We have audited the attached Balance Sheet of ATHARV ENTERPRISES
 LIMITED as at March 31,2012 and also the Profit and Loss Account of the
 Company for the year ended on that 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 amount 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.
 
 1.  As required by the Companies (Auditor''s Report) Order, 2003 issued
 by the Central Government in terms of Section 227 (4A) of the Companies
 Act, 1956, we give in the Annexure a statement on the matters specified
 in the said order.
 
 2.  Further to our comments in the Annexure referred to in paragraph 1
 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 appears from examination of the
 books.
 
 c) The Balance Sheet and Profit and Loss account dealt with by this
 report are in agreement with the books of account.
 
 d) 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 (3 C) of Section 211 of the Companies Act, 1956 as are
 applicable to the company.
 
 e) On the basis of confirmations received from the directors concerned
 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 under clause (g) of Sub-section (1) of Section
 274 of the Companies Act, 1956.
 
 f) i.  No provision has been made in respect of the following
 receivables/investments recovery in respect of which is highly
 irregular and uncertain:
 
 1. Sunchemie Industries P Ltd Rs. 9,17,421.24
 
 ii. Attention is invited to Note No.14 in respect of Employee Benefits.
 
 Subject to the comments there in, in our opinion and to the best of our
 information and according to the explanation given to us, the said
 accounts read together with Notes thereon, give the information
 required by the Companies Act, 1956 in the manner so required and give
 a true fair view in conformity with the accounting principles generally
 accepted in India.
 
 iii. In the case of the Balance Sheet, of the state of affairs of the
 Company as at March 31,2012.
 
 iv. In the case of Profit and Loss Accounts, of the Profit for the year
 ended on the date and
 
 v. In so far as it relates to the Cash Flow Statement of the Cash Flow
 of the Company for the year ended on that date.
 
                                               
 ANNEXURE TO THE AUDITORS REPORT
 
 (Referred to in paragraph 1 of our Report of even date)
 
 1.  In respect of its assets
 
 a) The Company has maintained records showing full particulars
 including quantitative details of Fixed Assets. Cars and the loans
 taken in respect there of are in the individual names of the directors.
 
 b) As explained to us, fixed assets have been physically verified by
 the management during the year, which in our opinion is reasonable,
 having regard to the size of the Company and nature of the assets. No
 material discrepancies were noticed in such physical verification.
 
 c) In our opinion, the Company has not disposed of substantial part of
 fixed assets during the year and the going concern status of the
 Company is not affected.
 
 2.  In respect of Inventories:
 
 a) As explained to us, Inventories have been physically verified by the
 management at regular intervals during the year.
 
 b) In our opinion, and according to information and explanation 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) The Company has maintained proper records of inventories. As
 explained to us, there were no material discrepancies noticed on
 physical verification of inventory as compared to the book records.
 
 3.  In respect of loans, secured or unsecured, granted by the Company
 to/from companies, firms or other parties covered in the registered
 maintained under Section 301 of the Companies Act,1956:
 
 a) The Company has not given any loans to parties listed in the
 register maintained under Section 301.
 
 b) The Company has taken following loans from parties listed in the
 register maintained under Section 301. However no interest is paid to
 these parties.
 
                                 Balance            Maximum
                             Outstanding            Balance
                        As at 31-03-2012        outstanding
                                            during the year
 
 J C Gadia (Director)           4,25,000           4,25,000
 
 Green Fuel Tech                19,28,606         19,28,606
 
 (Partnership Concern where Company is Partner)
 
 c) In our opinion and according to our information and explanation
 given to us, the terms and conditions on which the loans are taken are
 not, prima facie, prejudicial to the interest of the Company.
 
 d) Since the said loans being payable on demand and being interest free
 the question of regularity of payment of interest/principle does not
 arise.
 
 e) There are no overdue amounts in respect of loans taken by the
 Company.
 
 4.  In our opinion and according to our information and explanation
 given to us, there are adequate internal control procedure commensurate
 with the size of the Company and the nature of its business for the
 purchase of inventory, fixed assets and also for the sale of the goods.
 During the course of our audit, we have not observed any major
 weaknesses in internal controls.
 
 5.  In respect of transactions covered under Section 301 of the
 Companies Act, 1956:
 
 a) In our opinion and according to the information and explanation
 given to us, the transactions made in purchase of contracts on
 arrangements, that under Section 301 of the Companies Act, 1956 have
 been so entered.
 
 b) In our opinion and to the best of our information and knowledge the
 transactions have been made at prices which appear as per information
 available with the company.
 
 6.  The Company has not accepted any deposits from the public.
 
 7.  In our opinion, the Company has an internal audit system
 commensurate with the size and nature of its business.
 
 8.  The Central Government has not prescribed maintenance of Cost
 Records under Section 209, (1) (d) of the Companies Act, 1956 for the
 company.
 
 9.  In respect of statutory dues:
 
 a) According to the records of the Company undisputed statutory dues
 including Income-Tax, sales tax and other statutory dues have been
 generally regularly deposited with the appropriate authorities except
 for some minor delays in depositing TDS. According to the information
 and explanation given to us, no undisputed amounts payable in respect
 of the aforesaid dues were outstanding as at 31 March, 2012 for a
 period of more than six months form the date of becoming payable. The
 company is not liable to Provident fund, Investor Education and
 Protection Fund, ESI, Wealth Tax, Custom Duty and Cess as certified by
 the company.
 
 10.  The accumulated losses of the company are not more than fifty
 percent of its worth Company at the end of the financial year under
 report and has not incurred any cash losses during the financial year
 covered by our audit or in the immediately preceding financial year.
 
 11.  The company has not defaulted in repayment of dues to banks. It
 does not have any liabilities towards financial institution or
 debenture holders.
 
 12.  In our opinion and according to the information and explanation
 give to us, no loans and advances have been granted by the company on
 the basis of security by way of pledge of shares, debentures and other
 securities.
 
 13.  In our opinion, the Company is not a chit fund or a nidhi/mutual
 benefit fund/Society. Therefore clause 4 (xiii) of the Companies
 (Auditor''s Report) Order.2003 is not applicable to the Company.
 
 14.  The Company has maintained proper records of the transactions and
 contracts of dealing in shares, securities, debenture and other
 investments with timely entries having been made therein. Certain
 shares are not in the name of the company inasmuch as they stand given
 as a security for financial facilities/credit trade facilities.
 
 15.  Based on our audit procedures and as per information given to us
 the Company has not given guarantees for loans taken by others from
 banks or financial institutions.
 
 16.  Based on our audit procedures and as per information given to us
 the company has not raised any term loans during the year.
 
 17.  According to the information and explanations given to us and on
 overall examination of the Balance Sheet of the Company, we are of the
 opinion that the company has not utilized any short term resources for
 investment in long term assets.
 
 18.  In our opinion and to the best of our information and knowledge,
 the prices at which the Company has made preferential allotment of
 shares to parties and companies covered in the Register maintained
 under section 301 of the Companies Act, 1956 are not prejudicial to the
 interest of the company.
 
 19.  The Company has not issued any debentures.
 
 20.  The Company has not raised any money by way of public issue during
 the year.
 
 21.  In our opinion and according to the information and explanation
 given to us, no fraud on /or by the Company has been noticed or
 reported during the year, that causes the financial statement to be
 materially misstated.
 
 
 
                                               For and on behalf of
                                              SANJAY VHANBATTE & CO.
                                               Chartered Accountants
                                                       FRN: 112996 W
 
                                                 Sanjay M. Vhanbatte
                                                          Proprietor 
                                                        M.NO. 044808
 
 Place: Kolhapur 
 Date : 14.06.2012