We have audited the attached Balance sheet of SINDU VALLEY TECHNOLOGIES
 LIMITED as at 31st March 2010 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.
 
 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 statement. 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.
 
 As required by the companies (Auditor''s Report) Order, 2003 (the
 ''Order'') (as amended) issued by the Central Government of India in
 terms of sub section (4A) of section 227 of Companies Act, 1956, we
 give in the Annexure, a Statement on the matter specified in paragraphs
 4 & 5 of the said order.
 
 Further to our comments in the Annexure referred to above, 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 purpose of our
 audit;
 
 (ii) In our opinion, the company has kept proper books of accounts as
 required by law so far as appears from our examination of those books;
 
 (iii) The Balance Sheet, Profit & Loss Account and Cash Flow Statement
 dealt with by this report are in agreement with the books of account
 and returns;
 
 (iv) 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
 Companies Act, 1956;
 
 (v) On the basis of written representations received from the
 directors, as on 31st March 2010, and taken on record by the Board of
 Directors, we report that none of the directors is disqualified as on
 31st March 2010 from being appointed as a director in term 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 accounts 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:-
 
 (a) in the case of the Balance sheet, of the state of affairs of the
 Company as at 31st March, 2010;
 
 (b) in the case of the Profit and Loss Account, of the profit of the
 Company for the year ended on that date; and
 
 (c) In the case of Cash Flow Statement, of the cash flows for the year
 ended on that date.
 
 ANNEXURE TO THE AUDITORS REPORT
 
 Referred to in paragraph 3 of our report of even date on the Accounts
 for the year ended 31st March 2010 of SINDU VALLEY TECHNOLOGIES LIMITED
 
 (i) The company does not have Fixed Assets. Therefore clause related to
 Fixed Assets is not applicable to the Company.
 
 (ii) The clause related to inventory is not applicable to the company
 
 (iii) (a) The Company had taken interest free unsecured loan from three
 parties covered in the register maintained under section 301 of the
 Companies Act, 1956 which is not prejudicial to the interest of the
 company. The aggregate maximum amount involved Rs.2,60,000/- and
 outstanding balances in these transactions are Rs.260000/-/-. The
 company has not given loans & advances to the parties covered in the
 register maintained under section 301 of the Companies Act, 1956.
 
 (b) In our opinion, the rate of interest and other terms and condition
 on which loans have been taken from to companies, firms or other
 parties listed in the register maintained under section 301 of the
 Companies Act, 1956 are not, prima facie, prejudicial to the interest
 of the company.
 
 (c) The company is regular in repaying the principal amounts as
 stipulated and has regular in the payment of interest.
 
 (d) There is no overdue amount of loans taken from to companies, firms
 or other parties listed in the register maintained under section 301 of
 the Companies Act, 1956.
 
 (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. During the course of our audit we have not observed any
 continuing failure to correct major weakness in internal controls.
 
 (v) According to the information and explanations given to us, we are
 of the opinion that there was no transaction that need to be entered
 into the register maintained under section 301 of the Companies Act
 1956. Hence clause (b) is not applicable.
 
 (vi) In our opinion and according to the information and explanations
 given to us, the Company has not accepted the deposits from the public
 and hence directives issued by the RBI and the provision of section 58A
 and 58AA of the Companies Act, 1956 and Rules framed there under are
 not applicable for the under audit. In our opinion and according to the
 information and explanations given to us, the company has not accepted
 the deposits from the public.
 
 (vii) In our opinion, the company has an internal audit system
 commensurate with the size and nature of its business.
 
 (viii) The company is not covered under section 209(1 )(d) of the
 Companies Act, 1956 in respect of maintenance of cost records.
 
 (ix) (a) The company is generally regular in depositing with
 appropriate authorizes 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.
 
 (b) According to the information and explanation given to us, no
 undisputed amounts payable in respect of income tax, wealth tax, sales
 tax, customs duty, excise duty and cess were in arrears, as at
 31.3.2010 for a period of more then six months from the date they
 became payable.
 
 (x) The company has accumulated losses of Rs.61,25,502/- which is more
 than fifty percent of, its net worth. The company has not incurred cash
 losses during the financial year covered by our  audit and in the
 immediate preceding financial year.  
 
 (xi) In our opinion and according to the information and explanations
 given to us, the company has  not taken any loans from a financial
 institution bank or debenture holders.
 
 (xii) In our opinion and according to the information and explanations
 given to us, the company has not granted loans and advances on the
 basis of security by way of pledge of shares, debentures & other
 securities.
 
 (xiii) In our opinion, the company is not a chit fund or a nidhi mutual
 benefit fund/society. Therefore, the provisions of clause 4 (xiii) of
 the Companies (Auditor''s Report) order, 2003 are not applicable to the
 company.
 
 (xiv) In our opinion, the company is not dealing in or trading in
 shares, securities, debentures and other investments. Accordingly, the
 provisions of clause 4(xiv) of the Companies (Auditor''s Report) Order,
 2003 are not applicable to the company.
 
 (xv) In our opinion and according to the information and explanations
 given to us, the company has not given guarantees for loans taken by
 others from banks or financial institutions.
 
 (xvi) In our opinion and according to the information and explanations
 given to us, the company has not raised term loans during the year
 under audit.
 
 (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 the no funds raised on short-term basis have been used for
 long-term investment.
 
 (xviii) According to the information and explanations given to us, the
 company has not made preferential allotment of shares to parties and
 companies covered in the register maintained under section 301 of the
 Act during the year.
 
 (xix) According to the information and explanations given to us, during
 the period covered by our audit report, the company had not issued any
 debentures.
 
 (xx) The Company has not raised any money from a public issue.
 
 (xxi) According to the information and explanations given to us, no
 fraud on or by the company has been noticed or reported during the
 course of the audit.
 
 
 For Singhal Sanklecha & Co.
 
 Chartered Accountants                  
 
 Firm Registration No. 117714W   
 
 
 (Vipin Sanklecha)    
 
 Partner      
 
 Membership No. 101710
 	    
 Place: - MUMBAI      
 
 Date : 30th August,2010