Auditor Report of Rishab Financial Services Ltd.

Mar 31, 2013

1 we have audited the attached Balance Sheet of Rishab Financial Services Limited as at 31st March, 2013 and the related Profit and Loss Account and Cash Flow Statement for the year ended on I 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 have conducted our audit in accordance with the auditing standards generally accepted in India. These Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit Includes examining, on a test basis evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3 As required by the Companies (Auditor''s Report) Order, 2003 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 and on the basts of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, 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 above, we report that:

i) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes of our audit. in our opinion, proper books of account as required by law have examination of those books. Raianrs Sheet Profit and Loss Account and Cash Flow "° sSemtt dea^h by this report are in agreement with the

books of account. ivl in our opinion, the Balance Sheet, Profit and Loss Account and t ''V) Cash Flow Statement dealt with by this report ™«™*™» with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956. v) On the basis of written representations received from the directors of the Company and taken on record by the Board of Directors o the Company, none of the directors of the Company are disquaimed as on 31st March. 2013 frorn being apposeasa director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956. vi) in our Opinion and to the best of our information and acajrding to he exDlanations given to us, the said financial statements together S nSSeon and attached thereto, give in the presorted Smer the information required by the Companies Act, 1956 aTaTsog^a^and fair viewin conformity with the accounting principles generally accepted in India:

(a) in the case of Balance Sheet, of the state of affe.rs of the Company as at 31 st March. 2013; _

(b) in the case of the 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.

ANNEXURE TO THE AUDITOR''S REPORT Re RtSHAB FINANCIAL SERVICES UWTBD

Referred to in paragraph 3 of our report of even date.

1 (a) The company has maintained proper records showing fuil

particulars including quantitative details and situation of fixed assets.

(b) As explained to ut, the fixed assets of the Company have been physically verified by the management during the year, which in our opinion is reasonable, considering the size and the nature of its business. The frequency ef verlfloetlon is reasonable and no material dlsortpanelst ha,ve btan noticed on such physical verifloatlon.

(c) There is no substantia) disposal of fined assets during the year

2 In respect of Inventories, tha Gampem does not have any inventory. Therefore, tha provisions of Clause 4 fill ef the Companies [Auditor''s Report] Order. 3003 ire not applicable to the Company.

3. The Company has neither granted nor taken eny loans to and from companies, firms or other pi riles covered In the register maintained u/s 301 of the Companies Aet,18M.

4. in our opinion and eooordlng 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 with regard to fixed assets and with regard to the business activity.

§. (§) Aeeardlng te the Infermetlori and animations given to us, we era at the aainjan that (hare warn m imnsaBtions made in Bursuanee ef eentraels. er irrahiarflaht, thai need (a, be entered in the register maintained under leaden 901 ef tha Companies Ant, 1 Mi. Henae there are no iUih reeerdmi* in the Register

(a) The gusstlan §f these trthiiatlens having been made at prises whleh m reeseneble having reg-era" to the prevailing market prises el the relevant lime dees not arise under tha year of review.

6. The Company has not accepted any deposits from the public, attracting the provisions of Section 58A or any other relevant provisions of the Companies Act, 1956 and the rules framed there under.

7. In our opinion, the Company has an internal audit system commensurate with the size of the nature of its business.

8. In our opinion the Company is not required to maintain the cost accounts and records prescribed by the Central Government under Section 209(1) (d) of the Companies Act, 1956.

9. (a) The Company is, in general, regular in depositing undisputed statutory dues, including Income Tax and other statutory dues with the appropriate authorities. According to the information and explanations given to us, there are no undisputed amounts payable in respect of such statutory dues were in arrears as at 31st March, 2013 for a period of more than six months from.the date they became payable;

(b) According to the information & explanations given .to us, there are no dues of Sales Tax, Income Tax, Customs Duty, Wealth Tax, Service Tax, Excise Duty and Cess which have not been deposited on account of any dispute.

10. In our opinion, the accumulated losses of the Company are not incurred as cash losses during the financial year covered by our audit and the immediately preceding financial year. In the current year, the Company has made profits and thus decreased the brought forward losses.

11. In our opinion, and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to financial institution or bank as at the balance sheet date.

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

13. The Company is not a chit fund or a nidhi/mutuat benefit fund/society. Therefore, the provisions of clause 4(xHi) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company.

14. In the present financial yeart no investments are held by the Company.

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

16. In our opinion, no term loans have been obtained by the Company from any financial institutions during the year.

M. According to the information and explanations given to us and on an 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. The Company has not made any preferential allotments of shares to parties and companies'' covered in the register maintained under section 301 of the Act.

19. The Company has not issued any debentures during the year.

20. The Company has not raised any money by way of public issues during the year.

21. According to the information and explanations given to us, no fraud, on or by the Company, has been noticed or reported during the course of our audit.

For BHANDARI & KESWANt

Chartered Accountants

P.BHANDARI

Place: Chennai Partner

Date : 31.05.2013 M.No.17411

Firm Regn. No. 000433S

---

Mar 31, 2012

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

3. As required by the Companies (Auditor's Report) Order, 2003 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 and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, 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 above, we report that:

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

ii) 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.

iii) The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account.

iv) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in compliance with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956.

v) On the basis of written representations received from the directors of the Company and taken on record by the Board of Directors of the Company, none of the directors of the Company are disqualified as on 31st March, 2012 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

vi) In our Opinion and to the best of our information and according to the explanations given to us, the said financial statements together with the notes thereon and attached thereto, give in the prescribed manner, the information required by the Companies Act, 1956 and also give a true and fair view in conformity with the accounting principles generally accepted in India :

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

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

ANNEXURE TO THE AUDITOR'S REPORT

Re : RISHAB FINANCIAL SERVICES LIMITED

Referred to in paragraph 3 of our report of even date.

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

(b) As explained to us, the fixed assets of the Company have been physically verified by the management during the year, which in our opinion is reasonable, considering the size and the nature of its business. The frequency of verification is reasonable and no material discrepancies have been noticed on such physical verification.

(c) There is no substantial disposal of fixed assets during the year.

2. In respect of inventories, the Company does not have any inventory. Therefore, the provisions of Clause 4 [ii] of the Companies [Auditor's Report] Order, 2003 are not applicable to the Company.

3. The Company has neither granted nor taken any loans to and from companies, firms or other parties covered in the register maintained u/s 301 of the Companies Act, 1956.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to fixed assets and with regard to the business activity.

5. (a) According to the information and explanations given to us, we are of the opinion that there were no transactions made in pursuance of contracts or arrangement, that need to be entered in the register maintained under Section 301 of the Companies Act, 1956. Hence there are no such recordings in the Register.

(b) The question of these transactions having been made at prices which are reasonable having regard to the prevailing market prices at the relevant time does not arise under the year of review.

6. The Company has not accepted any deposits from the public, attracting the provisions of Section 58A or any other relevant provisions of the Companies Act, 1956 and the rules framed there under.

7. In our opinion, the Company has an internal audit system commensurate with the size of the nature of its business.

8. In our opinion the Company is not required to maintain the cost accounts and records prescribed by the Central Government under Section 209(1) (d) of the Companies Act, 1956.

9. (a) The Company is, in general, regular in depositing undisputed statutory dues, including Income Tax and other statutory dues with the appropriate authorities. According to the information and explanations given to us, there are no undisputed amounts payable in respect of such statutory dues were in arrears as at 31st March, 2012 for a period of more than six months from the date they became payable;

(b) According to the information & explanations given to us, there are no dues of Sales Tax, Income Tax, Customs Duty, Wealth Tax, Service Tax, Excise Duty and Cess which have not been deposited on account of any dispute.

10. In our opinion, the accumulated losses of the Company are not incurred as cash losses during the financial year covered by our audit and the immediately preceding financial year. In the current year, the Company has made profits and thus decreased the brought forward losses.

11. In our opinion, and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to financial institution or bank as at the balance sheet date.

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

13. The Company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor's Report) Order, 2003 are not applicable to the Company.

14. In the present financial year, no investments are held by the Company.

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

16. In our opinion, no term loans have been obtained by the Company from any financial institutions during the year.

17. According to the information and explanations given to us and on an 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. The Company has not made any preferential allotments of shares to parties and companies covered in the register maintained under section 301 of the Act.

19. The Company has not issued any debentures during the year.

20. The Company has not raised any money by way of public issues during the year.

21. According to the information and explanations given to us, no fraud, on or by the Company, has been noticed or reported during the course of our audit. For BHANDARI & KESWANI

Chartered Accountants

P.BHANDARI

Place : Chennai Partner

Date :31.05.2012 M.No.17411

Firm Regn. No. 000433S

---

Mar 31, 2011

1 The Company has been granted a Certificate of Registration by the Reserve Bank of India in terms of Section 45-IA of the Reserve Bank of India Act, 1934.

2 We have verified the minutes of the meeting of the Board of Directors of the Company wherein which a resolution for non-acceptance of any public deposit has been passed.

3 As per the information and explanations given to us, the Company has not accepted any public deposits during the year under review.

4 As informed to us, the Company has furnished all the statements, information or particulars called for by the Reserve Bank of India.

5 In our opinion and to the best of our information and according to the explanations given to us, the Company has compiled with the prudential norms relating to income recognition, accounting standards, asset classification and provision for bad and doubtful debts as applicable to it.

AUDITORS REPORT

To the members of RISHAB FINANCIAL SERVICES LIMITED.

1. We have audited the attached Balance sheet of Rehab Financial Services Limited as at 31st March 2011 and the related profit and Loss Account and Cash Flow Statement for the year ended on that date annexed thereto. These Financial Statement are the responsibility of the company's Management Our Responsibility is to express an opinion on these statements based on our audit.

2. We have conducted our audit in accordance with the auditing standards generally accepted in India. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An Audit also included assessing the accounting principles used and significant estimates made by management as we as evaluating the overall financial statement presentation we believe that our audit provided a reasonable basis for our opinion.

3. As required by the companies (Auditors Report) Order 2003 as amended by the companies 9Auditors 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 and on the basis of such checks of the cooks and records of the company as we considered appropriate and according to the information and explanation given to us, we enclose in thee Annexure a statement on the matters spec field in paragraph 4 and 5 of the said order.

4. Further to our comments in the Annexure referred to above we report that:

i) We have obtained all the information and explanation which to the best our Knowledge and belief were necessary for the purpose of our audit.

ii) 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.

iii) The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account.

iv) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in compliance with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956.

v) On the basis of written representations received from the directors of the Company and taken on record by the Board of Directors of the Company, none of the directors of the Company are disqualified as on 31st 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.

vi) In our Opinion and to the best of our information and according to the explanations given to us, the said financial statements together with the notes thereon and attached thereto, give in the prescribed manner, the information required by the Companies Act 1956 and also give a true and fair view in conformity with the accounting principles generally accepted in India :

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

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

ANNEXURE TO THE AUDITOR'S REPORT

Re : RISHAB FINANCIAL SERVICES LIMITED

Referred to in paragraph 3 of our report of even date.

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

(b) As explained to us, the fixed assets of the Company have been physically verified by the management during the year, which - in our opinion is reasonable, considering the size and the nature

of its business. The frequency of verification is reasonable and no material discrepancies have been noticed on such physical verification.

(c) There is no substantial disposal of fixed assets during the year.

2. In respect of inventories, the Company does not have any inventory. Therefore, the provisions of Clause 4 [ii] of the Companies [Auditor's Report] Order, 2003 are not applicable to the Company.

3. The Company has neither granted nor taken any loans to and from companies, firms or other parties covered in the register maintained u/s 301 of the Companies Act,1956.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to fixed assets and with regards to the business activity.

5. (a) According to the information and explanations given to us, we are of the opinion that there were no transactions made in pursuance of contracts or arrangement, that need to be entered in the register maintained under Section 301 of the Companies Act, 1956. Hence there are no such recordings in the Register.

(b) The question of these transactions having been made at prices which are reasonable having regard to the prevailing market prices at the relevant time does not arise under the year of review.

6 The Company has not accepted any apposes Tram me yam's,, attracting the provisions of Section 58A or any other relevant provisions of the Companies Act, 1956 and the rules framed there under.

7. In our opinion, the Company has an internal audit system commensurate with the size of the nature of its business.

8 In our opinion the Company is not required to maintain the cost accounts and records prescribed by the Central Government under Section 209(1) (d) of the Companies Act, 1956.

9 (a) The Company is, in general, regular in depositing undisputed statutory dues, including Income Tax and other statutory dues with the appropriate authorities. According to the information and explanations given to us, there are no undisputed amounts payable in respect of such statutory dues were in arrears as at 31st March, 2011 for a period of more than six months from the date they became payable; (b) According to the information & explanations given to us, there are no dues of Sales Tax, Income Tax, Customs Duty, Wealth Tax, Service Tax, Excise Duty and Cess which have not been deposited on account of any dispute.

10 In our opinion, the accumulated losses of the Company are not incurred as cash losses during the financial year covered by our audit and the immediately preceding financial year. In the current year, the Company has made profits and thus decreased the brought forward losses.

11 In our opinion, and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to financial institution or bank as at the balance sheet date.

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

13 The Company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor's Report) Order, 2003 are not applicable to the Company.

14. In the present financial year, no investments are held by the Company.

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

16. In our opinion, no term loans have been obtained by the Company from any financial institutions during the year.

17. According to the information and explanations given to us and on an 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. The Company has not made any preferential allotments of shares to parties and companies covered in the register maintained under section 301 of the Act.

19. The Company has not issued any debentures during the year.

20. The Company has not raised any money by way of public issues during the year.

21. According to the information and explanations given to us, no fraud, on or by the Company, has been noticed or reported during the course of our audit. For BHANDARI & KESWANI

Chartered Accountants

P.BHANDARI

Place: Chennai Partner

Date : 31.05.2011 M.No.17411

Firm Regn. No. 000433S

---

Mar 31, 2010

1. We have audited the attached Balance Sheet of Rishab Financial Services Limited as at 31st March, 2010 and the related Profit and Loss Account and Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's Management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

3. As required by the Companies (Auditor's Report) Order, 2003 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 and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, 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 above, we report that:

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

ii) 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.

iii) The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account.

iv) In our Opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in compliance with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956.

v) On the basis of written representations received from the directors of the Company and taken on record by the Board of Directors of the Company, none of the directors of the Company are disqualified as on 31st March, 2010 from being appointed as a director in terms of clause (g) of sub-section (l) of section 274 of the Companies Act, 1956.

vi) In our Opinion and to the best of our information and according to the explanations given to us, the 'said financial statements together with the notes thereon and attached thereto, give in the prescribed manner, the information required by the Companies Act, 1956 and also give a true and fair view in conformity with the accounting principles generally accepted in India:

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

(b) in the case of the 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.

ANNEXURE TO THE AUDITOR'S REPORT Re: RISHAB FINANCIAL SERVIES LIMITED Referred to in paragraph 3 of our report of even date.

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

(b) As explained to us, the fixed assets of the Company have been physically verified by the management during the year, which in our opinion is reasonable, considering the size and the nature of its business. The frequency of verification is reasonable and no material discrepancies have been noticed on such physical verification.

(c) There is no substantial disposal of fixed assets during the year.

2. In respect of inventories, the Company does not have any inventory. Therefore, the provisions of Clause 4 [ii] of the Companies [Auditor's Report] Order, 2003 are not applicable to the Company.

3. The Company has neither granted nor taken any loans to and from companies, firms or other parties covered in the register maintained u/s 301 of the Companies Act, 1956.

4. In our opinion and accordiqg 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 with regard to purchase of inventory, fixed assets and with regard to the sale of goods.

5. (a) According to the information and explanations given to us, we are of the opinion that there were no transactions made in pursuance of contracts or arrangement, that need to be entered in the register maintained under Section 301 of the Companies Act, 1956. Hence there are no such recordings in the Register.

(b) The question of these· transactions having been made at prices which are reasonable having regard to the prevailing market prices at the relevant time does not arise under the year of review.

6. The Company has not accepted any deposits from the public, attracting the provisions of Section 58A or any other relevant provisions of the Companies Act, 1956 and the rules framed there under.

7. In our opinion, the Company has an internal audit system commensurate with the size of the nature of its business.

8. In our opinion the Company is not required to maintain the cost accounts and records prescribed by the Central Government under Section 209( I) (d) of the Companies Act, 1956.

9. (a) The Company is, in general, regular in depositing undisputed statutory dues, including Income Tax and other statutory dues with the appropriate authorities. According to the information and explanations given to us, there are no undisputed amounts payable in respect of such statutory dues were in arrears as at 31st March, 20 I0 for a period of more than six months from the date they became payable;

(b) According to the information & explanations given to us, there are no dues of Sales Tax, Income Tax, Customs Duty, Wealth Tax, Service Tax, Excise Duty and Cess which have not been deposited on account of any dispute.

10. In our opinion, the accumulated losses of the Company are not incurred as cash losses during the financial year covered by our audit and the immediately preceding financial year. In the current year, the Company has made profits and thus decreased the brought forward losses.

11. In our opinion, and according to the infonnatioh and explanations given to us, the Company has not defaulted in repayment of dues to financial institution or bank as at the balance sheet date.

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

13. The Company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor's Report) Order, 2003 are not applicable to the Company.

14. The Company was, in earlier years, dealing or trading in shares, securities, debentures or other investments. In our opinion and according to the information and explanations given to us, there were no records showing any transactions and contracts of purchase and sale of shares or any other securities. The shares, securities, debentures and other securities have been held by the Company in the past years, in its own name except to the extent of the exemption, if any granted under section 49 of the Act. In the present financial year, no investments are held by the Company.

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

16. In our opinion, no term loans have been obtained by the Company from any financial institutions· during the year.

17. According to the information and explanations given to us and on an 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. The Company has not made any preferential allotments of shares to parties and companies covered in the register maintained under section 30 I of the Act.

19. The Company has not issued any debentures during the year.

20. The company has not raised any money by way of public issues during the year.

21. According to the information and explanations given to us, no fraud, on or by the Company, has been noticed or reported during the course of our audit.

For BHANDARI & KE8W ANI Chartered Accountants

Place: Chennai Date : 30.06.2010 P.BHANDARI Partner M.No.17411 Firm Regn. No. 000433S