Report on the Financial Statements

We have audited the accompanying Financial Statements of Pincon Spirit Limited ("the Company"), which comprise the Balance Sheet
as at 31st March, 2016, the Profit and Loss Statement, the Cash Flow Statement for the year ended 31st March, 2016 and a summary
of significant Accounting Policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("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 and cash flows of the Company in accordance with the Accounting Principles generally accepted in
India including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts)
Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of
the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy
and completeness of the accounting records, relevant to the preparation and presentation of the Financial Statements that give a
true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these Standalone Financial Statements based on our Audit.

We have taken into account the provisions of the Act, the Accounting and Auditing Standards and matters which are required to be
included in the Audit Report under the provisions of the Act and the Rules made there under. We conducted our Audit in accordance
with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical
requirements and plan and perform the Audit to obtain reasonable assurance about whether the Financial Statements are free from
material 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 Auditors' 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 financial
control relevant to the Company's preparation of the Financial Statements that give a true and fair view in order to design Audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has
in place an adequate internal financial controls system over Financial Reporting and the operating effectiveness of such
controls. An Audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the
accounting estimates made by the Company's Directors, 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 on the
Standalone Financial Statements.

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, of the state of affairs of the Company as at March 31, 2016, and its
profit and its cash flows for the year ended on that date.

Report On Other Legal And Regulatory Requirements

1. As required by The Companies (Auditor's Report) Order, 2015', issued by the Central Government of India in terms of Sub-
section (11) of Section 143 of the Act (hereinafter referred to as the "Order"), 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 give in the
Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order.

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

a) We have sought and obtained all the information and explanations which to the 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 Balance Sheet, the Profit and Loss Statement, and the Cash Flow Statement dealt with by this Report are in agreement with
the books of account.

d) In our opinion, the aforesaid Standalone Financial Statements comply with the Accounting Standards specified under Section 133
of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;

e) On the basis of the written representations received from the Directors as on March 31, 2016, taken on record by the Board of
Directors, none of the directors is disqualified as on March 31, 2016, from being appointed as a Director in terms of Section 164
(2) of the Act.

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

(i) The Company has disclosed the impact of pending litigations on its Financial position in its Financial Statements as referred
to in the Note to the Financial Statements.

(ii) The Company has made provision, as required under the applicable law or Accounting Standards, for material foreseeable
losses, if any, and as required on long-term contracts including derivative contracts.

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

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

(b) The substantial portion of fixed assets have been physically verified by the management at reasonable intervals having regard
to the size of the Company and the nature of assets. No material discrepancies were noticed on such physical verification.

2. (a) The inventory (excluding stocks with third parties) has been physically verified by the Management during the year. In
respect of inventory lying with third parties, these have substantially been confirmed by them. In our opinion, the frequency of
verification is reasonable.

(b) The procedures of physical verification of inventories followed by the Management are reasonable and adequate in relation to
the size of the Company and the nature of its business.

(c) In our opinion and according to the information and explanations given to us, the Company is maintaining proper records of
inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material and have
been properly dealt within the books of account.

3. (a) The Company has not granted any loan during the year.

(b) There is no overdue amount of loans granted to companies, firms and other parties covered in the register maintained under
section 189 of the Companies Act, 2013

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 purchases of inventory, fixed assets and
with regard to the sale of goods and services. During the course of our audit, no major weakness has been noticed in the
internal controls system.

5. In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits
within the meaning of provisions of sections of 73 to 76 or any other relevant provisions of the Companies Act, 2013 and the
rules framed there under. In our opinion and according to the information and explanations given to us, no order has been passed
by the Company Law Board or the National Company Law Tribunal or the Reserve Bank of India or any other Tribunal against the
Company.

6. We have broadly reviewed the books of account relating to materials, labor and other items of cost maintained by the Company
pursuant to the Rules made by the Central Government for the maintenance of cost records under section 148 (1) of the Companies
Act, 2013 and are of the opinion that, prima facie, the prescribed accounts and record have been made and maintained.

7. (a) According to the records of the Company, the Company is regular in depositing with appropriate authorities undisputed
statutory dues including Provident Fund, Investor Education Protection Fund, Employees State Insurance, Income Tax, Sales Tax,
Wealth Tax, Custom Duty, Excise Duty, Service Tax, Value Added Tax , Cess and other material statutory dues applicable to it.

(b) According to the information and explanations given to us, no undisputed amount payable in respect of Income Tax, Wealth Tax,
Sales Tax, Customs Duty and Excise Duty, Service Tax, Value Added Tax, Cess etc. were outstanding as at 31st March, 2016 for a
period of more than six months from the date they became payable.

(c) According to the records of the Company, no dues outstanding of Sales Tax, Income Tax, Customs Duty, Wealth Tax, Excise Duty,
Service Tax, Value Added Tax, and Cess on account of any dispute.

(d) According to the information and explanation given to us and records of the Company examined by us, the Company is not
required to transfer amount to investor education and protection fund in accordance with the provisions of the Companies Act,
2013 and the rules made hereunder.

8. The Company has no accumulated losses at the end of the financial year and it has not incurred cash losses in the current and
immediately preceding financial year.

9. In our opinion and according to the information and explanations given by the management, we are of the opinion that the
Company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

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

11. In our opinion, and according to the information and explanations given to us, the term loans have been applied, on an
overall basis, for the purposes for which they were obtained.

12. Based upon the audit procedures performed for the purpose of reporting the true and fair view of the Financial Statements and
as per the information and explanations given by the management, we report that no fraud on or by the Company has been noticed or
reported during the year.

For D.N. Misra & Co.

Chartered Accountants

Firm Registration No. 312021E

Sd/-

D.N. Misra

Place: Kolkata Proprietor

Date: 28.04.2016 Membership No.:050440