1.  We have audited the attached balance sheet of M/s Ind-Swift Limited
 as on 30th June 2012 and also the Statement of Profit and Loss Account
 and the Cash Flow Statement of the Company for the 15 month period the
 ended on the same 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. These 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 the 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 Companies (Auditor''s Report) Order, 2003, and as
 amended by Companies (Auditors Report) (Amendment) Order, 2004, 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 paragraph 4 and 5 of the said order.
 
 4.  Further to our comments in the annexure referred to in paragraph
 (3) above:-
 
 a.  We have obtained all the information and explanations which to the
 best of our knowledge and belief were necessary the for 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 our examination of such
 books.
 
 c.  The Balance Sheet and Statement of Profit and Loss Account and Cash
 Flow Statement referred to in this Report are in agreement with the
 books of accounts.
 
 d.  In our opinion the statement of Profit and Loss Account and Balance
 Sheet and cash flow statements comply with the requirements of the
 accounting standards referred to in Sub Section (3c) of Section 211 of
 the Companies Act 1956.
 
 e.  During the course of our Audit, we have not come across any such
 observation which has any adverse effect on the functioning of the
 Company.
 
 f.  Pursuant to the provisions of sub section (l)(g) of section 274 of
 the Companies Act 1956, we report as under:
 
 On the basis of written representations received from the Directors and
 taken on record by the Board of Directors, we report that none of the
 Directors is disqualified as on 30th June, 2012 from being appointed as
 a Director of the Company in terms of clause (g) of sub section (1) of
 section 274 of the Companies Act, 1956.
 
 g.  In our opinion and to the best of our information and according to
 the explanations given to us, they said statement of accounts read with
 and subject to notes thereon, give the information required by the
 Companies Act,1956 in the manner as required and give a true and fair
 view:-
 
 a) In case of the Balance Sheet, of the state of affairs of the Company
 as at 30th June,2012
 
 b) In the case of the Statement of Profit and Loss Account, of the loss
 for the period ended on 30th June 2012 and
 
 c) In the case of Cash flow Statement, of the Cash Flow of the Company
 for the period ended on that date.
 
 (i) (a) The Company has maintained proper records showing full
 particulars, including quantitative details and situation of fixed
 assets.
 
 (b) According to information and explanations given to us, the Company
 has a system of physical verification of all its fixed assets once in a
 year, which in our opinion is reasonable having regard to the size of
 the Company and the nature of its assets. No serious discrepancies were
 noticed on such verification.
 
 (c) During the period, Company has no disposed off any
 substantial/major part of fixed assets.
 
 (ii) (a) As explained to us, the stocks of stores, spare parts, raw
 materials and finished goods have been physically verified by the
 management at regular intervals during the period.
 
 (b) In our opinion and according to information & explanations given to
 us, the Procedure of physical verification of stocks followed by the
 management are reasonable and adequate in relation to the size of the
 Company and the nature of its business.
 
 (c) In our opinion & according to the information & explanations given
 to us and on the basis of our examination of the records of inventory,
 the Company is maintaining proper records of its inventory. The
 discrepancies noticed on physical verification of stocks of stores,
 spare parts, raw material and finished goods were not significant in
 relation to the operations of the Company and the same have been
 properly dealt with in the books of accounts.
 
 (iii) (a) According to the information and explanation given to us, the
 Company has granted loans, secured or unsecured to Companies, firms or
 other parties covered in the register maintained u/s 301 of the
 Companies Act, 1956. As regards the loan given, Company has granted
 loan to parties and the balance outstanding as on 30th June ,2012 of
 Balance Sheet is Rs. 5592.24 lacs.
 
 (b) According to the information & explanations given to us, the loans
 granted are unsecured and in our opinion, the terms & conditions of
 loans granted, are not prima facie prejudicial to the interests of the
 Company except the fact that the rate of interest charged on loans to
 sister concern i.e. Swift fundamental research & education society, at
 a lower rate of 12% p.a.
 
 (c) According to the information & explanations given to us, the
 Company as well as the parties to whom loan have been given are regular
 in repayment of principal amount and payment of interest as stipulated.
 
 (iv) In our opinion and according to the information and explanations
 given to us, there are adequate internal control procedures
 commensurate with the size of the Company and the nature of its
 business with regard to purchase of stores, raw materials including
 components, plant and machinery, equipment and other assets and for the
 sale of goods.
 
 (v) In respect of transactions entered in the register maintained in
 pursuance of section 301 of the Companies Act, 1956.
 
 (a) To the best of our knowledge and belief and according to the
 information and explanations given to us, the transactions that needed
 to be entered into the register have been so entered.
 
 (b) According to the information and explanations given to us, the
 transactions exceeding Rs,5,00,000/- (Rupees five lacs only) have been
 made at prices, which are prima facie, reasonable having regard to the
 prevailing market prices at the relevant time.
 
 (vi) In our opinion and according to the information and explanations
 given to us, the Company has complied with the directions issued by the
 Reserve Bank of India and provisions of Section 58A & 58AA of the
 Companies Act,1956 and the rules framed there under with regard to the
 deposits accepted from the public.
 
 (vii) In our opinion, Internal Audit System followed by the management
 is commensurate with the size of the Company and nature of its
 business.
 
 (viii) The Company is required to maintain cost records under section
 209 (l)(d) of the Companies Act, 1956 for the products of the Company
 and according to the information & explanations given to us , the
 Company has maintained proper records as prescribed by the Central
 Government but we have not carried out the examination of these
 records.
 
 (ix) (a) According to the information and explanations given to us and
 the records of the Company examined by us, the Company has been regular
 in depositing undisputed statutory dues including Provident Fund,
 Investor Education Protection Fund, Employees'' State Insurance, Income
 Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, cess and other
 material statutory dues applicable to it. We are informed that there
 are no undisputed statutory dues as at the yearend outstanding for a
 period of more than six months from the date they became payable.
 
 (b) According to the information and explanations given to us and the
 records of the Company examined by us, there are no disputed dues of
 Income Tax, FBT, Wealth Tax, Sales Tax, Custom Duty and Excise Duty and
 cess matters.
 
 (x) The Company does not have accumulated losses as at the end of the
 financial year 30th June, 2012. Further the Company has not incurred
 any cash losses during the 15 month financial period ended June 30,
 2012 and in the preceding financial year ended March 31, 2011.
 
 (xi) According to the records of the Company examined by us and the
 information and explanations given to us, the Company during the period
 has not defaulted in repayment of dues to financial institutions or
 banks.
 
 (xii) According to the information & explanations given to us, the
 Company has not granted any loans or advances on the basis of security
 by way of pledge of shares, debentures and other securities.
 
 (xiii) The provisions of any special statute as specified under
 paragraph 4 (xiii) of the Order are not applicable to the Company.
 
 (xiv) In our opinion and according to the information & explanations
 given to us, the Company has maintained proper records of the
 transactions relating to dealing in shares, securities & other
 investments & also entries have been made therein timely. Also all the
 shares, securities etc. have been held by the Company in its own name.
 
 (xv) In our opinion and according to the information & explanations
 given to us, the terms and conditions on which the Company has given
 guarantees during the year for loans taken by others from banks or
 financial institutions are prima facie not prejudicial to the interest
 of the Company.
 
 (xvi) In our opinion and according to the explanations given to us, the
 term loans taken during the year have been applied for the purpose for
 which they were obtained.
 
 (xvii) According to the information & explanations given to us and on
 overall examination of the balance sheet of the Company, we report that
 short term funds have not been used to finance long term investments
 and vice versa.
 
 (xviii) 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 during the period and the price at which
 shares have been issued is not prejudicial to the interest of the
 Company.
 
 (xix) During the period, since the Company has not issued any
 debentures, paragraph 4 (xix) of the Order is not applicable.
 
 (xx) During the period, since the Company has not raised any money by
 way of public issue, paragraph 4 (xx) of the Order is not applicable.
 
 (xxi) Based upon the audit procedures performed and information and
 explanations given by the management, we report that no fraud on or by
 the Company has been noticed or reported during the course of our audit
 for the period ended June, 30th 2012.
 
                                              For J.K. JAIN & ASSOCIATES
 
                                                   CHARTERED ACCOUNTANTS
 
 Place: Chandigarh                                            (J.K. JAIN)
 
 Date: 28-08-2012                                                Partner
 
                                                   Membership No. 083140