1.  We have audited the attached Balance Sheet of Azure Exim Services
 Limited, as at 31st March, 2012, the Statement of Profit and Loss and
 the Cash Flow Statement for the year ended on that date annexed
 thereto, all of which we have signed under reference to this
 report. 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.
 
 2.  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 prepared in all material respects, in
 accordance with an identified financial reporting framework and 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.
 
 3.  As required by the Companies (Auditors Report) Order, 2003 and
 amendments thereto, issued by the Central Government of India in terms
 of Section 227(4A) of the Companies Act, 1956, we annex hereto a
 statement on the matters specified in the paragraphs 4 & 5 of the said
 Order, to the extent applicable to the Company.
 
 4.  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 as it appears from our examination of
 those books.
 
 c) The said Balance Sheet & the Statement of Profit & Loss and the Cash
 Flow Statement dealt with by this report are in agreement with the
 books of accounts.
 
 d) In our opinion, the Balance sheet, Statement of Profit and loss and
 the Cash Flow Statement dealt with bv this report comply with the
 accounting standard referred to in sub-sectLori-QC) of section 211 of
 the Companies Act, 1956.
 
 e) On the basis of written representations received from the directors
 as on 31st March, 2012 and taken on records by the Board, 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) ofjsubsection (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 financial statements, read
 together with notes appearing thereon, give the information required by
 the Act in the prescribed manner, also give a true and fair view in
 conformity with the accounting principles generally accepted in India.
 
 i) In the case of the Balance Sheet, of the state of affairs of the
 Company as at 31st March, 2012, 
 
 ii) In the case of Statement of Profit and Loss, of the loss for the
 year ended on that date.  iii) In the case of Cash Flow Statement, of
 the cash flows for the year ended on that date.
 
 Annexure referred to in Paragraph 3 of the Auditors Report ofAzure Exim
 Services Limited, for the year ended 31st March 2012.
 
 As required by the Companies (Auditors Report) Order, 2003 and
 amendments thereto and according to the information and explanations
 given to us during the course of the audit and on the basis of
 such checks of the books and records as were considered appropriate we
 report that:
 
 (i) a) The Company has maintained proper records showing full
 particulars, including quantitative details and situations of fixed
 assets.
 
 b) All the assets have been physically verified by the management in
 accordance with a phased programmed of verification, which in our
 opinion is reasonable, considering the size of the company and the
 nature of business. The frequency of verification is reasonable and no
 material discrepancies have been noticed on such physical verification.
 
 c) During the year, in our opinion there is no substantial disposal of
 Fixed Assets.
 
 (ii) a) As per the information & explanations given to us, inventory
 has been physically verified by the Management during the financial
 year under Audit.
 
 b) The procedures of physical verification of the 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 its inventories and no
 material discrepancies were noticed on such verification.
 
 (iii) According to information and explanations given to us the company
 has neither granted nor taken any loan, secured or unsecured to and/or
 from companies, firms or other parties covered in the register
 maintained under section 301 of the Companies Act, 1956.Therefore the
 clause 3 of the said order is not applicable to the company.
 
 (iv) There are adequate internal control systems commensurate with the
 size of the Company and the nature of its business with regard to
 purchase of inventory, fixed assets and for the sale of goods and
 services. During the course of our audit, no major weakness has been
 noticed in the internal control system in respect of these areas.
 
 (v) a) Based on the audit procedures performed by us, we are of the
 opinion that particulars of contracts or arrangements referred to in
 Section 301 of the Act, if any, have been entered in the register
 required to be maintained in that section.
 
 b) In our opinion and according to the information and explanations
 given to us, thereare no transactions that need to be entered into a
 register maintained under section301 of the Companies Act, 1956.
 
 (vi) The Company has not accepted any deposits from the Public within
 the meamnjrer the sections-.  58A, 58AA of the Companies Act, 1956.
 
 (vii) The company has an adequate internal audit system in commensurate
 with the size and nature of its business,
 
 (viii) As explained to us Central Government has not prescribed for
 maintenance of cost records under Section 209 (1) (d) of the Companies
 Act, 1956 for the products of the Company.
 
 (ix) a) The Company is regular in depositing undisputed statutory dues
 including provident fund, sales tax, service tax, income tax, wealth
 tax, custom duty, excise duty, cess and other statutory dues with
 appropriate authorities. There are no arrears of outstanding statutory
 dues as at the last day of the financial year for a period of more than
 six months from the date they became payable.
 
 b) As per the records of the Company, there are no disputed dues of
 Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise
 Duty and Cess which have not been deposited with the related
 authorities.
 
 (x) The company has no accumulated losses at the end of the financial
 year and has not incurred cash losses in the current financial year and
 in the immediately preceding financial year.
 
 (xi) In our opinion and according to the information and explanation
 given to us the company has not defaulted in repayment of dues to
 financial institutions and banks.
 
 (xii) In our opinion 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, Nidhi or Mutual
 Benefit Fund/Society.  Therefore the provisions of clause 4 (xiii) of
 the Companies (Auditor''s Report) Order 2003 are not applicable to the
 Company.
 
 (xiv) a) In our opinion and according to the information and
 explanations given to us, the Company is maintaining proper records of
 the transactions and contracts of dealing or trading in shares,
 securities, debentures and other investments and that timely entries
 have been made in these records.
 
 b) In our opinion and according to the information and explanations
 given to us, the shares, securities, debentures and other investments
 have been held by the company in its own name,
 
 (xv) In our opinion the Company has not given any guarantee for loans
 taken by others from banks or financial institutions during the year.
 
 (xv/) As per the information and explanations given to us, the Company
 has not raised any new term loans during the year.
 
 (xvii) According to the information and explanations given to us no
 funds raised oa-fiSttQEB-''hasis have been used for long-term
 investment. No long-term funds have been usfe#fgr1manc-''sljo.rt terms
 assets except permanent working capital.
 
 (xviii) The Company has not made any preferential allotment of shares
 to parties and companies covered in the register maintained under
 section 301 of the Companies Act, 1956.
 
 (xix) According to the information and explanations given to us during
 the period covered by our audit report, the company has not issued any
 debenture of the Company
 
 (xx) The Company has not raised any money by way of public issue during
 the year under the audit.
 
 (xxi) 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, we have not come across any instance of
 material fraud on or by the company, noticed or reported during the
 year.
 
                                     For Agarwal Desai & Shah
 
                                     Chartered Accountants 
 
                                     Firm''s J & eistratian 
                                     No.: 12485AW
 
                                     Rishi Sekhri
 
 Place : Mumbai                      Partner
 
 Date . August 14, 2012              Membership No.: 126656