1.  We have audited the attached Balance Sheet of Jai Mata Glass
 Limited, as at 31st March, 2012, the Statement of Profit and Loss 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 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 the management, as well as evaluating the overall financial
 statement presentation. We believe that our audit provides a reasonable
 basis for ouropinion.
 
 3.  As required by the Companies (Auditor''s Report) Order, 2003 as
 amended by the Companies (Auditor''s Report) (Amendment) Order, 2004
 issued by the Central Government of India in terms of sub-section (4A)
 of Section 227 of the Companies Act, 1956, we enclose in the Annexure a
 statement on the matters specified in paragraphs 4 and 5 of the said
 Order.
 
 4.  Attention is invited to Note No.28.21 (b) on Financial Statements
 regarding non-provision of interest & other levies on statutory dues &
 the consequential effect on the loss. The amount is unascertainable.
 
 5.  Subject to our comments in the Annexure referred to in paragraph 3
 & 4, we report that:
 
 (i) 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;
 
 (ii) In ouropinion, proper books of account as required by law have
 been kept by the Company so far as appears from our examination of
 those books;
 
 (iii) The Balance Sheet, Statement of Profit and Loss and Cash Flow
 Statement dealt with by this report are in agreement with the books of
 account;
 
 (iv) In ouropinion, the Balance Sheet, Statement of Profit and Loss 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 Companies Act, 1956;
 
 (v) On the basis of the written representations received from the
 directors, as at 31st March, 2012, and taken on record by the Board of
 Directors, we report that none of the directors is disqualified as at
 31st March, 2012 from being appointed as a director in terms of clause
 (g) of sub- section (1) of Section 274 of the Companies Act, 1956;
 
 (vi) In our opinion and to the best of our information and according to
 the explanations given to us, the said financial statements together
 with the notes thereon and attached thereto give, in the prescribed
 manner, the information required by the Companies Act, 1956, and 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 6f affairs of the
 Company as at 31st March, 2012;
 
 (b) In the case of the Statement of Profit and Loss, of the Loss for
 the year ended on that date; and
 
 (c) In the case of the Cash Flow Statement, of the cash flows for the
 year ended on that date.
 
 ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE TO THE
 MEMBERS OF JAI MATA GLASS LIMITED ON THE FINANCIAL STATEMENTS AS AT AND
 FOR THE YEAR ENDED 31 st MARCH 2012.
 
 1.  The Company has generally maintained proper records showing full
 particulars including quantitative details and situation of fixed
 assets.
 
 2.  The fixed assets have been physically verified by the management
 during the year according to a regular programme of periodic
 verification in a phased manner which in our opinion is reasonable
 having regard to the size of the Company and the nature of its assets.
 No material discrepancies were noticed on such verification.
 
 3.  No substantial part of fixed assets has been disposed off during
 the year, which has bearing on the going concern status of the Company.
 
 4.  The inventory (except in transit) has been physically verified
 during the year by the management. In our opinion, the frequency of
 verification is reasonable.
 
 5.  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.
 
 6.  The Company is maintaining proper records of inventory. The
 discrepancies noticed on verification between the physical stocks and
 the book records were not material.
 
 7.  a) According to the information and explanation given to us, the
 Company has taken unsecured loans from two companies listed in the
 register maintained under Section 301 of the Act and the maximum amount
 involved during the year aggregated to Rs. 592.55 lacs and the year-end
 balance amounted to Rs. 322.48 lacs.
 
 b) According to the information and explanation given, the rate of
 interest charged is prima facie not prejudicial to the interest of the
 Company. There are no other terms and conditions for the loan taken.
 
 c) As explained to us, the payment of principal amount is payable on
 demand and payment of interest is regular.
 
 d) In respect of loan taken by the Company, this is payable on demand
 and therefore the question of overdue amount does not arise and the
 provisions of sub-clause (d) of clause 4(iii) of the order are not
 applicable to the Company.
 
 8.  The Company has not granted any loan, secured or unsecured, to
 companies, firms and other parties as listed in the Register maintained
 undersection 301 of the Companies Act, 1956.
 
 9.  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 inventory, fixed assets and with
 regard to sale of goods. During the course of our audit, no major
 weakness has been noticed in internal controls.
 
 10.  According to the information and explanations given to us, we are
 of the opinion that the transactions that need to be entered into the
 Register maintained u/s 301 of the Companies Act, 1956 have been so
 entered.
 
 11.  In our opinion and according to the information and explanations
 given to us, the Company has not entered into contracts or arrangements
 exceeding '' 5.00 lacs in value with companies in which Directors are
 interested as listed in the Register maintained under Section 301 of
 the Companies Act, 1956.
 
 12.  In our opinion and according to the information and explanation
 given to us, the Company has not accepted any deposit from the public
 within the meaning of Sections 58A & 58AA of the Companies Act, 1956
 and the rules framed there under.
 
 13.  In our opinion, the Company has an internal audit system
 commensurate to the size and nature of its business.
 
 14.  The Central Govt, has not prescribed maintenance of the cost
 records by the Company under Section 209 (1)(d) of the Companies Act,
 1956, therefore the provision of clause 4(viii) of the Companies
 (Auditor''s Report) Order, 2003 is not applicable to the Company.
 
 15.  According to the records and information & explanations given to
 us, the Company has not been regular in depositing undisputed statutory
 dues including Provident Fund, Employees State Insurance, Income Tax,
 Service Tax, Custom Duty, Excise Duty, Cess and other material
 statutory dues with the appropriate authorities and there are
 undisputed statutory dues payable for a period of more than six months
 from the date they became payable for the year ending 31 st March, 2012
 as given below:
 
 Nature of Dues       Amount (Rs.)
 
 Service Tax           3277850
 
 Barrier Tax           1036036
 
 Sales Tax            13031401
 
 Mandi Tax              187606
 
 However, it is to be read together with comments in Para No. 4 in the
 Auditor''s Report and Note No. 29.26
 
 (b) on Financial Statements.
 
 16.  According to the information and explanations given to us and the
 records of the Company examined by us, the particulars of dues of
 Excise Duty and Sales Tax, as at 31st March, 2012 which have not been
 deposited on account of dispute, areasfollows:-
 
 Sr.  Name of the    Nature of the     From where              Amount
 No.  Statute        Dues              dispute is Pending     (Rs. in 
                                                               lacs)
                                                               Pending
 
 I.  Central Excise  Excise Duty       Appellate Tribunal,
     Act, 1944                         Delhi.                   24.76
 
 II. Income Tax Act, Income Tax        Hon''ble High Court
     1961                              Himachal Pradesh         23.84
 
                                       Total                    48.60
 
 17.  The accumulated losses of the Company are more than fifty per cent
 of its net worth. The Company has not incurred any cash losses during
 the financial year covered by our audit, and in the immediately
 preceding financial year.
 
 18.  The Company has no dues to financial Institutions or banks as at
 the Balance Sheet date.
 
 19.  According to the information and explanation given to us, the
 Company has not granted any loans and advances on the basis of security
 by way of pledge of shares, debentures and other securities.
 
 20.  The Company is not a Chit Fund or a Nidhi/ mutual benefit
 fund/society. Therefore, the provision of clause 4 (xiii) of the
 Companies (Auditor''s Report) Order, 2003(hereafter referred to as the
 said Order) are not applicable to the Company.
 
 21.  The Company is not dealing in or trading in shares, securities,
 debentures & other investments.  Accordingly, the provisions of clause
 (xiv) of the said Order are not applicable to the Company.
 
 22.  According to the information and explanation given to us, the
 Company has not given any guarantees for loans taken by others from
 banks or financial institutions.
 
 23.  According to the information and explanation given to us, the
 Company has not received any term loan during the year.
 
 24.  The Company has not made any preferential allotment of shares to
 parties and companies covered in the register maintained under section
 301 of the Act during the year under report.
 
 25.  The Company did not have any outstanding debenture during the
 year.
 
 26.  The Company has not raised any money through a public issue during
 the year.
 
 27.  Based on examination of documents and records made available and
 on the basis of information and explanations given to us, the Company
 has not used funds raised on short basis for long term investments and
 vice versa.
 
 28.  To the best of our knowledge and belief and according to the
 information and explanations given to us, no fraud on or by the Company
 was noticed or reported during the year
 
                                       For P. K. Maheshwari & Co.  
 
                                         Chartered Accountants 
 
                                              FRN.000977N 
 
                                            P. K. Maheshwari
 
 Place . New Delhi                             (Partner)
 
 Date. June 06,2012.                       Membership No. 7850