1.  We have audited the attached Balance Sheet of BASANT AGRO TECH
 (INDIA) LIMITED as at 31st March, 2011, the Profit and Loss Account and
 also the Cash Flow Statement 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.
 
 2.  We have 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 from material misstatement. An audit also
 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 (Auditor''s Report) Order, 2003, issued
 by the Central Government of India in terms of Sub-Section (4A) of
 Section 227of the Companies Act, 1956 (herein after referred to as the
 Act), we enclose in the annexure a statement on the matters specified
 in paragraphs 4 & 5 of the said Order, to the extent applicable.
 
 4.  Further to our comments in the Annexure referred to in paragraph 3
 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 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, Profit and Loss Account and Cash Flow Statement
 dealt with by this report are in agreement with the books of account;
 
 d) In our opinion, the Balance Sheet, Profit & 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 Act;
 
 e) On the basis of the written representations received from the
 directors, as on 31st March,2011 and taken on record by the Board of
 Directors, we report that none of the directors is disqualified as on
 31st March, 2011 from being appointed as a director in terms of clause
 (g) of Sub- Section (1) of Section 274 of the Act;
 
 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 Significant Accounting Policies and notes thereon, in
 Schedule 19 to the financial statement 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:
 
 i.  in the case of Balance Sheet, of the state of affairs of the
 Company as at 31st March, 2011;
 
 ii.  in the case of the Profit and Loss Account, of the Profit of the
 Company for the year ended on that date; and
 
 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 AUDITORS'' REPORT OF EVEN DATE ON
 THE FINANCIAL STATEMENTS AS AT & FOR THE YEAR ENDED 31ST MARCH, 2011 OF
 BASANT AGRO TECH (I) LTD.
 
 1.  a) The Company has maintained proper records showing full
 particulars, including quantitative details and situation of fixed
 assets.
 
 b) The fixed assets have been physically verified by the management in
 accordance with the phased programme of verification adopted by the
 Company. In our opinion, the frequency of verification is reasonable
 having regard to the size of the Company and nature of fixed assets.
 No material discrepancies have been noticed in respect of the assets
 physically verified during the year.
 
 c) No substantial part of fixed assets has been disposed off during the
 year.
 
 2.  a) The inventory has been physically verified by the management at
 reasonable intervals during the year. Inventory lying with third
 parties and in-transit have been verified with reference to
 confirmations and subsequent receipt of the goods.
 
 b) The procedures of physical verification of inventories followed by
 the management are reasonable and adequate in relation to the size of
 the Company and nature of its business.
 
 c) The Company is maintaining proper records of inventory. The
 discrepancies noticed on physical verification of inventory as compared
 to book records were not material and have been properly dealt with in
 the books of account.
 
 3.  a) The Company has not granted any loans, secured or unsecured, to
 firms, companies or other parties covered in the register maintained
 under Section 301 of the Act.  b) The Company has taken unsecured loans
 from 16 parties covered in register maintained under Section 301 of
 Act. The maximum amount involved during the year and the year-end
 balance of such loans aggregated to Rs. 665.78 Lacs.There were no
 stipulation as to when the repayment has to be made or when the
 Interest was payable,whereever applicable. In our opinion, the rate of
 interest and other terms and conditions of such loans are prime facie
 not prejudicial to the interest of the Company.
 
 4.  In our opinion and according to the information and explanations
 given to us,having regard to the explanation that some of the items
 purchased are of special nature and suitable alternative sources do not
 exist for obtaining comparable quotations, there are adequate internal
 control system commensurate with size of the Company and the nature of
 its business for purchase of inventory and fixed assets and for the
 sale of goods. During the course of our audit, no major weakness has
 been noticed in the internal control system.
 
 5.  a) According to the information and explanations given to us, we
 are of the opinion that the particulars of contracts and arrangements
 referred to in Section 301 of the Act have been entered in the register
 required to be maintained under that Section.  b) In our opinion,
 having regard to our comments in para IV above and according to the
 information and explanations given to us, the transactions made in
 pursuance to contracts or arrangements entered in the register
 maintained under Section 301 of the Act and aggregating during the year
 to Rs. 5,00,000 or more in respect of each party, have been made at
 prices which are reasonable having regard to prevailing market prices
 at the relevant time.
 
 6.  The Company has not accepted any deposits within the meaning of the
 Section 58A, 58AA or any other relevant provisions of the Act and rules
 framed thereunder.
 
 7.  In our opinion, the Company has an internal audit system
 commensurate with the size of the Company and the nature of its
 business.
 
 8.  We have broadly reviewed the cost records of the Company in respect
 of products maintained pursuant to the Order of the Central Government
 under Section 209 (1) (d) of the Act and are of the opinion that, prima
 facie, the prescribed records have been made and maintained. We are,
 however, not required to make a detailed examination of the records
 with a view to determine whether they are accurate or complete.
 
 9 a) The Company is generally regular in depositing the undisputed
 statutory dues including Provident Fund, Investor Education and
 Protection Fund, Employees'' State Insurance, Income tax, Sales tax,
 Custom Duty, Excise Duty, Service Tax, Cess and other material
 statutory dues applicable to it with the appropriate authorities.
 According to the information and explanations given to us, there are no
 undisputed statutory dues outstanding as at 31st March, 2011 for a
 period of more than six months from the date they became payable.  b)
 According to the records of the Company and the information and
 explanations given to us by management, there are no dues of Income
 Tax, Sales Tax, Service Tax, Customs Duty, Wealth Tax, Excise Duty,
 Cess which have not been deposited on account of any dispute.
 
 10.  The Company does not have accumulated losses as at 31st March,
 2011 and has not incurred cash losses in the financial year ended on
 that date and in the immediately preceding financial year.
 
 11.  Company has not defaulted in repayment of dues to financial
 institutions or banks.
 
 12.  During the year, Company has not granted any loans & advances on
 the basis of security by way of pledge of shares, debentures and other
 securities.
 
 13.  According to the information & explanation given to us,in our
 opinion, the term loans were applied for the purpose for which they
 were obtained.
 
 14.  According to the information & explanation given to us, the
 Company has not given any guarantee for the loan taken by others from
 Banks & financial institutions.
 
 15.  Based on the information & explanations given to us and on an
 overall examination of Balance Sheet of the Company, in our opinion,
 there are no funds raised on a short term basis which have been used
 for long term investment.
 
 16.  The Company has not raised any money by public issues.
 
 17.  During the year, no fraud on or by the company has been noticed or
 reported during the course of our audit.
 
 FOR P. C. BARADIYA & CO.                  FOR P. C. BHANDARI & CO.
 
 Chartered Accountants                       Chartered Accountants
 
 K. C. Kankariya                                    P. C. Bhandari
 
 Partner                                                   Partner
 
 M. No. 43951                                         M. No. 39710
 
 Place: Mumbai                               Dated: 30th May, 2011