We have audited the attached Balance Sheet of AEONIAN INVESTMENTS
 COMPANY LIMITED, MUMBAI, as at 31st March, 2012, the related Profit &
 Loss Account for the year ended on that date annexed thereto, and the
 Cash Flow Statement for the year ended on that date, which we have
 signed under reference to this report. These financial statements are
 the responsibility of the management of the Company. Our responsibility
 is to express an opinion on these financial statements based on our
 audit.
 
 We conducted our audit in accordance with 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
 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 presentation of the
 financial statement presentation. We believe that our audit provides a
 reasonable basis for our opinion.
 
 As required by the Companies (Auditor''s Report) Order, 2003, issued by
 the Central Government of India in terms of sub-section (4A) of Section
 227 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 to the
 extent applicable.
 
 Further to our comments in the Annexure referred to above, 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 our
 audit;
 
 b) In our opinion, proper books of accounts, as required by law, have
 been kept by the Company, so far as it appears from our examination of
 the Books of the Company;
 
 c) The Balance Sheet, Profit & Loss Account and Cash Flow Statement
 dealt with by this report are in agreement with the Books of accounts
 of the Company;
 
 d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash
 Flow Statement dealt with by this report comply with the Accounting
 Standards referred to in sub-section (3C) of Section 211 of the
 Companies Act, 1956, to the extent applicable.
 
 e) On the basis of written representations received from the Directors
 and taken on record by the Board of Directors, we report that none of
 the Directors is 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.
 
 f) In our opinion, and to the best of our information and according to
 the explanations given to us, the said Accounts read together with the
 notes thereon gives the information required by the Companies Act,
 1956, in the manner so required and present a true and fair view in
 conformity with the accounting principles generally accepted in India :
 
 i) in the case of Balance Sheet of the state of affairs of the Company
 as at 31st March, 2012.
 
 ii) in the case of Profit & Loss A/c of the Profit for the year ended
 on that date; and
 
 iii) in the case of the Cash Flow Statement, of the cash flows for the
 year ended on that date.
 
 Annexure referred to in the Auditor''s Report on the Accounts of
 AEONIAN INVESTMENTS COMPANY LIMITED for the year ended 31st March,
 2012.
 
 1.  In our opinion and according to the information and explanations
 given to us, the nature of the Company''s business / activities during
 the year are such that clauses ii, xiii, xvi, xvii, xviii, xix, xx are
 not applicable to the Company.
 
 2.  In respect of its fixed assets :
 
 a) The Company has maintained proper records showing full particulars,
 including quantitative details and situation of fixed assets.
 
 b) As explained to us, the same have been physically verified by the
 Management during the year. As per the information and explanations
 given to us, no discrepancies were noticed on such physical
 verification as compared with the Books of Accounts.
 
 c) The Company has not disposed off substantial part of fixed assets
 during the year.
 
 3.  The Company has not taken any loans from parties listed under the
 register maintained under Section 301 of the Companies Act 1956. The
 company has granted a loan to a Company listed under the register
 maintained under Section 301 of the Companies Act 1956. The year end
 balance of these loans aggregate to Rs 6,55,18,981/- and the maximum
 amount outstanding during the year being Rs 6,55,54,104/-. In our
 opinion and according to the information and explanations given to us,
 the rate of interest and other terms and conditions of the loan given
 by the Company are not, prima facie, prejudicial to the interest of the
 Company.
 
 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 nature of its business
 with regard to the purchase of inventory and fixed assets and for the
 sale of goods and services, if any and there have been no major
 weakness in the internal control procedure.
 
 5.  To the best of our knowledge and belief and according to the
 information and explanations given to us, in respect of transactions
 entered in the register maintained in pursuance of Section 301 of the
 Companies Act, 1956:
 
 a) all the transactions that needed to be entered into the register
 have been so entered.
 
 b) the transactions made in pursuance of such contracts or arrangements
 have been made at prices which are reasonable having regard to the
 prevailing market prices at the relevant time.
 
 6.  In our opinion and according to the information and explanations
 given to us the Company has not accepted any deposits within the
 meaning of Section 58A, 58AA 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 Company and nature of its business.
 
 8.  The requirements of maintaining cost accounts and records as
 prescribed by the Central Government under section 209 (1) (d) of the
 Companies Act, 1956 are not applicable to the Company.
 
 9.  According to the information and explanations given to us in
 respect of statutory and other dues the Company has been regular in
 depositing undisputed statutory dues, including income tax, wealth tax,
 whenever applicable, with the appropriate authorities during the year.
 
 The following dues have not been deposited on account of pending
 disputes:
 
 Nature of Dues       Amount (Rs)        Nature of dispute and 
                                         Forum where pending
 
 Income Tax             401,640/         Rectification u/s. 154 pending
                                         with Assessing Officer
 
 Assessment Year 
 2009-2010              401,640/-
 
 10.  The Company does not have any accumulated losses as at the end of
 the financial year. The Company has not incurred cash losses during the
 current and immediately preceding financial year.
 
 11.  According to the information and explanations given to us, the
 Company has not obtained any borrowings from any bank, financial
 institutions, or by way of debentures.
 
 12.  According to the information and explanations given to us and
 based on the documents and records produced to us, the Company has not
 granted loans and advances on the basis of security by way of pledge of
 shares, debentures and other investments.
 
 13.  In respect of dealing in shares, securities, debentures and other
 investments, in our opinion and according to the information and
 explanations given to us, proper records have been maintained of the
 transactions and contracts and timely entries have been maintained
 therein. The shares, securities, debentures and other securities have
 been held by the Company, in its own name.
 
 14.  In our opinion and according to the information and explanations
 given to us, the Company has not given any guarantees for loans taken
 by others from banks and financial institutions.
 
 15.  Based upon the audit procedures and information and explanations
 given by the management, we report that no fraud on or by the Company
 has been noticed or reported during the course of our audit.
 
 
                                        for RAVI A. SHAH & ASSOCIATES
 
                                                Chartered Accountants
 
                                             Ravi A. Shah, Proprietor
 
 Mumbai, 11th May 2012       Membership No. 116667, Firm No.: 125079W