Management's Responsibility for the Financial Statements

The Company's 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 Standards referred to in sub-section (3C) of section 211 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 the 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 the 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 the 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 the 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 31st March, 2014 and,

b) in the case of the Statement of Profit and Loss, of the Profit of the Company 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 sub-section (4A) of section 227 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 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 and Statement of Profit and Loss dealt with by this Report are in agreement with the books of account.

(d) In our opinion, the Balance Sheet and Statement of Profit and Loss comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Act.

(e) On the basis of the written representations received from the directors as on 31st March, 2014 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2014 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Act.

ANNEXURE REFERRED TO THE AUDITORS' REPORT (Referred to in our report of even date)

(i) In respect of fixed assets -

The Company doesn't have any fixed assets during the reporting period and accordingly the sub clause (a), (b) & (c) of the order are not applicable.

(ii) As no Inventories have been maintained by the company at the end of the year, in our opinion, clause (ii) (a) (b) (c) of paragraph 4 of the order is not applicable to the companies.

(iii) In respect of loans, secured or unsecured to/ from companies, firms or other parties covered in the register maintained under section 301 of the Act.

a. The company has not accepted / granted any loans, during the year from the parties covered in the register maintained under section 301 of the companies Act, 1956

b. In our opinion and according to the information and explanations given to us the rate of interest wherever applicable and other terms and conditions are not prima facie prejudicial to the interest of the company;

c. The loan granted by the company is repayable on demand. Accordingly the regularity of repayment is not applicable. The payments of the interest are regular.

d. The company has not taken loans, secured or unsecured, from companies, firms or other

parties covered in the register maintained under section 301 of the Companies Act, 1956 the clause (iii) (e) (f) (g) of the order are not applicable.

(iv) In our opinion and according to the information and explanations given to us there are adequate internal control systems commensurate with the size of the company and the nature of its business, for the purchase of fixed assets and for sale of goods and services. During the course of our audit we have not observed any major weaknesses in internal control.

(v) In respect of transactions entered in the register maintained in pursuance of section 301 of the Companies Act, 1956:

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.

b. According to the information and explanations given to us, transactions made in pursuance of such contracts or arrangements have been made at prices which are prima facie, reasonable having regard to the prevailing market prices at the relevant time.

(vi) As per the information and explanations given to us the company has not accepted any deposits within the meaning of Section 58A and 58AA of The Companies Act, 1956 and the rules framed there under.

(vii) In our opinion, the internal audit system of the company commensurate with its size and nature of its business.

(viii) The Central Govt. has not prescribed maintenance of cost records under clause (d) of sub-section (1) of section 209 of the Act for the business of the company.

(ix) In respect of statutory dues:

a. According to the information and explanations given to us the company is regular in depositing undisputed statutory dues including, Income tax, Wealth Tax, and any other statutory dues to the extent applicable to the company with the appropriate authorities. The provisions of Provident Fund, Employees State Insurance, Sales tax, Custom Duty, Excise Duty, Cess is not applicable to the company. According to information and explanation given to us, no undisputed

amount payable were outstanding as on 31-03-2014 for a period of more than six months from the date they become payable. b. According to the information and explanations given to us the company does not have any disputed dues of Income tax/ Service Tax/ Wealth tax/ Investor Education and Protection Fund and any other statutory due.

(x) The company has neither accumulated losses nor has incurred cash losses in the financial year or in the immediately preceding financial year.

(xi) The company has not defaulted in the repayment of dues to a Bank or Financial institution, nor debenture holders.

(xii) According to the information and explanations given to us the company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

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

(xiv) In respect of shares, securities and other investments dealt or traded by the Company, proper records have been maintained in respect of the transactions and contracts and timely entries have been made therein. All the investments are held by the Company in its own name.

(xv) According to the information and explanations given to us the company has not given any guarantee for loans taken by others from bank or financial institutions.

(xvi) The company has not raised any term loan during the year.

(xvii) According to the information and explanation given to us and overall examination of the Balance Sheet of the Company, we report that the no funds raised on the short term basis have been used for long term investment and vice versa.

(xviii) According to the information and explanations given to us the company has not made any preferential allotment of shares to parties and companies listed in the Register maintained under section 301 of the Act.

(xix) According to the information and explanations given to us the company has not issued secured debentures.

(xx) According to the information and explanations given to us the company has not raised money by public issues.

(xxi) In our opinion and according to the information and explanations given to us no fraud on or by the company has been noticed or reported during the year.

                                     For H. T. Merchant & Company 
                                        (Chartered Accountants)

                                              H. T. Merchant 
                                                 Proprietor 
                                         Membership No.  033805
                                     Firm Regn. No. 033805/10929/1