Managements 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 of the Company in accordance with accounting principles generally accepted in India, including the Accounting Standards prescribed in section 133 of the Companies Act, 2013 ('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 Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial 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 auditors 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 financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(a) in the case of the balance sheet, of the state of affairs of the Company as at March 31,2015 and

(b) in the case of the statement of profit and loss, of the loss for the period ended on that date.

Report on Other Legal and Regulatory Requirements

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

2. As required by Section 143(3), 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 audit.

b. In our opinion proper books of accounts as required by law is maintained and proper returns adequate for the purpose of audit have been received by us.

c. In our opinion the company's balance sheet and profit and loss account are in agreement with the books of accounts and returns.

d. The financial statement complies with the accounting standards.

e. On the basis ofthe written representations received from the directors, as on March 31, 2015 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on March 31,2015 from being appointed as a director in terms of section 164 ofthe Companies Act, 2013.

f. There are no such qualifications, reservations or adverse remarks in respect ofthe maintenance ofthe books of accounts or other matters connected therewith.

g. The company has adequate internal financial control system in place and operative effectiveness of such control.

h. The company has disclosed the impact of any pending litigation if any in the financial statement

i. The company has made provision in respect of any material foreseeable losses as required by law or accounting standards including the derivative contracts.

j. In our opinion the company has not made any delay in transferring the amount required to be transferred to the Investor Education and Protection Fund by the company.

ANNEXURE TO THE AUDITORS' REPORT

(Referred to in paragraph (1) under the heading "report on other legal and regulatory requirements" of our report of even date)

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

(b) As explained to us, Fixed Assets of the Company have been physically verified by the management at reasonable intervals. To the best of our knowledge, no material discrepancies have been noticed on such verification.

(II) (a) As informed to us, the physical verification of inventory has been conducted at reasonable intervals by the management;

(b) In our opinion and according to the information and explanations given to us, 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 explanation 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.

(III) In our opinion the company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 189 ofthe Companies Act.

(iv) In our opinion, there is an adequate internal control system commensurate with the size of the company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods and services. During the course of audit, we have not observed any continuing failure to correct major weaknesses in internal control system.

(V) According to the information and explanations given to us, the company has not accepted any deposits from the public within the meaning of Sections 73 to 76 ofthe Act and the rules framed there under. Therefore the provisions of Clause (v) of the paragraph 3 ofthe order are not applicable to the company.

(VI) In our opinion, Company is not required to maintain cost records as prescribed in Companies (Cost Accounting Records) Rules, 2014 prescribed by the Central Government under sub-section (1) Section 148 ofthe Act.

(VII) (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 and Protection Fund, Employees' State Insurance, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Service Tax, Cess and other material statutory dues applicable to it.

(b) According to the information and explanations given to us, no undisputed amounts payable in respect of dues as referred in above Clause were in arrears, as at 31st March, 2015 for a period of more than six months from the date they became payable

(c) In our opinion, the amount required to be transferred to investor education and protection fund in accordance with the relevant provisions ofthe Companies Act, 2013 and rules made there under has been transferred to such fund within time.

(VIII) In our opinion, the company does not have its accumulated losses at the end of the financial year which are more than fifty per cent of its net worth and it has not incurred cash losses in such financial year and in the immediately preceding financial year;

(IX) According to the information and explanation given to us, the company has not defaulted in repayment of loans to any banks and financial institutions.

(X) In our opinion, the company has not given any guarantee for loans taken by others from bank or financial institutions, the terms and conditions whereof are prejudicial to the interest of the company;

(XI) In our opinion, the term loans were applied for the purpose for which the loans were obtained;

(XII) 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 SHAH & DALAL 
                                                   Chartered Accountants

Place : Ahmedabad	                                  Malay J. Dalal
Date : 30.05.2015	                                         Partner
                                                            M. No. 36776  
                                                   Firm Reg. No. 109432W