1.  We have audited the attached Balance Sheet of Mis. INDO GERMA
 PRODUCTS LIMITED as at March 31, 2010 which we have signed under
 reference to this report. These financial statements are the
 responsibility of the Companys 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 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 issued
 by the Central Government in pursuance of Sub-section (4A) of section
 227 of the of the Companies Act, 1956, we enclose as an annexure a
 statement on the following matters as specified in paragraph 4 of the
 said order to the extent applicable to the company.
 
 4.  Further to our comments 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 appears from our examination of those
 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, these accounts have been prepared in compliance with
 the applicable accounting standards referred to in sub-section (3C) of
 Section 211 of the Act;
 
 e) On the basis of written representations received from the Directors
 as on march 31, 2009 and taken on record by the Board of Directors, we
 report that none of the directors is disqualified as on March 31, 2010
 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 accounts together with notes
 thereto give in the prescribed manner the information required by the
 Act, and also 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 March 31, 2010
 
 (b) In the case of the Profit and Loss Account, of the Profit for-the
 year ended on that date.
 
 
 ANNEXURE TO THE REPORT OF THE AUDITORS TO THE MEMBERS OF INDOGERMA
 
 PRODUCTS LIMITED
 
 1.  (a) The company is maintaining proper records showing full
 particulars including quantitative details and situation of fixed
 assets.
 
 (b) The management at reasonable intervals has physically verified
 these fixed assets; No material discrepancies were noticed on such
 verification.
 
 (c) A substantial part of the fixed assets have not been disposed of
 during the year.
 
 2.  a) Physical verification of inventory has been conducted at
 reasonable intervals by the management.
 
 b) The procedures of physical verification of inventory 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 is maintaining proper records of inventory and no
 material discrepancies were noticed on physical verification.
 
 3.  The company has neither granted nor taken loans, secured or
 unsecured to or from companies, firms or other parties covered in the
 register to be maintained under s.301 of the Companies Act, 1956.
 
 4.  There is an adequate internal control procedure commensurate with
 the size of the company and the nature of its business, for the
 purchase of fixed assets.
 
 5.  This item does not arise, as there are no transactions exceeding
 the value of five lakh rupees in respect of any party covered in the
 register to be maintained under s.301 of the Companies Act, 1956 during
 the financial year under consideration.
 
 6.  The company has not accepted deposits from the public.
 
 7.  The company has an internal audit system commensurate with the
 nature and size and nature of its business.
 
 8.  Maintenance of cost records has not been prescribed in respect of
 the company.
 
 9.  The company is regular in depositing undisputed statutory dues
 including Provident Fund, Employees State Insurance, Income-tax,
 except Service tax, and VAT as applicable with the appropriate
 authorities and there are no arrears of outstanding statutory dues as
 at the last day of the financial year concerned for a period of more
 than six months from the date they became payable.
 
 10.  The accumulated losses of the company at the end of the relevant
 financial year are less than fifty percent of its net worth. The
 company has not incurred any cash loss during the relevant financial
 year and in the immediately preceding financial year.
 
 11.  The company has not defaulted in repayment of dues to any.
 financial institutions or banks or debentures holders.
 
 12.  The company has not granted loans and advances on the basis of
 security by way of pledge of shares, debentures and other securities.
 
 13.  As the company is not a chit fund this item is not applicable.
 
 14.  The company is not dealing or trading in shares, securities,
 debentures and other investments.
 
 15.  The company has not given any guarantee for loans taken by others
 from banks or financial institutions.
 
 16.  Term loans were applied for the purpose for which the loans were
 obtained.
 
 17.  An examination of the books, records and vouchers produced before
 us reveals that the funds raised on short term basis have not been used
 for long term investment and vice versa.
 
 18.  The company has not made any preferential allotment of shares to
 parties and companies covered in the Register maintained under S.301.
 
 19.  As the company has not issued any debentures this item is not
 applicable.
 
 20.  As the company has not made any public issue of shares this item
 is not applicable.  §1.  No fraud, on or by the company has been
 noticed or reported during the year.
 
 
 
                                                For KARPAGAM & CO., 
 
                                              Chartered Accountants
 
 Place : Cnennai
 
 Date .09-08-2010                                      S. SRIKANTH
 
                                                          Partner.