Statement of Profit and Loss and Cash Flow Statement for the year ended on that date, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

2 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") and in accordance with the accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

3 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.

4 An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. 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.

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

Opinion

6 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:

(a ) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31,2013;

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

and

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

Report on Other Legal and Regulatory Requirements

7 As required by the Companies (Auditor's Report) Order, 2003("the Order") issued by the Central

Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a

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

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

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

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

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

d In our opinion, the Balance Sheet, the Statement of Profit and Loss, and the Cash Flow

Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956; and

e On the basis of written representation received from the directors as on March 31, 2013 and

taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2013, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

Annexure to the Independent Auditors Report

(Referred to in Paragraph 7 under 'Report on Other Legal and Regulatory Requirements' section of our report of even date

1 The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information.

As explained to us, the fixed assets have been physically verified by the management during the year in a phased periodical manner, which in our opinion is reasonable, having regard to the size of the company and nature of its business. No material discrepancies were noticed on such physical

In our opinion, the company has not disposed off substantial part of fixed assets during the year and the going concern status of the company is not affected.

2 As explained to us, the inventories have been physically verified by the management at reasonable intervals during the year. In our opinion, the frequency of such verification is reasonable having regard to the size of the company and the nature of its business.

In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

The Company has maintained proper records of inventory. As explained to us, there were no material discrepancies noticed on physical verification of stocks, as compared to book records.

3 The Company has not granted any loans, secured or unsecured, from/to companies, firms or other parties covered in the register to be maintained under section 301 of the Companies Act, 1956.

The Company has not taken any loans, secured or unsecured from companies, firms or other parites covered in the register maintained under section 301 of the Companies Act, 1956.

4 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 for the purchase of inventory and fixed assets and for the sale of goods and services. In our opinion and according to the information and explanations given to us, there is no continuing failure to correct major weakness in internal control system.

5 As explained to us, neither any contract or arrangement refered to in section 301 of the Companies Act 1956 has been entered into by the company nor there had been any transaction pursuant to such contracts or arrangements.

6 Since the company has not accepted any deposit from the public, provisions of Section 58 A and 58 AA or any other relevant provisions of the Act and the rules framed there under are not applicable to it.

7 On the basis of the report made by the internal auditors to the management, in our opinion the Internal Audit System is commensurate with the size of the Company and the nature of its business.

8 Since the Company is not required to maintain any cost records pursuant to the Rules made by the Central Government for the maintenance of cost records under Section 209(1) (d) of the Companies Act, 1956 in respect of certain manufacturing activities, the requirement of item (viii) of Paragraph 4 of the Order is not applicable to the company.

9 (a) According to the information and explanations given to us, undisputed statutory dues including

Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income-Tax, Sales-Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other statutory dues as applicable to the Company have generally been regularly deposited with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at 31st March, 2013 for a period of more than six months from the date of becoming payable.

(b) According to the information and explanations given to us and the records of the Company, there are no disputed or undisputed statutory dues of Income Tax/ Sales Tax / Wealth Tax / Service Tax / Custom Duty / Excise Duty / Cess, that have not been deposited by the Company.

10 The Company neither have any accumulated losses at the end of the year, nor incurred cash losses during the current and the immediately preceding financial year.

11 According to the information and explanations given to us, the company has not defaulted in repayment of dues to a financial institution or bank.

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

13 The Company is not a Chit Fund, Nidhi or Mutual benefit Society. Hence the requirement of item (xiii) of paragraph 4 of the Order is not applicable to the company.

14 The Company has kept proper records of its transactions and contracts in securities and other investments and timely entries have been made therein. The securities and other investments are held by the Company in its own name except given as margin and to the extent of the exemption, if any, granted under section 49 of the Act.

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

16 The Company has not taken any term loan hence the requirement of item (xvi) of paragraph 4 of the Order is not applicable to the company.

17 The Company has neither raised any fund on short term basis nor any fund on long term basis.

18 According to the information and explanations given to us, no preferential allotment of shares has been made by the company to parties and companies covered in the register required to be maintained under section 301 of the Companies Act, 1956.

19 The Company has not issued any debentures. Hence the requirements of clause (xix) of paragraph 4 of the Order is not applicable to the Company.

20 The Company has not raised any money from public issue during the financial year.

21 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 was noticed or reported during the year.

FOR P.M. ARORA&CO. CHARTERED ACCOUNTANTS (Firm Registration No. 1775 N )

P.M. ARORA PROPRIETOR M.No. 013597

PLACE : NEW DELHI DATED : 26/08/2:013

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Mar 31, 2012

1 We have audited the attached Balance Sheet of Capital Finvest Limited as at 31st March, 2012 and also Statement of Profit & Loss and 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 the auditing standards generally accepted in India. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement are free from any material misstatement. An audit includes, examining on a test basis, evidence supporting the amount and disclosures in the financial statement. An audit also includes, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

3 As required by the Companies (Auditor's Report) Order, 2003 as amended by the Companies (Auditors Report) Amendment Order 2004 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure, a statement on the matters specified in paragraph 4 & 5 of the said Order.

4 Further to our comments in the Annexure referred to in paragraph 1 above:-

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

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

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

d) In our opinion, the Balance Sheet and Statement of Profit & Loss dealt with by this report comply with the accounting standards referred to in Section 211 (3C) of the Companies Act, 1956.

e) On the basis of written representations received from the directors, as on 31st March, 2012, 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 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 give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in confirmity with the accounting principles generally accepted in India

i) In the case of Balance Sheet, of the state of affairs of the Company as at 31st March, 2012; and

ii) In the case of Statement of Profit & Loss, of the Profit for the year ended on that date.

iii) In the case fo Cash Flow Statement of the Cash Flows for the year ended on that date.

ANNEXURE REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE

1 The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information.

As explained to us, the fixed assets have been physically verified by the management during the year in a phased periodical manner, 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.

In our opinion, the company has not disposed off substantial part of fixed assets during the year and the going concern status of the company is not affected.

2 As explained to us, the inventories have been physically verified by the management at reasonable intervals during the year. In our opinion, the frequency of such verification is reasonable having regard to the size of the company and the nature of its business.

In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

The Company has maintained proper records of inventory. As explained to us, there were no material discrepancies noticed on physical verification of stocks, as compared to book records.

3 The Company has not granted any loans, secured or unsecured, from/to companies, firms or other parties covered in the register to be maintained under section 301 of the Companies Act, 1956.

The Company has not taken any loans, secured or unsecured from companies, firms or other parities covered in the register maintained under section 301 of the Companies Act, 1956.

4 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 for the purchase of inventory and fixed assets and for the sale of goods and services. In our opinion and according to the information and explanations given to us, there is no continuing failure to correct major weakness in internal control system.

5 As explained to us, neither any contract or arrangement referred to in section 301 of the Companies Act 1956 has been entered into by the company nor there had been any transaction pursuant to such contracts or arrangements.

6 Since the company has not accepted any deposit from the public, provisions of Section 58 A and 58 AA or any other relevant provisions of the Act and the rules framed there under are not applicable to it.

7 On the basis of the report made by the internal auditors to the management, in our opinion the Internal Audit System commensurate with the size of the Company and the nature of its business.

8 Since the Company is not required to maintain any cost records pursuant to the Rules made by the Central Government for the maintenance of cost records under Section 209(1) (d) of the Companies Act, 1956 in respect of certain manufacturing activities, the requirement of item (viii) of Paragraph 4 of the Order is not applicable to the company.

9 (a) According to the information and explanations given to us, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income-Tax, Sales-Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other statutory dues as applicable to the Company have been generally regularly deposited with the appropriate authorise. According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at 31st March, 2012 for a period of more than six months from the date of becoming payable.

(b) According to the information and explanations given to us and the records of the Company, there are no disputed or undisputed statutory dues of Income Tax/ Sales Tax / Wealth Tax / Service Tax / Custom Duty / Excise Duty / Cess, that have not been deposited by the Company.

10 The Company neither have any accumulated losses at the end of the year, nor incurred cash losses during the current and the immediately preceding financial year.

11 According to the information and explanations given to us, the company has not defaulted in repayment of dues to a financial institution or bank or debenture holder.

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

13 The Company is not a Chit Fund, Nidhi or Mutual benefit Society. Hence the requirement of item (xiii) of paragraph 4 of the Order is not applicable to the company.

14 The Company has kept proper records of its transactions and contracts in securities and other investments and timely entries have been made therein. The securities and other investments are held by the Company in its own name except given as margin and to the extent of the exemption, if any, granted under section 49 of the Act.

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

16 The Company has not taken any term loan hence the requirement of item (xvi) of paragraph 4 of the Order is not applicable to the company.

17 The Company has neither raised any fund on short term basis nor any fund on long term basis.

18 According to the information and explanations given to us, no preferential allotment of shares has been made by the company to parties and companies covered in the register required to be maintained under section 301 of the Companies Act, 1956.

19 The Company has not issued any debentures. Hence the requirements of clause (xix) of paragraph 4 of the Order is not applicable to the Company.

20 The Company has not raised any money from public issue during the financial year under consideration.

21 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 was noticed or reported during the year.

FOR P.M. ARORA & CO. CHARTERED ACCOUNTANTS (Firm, Registration No. 1775 N )

P.M. ARORA PROPRIETOR M.No. 013597

PLACE : NEW DELHI DATED : 27/08/2012