I have audited the attached Balance Sheet of MAHASHREE TRADING LIMITED
 as at 31st March 2012 and also the annexed profit & loss account of the
 Company for the year ended on that date & report that;
 
 A) These financial statements are the responsibility of the Company''s
 management. My responsibility is to express an opinion on these
 financial statements based on my audit.
 
 B) I conducted my audit in accordance with auditing standard generally
 accepted in India. Those standards require that I 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. I believe that my audit provides a reasonable basis for
 my opinion.
 
 C) As required by the companies (Auditor''s Report) order 2003 u/s 227
 (4A) of the Companies Act, 1956 and the basis of such checks of Books
 and records as were considered appropriate and according to the
 information and explanation given to me during the course of audit, I
 have enclosed in the annexure a statement on matters specified in
 paragraph 4 & 5 of the said order.
 
 Further to my comments in the Annexure referred to above, I report
 that:
 
 I have obtained all the information and explanations, which to the best
 of my knowledge and belief were necessary for the purposes of my audit.
 
 In my opinion, proper books of account as required by law have been
 kept by the Company so far as appears from my examination of those
 books.
 
 The Balance Sheet and Profit and Loss Account dealt with by this report
 are in agreement with the books of account.
 
 In my opinion, the Balance Sheet and Profit and Loss Account dealt with
 by this report comply with the accounting standards referred to in
 sub-section (3C) of section 211 of the Companies Act, 1956.
 
 On the basis of written representation received from the directors, as
 on 31st March 2012, and taken on record by the Board of Directors, I
 report that none of the directors is disqualified as on 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.
 
 In my opinion and to the best of my information and according to the
 explanations given to me, 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:
 
 in the case of the Balance Sheet, of the state of affairs of the
 Company as at 31st March 2012; and
 
 in the case of the Profit and Loss Accounts, of the Profit for the year
 ended on that date.
 
 ANNEXURE STATEMENT REFERRED TO IN PARAGRAPH (C) ABOVE OF MY REPORT OF
 EVEN DATE
 
 1.  The company does not have fixed assets and as such, provisions of
 clause nos. (i)(a) to (c) specified in paragraph 4 of companies
 (Auditor''s Report) order 2003 are not applicable.
 
 2.  The Company has not taken unsecured loan from a company listed in
 the register maintained under Section 301 of the Companies Act, 1956.
 Interest and other conditions of such loan are not prima-prejudicial to
 the company.
 
 3.  In my opinion and according to the information and explanation
 given to me, there are adequate internal control procedures
 commensurate with the size of the Company. In my opinion and according
 to the information and explanations given to me, there is no continuing
 failure to correct major weaknesses in internal control.
 
 4.  As explained to me there has not been any transaction during the
 year that need to be entered in the register maintained under section
 301 of the Companies Act 1956 and exceeding during the year to Rs.
 5,00,000/- or more in respect of each such party.
 
 5.  In my opinion, and according to the information and explanations
 given to me, the Company has complied with the provisions of Section
 58-A and 58AA of the Companies Act, 1956 and the Companies (Acceptance
 of Deposits) Rules, 1975 with regards to the deposits accepted from the
 public.
 
 6.  In my opinion the internal Audit system is commensurate with the
 size of the company and the nature of its business.
 
 7.  I have been informed that maintenance of cost records has not been
 prescribed by the Central Govt, u/s (d) of sub-section (1) of Section
 209 of the Act.
 
 8.  According to the information and explanations given to me, there
 are no undisputed statutory dues payable in respect of Provident Fund,
 Investor Education and Protection Fund, Employees State Insurance,
 Income-tax, Sales-tax, Wealth Tax, Custom Duty, Excise Duty, cess which
 are outstanding as at 31st March 2012 for a period of more than six
 months from the date they became payable.
 
 9.  The company does not have accumulated losses. It not incurred cash
 losses during the financial year.  _
 
 10.  According to the information and explanations given to me the
 company has not defaulted in repayment of dues to a financial
 institution or basic or debenture holder.
 
 11.  The company has not granted loans and advances on the basis of
 security by way of pledge of shares, debentures and other securities.
 
 12.  The company is not a Chit fund, Nidhi or mutual benefit Society.
 Hence, the requirement of item (xiii) of paragraph 4 of the Order is
 not applicable to the company.
 
 13.  The company has kept adequate records of its transactions and
 contracts in shares, securities, debentures, and other investments and
 timely entries have been made therein. The shares, securities,
 debentures and other investments are held in the name of the company or
 are in process of being transferred in the company''s name.
 
 14.  According to the information and explanations given to me the
 company has not given any guarantee for loans taken by others from bank
 or financial institutions.
 
 15.  The company has not taken term loan and as such clause no. (xvi)
 Of paragraph 4 of the order is not applicable to the company.
 
 16.  According to the information and explanations given to me no funds
 raised on short-term basis have been used for long-term investment.
 Similarly, no funds raised on long-term basis have been used for
 short-term investment.
 
 17.  According to the information and explanations given to me no
 preferential allotment of shares has been made by the company to
 companies, firms or other parties listed in the register maintained
 under section 301 of the Companies Act, 1956.
 
 18.  The company has not issued any debentures. Hence, the requirement
 of clause (xix) of paragraph 4 of the Order is not applicable to the
 company.
 
 19.  The company has not raised money by public issue and as such,
 clause no.  (xx) Of paragraph 4 of the order is not applicable to the
 company.
 
 20.  According to the information and explanations given to me a fraud
 on or by the company has not been noticed or reported during the year.
  
                                            For Joshi Joshi & Co.  
 
                                           Chartered Accountants
 
                                                    (M. M. Joshi) 
 
                                                      Proprietor 
 
                                             (M. No. 42466 of 89) 
 
                                                     FRN 104393W
 
 Place: Mumbai
 
 Date: 21st May 2012