We have audited the attached Balance sheet of ARDI INVESTMENT AND
 TRADING COMPANY LIMITED, as at 31st March, 2010 and also the Profit and
 Loss Account and Cash Flow Statement for the year ended on the date
 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.
 
 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 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 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.
 
 Further to our comments in the Annexure referred to 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 accounts as required by law have
 been kept by the Company so far as appears from our examination of
 those books;
 
 iii.  The Balance Sheet and Profit and Loss Account dealt with by this
 report are in agreement with the books of account;
 
 iv. In our opinion, the Balance Sheet and Profit and Loss Account dealt
 with by this report comply with the accounting standards referred to in
 sub-section (3C) of Section 211 of the Companies Act, 1956;
 
 v. On the basis of written representations received from the Directors,
 as on 31st March, 2010, and taken on record by the Board of Directors,
 we report that none of the directors are disqualified as on 31st March,
 2010 from being appointed as Director in terms of clause (g) of
 sub-section (1) of Section 274 of the Companies Act, 1956;
 
 vi. In our opinion and to the best of our information and according to
 the explanations given to us, subject to the accounts give the
 information required by the Companies Act, 1956 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, 2010.
 
 b.  In the case of Profit and Loss Account, of the Profit for the year
 ended on that date; and
 
 c.  In the case of the Cash Flow Statement of the Cash Flows for the
 year ended on that date.
 
 ANNEXURE TO THE AUDITORS'' REPORT
 
 Annexure referred to in paragraph 3 of the Auditors'' Report of even
 date to the Members of ARDI INVESTMENT AND TRADING COMPANY LIMITED on
 the accounts for the year ended 31st March, 2010.
 
 i.  The Company does not own any Fixed Assets.
 
 ii.  There was no Inventory in the Company during the year.
 
 iii.  The Company has neither granted nor taken any loans, secured or
 unsecured to/from companies, firms or other parties covered in the
 register maintained under Section 301 of the Act.
 
 iv.  In our opinion, and according to 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 purchase of inventory and fixed assets and for
 sale of goods. During the course of our audit, no major weakness has
 been noticed in the internal controls.
 
 v.  a) According to the information and explanations given to us, we
 are of the opinion that no transactions has been entered into by the
 Company that requires entry into 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, no transactions exceeding the value of Rupees Five Lacs in
 respect of any party have been made in pursuance of contracts or
 arrangements entered in the register maintained u/s 301 of the
 Companies Act, 1956.
 
 vi.  The Company has not accepted any deposits from the public within
 the meaning of the provision of Section 58A and 58AA of the Companies
 Act, 1956.
 
 vii.  In our opinion, the Company has an internal audit system
 commensurate with the size of the Company and the nature of its
 business.
 
 viii.  The Central Government has not prescribed maintenance of cost
 records u/s 209(1)(d) of the Companies Act, 1956 in respect of the
 Company.
 
 ix.  a) According to the information and explanations given to us and
 records examined by us, the Company is regular in depositing, with the
 appropriate authorities, undisputed statutory dues including Income
 Tax, Cess and other statutory dues.
 
 b) According to information and explanations given to us, no undisputed
 arrears of statutory dues were outstanding as on 31st March, 2010 for a
 period of more than six months from the date they became payable.
 
 c) According to the information and explanations given to us, there are
 no dues of sales tax, income tax, customs duty, wealth tax, excise duty
 and cess which have not been deposited on account of any dispute.
 
 x.  The Company has made net profit during the year. The Company has
 not incurred cash losses during the financial year covered by our audit
 and immediately preceding financial year.
 
 xi.  In our opinion and according to the information and explanations
 given to us, the Company has not defaulted in repayment of dues to any
 financial institutions or banks or debenture holders as at the date of
 the Balance Sheet.
 
 xii.  In our opinion and according to the information and explanations
 given to us, the Company has not granted any 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 a nidhi/mutual
 fund/society. Therefore, the provisions of clause 4(xiii) of the
 Companies (Auditor''s Report) Order, 2003 are not applicable to the
 Company.
 
 xiv.  The Company has not given any guarantee for loans taken by others
 from bank or financial institutions.
 
 xv.  The Company neither applied nor received any term loan during the
 financial year.
 
 xvi.  The Company has not used funds raised on short-term basis for
 long term investment and vice versa.
 
 xvii.  The Company has not made any preferential allotment of shares to
 parties and companies covered in the Register maintained under Section
 301 of the Act.
 
 xviii.  The Company has not issued any Debentures during the Financial
 Year.
 
 xix.  The Company has not raised any fund during the Financial Year by
 way of public issue.
 
 xx.  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 course of our audit.
 
 For S. Chandulal & Co.
 
 Chartered Accountants
 
 Suresh C. Shah
 
 Proprietor
 
 M.No. : 37266
 
 Place : Mumbai
 
 Date  : 01st September, 2010