Auditor Report of Econo Trade (India) Ltd.

Mar 31, 2024

We have audited the accompanying financial statements of Econo Trade (India) Limited (the ''Company'') which
comprise the Balance Sheet as at March 31, 2024, and the statement of Profit and Loss (including other
comprehensive income), Statement of changes in equity and Statement of cash flows for the year then ended,
and notes to the financial statements, including a summary of significant accounting policies and other
explanatory information (hereinafter referred to as "standalone financial statements").

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 Companies Act,2013 (the "Act") in the manner so
required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under
Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules,2015 as amended ("Ind AS")
and other accounting principles generally accepted in India, of the state of affairs of the Company as at March
31,2024, and its profit, total comprehensive income, the changes in equity and its cash flows for the year then
ended on that date.

Basis for Opinion:

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

Key Audit Matters:

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of
the financial statements of the current period. These matters were addressed in the context of our audit of the
financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on
these matters.

We have determined that there is no key audit matter to communicate in our report.

Information other than Financial Statements & Auditors Report thereon:

The Company''s Board of Directors is responsible for the Other Information. The Other Information comprises the
information included in the Board''s Report including Annexures to Board''s Report and Management Discussion
and Analysis (but does not include the financial statements, and our auditor''s reports thereon).

Our opinion on the financial statements does not cover the Other Information and we do not express any form of
assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information
identified above and, in doing so, consider whether the other information is materially inconsistent with the
financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

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

Responsibilities of the Management and those charged with Governance for the 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 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 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 the
assets of the Company and for preventing and detecting frauds and other irregularities; selection and application
of appropriate accounting policies; making judgment and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls, that were operating effectively or
ensuring 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.

In preparing the financial statements, Management is responsible for assessing the Company''s ability to continue
as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis
of accounting unless management either intends to liquidate the Company or to cease operations, or has no
realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Company''s financial reporting process.

Auditor''s Responsibilities for the Audit of the Financial Statements:

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

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

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

• Obtain an understanding of internal financial control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, 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 polices used and the reasonableness of accounting estimates
and related disclosures made by the management.

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

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

Materiality is the magnitude of misstatements in the financial statements that, individually or in aggregate, makes
it probable that the economic decisions of a reasonably knowledgeable user of the financial statements may be
influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work
and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the
financial statements.

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 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:

I. 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.

II. 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 are 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 it
appears from our examination of those books except for the matter stated in the paragraph vi below on reporting
under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014.

(c) The Balance Sheet, the Statement of Profit and Loss including other comprehensive income and the Cash
Flow Statement, Statement of changes in Equity dealt with by this Report are in agreement with the books of
account.

(d) In our opinion, the aforesaid financial statements comply with the Indian Accounting Standards specified
under Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules, 2014.

(e) On the basis of the written representations received from the directors as on March 31, 2024 taken on
record by the Board of Directors, none of the directors is disqualified as on March 31, 2024 from being appointed
as a director in terms of Section 164(2) of the Act.

(f) With respect to the adequacy of internal financial controls over financial reporting of the Company and the
operating effectiveness of such controls, refer to or separate report in "Annexure B".

(g) With respect to the other matters to be included in the Auditor''s Report in accordance with the
requirements of section 197(16) of the Act, as amended, in our opinion and to the best of our information and
according to the explanations given to us, the remuneration paid/provided by the Company to its directors during
the year is in accordance with the provisions of section 197 of the Act.

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

I. The Company has disclosed the impact of pending litigations on the financial position of its financial
statements - Refer Note 21 to the financial statements

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

III. There has been no delay in transferring amounts, required to be transferred, to the Investor Education
and Protection Fund by the Company.

IV. a) The management has represented that, to the best of its knowledge and belief, 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 person or entity, including foreign entities
("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the
Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in
any manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provide any
guarantee, security or the like on behalf of the Ultimate Beneficiaries;

b) 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, 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; and

c) Based on such 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 (a) and (b) contain any material misstatement.

V.

(a) The company had not proposed any final dividend in the previous year, which was declared and paid by the
Company during the year.

(b) The Company has not declared and paid any interim dividend during the year and until the date of this report.

(c) The Board of Directors of the Company have not proposed any final dividend for the year which is subject to
approval of the members in the ensuing Annual General Meeting.

Vi. Based on our examination which included test checks, the Company has used an accounting software for
maintaining its books of account, however, the feature of recording audit trail (edit log) facility has not been
enabled.

As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable from April 1, 2023, reporting under
Rule 11(g) of Companies (Audit and Auditors) Rules, 2014 on preservation of audit trail as per the statutory
requirements for record retention is not applicable for the financial year ended March 31, 2024.

For, H S K & CO LLP
Chartered Accountants

ICAI FRN No: 117014W\W100685

Place: Ahmedabad

Date: May 29, 2024 CA Sudhir S. Shah

Partner
M. No.: 115947
UDIN: 24115947BKAPES8398

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Mar 31, 2016

To The Member

M/S. Econo Trade (India) Limited Report on Standalone Financial Statements

We have audited the accompanying and alone financial statement CONO TRADE (INDIA) LIMITED , which comprises the Balance sheet as at31^st March, 2016 and the statement of Profit and Loss and Cash Flow statement for the then ended and a summary of Significant accord policies and other explanatory information.

Management Responsibility for the Financial Statements

The Company board of Directors is respites for the matters stated in section (5) of the Companies Act, 2013 (the Act)’ with respect to preparation and presentation of these financial statements that give a true and fair view of the financial position, financial perforce and cash flows of the company accordance with the accounting principles generally accepted in India, including the accounting standards spec under Section 33 of the Act, read with Rule 7 of the Companies (Accounts) rules, 204. This responsibility maintenance of adulate accounting records in accordance with provision of the Act for safeguarding the oafs state Company and for preventing and detecting frauds and other regularities; selection and application the appropriate accounting policymaking judgments and estimates that are reasonable and prudent; and design, implementation and maintain of adequate internal financial controls, that were operating effectively for ensuring the accuracy and complitert6 the accounting records, to the preparation and presentation of the financial statements that give a and are free from material misstatement, whether due t fraud or error.

Auditor’s Responsibility

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

We conducted our audit in accordance with the standard Outing specified under Section 43(D) of the Act. Those Standards require that we comply with ethical requirements and penal 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 about the amounts and disclosures in the financial statement. The procedures selected depend on audit agreement, including the assessment of the risks of material misstatement of the Financial Statements, whether due to or. In making those risk assessments, the auditor consider internal control relevant to company’s preparation of the financial students that give a true and fair view in order to design audit procedures that are appropriate insistences, but not for the purpose of expressing an opinion on whether the company has in place an quite internal financial controls systole financial reporting and operating effectiveness of such control. An audios includes evaluating the appropriate of accounting policies used and the reasonableness of the accounting estimates made by the Company director, as well as evaluating the overall presentation of financial statements.

We believe that the audit evidence we have obtained is appropriate to provide a basis for our Audit opinion of the financial statements.

Opinion

In our opinion and to the best of our information and according the explanations given to us, the aforesaid standalone financial statements give the information required by the manner so required and true and fair view in conformity with the accounting pipes generally accepted in India:

(a) in case of the Balance sheet, of the state of affairs of the company as at March 31, 206;

(b) In the case of profit and loss Account, other FIT for the Year ended on that date; and © in the case of the Cash flow statement cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1 As required by the Companies (Auditors Report) Order, 2016the Order)’, issued by the Central Government of India in terms of Sub-Section (I) of Section 43 of Act , we give in the Annexure A, a statement on the matters specified in the paragraphs 3 and 4 of the order.

2 As required by Section 43 (3) of the Act, we report that:

a) We have sought and obtained all the Damnation and explanations which t(h e best of our Knowledge and belief were necessary for the purposes of our audit.

b) In our opinion proper books of accounts as required by haw1 been kept by the Company so far as it appears from our examination of those books;

c) The Balance sheet, the statement of Profit and Loss and flow statement dealt with by this report are in agreement with books of account;

d) In our opinion, the aforesaid standalone financial statement with the accounting Standard Specified under Section 33 of the Act, read with Rule 7 of the Companies (Account) Rules, 2014;

e) On the basis of the written representation received from the Directors 2016 and taken on record by the Board of Directors, none of the directors is disqualified as31^st March, 2016 from being appointed as a director, in terms of Section 64(2) of the Act;

f) With respect to the adequacy of the Internal Fan control over financial reporting of the Company and the operating effectiveness of such controls femur separate report in Annexure B- ’and

g) With respect to the other matters to be include Auditor Report in accordance with Rule U of the Companies (Audit and Auditors) Rules, 204, in our opinion Board to the best of our Information and according to the explanations given to us:

(i) The Company does not have any pending litigations its financial position in its financial Statements;

(ii) The Company does not have any requirement provision under the applicable law or Accounting standards;

(iii) The company does not have any requirement to company amount to Investor Education and Protection fund by the Company.

The Annexure referred to in our Audit Retool the Members of the Company on the standalone financial Statements for year ended 31st March 2016, we report that:

1 a) The Company is maintaining proper records showing particulars including quantities-details and situation of Fixed Assets.

b) All the fixed Assets have been physically verified 1 he management at reason intervals and no material discrepancies were noticed on such verification.

2 a) The Company have been physically verified reasonable intervals by the Management.

b) In our opinion and according to the for Domitian and explanation given to used procedure of physical verification of inventories followed by the management are reasonable adequate in relation to these of the Company and the nature of its business.

c) In our opinion and according to the information and adaption given to us, the Company is maintaining proper records of its inventories and no material discrepant were noticed on such physical verification.

3 The Company has not granted Loans and Advances to ANOVAs end in the register maintained under Section B9 of the Companies Act, 203. Hence, Clause is not applicable.

4 In our opinion and according to the information and explants given to us, the Company has complied with the provisions of Section B5 and B6 of the Act, where respect to Loans and Investment made.

5. The Company has not accepted any deposits from the public.

6. The Central Government has not prescribed the minter records under Section 148 of the Act, for any of the Business rendered by the Company.

7. a) According to the information and explanations give on the basis of our examination of the records of the Company, amounts deducted/ accrued in the books of account respect of undisputed statutory dues including provident fund, Income Tax, Sales Tax, Value added Tax of Customs, Service Tax, cess and other material dues age been regularly deposited during the year by the Company appropriate authorities. As explained to us, the Company did not have any dues on account of employees state Insurance and duty of excise.

b) According to the information and explanation give nut so no undisputed amounts payable in respect of provident fund, Income Tax, sales Tax, Value added Tax, Duty of must, Service Tax, Cess and other material statutory dues were in arrears as at 31st March 2016 for a period of six Months from the date they became payable.

Details of dues of Income Tax which have been deposited as on March 31206 on account of disputes are given below :-

Name of Statue	Nature of Dues	Amount ( Rs.)	Period	Forum
Income Tax,1961	Income Tax	7,17,540/-	2009-2010	CIT (Appeals)

8. The Company does not have any loans or borrowings financial Institution, bank government or debenture holders during the year. Accordingly paragraph viii) of the order is not applicable.

9. The Company did not raise any money by way of initial puffer or further public offer (including debt Instruments and term loans during the year. Accordingly paragraph 3(ix) of the order is not applicable.

10. According to the information and explanation given to, us) material fraud by the Company or on the company by its officers or employees has been notice no ported during the course of our audit.

11. According to the information and explanations given Unit and based on our examination of the records of the Company, the company has paid/provided for managerial remuneration accordance with the requisite approvals mandated by the provisions of Section 97 read with Schedule V to the Act.

12. In our opinion and according to thin formation and explanations given to 1utsie Company is not a nidhi company. Accordingly, paragraph 3(xii) of the Order is not applicable.

13. According to the information and explanations give so and based on our examination of the records of the Company, the Company has not entered into any transactions with etudes parties in compliance with Sections 177 and 188 of the Act so the clause is applicable for the Company.

14 According to the information and explanations give and based on our examination of the records of the Company, the Company has not made any preferential allotment orating placement of shares or fully or partly convertible debentures during the year.

15. According to the information and explanations given eland based on our examination of the records of the Company, the Company has not entered into non as actions with Directors or connected with him. Accordingly, paragraph 3(xv) of the Order is not applicable.

6. The Company is registered under Section 45-IA of themed Bank of India Act, 1934 Via Certificate of Registration No.B.05.02244 dated- 16.05.1998

Report on the Standalone Financial Statements of Econo Trade (India) Limited on the Internal Financial Controls under Clause(i) of Sub-section 3 of Section 143 of the Companies Act,2013(“the Act”)

We have audited the internal finance controls over the financial reporting Trade (India) Limited (the Company)’ as on 31 March,20B in conjunction with our audit of the stand financial statements of the Company for the year ended on that date.

Management’ s Responsibility for Internal Financial Controls

The Company’s management is responsible establishing and maintaining internal controls based on the internal control over financial reporting criteria dist add by the Company considering the components of internal control stated in Guidance Note on Audit of Internal Financial Convent Financial Reporting issued by the Institute of Chartered Accountants of India (ICAI).These responsibilities including implementation and maintenance of adequate internal financial controls that we pirating effectively for ensuring the Dade and efficient conduct of its business ,including adherence to company’s policies, the safeguarding of its assets, the and detection of frauds and errors, the accuracy and completeness of the accounting records, preparation of reliable financial information ,as required under Companies Act,20F.

Auditor’s Responsibility

Our responsibility is to express an opinion on the Company’s financial reporting base our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Find controls over Financial Reporting(the Guidance Note)’ and the Standards on Auditing ,issued by AC and deemed to be prescribed under section ]43(0) of the Companies Act,20F,to the extent applicable to an audit of Indian Financial Controls and both, issued by the Institute of Chartered Accountants of India. Those standards and Guidance require that we comply with the ethical requirement s and plan and platform the audit to obtain reasonable assurer whether adequate interline financial controls over financial reporting was established and intoned and if such controls over financial reporting was established and maintained and if such controls operate effectively in all material aspects.

Our audit involves performing procedures to obtain audit out the adequacy of the internal financial controls system over financial reporting and the operating effectiveness. Our audit financial controls system over financial reporting and their operating activeness .Our audit of internal controls over financial reporting, assessing the risk that a material weakness exists, aging end evaluating the designed operating effectiveness of internal control based on the assessed The procedures selected depend auditors judgment, including the assessment of the risks of material misstatement financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficed appropriate to provide basis for our audit opinion on the Company’s_ internal financial control system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company’s internal financial control over financial is a process designed to provide reasonable assurance regarding the reliability of financial replay and the preparation of financial for external purposes in accordance with generally accepted accounting princes! A company’s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance’s records that, in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets provide reasonable assurance and transactions are recorded as necessary to permit preparation of financial dements in accordance with generally accepted accounting principles, and the receipt and expenditures of the company being made only in accordance with authorizations of management and directors of the company; and (3) profiles unable assurance regarding pervade or timely detection of unauthorized acquisition ,use, or disposition of the company sets that could have a material effect on the financial statements.

Inherent Limitation of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal finance over financial reporting-including the possibility of collusion or improper management override of controls, mateIIi8letatements due to error or fraud may occur and not to b detected. Also, projections of any evaluation of the inters financial controls over financial reporting may become inadequate because of changes in control, or that the degree of compliant with the policies or procedures may deteriorate.

Opinion

In our opinion ,the Company has , in all material respects adequate internal financial control system over financial reporting and such internal financial controls systemf0vdncial reporting were operating effectively as on 31 March,20B , based on the internal control over financial department criteria established by the company considering the essential components of internal control stated in the Guidance No of Internal Financia0nErols Over Financial Reporting issued by the Institute of Chartered Accountants of India

H, Mahatma Gandhi Road, For, Ashok Kumar Natwarlal & Co.

3^nd Floor, Room No. 708, Chartered Accountants

Kolkata -700007

UM A R AGARWASHOK

Dated: 30.05.2016 Membership No. 056139

No.322307E

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Mar 31, 2015

We have audited the accompanying standalone financial statement of ECONO TRADFE INDIA LIMITED , which comprises the Balance sheet as at 31st March, 2015 and 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 Responsibility for the Financial Statements

The Company board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to preparation and presentation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the company in accordance with the accounting 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 provision of the Act for safeguarding the asset of the Company and for preventing and detecting frauds and other regularities; selection and application of the 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 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 standalone 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 auditor report under the provision 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 statement. The procedures selected depend on auditor's judgement, 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 auditors consider internal control relevant to the company's preparation of the financial statements that give 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 an adequate internal financial controls system over financial reporting and operating effectiveness of such control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Company's Director, as well as evaluating the overall presentation of financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone 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 case of the Balance sheet, of the state of affairs of the company as at March 31,2015;

(b) In the case of profit and loss Account, of the PROFIT for the Year ended on that date; and

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

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 30 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 beat of ouyr Knowledge and belief were necessary for the purposes of our audit.

b) In our opinion proper books of accounts 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, the statement of Profit and Loss and the cash flow statement dalt with by this report are in agreement with books of account;

d) In our opinion, the aforesaid standalone financial statements comply with the accounting Standard Specified under Section 133 of the Act, read with Rule 7 of the Companies (Account) Rules, 2014;

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

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

(i) The Company does not have any pending litigations on its financial position in its financial Statements;

(ii) The Company does not have any requirement for making provision under the applicable law or Accounting standards;

(iii) The company does not have any requirement to transfer any amount to Investor Education and Protection fund by the Company.

The Annexure referred to in our Audit Report to the Members of the Company on the standalone financial Statements for the year ended 31st March 2015, we report that:

1 a) The Company has maintained proper records showing full particulars including quantitative details and situation of its Fixed Assets.

b) According to the information and explanations given to us, the management at reasonable intervals has physically verified the Fixed Assets of the Company and no discrepancies were noticed.

c) None of the Fixed Assets have been revalued during the year.

2 a) The management has conducted physical verification at suitable intervals in respect of stock of shares & securities.

b) In our opinion the procedure of physical verification of stock followed by the management is reasonable and adequate in relation to size of company and nature of the business.

c) The Company is maintaining proper records of the stock of shares & securities and no discrepancies are noticed on physical verification.

3 The Company has granted Loans and Advances to Four Parties covered in the register maintained under Section 189 of the Companies Act, 2013.

a) The Borrowers have been regular in payment of the Interest as stipulated. The terms of arrangements do not stipulate any repayment schedule and the loans are repayable on demand. Accordingly the provisions of CARO 2015 are not applicable for the overdue amount of Rupees One Lakhs.

4 In our opinion and according to the information and explanations given to us, there is an adequate internal control procedures commensurate with the size of the company and the nature of business with regard to purchase and sale of shares & securities, and services. During the course of our Audit, we have not observed any major weakness in the internal control system during the course of audit.

5. The Company has not accepted any deposits from the public.

6. The Central Government has not prescribed the maintenance of Cost records under Section 148(1) of the Act, for any of the Business rendered by the Company.

7. As explained to us, the provident Fund Scheme, Sales Tax, Excise Duty, Custom Duty, wealth Tax, Value Added Tax and Employees State Insurance Scheme are not applicable to the Company.

Details of dues of Income Tax which have not been deposited as on March 31,2015 on account of disputes are given below :-

Name of Statue Nature of Dues Amount ( Rs.) Period Forum

Income Tax, 1961 Income Tax 7,1 7,540/- 2009-2010 CIT (Appeals) 8. The Company does not have any accumulated loss at the end of the Year. The Company has not incurred cash loss during the financial year covered by our audit and in the immediately preceding financial year.

9. The Company has not defaulted in repayment of dues to any financial institution or bank or debenture holders as at the Balance Sheet date.

10. The Company has not given any guarantee for loans taken by others from banks or financial institutions.

11. In our opinion and according to the information and explanations given to us, the Company has not taken any long term loans during the year.

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

161/1, Mahatma Gandhi Road, 3rd Floor, Room No. 706, Kolkata - 700 007

For, Ashok Kumar Natwarlal & Co. Chartered Accountants

Dated: The 02Nd Day of July 2015

ASHOK KUMAR AGARWAL Proprietor Membership No. 056189 Firm Regn No.322307E

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Mar 31, 2014

We have audited the accompanying financial statement of ECONO TRADE (INDIA) LTD, which comprises the Balance sheet as at 31st March, 2014 and the statement of Profit and Loss and Cash Flow for the year then ended, and a summary of Significant accounting policies and other explanatory information.

Management Responsibility for the Financial Statements

Management is responsible for preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the company in accordance with the Accounting Standards referred to in Sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act") read with the General Circular 15/2013 dated September 13,2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013 and in accordance with accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the 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 statement. The procedures selected depend on auditor''s judgement, 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 auditors consider 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 financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our Audit opinion.

Opinion

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

(a) In case of the Balance sheet, of the state of affairs of the company as at March 31, 2014;

(b) In the case of Statement of profit and loss , of the profit for the Year ended on that date; and

(c) In the case of the Cash Flow Statement, of the Cash Flows for the year ended on that Date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 as amended by Companies (Auditor''s Report) ( Amended) Order, 2004 issued by the Central Government of India in terms of Section 227(4A) of the Act, we give in the annexures a statement on the matters specified in the paragraphs 4 and 5 of the order.

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

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

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

c) The Balance Sheet, Statement of Profit and loss, and Cash flow Statement dealt with by this report are in agreement with books or account;

d) In our opinion, the Balance Sheet and Statement of Profit and Loss dealt with by this report comply with the accounting Scub-sect|on (3C> of Section 211 of the Companies Act, 1956 ("the Act") read with the General CoTpanies Act 2013 September 13>2013 the Ministery of CorPorate Affairs in respect of Section 133 of the

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

(f) Interal governtent has not issued a"y 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 the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the company.

ANNEXURE TO THE AUDITORS REPORT

Statements referred to in point No. 1 of our report of even date to the members of M/s. ECONO TRADE (INDIA) LIMITED on the accounts for the year ended 31 st March,2014,

In terms of the information and explanations given to us and the books and records examined by us in normal course of audit and to the best of our knowledge and belief we state that:

1. a) The Company has maintained proper records showing full particulars including quantitative details and situation of its Fixed Assets.

b) According to the information and explanations given to us, the management at reasonable intervals has physically verified the Fixed Assets of the Company and no discrepancies were noticed.

c) None of the Fixed Assets have been revalued during the year.

2. a) The management has conducted physical verification at suitable intervals in respect of stock of shares & securities.

b) In our opinion the procedure of physical verification of stock followed by the management is reasonable and adequate in relation to size of Company and nature of the business.

c) The Company is maintaining proper records of the stock of shares & securities and no discrepancies are noticed on physical verification.

3. In respect of unsecured Loans granted to companies covered in the register maintained u/s 301 of the Companies Act, 1956 and according to information and explanation given to us :

(a) During the year the company has not given any unsecured loans to companies, firms or other parties listed in the register maintained u/s 301 of the Companies Act, 1956 and as such clause 4 (iii) (a) to 4(iii) (d) is not applicable.

(b) The company has not taken unsecured loans from Directors listed in the register maintained u/s. 301 of the Companies Act, 1956 and as such clause 4 (iii) (e) to 4(iii) (f) is not applicable.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with its size and the nature of business with regard to purchase and sale of shares & securities or services. During the course of our Audit, we have not observed any continuing failure to correct major weaknesses in internal control.

5 a) In our opinion and according to the information and explanations given to us, there are no transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956.

b) In our opinion and according to the information and explanations given to us, there are no transactions of purchase of shares & securities, goods, materials and services made in pursuance of contracts or arrangements with any party entered in the register maintained under Section 301 of the Companies Act, 1956 for value aggregating to Rs.5,00,000/- or more during the year under review.

6. The Company has not accepted deposits from the public, compliance of the provision of section 58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance of Deposit) Rules 1975, with regard to the deposits accepted from public does not apply.

7. In our opinion and according to the information and explanations, given to us there is an adequate internal audit system commensurate with the size and nature of its business.

8. According to the information and explanations given to us, the Central Government has not prescribed the maintenance of costs records under section 209(l)(d) of the Companies Act, 1956, for any products of the Company.

9 a) As explained to us, the Provident Fund Scheme, Investor Education and Protection Fund, Service Tax Excise and Custom Duties and Employees State Insurance Scheme are not applicable to the Company. No Undisputed amounts payable in respects in respect of aforesaid dues were outstanding as on March 31, 2014 for a period of more than six Months from the date of becoming payable.

b) Details of dues of Income Tax which have not been deposited as on March 31, 2014 on account of disputes are given below:-

Name of Statue Nature of Dues Amount (Rs.) Period Forum

Income Tax,1961 Income Tax 7,17,540/- 2009-2010 CIT (Appeals)

10. The Company has not incurred any cash losses during the financial year covered by our audit and the immediately preceding financial year.

11. In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to bank with whom transactions have been made during the year.

12. The Company has not granted any 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/mutual benefit fund and therefore the requirements'' petai"m> to su^ classes of companies is not applicable. Therefore the provisions of clause 4(xiii) of the order are not applicable to the Company.

14. According to the information and explanations given to us, the Company has maintained proper records of transactions and contracts in respect of its dealing in. shares, securities, debentures and other investments and timely entries have been made therein. The aforesaid securities have been held by the Company in its own name except to the extent of the exemption granted under section 49 of the Companies Act, 1956.

15. In our opinion and according to the information and explanations given to us, the Company has not given anv guarantee for loans taken by others from banks or financial institutions.

16. In our opinion and according to the information and explanations given to us, the Company has not taken any long-term loans during the year.

17. According to the information and explanations given to us and on overall examination of the Balance Sheet of the Company we report that no funds raised on short term basis have been used for long term investment.

18. According to the information and explanations given to us, the Company has not made any preferential allotment of shares during the year to parties and companies covered in the Register maintained under section 301 of the Companies Act, 1956.

19. The Company has not issued any debentures during the year and therefore the question of creating security or charge in respect thereof does not arise.

20. The Company has not made any public deposits during the year.

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

16/1 lahatma G andhi Road, Ashok Kumar Natwarlal & Co 3rd Floor room No.70B Chartered Accountants kolkata -700007 Phone:[phone]

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Mar 31, 2013

Report on Financial Statements

We have audited the accompanying financial statement of ECONO TRADE (INDIA) LTD, which comprises the Balance sheet as at 31st March, 2013 and the statement of Profit and Loss and Cash Flow for the year then ended, and a summary of Significant accounting policies and other explanatory information.

Management Responsibility for the Financial Statements

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

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the 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 statement. The procedures selected depend on auditor’s judgement, 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 auditors consider 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 financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our Audit opinion.

Opinion

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

(a) In case of the Balance sheet, of the state of affairs of the company as at March 31, 2013;

(b) In the case of Statement of profit and loss , of the profit for the Year ended on that date; and

(c) In the case of the Cash Flow Statement, of the Cash Flows for the year ended on that Date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order, 2003 issued by the Central Government of India in terms of Section 227(4A) of the Act, we give in the annexures a statement on the matters specified in the paragraphs .4 and 5 of the order.

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

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

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

c) The Balance Sheet, Statement of Profit and loss, and Cash flow Statement dealt with by this report are in agreement with books of account;

d) In our opinion, the Balance Sheet and Statement of Profit and Loss 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 the written representation received from the Directors as on 31st March, 2013 and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2013 from being appointed as a director, in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956.

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 the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the company.

ANNEXURE TO THE AUDITORS REPORT

Statements referred to in point No. 1 of our report of even date to the members of M/s. ECONO TRADE (INDIA) LIMITED on the accounts for the year ended 31st March,2013.

In terms of the information and explanations given to us and the books and records examined by us in normal course of audit and to the best of our knowledge and belief we state that:

1. a) The Company has maintained proper records showing full particulars including quantitative details and situation of its Fixed Assets.

b) According to the information and explanations given to us, the management at reasonable intervals has physically verified the Fixed Assets of the Company and no discrepancies were noticed.

c) None of the Fixed Assets have been revalued during the year.

2. a) The management has conducted physical verification at suitable intervals in respect of stock of shares & securities.

b) In our opinion the procedure of physical verification of stock followed by the management is reasonable and adequate in relation to size of Company and nature of the business.

c) The Company is maintaining proper records of the stock of shares & securities and no discrepancies are noticed on physical verification.

3. In respect of unsecured Loans granted to companies covered in the register maintained u/s 301 of the Companies Act, 1956 and according to information and explanation given to us :

(a) During the year the company has not given any unsecured loans to companies, firms or other parties listed in the register maintained u/s 301 of the Companies Act, 1956 and as such clause 4 (iii) (a) to 4(iii) (d) is not applicable.

(e) The company has taken unsecured loans from Directors listed in the register maintained u/s. 301 of the Companies Act, 1956.

(f) The terms and conditions are prima facie not prejudicial to the interest of the company.

(g) The receipt of the principal amount is as per the terms of the loan agreement.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with its size and the nature of business with regard to purchase and sale of shares & securities or services. During the course of our Audit, we have not observed any continuing failure to correct major weaknesses in internal control.

5 a) In our opinion and according to the information and explanations given to us, there are no transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956.

b) In our opinion and according to the information and explanations given to us, there are no transactions of purchase of shares & securities, goods, materials and services made in pursuance of contracts or arrangements with any party entered in the register maintained under Section 301 of the Companies Act, 1956 for value aggregating to Rs.5,00,000/- - or more during the year under review.

6. The Company has not accepted deposits from the public, compliance of the provision of section 58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance of Deposit) Rules 1975, with regard to the deposits accepted from public does not apply.

7. In our opinion and according to the information and explanations, given to us there is an adequate internal audit system commensurate with the size and nature of its business.

8. According to the information and explanations given to us, the Central Government has not prescribed the maintenance of costs records under section 209(1 )(d) of the Companies Act, 1956, for any products of the Company.

9 a) As explained to us, the Provident Fund Scheme and Employees State Insurance Scheme are not applicable to the Company.

b) According to the information and explanations given to us no undisputed amount payable in respect of Income-Tax, Sales-Tax, Wealth-Tax, Service Tax, Custom Duty and Excise Duty were outstanding as at 31st March, 2013 for a period of more than six months from the date they become payable.

10. The Company has not incurred any cash losses during the financial year covered by our audit and the immediately preceding financial year.

11. In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to bank with whom transactions have been made during the year.

12. The Company has not granted any 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/mutual benefit fund and therefore the requirements’ pertaining to such classes of companies is not applicable. Therefore the provisions of clause 4(xiii) of the order are not applicable to the Company.

14. According to the information and explanations given to us, the Company has maintained proper records of transactions and contracts in respect of its dealing in shares, securities, debentures and other investments and timely entries have been made therein. The aforesaid securities have been held by the Company in its own name, except to the extent of the exemption granted under section 49 of the Companies Act, 1956.

15..In our opinion and according to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

16. In our opinion and according to the information and explanations given to us, the Company has not taken any long-term loans during the year.

17. According to the information and explanations given to us and on overall examination of the Balance Sheet of the Company we report that no funds raised on short term basis have been used for long term investment.

18. According to the information and explanations given to us, the Company has not made any preferential allotment of shares during the year to parties and companies covered in the Registrar maintained under section 301 of the Companies Act, 1956.

19. The Company has not issued any debentures during the year and therefore the question of creating security or charge in respect thereof does not arise.

20.. The Company has not made any public deposits during the year.

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

For, Ashok Kumar Natwarlal & Co. Chartered Accountants 161/1, Mahatma Gandhi Road, 3rd Floor, Room No. 70B, Kolkata-700 007 Ashok Kumar Agarwal Proprietor The 31st day of May ,2013 Membership No. 56189 Firm Regn No.322307E

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Mar 31, 2011

TO

THE MEMBERS OF M/S.ECONO TRADE (INDIA) LIMITED

We have audited the attached Balance Sheet of M/s. ECONO TRADE (INDIA) LIMITED as at 31st March 2011 and also the Prom and Loss Account and the cash flow statement of the company for the year ended on that date, both annexed hereto. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that e 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 as evaluating the overall financial Statement presentation. We believe that our audit provides a reasonable basis of our opinion.

As required by the Companies (Auditor’s Report) Order, 2003 as amended by the Companies (Auditor’s Report) (Amendm^ent) Order, 2004 (the Order) issued by the Central Government in terms of Section Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order

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

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

2) 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;

3) The Balance Sheet and Profit and Loss accounts dealt with by this report are in agreement with the books of accounts;

4) In our opinion, the Balance Sheet and Profit and Loss Accounts dealt with by this report Comply with the accounting standards referred to in sub-section (3C) of the Companies Act, 1956;

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

6) In our opinion and to the best of our information and according to the explanation given to me, they said accounts give the information required by the Companies Act, 1956, in the manner so required and give true and fair view in conformity with the accounting principles generally accepted in India;

a) in the case of the Balance Sheet, of the state of affairs of the company as at 31st March, 2011; and

b) in the case of the Profit and Loss Account, of the profit of the company 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.

ANNEXURE TO THE AUDITORS REPORT

Statements referred to in paragraph 3 of our report of even date to the members of M/s. ECONO TRADE (INDIA) LIMITED on the accounts for the year ended 31st March, 2011.

In terms of the information and explanations given to us and the books and records examined by us in normal course of audit and to the best of our knowledge and belief we state that:

1. a) The Company has maintained proper records showing full particulars including quantitative details and situation of its Fixed Assets.

b) According to the information and explanations given to us, the management at reasonable intervals has physically verified the Fixed Assets of the Company and no discrepancies were noticed.

c) None of the Fixed Assets have been revalued during the year.

2. a) The management has conducted physical verification at suitable intervals in respect of stock of shares & securities.

b) In our opinion the procedure of physical verification of stock followed by the management is reasonable and adequate in relation to size of Company and nature of the business.

c) The Company is maintaining proper records of the stock of shares & securities and no discrepancies are noticed on physical verification.

3. In respect of unsecured Loans granted to companies covered in the register maintained u/s 301 of the Companies Act, 1956 and according to information and explanation given to us :

(a) During the year the company has not given any unsecured loans to companies, firms or other parties listed in the register maintained u/s 301 of the Companies Act, 1956 and as such clause 4 (iii) (a) to 4(iii) (d) is not applicable.

(e) The company has taken unsecured loans from Directors listed in the register maintained u/s. 301 of the Companies Act, 1956.

(f) The terms and conditions are prima facie not prejudicial to the interest of the company.

(g) The receipt of the principal amount is as per the terms of the loan agreement.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with its size and the nature of business with regard to purchase and sale of shares & securities or services. During the course of our Audit, we have not observed any continuing failure to correct major weaknesses in internal control.

5 a) In our opinion and according to the information and explanations given to us, there are no transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956.

b) In our opinion and according to the information and explanations given to us, there are no transactions of purchase of shares & securities, goods, materials and services made in pursuance of contracts or arrangements with any party entered in the register maintained under Section 301 of the Companies Act, 1956 for value aggregating to Rs.5,00,000/- or more during the year under review.

6. The Company has not accepted deposits from the public, compliance of the provision of section 58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance of Deposit) Rules 1975, with regard to the deposits accepted from public does not apply.

7. In our opinion and according to the information and explanations, given to us there is an adequate internal audit system commensurate with the size and nature of its business.

8. According to the information and explanations given to us, the Central Government has not prescribed the maintenance of costs records under section 209(1 )(d) of the Companies Act, 1956, for any products of the Company.

9 a) As explained to us, the Provident Fund Scheme and Employees State Insurance Scheme are not applicable to

b) According to the information and explanations given to us no undisputed amount payable in respect of Income-tax, sales -Tax, Wealth-Tax, Service Tax, Custom Duty and Excise Duty were outstanding as at 31st March 2011 to a period of more than six months from the date they become payable.

10. The Company has not incurred any cash losses during the financial year covered by our audit and the immediately preceding financial year.

11. In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to bank with whom transactions have been made during the year.

12. The Company has not granted any 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/mutual benefit fund and therefore the requirements’ pertaining to such classes Companyis not applicable. Therefore the provisions of clause 4(xiii) of the order are not applicable to the Company.

14. According to the information and explanations given to us, the Company has maintained proper records of transactions and contracts in respect of its dealing in shares, securities, debentures and other investments and timely entries have been made therein. The aforesaid securities have been held by the Company in its own name, except to the extent of the exemption granted under section 49 of the Companies Act, 1956.

15. In our opinion and according to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

16. In our opinion and according to the information and explanations given to us, the Company has not taken any long term loans during the year.

17. According to the information and explanations given to us, the land on overall examination of the Balance Sheet of the Company we report that no funds raised on short term basis have been used for long term investment.

18. According to the information and explanations given to us, the Company has not made any preferential allotment of shares during the year to parties and companies covered in the Registrar maintained under section 301 of the Companies Act, 1956.

19. The Company has not issued any debentures during the year and therefore the question of creating security or charge in respect thereof does not arise.

20. The Company has not made any public deposits during the year.

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

For, Ashok Kumar Natwarlal & Co.

Chartered Accountants

161/1, Mahatma Gandhi Road, ,

3^rd Floor, Room No. 70B,

Kolkata-700 007 Ashok Kumar Agarwal

Proprietor

The 30'' June, 2011 Membership No. 56189

Firm Regn No.322307E