Auditor Report of U T Ltd.

Sep 30, 2012

1. We have audited the attached Balance Sheet of UT LIMITED ("the Company") as at 30 September, 2012, the Statement of Profit and Loss and the Cash Flow Statement of the Company for the year ended on that date, both 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. In view of the matters described in Note 3 to the financial statements and in paragraph 3 below, we did not have an appropriate basis for providing an audit opinion.

2. Subject to our comments in paragraph 3 below, 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 misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and the disclosures in the financial statements. An audit also includes assessing the accounting principles used and the significant estimates made by the Management, as well as evaluating the overall financial statement presentation. However, in view of the multiple material uncertainties described in paragraph 3 below and in the absence of sufficient appropriate audit evidence to support the preparation of the financial statements on a going concern basis, we are unable to express an audit opinion.

3. Attention is invited to Note 3 of the financial statements regarding preparation of the financial statements of the Company on a going concern basis notwithstanding the fact that the Company has been incurring cash losses, its net worth has been fully eroded as on the Balance Sheet date and its current liabilities far exceed the current assets as on that date. The appropriateness of the said basis is dependent on the Company improving the profitability of its business, obtaining replacement financing for meeting its liabilities as and when they fall due and/or restructuring of its dues to Banks and Financial Institution as well as satisfactory settlement of the disputes/litigations with the borrowers.

The situations described above indicate that there are multiple material uncertainties for the Company to continue as a going concern and, consequently, the ability of the Company to realise its assets and discharge its liabilities in the normal course of its business. In the absence of sufficient audit evidence to support the preparation of the financial statements on a going concern basis we are unable to form an opinion in the matter.

4. As required by the Companies (Auditor''s Report) Order, 2003 (CARO) issued by the Central Government in terms of Section 227(4A) 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.

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

(i) in view of our comments in paragraph 3 above, we have not been able to obtain all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit;

(ii) due to the possible effects of the matter described in paragraph 3 above, we are unable to state whether proper books of accounts as required by law have been kept by the Company so far as it appears from our examination of those books;

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

(iv) due to the possible effects of the matter described in paragraph 3 above, we are unable to express an opinion as to whether the Balance Sheet, the Statement of Profit and Loss Account and the Cash Flow Statement dealt with by this report are in compliance with the Accounting Standards referred to in Section 211(3C) of the Companies Act, 1956;

(v) because of the significance of the matters described in paragraph 3 above , the consequential effects of which are not determinable, we are unable to express an opinion on the aforesaid financial statements.

6. On the basis of the written representations received from the Directors as on 30 September, 2012 taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 30 September, 2012 from being appointed as a director in terms of Section 274(1)(g) of the Companies Act, 1956.

ANNEXURE TO THE AUDITORS'' REPORT

(Referred to in paragraph 3 of our report of even date)

(i) Having regard to the nature of the Company''s business/activities/result clauses (vi), (xii), (xiii), (xiv), (xv), (xviii), (xix) and (xx) of CARO are not applicable.

(ii) In respect of its fixed assets:

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

(b) The fixed assets were physically verified during the year by the Management in accordance with a regular programme of verification which, in our opinion, provides for physical verification of all the fixed assets at reasonable intervals. According to the information and explanation given to us, no material discrepancies were noticed on such verification.

(c) The fixed assets disposed off during the year, in our opinion, do not constitute a substantial part of the fixed assets of the Company and such disposal has, in our opinion, not affected the going concern status of the Company. However, attention is invited to our comments in paragraph 3 of the Auditors'' Report.

(iii) In respect of its inventory:

(a) As explained to us, the inventories were physically verified during the year by the Management at reasonable intervals.

(b) In our opinion and according to the information and explanation given to us, the procedures of physical verification of inventories followed by the Management were reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) In our opinion and according to the information and explanations given to us, the Company has maintained proper records of its inventories and no material discrepancies were noticed on physical verification.

(iv) The Company has not granted any loans, secured or unsecured, to companies, firms or other parties listed in the Register maintained under Section 301 of the Companies Act, 1956.

In respect of loans, secured or unsecured, taken by the Company from companies, firms or other parties covered in the Register maintained under Section 301 of the Companies Act, 1956, according to the information and explanations given to us:

(a) The Company has taken loans aggregating Rs. 1,87,40 thousands from two parties during the year. At the year-end, the outstanding balance of such loans taken aggregated Rs. 2,12,30 thousands and the maximum amount involved during the year was Rs. 2,13,30 thousands (number of parties - two).

(b) The rate of interest and other terms and conditions of such loans are, in our opinion, prima facie not prejudicial to the interests of the Company.

(c) The payments of principal amounts and interest in respect of such loans are regular/as per stipulations.

(v) In our opinion and according to the information and explanations given to us, having regard to the explanations that some of the items purchased are of special nature and suitable alternative sources are not readily available for obtaining comparable quotations, there is an adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchases of inventory and fixed assets and the sale of goods and services. During the course of our audit, we have not observed any major weakness in such internal control system.

(vi) In respect of contracts or arrangements entered in the Register maintained in pursuance of Section 301 of the Companies Act, 1956, to the best of our knowledge and belief and according to the information and explanations given to us:

(a) The particulars of contracts or arrangements referred to Section 301 that needed to be entered in the Register maintained under the said Section have been so entered.

(b) Where each of such transaction is in excess of Rs.5 lakhs in respect of any party, the transactions have been made at prices which are prima facie reasonable having regard to the prevailing market prices at the relevant time except in respect of certain sales for which comparable market prices are not available and in respect of which we are unable to comment.

(vii) In our opinion, the internal audit functions carried out during the year by firm of Chartered Accountants appointed by the Management have been commensurate with the size of the Company and the nature of its business.

(viii) We have broadly reviewed the cost records maintained by the Company pursuant to the Companies (Cost Accounting Records) Rules, 2011 prescribed by the Central Government under Section 209(1 )(d) of the Companies Act, 1956 and are of the opinion that prima facie the prescribed cost records have been maintained. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.

(ix) According to the information and explanations given to us in respect of statutory dues:

(a) The Company has not generally been regular in depositing undisputed dues, including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other material statutory dues applicable to it with the appropriate authorities, though the delays in deposit have not been serious.

(b) The undisputed amounts payable in respect of Income-tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other material statutory dues in arrears as at 30 September, 2012 for a period of more than six months from the date they became payable are as follows::

Name of statute Nature of Amount dues (Rs. in ''000)

Central Sales Sales Tax 28,16 Tax Act, 1956

94,48

1,39

Mahestala Municipality Municipal 93 Corporation Taxes

2,26

2,04

2,26

2,26

2,26

2,26

2,26

Finance Act, 1994 Service Tax 42

1,15

7,45

69

39

72

96

95

6,36

Name of Statute Period Due Date Date of payment

Central Sales Tax Act, 1956 Upto Various dates Not paid 31-03-09 upto 31-03-09

1-04-09 to Various dates Not paid 31-03-10 2009-10

31-03-12 31-03-12 Not paid

Mahestala Municipality Corporation 2003-04 31-01-05 Not paid

2004-05 31-01-06 Not paid

2005-06 31-01-07 Not paid

2006-07 31-01-08 Not paid

2007-08 31-01-09 Not paid

2008-09 31-01-10 Not paid

2009-10 31-01-11 Not paid

2010-11 31-01-12 Not paid

Finance Act, 1994 31-Jul-11 5-Aug-11 Not paid

31-Aug-11 5-Sep-11 Not paid

30-Sep-11 5-Oct-11 Not paid

31-Oct-11 5-Nov-11 Not paid

30-Nov-11 5-Dec-11 Not paid

31-Dec-11 5-Jan-12 Not paid

31-Jan-12 5-Feb-12 Not paid

29-Feb-12 5-Mar-12 Not paid

31-Mar-12 31-Mar-12 Not paid

(c) Details of dues of Income-tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty and Cess which have not been deposited as on 30 September, 2012 on account of disputes are given below:

Name of the Nature of Period Statute Dues

The West Bengal Sales Sales Tax 2003-04 Tax Act, 1994

The West Bengal Sales Sales Tax 2004-05 Tax Act, 1994

West Bengal Value Sales Tax- 2007-08 Added Tax Rules, 2005 VAT

Name of the Statute Amount Forum where (Rs. in ''000) Dispute is pending

The West Bengal Sales Tax Act, 1994 2,74 Senior Joint Commissioner of Sales Tax, WB

The West Bengal Sales Tax Act, 1994 5,21 Additional Commissioner of Sales Tax

West Bengal Value Added Tax Rules, 2005 1,56,91 Senior Joint Commissioner of Sales Tax , WB

Name of the Nature of Period Statute Dues

West Bengal Value Sales Tax- 2008-09 Added Tax Rules, 2005 VAT

The Central Sales Sales Tax 2003-04 Tax 1956

The Central Sales Sales Tax 2004-05 Tax 1956

The Central Sales Sales Tax 2005-06 Tax 1956

The Central Sales Sales Tax- 2006-07 Tax 1956 CST

The Central Sales Sales Tax- 2008-09 Tax 1956 CST

The TN General Sales Sales Tax 1994-95 Tax Act 1959

The TN General Sales Sales Tax 1998-99 Tax Act 1959

The TN General Sales Sales Tax 2000-01 Tax Act 1959

Central Excise Act, 1944 Excise Duty 1994 to 1997

Central Excise Act, 1944 Excise Duty January 2005- December 2007

Central Excise Act, 1944 Excise Duty January 2008- September 2008

Employee State ESI July ''92 to Mar ''95 Insurance Act, 1948 Contributions and Apr ''96 to Mar ''97

Employee State ESI 2004-05 Insurance Act, 1948 Contributions

Name of the Statute Amount Forum where (Rs. in ''000) Dispute is pending

West Bengal Value Added Tax Rules, 2005 1,19,64 Sr Joint Commissioner, WB

The Central Sales Tax 1956 72 Senior Joint Commissioner of Sales Tax , CST

The Central Sales Tax 1956 36,67 Additional Commissioner of Sales Tax

The Central Sales Tax 1956 6,03 Deputy Commissioner of Sales Tax

The Central Sales Tax 1956 26,50 Additional Commissioner of Sales Tax, WB

The Central Sales Tax 1956 31,29 Sr Joint Commissioner, CST

The T N General Sales Tax Act 1956 28,99 Tamil Nadu Sales Tax Appellate Tribunal, Chennai

The T N General Sales Tax Act 1956 6,18 Tamil Nadu Sales Tax Appellate Tribunal, Chennai

The T N General Sales Tax Act 1956 2,89 Tamil Nadu Sales Tax Appellate Tribunal, Chennai

Central Excise Act, 1944 28,98 Apellate Tribunal - CESTAT, Kolkata

Central Excise Act, 1944 8,74 Customs, Excise and Service Tax Appellate Tribunal

Central Excise Act, 1944 1,47 Commissioner (Appeals)

Employee State Insurance Act, 1948 3,65 Employees'' Insurance Court, Faridabad

Employee State Insurance Act, 1948 7,34 Employees'' Insurance Court, West Bengal

(x) The accumulated losses of the Company at the end of the financial year were more than fifty percent of its net worth. The Company has incurred cash losses during the financial year covered by our audit and the immediately preceding financial period.

(xi) In our opinion and according to the information and explanations given to us, the Company has defaulted in the repayment of dues to banks and a financial institution. However, as indicated in Note 3 to the financial statements, certain Banks (namely Allahabad Bank, Bank of India and Axis Bank) and a Financial Institution (SICOM) have initiated legal proceedings against the Company for non payment of dues. The Company has also initiated legal proceedings against the said Banks and Financial Institution. Accordingly, it is not possible to give the period of default. The following amounts are outstanding as per the books of accounts of the Company as on 30 September, 2012:

Sl. Name of Bank / Loan Amount Interest Accrued and due Total No. Financial Institution (Rs. in ''000) (Rs. in ''000) (Rs. in ''000)

1 Allahabad Bank 33,09,37 7,46,40 40,55,77

2 Bank of India 9,10,36 2,38,87 11,49,23

3 Axis Bank 13,52,86 3,60,59 17,13,45

4 SICOM 2,89,96 1,32,67 4,22,63

In respect of another Bank (ICICI) the Company has defaulted in the repayment of dues as indicated below:

Bank/Financial Institution Amount of Default Period of default (Rs. in ''000) (in days)

ICICI BANK LIMITED - TERM LOAN 2,12 22

2,12 21

2,12 20

2,12 22

2,12 20

2,12 18

2,12 20

2,12 20

2,12 18

2,12 20

2,12 20

2,12 21

(xii) In our opinion and according to the information and explanations given to us, the term loans have been applied for the purposes for which they were obtained.

(xiii) In our opinion and according to the information and explanations given to us and on an overall examination of the Balance Sheet, we report that funds raised on short-term basis to the extent of Rs. 63,18,72 thousands have been used for long term business purpose.

(xiv) To the best of our knowledge and according to the information and explanations given to us, no fraud by the Company and no fraud on the Company has been noticed or reported during the year.

For DELOITTE HASKINS & SELLS Chartered Accountants

(Registration No.302009E)

A. Bhattacharya

Partner

Kolkata, 27 February, 2013 (Membership No. 054110)

---

Mar 31, 2010

1. We have audited the attached Balance Sheet of UT LIMITED ("the Company") as at 31st March, 2010, the Profit and Loss Account and the Cash Flow Statement of the Company for the year ended on that date, both 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 misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and the disclosures in the financial statements. An audit also includes assessing the accounting principles used and the 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 (CARO) issued by the Central Government in terms of Section 227(4A) of the Companies Act, 1956, we give 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 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 it appears from our examination of those books;

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

(iv) in our opinion, the Balance Sheet, the Profit and Loss Account and the Cash Flow Statement dealt with by this report are in compliance with the Accounting Standards referred to in Section 211(3C) of the Companies Act, 1956;

(v) in our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956 in the manner so required and give, subject to Note 11(c) on Schedule 18 to the accounts regarding remuneration of the Vice Chairperson and Managing Director to the extent of Rs. 27,37 thousands awaiting approval of the Central Government, a true and fair view in conformity with the accounting principles generally accepted in India:

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

(b) in the case of the Profit and Loss Account, of the profit of the Company for the year ended on that date and

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

5. On the basis of the written representations received from the Directors as on 31st March, 2010 taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March, 2010 from being appointed as a director in terms of Section 274(1)(g) of the Companies Act, 1956.

ANNEXURE TO THE AUDITORS REPORT (Referred to in paragraph 3 of our report of even date)

(i) In respect of its fixed assets:

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

(b) The fixed assets were physically verified during the year by the Management in accordance with a regular programme of verification which, in our opinion, provides for physical verification of all the fixed assets at reasonable intervals. According to the information and explanation given to us, no material discrepancies were noticed on such verification.

(c) The fixed assets disposed off during the year, in our opinion, do not constitute a substantial part of the fixed assets of the Company and such disposal has, in our opinion, not affected the going concern status of the Company.

(ii) In respect of its inventory:

(a) As explained to us, the inventories were physically verified during the year by the Management at reasonable intervals.

(b) In our opinion and according to the information and explanation given to us, the procedures of physical verification of inventories followed by the Management were reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) In our opinion and according to the information and explanations given to us, the Company has maintained proper records of its inventories and no material discrepancies were noticed on physical verification.

(iii) The Company has not granted any loans, secured or unsecured, to companies, firms or other parties listed in the Register maintained under Section 301 of the Companies Act, 1956.

In respect of loans, secured or unsecured, taken by the Company from companies, firms or other parties covered in the Register maintained under Section 301 of the Companies Act, 1956, according to the information and explanations given to us:

(a) The Company has taken loans aggregating Rs. 8,000 thousands from two parties during the year. At the year-end, the outstanding balance of such loans taken aggregated Rs. Nil and the maximum amount involved during the year was Rs. 8,000 thousands (number of parties Two).

(b) The rate of interest and other terms and conditions of such loans are, in our opinion, prima facie not prejudicial to the interests of the Company.

(c) The payments of principal amounts and interest in respect of such loans are regular/as per stipulations.

(iv) In our opinion and according to the information and explanations given to us, having regard to the explanations that some of the items purchased are of special nature and suitable alternative sources are not readily available for obtaining comparable quotations, there is an adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchases of inventory and fixed assets and the sale of goods and services. During the course of our audit, we have not observed any major weakness in such internal control system.

(v) In respect of contracts or arrangements entered in the Register maintained in pursuance of Section 301 of the Companies Act, 1956, to the best of our knowledge and belief and according to the information and explanations given to us:

(a) The particulars of contracts or arrangements referred to Section 301 that needed to be entered in the Register maintained under the said Section have been so entered.

(b) Where each of such transaction is in excess of Rs.5 lakhs in respect of any party, the transactions have been made at prices which are prima facie reasonable having regard to the prevailing market prices at the relevant time except in respect of certain purchases for which comparable quotations are not available and in respect of which we are unable to comment.

(vi) According to the information and explanations given to us, the Company has not accepted any deposit from the public during the year or in any earlier year.

(vii) In our opinion, the internal audit functions carried out during the year by firms of Chartered Accountants appointed by the Management have been commensurate with the size of the Company and the nature of its business.

(viii) To the best of our knowledge and according to the information and explanations given to us, the Central Government has not prescribed the maintenance of cost records for any products of the Company.

(ix) According to the information and explanations given to us in respect of statutory dues:

(a) The Company has generally been regular in depositing undisputed dues, including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Wealth Tax, Custom Duty, Excise Duty, Cess and other material statutory dues applicable to it with appropriate authorities and has not been regular in depositing undisputed dues of Income Tax, Sales Tax and Service Tax with appropriate authorities.

(b) The undisputed amounts payable in respect of Income-tax, Wealth Tax, Custom Duty, Excise Duty, Cess and other material statutory dues in arrears as at 31st March, 2010 for a period of more than six months from the date they became payable are as follows:

Central Sales Tax - Rs. 3,592 thousands

Various Local Sales Tax - Rs. 1,995 thousands

Value Added Tax - Rs. 153 thousands

(c) Details of dues of Income-tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty and Cess which have not been deposited as on 31st March, 2010 on account of disputes are given below:

Statute Nature of Forum where Period to Amount

Dues Dispute is pending which the involved

amount relates (Rs. in 000)

The Central Sales Tax Additional Commissioner 2006-07 4,511

Sales Tax Act, 1956 of Sales Tax

The Central Sales Sales Tax Deputy Commissioner 2005-06 243 Tax Act, 1956 of Sales Tax

The Central Sales Tax Additional Commissioner 2004-05 1,337

Sales Tax Act, 1956 of Sales Tax

The Central Sales Sales Tax Deputy Commissioner 2003-04 3,258

Tax Act, 1956 of Commercial Tax

The West Bengal Sales Tax Additional Commissioner 2004-05 191

Sales Tax Act, 1994 of Sales Tax

The West Bengal Sales Tax Deputy Commissioner 2003-04 415

Sales Tax Act, 1994 of Commercial Tax

The Central Excise Excise Duty Customs, Excise and January 2005 to 874

Act, 1944 Service Tax Appellate December 2007

Tribunal

The Central Excise Excise Duty Commissioner January 2008 147

Act, 1944 (Appeals) to September 2008

The Central Excise Excise Duty Appeal is being filed 1994 to 1997 2,897

Act, 1944 before Commissioner

(Appeals)

The Income Tax Income Tax Commissioner of Income 1999-2000 951

Act, 1961 Tax Act (Appeals)

The Tamil Nadu Sales Tax Sales Tax Appellate 1998-99 687

General Sales Tax Tribunal

Act, 1959

The Tamil Nadu Sales Tax Sales Tax Appellate 2000-01 358

General Sales Tax Tribunal

Act, 1959

(x) The accumulated losses of the Company at the end of the financial year are less than fifty percent of its net worth and the Company has not incurred cash losses in the financial year but in the immediately preceding financial year it had incurred cash losses.

(xi) In our opinion and according to the information and explanations given to us, the Company has not defaulted in the repayment of dues to banks and financial institutions (debenture holders not applicable) except as indicated below:

Name of the Bank / Amount Period of

Financial of Default Default

Institutions (Rs. in 000) (in days)

ICICI Bank Limited 212 23

212 17

212 18

212 16

HDFC Bank Limited 2,105 7

State Industrial and

Investment Corporation

of Maharashtra Limited 4,892 186

4,492 186 1,192 189

1,292 181

1,184 183

784 186

2,694 158

2,366 150 1,090 131

4,116 95

4,006 184

8,208 91

8,097 121 6,000 171

5,000 176

4,000 184

2,000 184

6,000 204

6,000 198

7,400 150

1,861 116

9,136 107

Name of the Bank / Amount Period of

Financial of Default Default

Institutions (Rs. in 000) (in days)

2,175 55

1,475 63

975 96

2,175 65

2,175 34

2,175 6

Interest on loan from

State Industrial and

Investment Corporation

of Maharashtra Limited 11 424

2 424 5 416

2 416

1 416

3 416

30 375

28 367

4 236

14 236

167 147

399 238

130 117

161 67

14 62

13 54

621 204

586 198

533 150

98 116

442 107

(xii) In our opinion, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) The provisions of any special statute applicable to chit fund / nidhi/ mutual benefit fund / societies are not applicable to the Company.

(xiv) In our opinion, the Company is not a dealer or trader in shares, securities, debentures and other investments.

(xv) In our opinion and according to the information and explanations given to us, the Company has not given any

guarantee loans taken by others from banks or financial institutions during the year.

(xvi) In our opinion and according to the information and explanations given to us, the term loans have been applied

for the purposes for which they were obtained.

(xvii) In our opinion and according to the information and explanations given to us and on an overall examination of the Balance Sheet, we report that funds raised on short-term basis have not been used during the year for long- term investment.

(xviii) According to the information and explanations given to us, the Company has not made preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956.

(xix) According to the information and explanations given to us, the Company does not have any outstanding debentures.

(xx) The Company has not raised any money by public issue during the year.

(xxi) To the best of our knowledge and according to the information and explanations given to us, no fraud by the Company and no fraud on the Company has been noticed or reported during the year.

For DELOITTE HASKINS & SELLS

Chartered Accountants

(Registration No.302009E)

A. Bhattacharya

Partner

Kolkata, 24th May, 2010 (Membership No. 054110)