Auditor Report of Kedia Construction Company Ltd.

Mar 31, 2024

We have audited the accompanying Standalone Financial Statements of KEDIA CONSTRUCTION
COMPANY LIMITED (“the Company”), which comprise the Balance Sheet as at March 31, 2024, the
Statement of Profit and Loss (including Other Comprehensive Income), the Cash Flow Statement and the
Statement of Changes in Equity for the year then ended, and a summary of significant accounting policies
and other explanatory information (herein 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
Standalone 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 loss, total comprehensive income, its cash flows and
changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit of Standalone Financial Statements in accordance with the Standards on Auditing
(SAs) specified under section 143(10) of the Companies Act, 2013. Our responsibilities under those SAs
are further described in the Auditor’s responsibilities for the audit of the Standalone Financial Statements
section of our report. We are independent of the Company in accordance with the code of Ethics issued by
the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to
our audit of the Standalone Financial Statements under the provisions of the Act and the Rules thereunder,
and we have fulfilled our other ethical responsibilities in accordance with these requirements and the code
of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion on the Standalone 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 Standalone Financial Statements of the current period. These matters were addressed in
the context of our audit of the Standalone Financial Statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on these matters.

We have determined the matters described below to be the key audit matters to be communicated in our
report:

Sr. No.	Key Audit Matter	Auditor’s Response
1.	Assessment of fair value of Inventories of Equity Shares The Company’s Inventories Includes Unquoted Equity Shares. Inventories of Unquoted Equity Shares are valued at fair value through profit or loss account as required by Ind AS 109. Refer Note no. 2B (J) of “Significant Accounting Policies “. The valuation of Inventories of Unquoted Equity Shares is determined a Key Audit Matter as the carrying value of inventories of Unquoted Equity Shares represents 16.23 per cent of company’s total assets and determination of fair value involves significant management judgement and estimates.	Principal Audit Procedures Our audit procedures included the following: • Evaluating the appropriateness of company’s policy on Valuation of Inventories with reference to the applicable accounting standards. • Our audit approach consisted testing of the design and operating effectiveness of the internal controls and substantive testing. • Performing substantive audit procedures in order to test the accuracy of inventory valuation. • For Unquoted shares, the valuations are verified based on the last audited financial statements available. • We enquired with the management regarding significant judgments and estimates involved in the valuation. In addition, we assessed the appropriateness of the Company’s disclosures in respect of inventory valuation.

Emphasis of Matter

We draw attention to the following matters:

a. We draw your attention to the pending litigation of the company along with a group company against
LIC of India for the Ridge Road Property which is being shown as inventory. Although the property
is in dispute the company has not made any provision for diminution in value. The carrying amount
of the same is Rs.44.63 Lakhs.

Our opinion is not modified in respect of these above matters.

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

The Company’s Board of Directors is responsible for the other information. The other information comprises
the information in the Management Discussion and Analysis, Board’s Report including Annexure to the
Board’s Report and Corporate Governance and Shareholder’s Information but does not include Standalone
Financial Statements and our auditor’s report thereon.

Our opinion on Standalone 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 Standalone Financial Statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the
Standalone 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 Management and Those Charged with Governance for the Standalone Financial
Statements

The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Act
with respect to the preparation of these Standalone Financial Statements that give a true and fair view
of the financial position, financial performance including other comprehensive income, cash flows and
changes in equity of the Company in accordance with the accounting principles generally accepted in
India, including the Indian Accounting Standards (Ind AS) specified under section 133 of the Act read with
the Companies (Indian Accounting Standards) Rules, 2015, as amended. This responsibility also includes
maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding
of the assets of the Company and for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgements and estimates that are reasonable
and prudent; and the design, implementation and maintenance of adequate internal financial controls, that
were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant
to the preparation and presentation of the Standalone Financial Statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.

In preparing the Standalone Financial Statements, 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.

Auditors’ Responsibilities for the Audit of the Standalone Financial Statements:

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

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

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

• Obtain an understanding of internal 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 policies 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 Standalone Financial Statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to
the date of our auditor’s report. However, future events or conditions may cause the Company to
cease to continue as a going concern.

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

Materiality is the magnitude of misstatements in the Standalone Financial Statements that, individually or
in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the
Standalone 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 Standalone 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 Standalone Financial Statements of the current period and are
therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation
precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that
a matter should not be communicated in our report because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”), issued by the Central
Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2013, we give
in the “Annexure A” a statement on the matters specified in paragraphs 3 and 4 of the Order, to the
extent applicable.

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

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

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

c) The Company does not have any branch. Hence, the provisions of section 143(3)(c) is
not applicable.

d) The Balance Sheet, the Statement of Profit and Loss including the Statement of Other
Comprehensive Income, the Cash Flow Statement and Statement of Changes in Equity
dealt with by this Report are in agreement with the books of account;

e) In our opinion, the aforesaid Standalone Financial Statements comply with the
Accounting Standards specified under Section 133 of the Act, read with Companies
(Indian Accounting Standards) Rules, 2015, as amended;

f) 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.

g) With respect to the adequacy of the internal financial controls over financial reporting
of the Company and the operating effectiveness of such controls, refer to our separate
Report in “Annexure B”.

(B) 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 which would impact its financial
position in its Standalone 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 were no amounts which were required to be transferred to the Investor Education
and Protection Fund by the company during the year ended March 31,2024.

iv. (a) The Management has represented that, to the best of its knowledge and belief,

no funds (which are material either individually or in the aggregate) have been
advanced or loaned or invested (either from borrowed funds or share premium or
any other sources or kind of funds) by the Company to or in any other person or
entity, including foreign entity (‘’Intermediaries”), with the understanding, whether
recorded in writing or otherwise, that the Intermediary shal1, whether, directly
or indirectly lend or invest in other persons or entities identified in any manner
whatsoever by or on behalf of the Company (“Ultimate Beneficiaries”) or provide
any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

(b) The Management has represented that, to the best of its knowledge and belief no
funds (which are material either individually or in the aggregate) have been received
by the Company from any person or entity, including foreign entity (“Funding
Parties’’), with the understanding, whether recorded in writing or otherwise, that
the Company shall, whether, directly or indirectly, lend or invest in other persons
or entities identified in my manner whatsoever by or on behalf of the Funding Party
(“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf
of the Ultimate Beneficiaries;

(c) Based on the audit procedures that have been considered reasonable and
appropriate in the circumstances, nothing has come to our notice that has caused
us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e), as
provided under (a) and (b) above, contain any material misstatement.

v. The company has not declared or paid any dividend during the year ended March 31,
2024.

vi. Based on our examination, which included test checks, the company has used accounting
software for maintaining its books of accounts for the financial year ended March 31,2024
which has a feature of recording audit trail (edit log) facility and the same is operated
throughout the year for all relevant transactions recorded in the software. Further, during
the course of our audit we did not come across any instance of the audit trail feature
being tampered with.

(C) 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 according to the information and explanations given to us, the remuneration
paid by the Company to its directors during the current year is in accordance with the provisions
of Section 197 of the Act. The remuneration paid to any director is not in excess of the limit laid
down under Section 197 of the Act.

For Jhunjhunwala Jain & Associates LLP

Chartered Accountants

Firm’s Registration No: 113675W/W100361

(CA Priteesh Jitendra Jain)

Partner

Membership No. : 164931
UDIN : 24164931BKBHXY3578
Place : Mumbai
Date : May 17, 2024

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Mar 31, 2014

We have audited the accompanying financial statements of Kedia Construction Company 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 and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

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

Auditors'' Responsibility

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

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 management, as well as evaluating the overall presentation of the financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the 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:

(i) In the case of Balance Sheet of the state of affairs of the Company as at 31st March, 2014;

(ii) In the case of Profit and Loss Account of the profit of the Company for the year ended on that date.

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

Report on Other Legal and Regulatory Requirements

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

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

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

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

c. The Balance Sheet, 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 section 211(3C) of the Act;

e. On the basis of the written representations received from the directors as on March 31, 2014, 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 Section 274(1)(g) of the Act.

Annexure to the Auditors'' Report

Referred to Our Report of Even Date

1. (a) As per the information and explanations given to us, the Company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets.

(b) We have been informed that the respective heads of the department at reasonable intervals conducted physical verification of fixed assets. In respect of assets physically verified, the details has been compared with the books records and discrepancies noticed thereof were not material and have been properly dealt with in the books of accounts.

(c) Substantial parts of the fixed assets have not been disposed of during the year so as to affect its going concern.

2. (a) As explained to us, the management at regular intervals during the year has physically verified inventories.

(b) The procedures explained to us, which are followed by the management for physical verification of the inventories, are in our opinion, reasonable and adequate in relation to the size of the company and the nature of its business.

(c) The Company is maintaining proper records of the inventories. As explained to us and according to the records produced to us for our verification, discrepancies, which were noticed on physical verification of inventories, as compared to book records, have been properly dealt with in the books of account.

3. The Company has neither granted nor taken any loans, secured or unsecured, to or form companies, firms or other parties covered in the register required to be maintained under section 301 of the Act.

4. In our opinion, and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business, for the purchase and sale of shares and other assets. During the course of our examination no major weakness in internal control had come to our notice.

5. (a) In our opinion and according to the information and explanations given to us, the particulars of contracts or arrangements referred to in section 301 of the Act have been entered in the register required to be maintained under that section.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of such contracts or arrangements in respect of any party during the year have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

6. In our opinion and according to the information and explanations given to us by the Company, the provision of section 58Aand section 58AAof the Companies Act, 1956 and the rules framed there under in respect of acceptance of deposits are not applicable to the Company.

7. The Company has adequate internal audit & internal control system commensurate with its size and nature of its business.

8. As explained to us, the maintenance of cost records has not been prescribed by the Central Government under section 209(1)(d) of the Companies Act, 1956 in respect of the Company''s products.

9. (a) According to the information and explanations given to us the provisions of Provident Fund and Employees State Insurance Scheme are not applicable to the Company.

(b) There are no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax, Custom Duty, Excise Duty were outstanding as on 31st March, 2014 fora period of more than six month from the date they becomes payable.

10. The Company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in the current financial year.

11. On the basis of the records examined by us and the information and explanations given to us, the Company has not taken any loan from financial institutions or banks, the question of defaulted in repayment of dues does not arise.

12. As explained to us, the Company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures or any other securities. We are unable to express our opinion in absence of physical records of securities whether Company has granted any loans or advances on the basis of securities by way of pledge of shares, debentures or any other securities.

13. In our opinion, the Company is not a chit fund or a nidhi / mutual benefit fund/society. Therefore, clause 4(xiii) of the Companies (Auditors Report) Order, 2003 is not applicable to the Company.

14. In our opinion and according to the information and explanations given to us, the Company has updated the investment Register and timely entries have been made in the register. However we are unable to express our opinion regarding the investment held by the Company in its own name. In our opinion, the Company is a dealer or trader in shares, securities, debentures and other investments.

15. According to the information and explanations given to us, and the representation made by the management, the Company, has neither given any guarantee for loans taken by others from any bank or financial institution, nor has obtained term loans during the year under review.

16. On the basis of the records examined by us and the representation made by the management, no term loans have been obtained during the year.

17. According to the information and explanations given to us and on an overall examination of the financial statements of the Company and after placing reliance on the reasonable assumptions made by the Company for classification of long term and short term usage of funds, we are of the opinion that, prima-facie, short term funds have not been utilized for long term purpose and vice-versa.

18. The Company has not made any preferential allotment of shares to parties and Companies covered in the register maintained under Section 301 of the Act during the year and therefore paragraph 4 (xviii) of the Order is not applicable.

19. The Company has not issued any debentures during the year and therefore paragraph 4 (xix) of the Order is not applicable.

20. The Company has not raised any money by public issue during the year and therefore paragraph 4 (xx)of theOrderisnotapplicable.

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

For Jajodia & Company Chartered Accountants Dinesh Jajodia Proprietor Membership No. 101008 Firm Reg. No. 121911W Mumbai, the 30th day of May, 2014

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Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of Kedia Construction Company 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 and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

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

Auditors'' Responsibility

Our responsibilityis to express an opinion on these financial statements basedonour audit. We conducted our audit in accordance with the Standards onAuditing 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 misstatements.

An audit involves performing procedures toobtain audit evidence about the amounts and disclosuresin 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 management, as well as evaluating the overall presentationofthe 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 andtothe bestof our information and according tothe explanations giventous, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair viewinconformity with the accounting principles generally accepted inIndia:

(i) Inthe case ofBalance Sheetofthe state ofaffairsofthe Company asat31st March, 2013;

(ii) Inthe case ofProfit and LossAccountofthe profitofthe Company for the year endedonthat date.

(iii) Inthe case ofthe Cash Flow statement,of the cash flows for the year endedonthat date.

ReportonOtherLegalandRegulatoryRequirements

1. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order”) issued by the Central Government of India in terms of Section 227(4A) of the Act, we give in the Annexure a statement on the matters specifiedinparagraphs 4and 5ofthe Order.

2. AsrequiredbySection 227(3) oftheAct,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 ofour 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 examinationof those books.

c. The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Report arein agreement with the booksofaccount.

d. Inour opinion, the Balance Sheet, the Statement ofProfit and Loss, and the Cash Flow Statement comply with theAccounting Standards referredtoinsection 211(3C)oftheAct;

e. On the basis of the written representations received from the directors as on March 31, 2013, taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2013, from being appointed as a directorintermsofSection 274(1)(g)oftheAct.

Annexure to the Auditors'' Report Referred to in Paragraph 3 of Our Report of Even Date

1. Asper the information and explanations given tous, the Company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets.

2. We have been informed that the respective heads of the department at reasonable intervals conducted physical verification of fixed assets. In respect of assets physically verified, the details has been compared with the books records and discrepancies noticed thereof were not material and have been properly dealt withinthe books ofaccounts.

3. Substantial parts of the fixed assets have not been disposed of during the year so as to affect its going concern.

4. As explained to us, the management at regular intervals during the year has physically verified inventories.

5. The procedures explained to us, which are followed by the management for physical verification of the inventories, are in our opinion, reasonable and adequate in relation to the size of the Company and the nature ofits business.

6. The Company is maintaining proper records of the inventories.As explained to us and according to the records produced to us for our verification, discrepancies, which were noticed on physical verification of inventories, as compared to book records, have been properly dealt with in the booksofaccount.

7. The Company has maintained necessary records to show full particulars of loans accepted and granted to/from Companies, firms or other parties listed in the register maintained u/s 301 of the Companies Act, 1956. During the year, the Company has not accepted any loans from such parties butit has granted loansto such parties. The maximum amount involved was Rs. 8.50 Lacs & closing balance isNil at the year end.As there is no stipulation regarding repaymentofprincipal and paymentof interest, there arenooverdue amountsof loans more than five lacs rupee.

8. According to information and explanations given to us by the management of the Company, the terms and conditions of such loans given and taken are prima-facie not prejudicial to the interest of the Company.

9. In our opinion, and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business, for the purchase and sale of shares and other assets. During the course of our examination no major weakness ininternal control had cometoour notice.

10. In our opinion and according to the information and explanations given to us, the particulars of contracts or arrangements referred to in section 301 of the Act have been entered in the register requiredtobemaintained under that section.

11. In our opinion and according to the information and explanations given to us, the transactions made in pursuance of such contracts or arrangements in respect of any party during the year have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

12. In our opinion and according to the information and explanations given to us by the Company, the provision of section 58Aand section 58AAof the CompaniesAct, 1956 and the rules framed there underin respectofacceptanceofdeposits are not applicable tothe Company.

13. The Company has adequate internal audit & internal control system commensurate with its size and natureofits business.

14. As explained to us, the maintenance of cost records has not been prescribed by the Central Government under section 209(1)(d) of the Companies Act, 1956 in respect of the Company''s products.

15. According to the information and explanations given to us the provisions of Provident Fund and Employees State Insurance Scheme are not applicabletothe Company.

16. There are no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax, Custom Duty, Excise Duty were outstanding as on 31st March, 2013 for a period of more than six month from the date they becomes payable.

17. The Company does not have any accumulated losses at the end of the financial year and has not incurred cash losses inthe current financial year.

18. On the basis of the records examined by us and the information and explanations given to us, the Company has not taken any loan from financial institutions or banks, the question of defaulted in repaymentofdues does not arise.

19. As explained to us, the Company has not granted any loans or advances on the basis of security by wayofpledgeof shares, debenturesorany other securities.

20. In our opinion, the Company is not a chit fund or a nidhi / mutual benefit fund/society. Therefore, clause 4(xiii)ofthe Companies (Auditors Report) Order, 2003isnot applicabletothe Company.

21. In our opinion and according to the information and explanations given to us, the Company has updated the investment Register and timely entries have been made in the register. However we are unabletoexpress our opinion regarding the investment heldbythe Companyinits own name. In our opinion, the Company is a dealer or trader in shares, securities, debentures and other investments.

22. According to the information and explanations given to us, and the representation made by the management, the Company, has neither given any guarantee for loans taken by others from any bank orfinancial institution, nor has obtained term loans during the year under review.

23. Onthe basisof the records examined by us and the representation made by the management. No term loans have been obtained during the year.

24. According to the information and explanations given to us and on an overall examination of the financial statements of the Company and after placing reliance on the reasonable assumptions made by the Company for classification of long term and short term usage of funds, we are of the opinion that, prima-facie, short term funds have not been utilized for long term purpose and vice- versa.

25. The Company has not made any preferential allotment of shares to parties and Companies covered in the register maintained under Section 301 of the Act during the year and therefore paragraph4(xviii)of the Orderisnot applicable.

26. The Company has not issued any debentures during the year and therefore paragraph 4 (xix) of the Orderisnot applicable.

27. The Company has not raised any money by public issue during the year and therefore paragraph 4 (xx) of the Order is not applicable.

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

For Jajodia & Company

Chartered Accountants

Dinesh Jajodia

Proprietor

Membership No. 101008

Firm Reg. No. 121911W

Mumbai, the 30th day of May, 2013

---

Mar 31, 2012

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

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

3) As required by the Companies (Auditor's Report) Order, 2003 as amended by the Companies (Auditor's 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 paragraphs 4 and 5 of the said Order.

4) Further to our comments in the Annexure referred to in paragraph 3 we report as follows:

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

c) The Balance Sheet and Profit and Loss Account and cash flow statement dealt with by this report are in agreement with the books of account of the Company;

d) In our opinion, the Balance Sheet and the Profit and Loss Account and Cash flow statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956.

e) Based on the written representations made by the Directors as on 31st March, 2012 and taken on record by the Board of Directors of the Company and the information and explanations given to us, none of the directors is, as on 31st March, 2012, prima-facie disqualified from being appointed as 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 financial statements, read together with the notes thereon, give the information required by the Companies Act, 1956, in the manner so required and present a true and fair view in conformity with the generally accepted accounting principles in India:

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

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

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

Annexure to the Auditors' Report Referred to in Paragraph 3 of Our Report of Even Date

1. As per the information and explanations given to us, the Company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets.

2. We have been informed that the respective heads of the department at reasonable intervals conducted physical verification of fixed assets. In respect of assets physically verified, the details has been compared with the books records and discrepancies noticed thereof were not material and have been properly dealt with in the books of accounts.

3. Substantial parts of the fixed assets have not been disposed of during the year so as to affect its going concern.

4. As explained to us, the management at regular intervals during the year has physically verified inventories.

5. The procedures explained to us, which are followed by the management for physical verification of the inventories, are in our opinion, reasonable and adequate in relation to the size of the Company and the nature of its business.

6. The Company is maintaining proper records of the inventories. As explained to us and according to the records produced to us for our verification, discrepancies, which were noticed on physical verification of inventories, as compared to book records, have been properly dealt with in the books of account.

7. The Company has maintained necessary records to show full particulars of loans accepted and granted to/from Companies, firms or other parties listed in the register maintained u/s 301 of the Companies Act, 1956. As there is no stipulation regarding repayment of principal and payment of interest, there are no overdue amounts of loans more than five lacs rupee.

8. According to information and explanations given to us by the management of the Company, the terms and conditions of such loans given and taken are prima-facie not prejudicial to the interest of the Company.

9. In our opinion, and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business, for the purchase and sale of shares and other assets. During the course of our examination no major weakness in internal control had come to our notice.

10. In our opinion and according to the information and explanations given to us, the particulars of contracts or arrangements referred to in section 301 of the Act have been entered in the register required to be maintained under that section.

11. In our opinion and according to the information and explanations given to us, the transactions made in pursuance of such contracts or arrangements in respect of any party during the year have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

12. In our opinion and according to the information and explanations given to us by the Company, the provision of section 58A and section 58AA of the Companies Act, 1956 and the rules framed there under in respect of acceptance of deposits are not applicable to the Company.

13. The Company has adequate internal audit & internal control system commensurate with its size and nature of its business.

14. As explained to us, the maintenance of cost records has not been prescribed by the Central Government under section 209(1)(d) of the Companies Act, 1956 in respect of the Company's products.

15. According to the information and explanations given to us the provisions of Provident Fund and Employees State Insurance Scheme are not applicable to the Company.

16. There are no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax, Custom Duty, Excise Duty were outstanding as on 31st March, 2012 for a period of more than six month from the date they becomes payable.

17. The Company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in the current financial year.

18. On the basis of the records examined by us and the information and explanations given to us, the Company has not taken any loan from financial institutions or banks, the question of defaulted in repayment of dues does not arise.

19. As explained to us, the Company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures or any other securities.

20. In our opinion, the Company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, clause 4(xiii) of the Companies (Auditors' Report) Order, 2003 is not applicable to the Company.

21. In our opinion and according to the information and explanations given to us, the Company has updated the investment Register and timely entries have been made in the register. However we are unable to express our opinion regarding the investment held by the Company in its own name. In our opinion, the Company is a dealer or trader in shares, securities, debentures and other investments.

22. According to the information and explanations given to us, and the representation made by the management, the Company, has neither given any guarantee for loans taken by others from any bank or financial institution, nor has obtained term loans during the year under review.

23. On the basis of the records examined by us and the representation made by the management. No term loans have been obtained during the year.

24. According to the information and explanations given to us and on an overall examination of the financial statements of the Company and after placing reliance on the reasonable assumptions made by the Company for classification of long term and short term usage of funds, we are of the opinion that, prima-facie, short term funds have not been utilized for long term purpose and vice-versa.

25. The Company has not made any preferential allotment of shares to parties and Companies covered in the register maintained under Section 301 of the Act during the year and therefore paragraph 4 (xviii) of the Order is not applicable.

26. The Company has not issued any debentures during the year and therefore paragraph 4 (xix) of the Order is not applicable.

27. The Company has not raised any money by public issue during the year and therefore paragraph 4 (xx) of the Order is not applicable.

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

For Jajodia & Company Chartered Accountants

Dinesh Jajodia Proprietor Membership No. 101008 Firm Reg. No. 121911W

Mumbai, the 30th day of May, 2012

---

Mar 31, 2011

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

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

3) As required by the Companies (Auditor's Report) Order, 2003 as amended by the Companies (Auditor's 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 paragraphs 4 and 5 of the said Order.

4) Further to our comments in the Annexure referred to in paragraph 3 we report as follows:

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

c) The Balance Sheet and Profit and Loss Account and cash flow statement dealt with by this report are in agreement with the books of account of the Company;

d) In our opinion, the Balance Sheet and the Profit and Loss Account and Cash flow statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956

e) Based on the written representations made by the Directors as on 31st March, 2011 and taken on record by the Board of Directors of the Company and the information and explanations given to us, none of the directors is, as on 31st March, 2011, prima- facie disqualified from being appointed as 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 financial statements, read together with the notes thereon, give the information required by the Companies Act, 1956, in the manner so required and present a true and fair view in conformity with the generally accepted accounting principles in India:

(i) In the case of Balance Sheet of the state of affairs of the Company as at 31st March, 2011;

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

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

Annexure to the Auditors' Report Referred to in Paragraph 3 of Our Report of Even Date

1. As per the information and explanations given to us, the Company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets.

2. We have been informed that the respective heads of the department at reasonable intervals conducted physical verification of fixed assets. In respect of assets physically verified, the details has been compared with the books records and discrepancies noticed thereof were not material and have been properly dealt with in the books of accounts.

3. Substantial parts of the fixed assets have not been disposed of during the year so as to affect its going concern.

4. As explained to us, the management at regular intervals during the year has physically verified inventories.

5. The procedures explained to us, which are followed by the management for physical verification of the inventories, are in our opinion, reasonable and adequate in relation to the size of the Company and the nature of its business.

6. The Company is maintaining proper records of the inventories. As explained to us and according to the records produced to us for our verification, discrepancies, which were noticed on physical verification of inventories, as compared to book records, have been properly dealt with in the books of account.

7. The Company has maintained necessary records to show full particulars of loans accepted and granted to/from Companies, firms or other parties listed in the register maintained u/s 301 of the Companies Act, 1956. As there is no stipulation regarding repayment of principal and payment of interest, there are no overdue amounts of loans more than five lacs rupee

8. According to information and explanations given to us by the management of the Company, the terms and conditions of such loans given and taken are prima-facie not prejudicial to the interest of the Company.

9. In our opinion, and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business, for the purchase and sale of shares and other assets. During the course of our examination no major weakness in internal control had come to our notice.

10. In our opinion and according to the information and explanations given to us, the particulars of contracts or arrangements referred to in section 301 of the Act have been entered in the register required to be maintained under that section.

11. In our opinion and according to the information and explanations given to us, the transactions made in pursuance of such contracts or arrangements in respect of any party during the year have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

12. In our opinion and according to the information and explanations given to us by the Company, the provision of section 58A and section 58AA of the Companies Act, 1956 and the rules framed there under in respect of acceptance of deposits are not applicable to the Company.

13. The Company has adequate internal audit & internal control system commensurate with its size and nature of its business.

14. As explained to us, the maintenance of cost records has not been prescribed by the Central Government under section 209(1)(d) of the Companies Act, 1956 in respect of the Company's products.

15. According to the information and explanations given to us the provisions of Provident Fund and Employees State Insurance Scheme are not applicable to the Company.

16. There are no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax, Custom Duty, Excise Duty were outstanding as on 31st March, 2011 for a period of more than six month from the date they becomes payable.

17. The Company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in the current financial year.

18. On the basis of the records examined by us and the information and explanations given to us, the Company has not taken any loan from financial institutions or banks, the question of defaulted in repayment of dues does not arise.

19. As explained to us, the Company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures or any other securities.

20. In our opinion, the Company is not a chit fund or a nidhi / mutual benefit fund/society. Therefore, clause 4(xiii) of the Companies (Auditors Report) Order, 2003 is not applicable to the Company.

21. In our opinion and according to the information and explanations given to us, the Company has updated the investment Register and timely entries have been made in the register. However we are unable to express our opinion regarding the investment held by the Company in its own name. In our opinion, the Company is a dealer or trader in shares, securities, debentures and other investments.

22. According to the information and explanations given to us, and the representation made by the management, the Company, has neither given any guarantee for loans taken by others from any bank or financial institution, nor has obtained term loans during the year under review.

23. On the basis of the records examined by us and the representation made by the management. No term loans have been obtained during the year.

24. According to the information and explanations given to us and on an overall examination of the financial statements of the Company and after placing reliance on the reasonable assumptions made by the Company for classification of long term and short term usage of funds, we are of the opinion that, prima-facie, short term funds have not been utilized for long term purpose and vice-versa.

25. The Company has not made any preferential allotment of shares to parties and Companies covered in the register maintained under Section 301 of the Act during the year and therefore paragraph 4 (xviii) of the Order is not applicable.

26. The Company has not issued any debentures during the year and therefore paragraph 4 (xix) of the Order is not applicable.

27. The Company has not raised any money by public issue during the year and therefore paragraph 4 (xx) of the Order is not applicable.

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

For Jajodia & Company Chartered Accountants

Dinesh Jajodia Proprietor Membership No. 101008 Firm Reg. No. 121911W Mumbai, the 30th day of May, 2011

---

Mar 31, 2010

1) We have audited the attached Balance Sheet of Kedia Construction Company Ltd. as at 31rd March 2010. Profit and Loss Account and also the Cash Flow statement (or the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys management Our responsibility is to express an opinion on these financial statements based on our audit.

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

3) As required by the Companies (Auditors Report) Order, 2003 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 or The Companies Act, 1956, we enclose In the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

4) Further to our comments In the Annexure referred to in paragraph 3 we report as follows;

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

c) The Balance Sheet and Profit and Loss Account and cash flow statement dealt with by this report are in agreement with the books of account of the Company;

d) In our opinion, the Balance Sheet and the Profit and Loss Account and Cash flow statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act. 1956.

e) Based on the written representations made by the Directors as on 31* March, 2010 and taken on record by the Board of Directors of the Company and the information and explanations given to us, none of the directors is. as on 31st March, 2010. prima- facie disqualified from being appointed as 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 financial statements, read together with the notes thereon, give the information required by the Companies Act, 1956, in the manner so required and present a true and fair view in conformity with the generally accepted accounting principles in India:

(1) In the case of Balance Sheet of the state of affairs of the Company as at 31st March, 2010;

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

(iii) In the case Of the Cash Flow statement, of the cash flows for the year ended on that date.

Annexure to the Auditors Report Referred to in Paragraph 3 of Our Report of Even Date

1 As per the information and explanations given to us, the Company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets.

2. We have been informed that the respective heads of the department at reasonable intervals conducted physical verification of fixed assets. In respect ot assets physically verified, the details has been compared with the books records and discrepancies noticed thereof were not material and have been properly dealt with in the books of accounts.

3 Substantial parts of the fixed assets have not been disposed of during the year so as to affect its going concern.

4. As explained to us, the management at regular intervals during the year has physically verified inventories.

5. The procedures explained to us, which are followed by the management for physical verification of the inventories, are in our opinion, reasonable ard adequate In reiation to the size of the Company and the nature of its business.

6. The Company is maintaining proper records of the inventories. As explained to us and according to the records produced to us for our verification, discrepancies, which were noticed on physical verification of Inventories, as compared to book records, have been properly dealt with in the books of account

7 The Company has maintained necessary records to show full particulars of loans accepted

and granted to from Companies, firms or other parties listed in the register maintained u/s 301 of the Compantes Act, 1956, As there is no stipulation regarding repayment of principal and payment of interest, there are no overdue amounts of loans more than one laces rupee.

8. According to information and explanations given to us by the rranagement of the Company. the terms and conditions of such loans given and taken are prima-facie not prejudicial to the interest of the Company.

9. In our opinion, and according to the information and explanations given to us. there are adequate internal control procedures commensurate with the size of the Company and the nature of is business, for the purchase and sale of shares and other assets. During the course of cur examination no major weakness in internal control had come to our notice.

10. In our opinion and according to the information and explanations given to us, the particulars of contracts or arrangements referred to in section 301 of the Act have been entered in the register required to be maintained under that section.

11 in our opinion and according to the information and explanations given to us. the transaclions made in pursuance of such contracts or arrangements In respect of any party during the year have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

12. In our opinion and according to Ihe information and explanations given to us by the Company, the provision of section 58A and section 58AA of the Companies Act, 1956 and the rules framed there under in respect of acceptance of deposits are not applicable to the Company.

13. The Company has in house internal audit department and also has adequate internal control system commensurate with its size and nature of its business.

14. As explained to us, the maintenance of cost records has not been prescribed by the Central Government under section 209(1 )(d) of the Companies Act, 1956 in respect of the Companys products.

15. According to the information and explanations given to us the provisions of Provident Fund and Employees State Insurance Scheme are not applicable to the Company.

16. There are no undisputed amounts payable in respect of Income Tax, Wealth Tax. Sales Tax, Custom Duty, Excise Duty were outstanding as on 31rd March, 2010 for a period of more than six month from the date they becomes payable.

17. The Company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in the current financial year.

18. On the basis of the records examined by us and the information and explanations given to us, the Company has not taken any loan from financial institutions or banks, the question of defaulted in repayment of dues does not arise.

19 As explained to us. the Company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures or any other securities.

20. In our opinion, the Company is not a chit fund or a nidhi / mutual benefit fund/society. Therefore, clause 4(xiij) of the Companies (Auditors Report) Order. 2003 is not applicable to the Company.

21. In our opinion and according to the information and explanations given to us, the Company has updated the investment Register and timely entries have been made in the register. However we are unable to express our opinion regarding the investment held by the Company in its own name. In our opinion, the Company is a dealer or trader in shares, securities, debentures and other investments.

22. According to the information and explanations given to us, and the representation made by the management, the Company, has neither given any guarantee for loans taken by others from any bank or financial institution, nor has obtained term loans during the year under review.

23. On the basis of the records examined by us and the representation made by the management. No term loans have been obtained during the year.

24. According to the information and explanations given to us and on an overall examination of the financial statements of the Company and after placing reliance on the reasonable assumptions made by the Company for classification of long term and short term usage of funds, we are of the opinion that, prima-facie, short term funds have not been utilized for long term purpose and vice-versa.

25. The Company has not made any preferential allotment of shares to parties and Companies covered in the register maintained under Section 301 of the Act during the year and therefore paragraph 4 (xviil) of the Order is not applicable.

26. The Company has not issued any debentures during the year and therefore paragraph 4 (xix) of the Order is not applicable.

27. The Company has not raised any money by public Issue during the year and therefore paragraph 4 (xx) of the Order is not applicable.

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

For Jajodia & Company

Chertred Accountants

Dinesh Jajodia

Proprietor

Membership No. 101008

Firm Regn.No.12l911W

Mumbai, the 31st day of May, 2010