1.  We have audited the attached Balance Sheet of Creative Eye Limited
 as at 31st March 2012 and also the Profit & Loss Account and 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 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 test basis, evidence supporting the amounts and
 disclosures in the financial statements. An audit also includes
 assessing the accounting principals 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
 (the order) issued by the central government of India in term of
 section 227(4A) of the Companies Act 1956, we annex hereto a statement
 on the matters specified in paragraphs 4 and 5 of the said Order, to
 the extent applicable to the Company.
 
 4.  On the basis of written representation received on 31st March, 2012
 from the directors of the company 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 term of clause
 (g) of sub section (1) of section 274 of Companies Act, 1956.
 
 5.  Further to our comments in the Annexure 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 purpose of our
 audit;
 
 b.  In our opinion, proper books of account as required by law have
 been kept by the Company so far as appears from our examination of
 those books;
 
 c.  The Balance Sheet, the Profit and Loss Account and the Cash Flow
 Statement dealt with by this report are in agreement with the books of
 account;
 
 d.  In our opinion, the Balance Sheet, the profit and Loss Account and
 the 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;
 
 e.  In our opinion, and to the best of our information and according to
 the explanations given to us, the said account, read together with the
 Significant Accounting Policies and the Notes to account 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:
 
 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 the Profit and Loss Account, of the profit 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 to the Auditor''s Report
 
 (Referred to in paragraph 3 of our report of even date to the members
 of CREATIVE EYE LIMITED on the accounts for the year ended 31st March,
 2012)
 
 In terms of the information and explanations given to us and on the
 basis of the books and records examined by us in the normal course of
 audit and to the best of our knowledge and belief we state that:-
 
 i.  a. The Company has maintained proper records showing full
 particulars including quantities, details and situation of fixed
 assets.
 
 b.  Fixed Assets have been physically verified by the management
 according to the regular programme of periodical verification in phased
 manner which in our opinion is reasonable, considering the size of the
 Company and nature of its assets. No material discrepancies were
 noticed on such verification.
 
 c.  The Company has not disposed off any substantial part of its fixed
 assets during the year, so as to affect its going concern status.
 
 ii.  a. As explained to us, the inventories have been physically
 verified by the management during the year. In our opinion, the
 frequency of such verification is reasonable.
 
 b.  As per the information given to us, the procedures of physical
 verification of inventory followed by the management are, in our
 opinion, reasonable and adequate in relation to the size of the Company
 and the nature of its business.
 
 c.  The Company is maintaining proper records of inventory and no
 material discrepancies were noticed on physical verification.
 
 iii. a. According to the information and explanations given to us, the
 Company has not granted any loans, secured or unsecured, to companies,
 firms and other parties covered in the register maintained under
 section 301 of the Companies Act, 1956.  b. Accordingly, paragraphs 4
 (iii) (b), (c) & (d) of the Order are not applicable to the Company.
 According to the information and explanations given to us, the Company
 has not taken any loans, secured or unsecured, from companies, firms
 and other parties covered in the register maintained under section 301
 of the Companies Act, 1956.  Accordingly, paragraphs 4 (iii) (f) & (g)
 of the Order are not applicable to the Company.
 
 iv.  In our opinion, and according to the information and explanations
 given to us, there is adequate internal control system commensurate
 with the size of the Company and nature of its business, for purchases
 of inventory and fixed assets and for the sale of goods and services.
 During the course of audit, we have neither come across nor have been
 informed of any continuing failure to correct major weakness in the
 aforesaid internal control system.
 
 v.  a. According to the information and explanations given to us, we
 are of the opinion that the particulars of contracts or arrangements
 that need to be entered in the register maintained under Section 301 of
 the Companies Act, 1956, have been so entered.  b. In our opinion and
 according to the information and explanations given to us, the
 transactions made in pursuance of such contracts or arrangements
 entered in the register maintained under Section 301 of the Companies
 Act, 1956 and exceeding the value of Rupees Five lakhs in respect of
 any party during the year, have been made at prices which are
 reasonable having regard to the prevailing market prices at the
 relevant time.
 
 vi.  The Company has not accepted any deposits from the public within
 the meaning 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 nature of its business.
 
 viii.  As explained to us, the Central Government has not prescribed
 the maintenance of cost records under section 209(1)(d) of the
 Companies Act, 1956, for any products of the Company.
 
 ix.  In our opinion according to the information and explanations given
 to us in respect of statutory and other dues.
 
 a.  The Company is regular in depositing Provident Fund and
 Employees'' State Insurance Dues with the appropriate authorities and
 there were no arrears outstanding for a period of more than 6 months as
 at 31st March 2012.
 
 b.  The Company has been regular in making payment of its income tax,
 wealth tax, service tax, sales tax (CST & MVAT), customs duty and
 excise duty dues during the year, there were no undisputed amounts
 payable in respect of income tax, wealth tax, service tax, sales tax
 (CST & MVAT), customs duty and excise duty that were outstanding, as at
 31st March 2012 for a period of more than six months from the date they
 became payable.
 
 x.  The Company had accumulated losses of Rs. 973.35 Lacs as at the end
 of the financial year which is less than 50% of its net worth as on
 31st March 2012. The Company has not incurred cash losses in the
 current financial year however there was cash loss of Rs.131.93 Lacs
 during the immediately preceding financial year.
 
 xi.  The company has not defaulted in payment of any dues to financial
 institution or banks.
 
 xii. According to the information and explanations given to us and the
 records examined by us, the company has not granted any loans and
 advances on the basis of security by way of pledge of shares, debenture
 and other securities.
 
 xiii.  The Company is not a chit fund or a nidhi/mutual fund/society,
 therefore clause (xiii) of paragraph 4 of the Companies (Auditor''s
 Report) Order, 2003(the Order) is not applicable to the Company.
 
 xiv. According to the information and explanations given to us and the
 records examined by us, the Company is not dealing or trading in
 shares, securities, debentures and other investment. However the
 company has invested in shares and the same is closely monitored and
 proper records are being maintained. All the shares and funds have been
 held in its own name. Therefore the provision of clause 4 (xiv) of the
 Order are not applicable to the Company.
 
 xv.  According to the information and explanations given to us and the
 records examined by us, the Company has not given any guarantee for
 loans taken by others from banks or financial institutions.
 
 xvi. According to the information and explanations given to us and the
 records examined by us, the Company has not availed any term loan
 during the year.
 
 xvii.  According to the information and explanations given to us and on
 an overall examination of the balance sheet of the company, we report
 that no funds raised on short term basis have been used for long term
 investment by company.
 
 xviii.According to the information and explanations given to us and the
 records examined by us, the Company has not made any preferential
 allotment of shares to any parties or companies covered in register
 maintained under Section 301 of the Companies Act, 1956 during the
 year.
 
 xix. According to the information and explanations given to us and the
 records examined by us, the Company has not issued any debentures that
 were outstanding at any time during the year.
 
 xx.  According to the information and explanations given to us and the
 records examined by us the Company has not raised any money through a
 public issue during the year.
 
 xxi. Based upon the audit procedure performed and on the basis of
 information and explanation provided by the management, we report that
 no frauds on or by the company has been noticed or reported during the
 course of the audit.
 
                                              For Uttam Abuwala &Co.
 
                                              Chartered Accountants
 
                                             Firm Regn. No. 111184W
 
                                                               Sd/-
 
                                                     CA M.B.Agarwal
 
 Place : Mumbai                                            (Partner)
 
 Date : 30th May, 2012                                  M.No.109143