1.  We have audited the attached Balance Sheet of M/s MFL INDIA LIMITED
 (Formerly My Fair Lady Limited), B-802, Munirka Apartments, Plot No.
 11, Sector - 9, Dwarka, New Delhi –110075, as at 31st March, 2011, and
 the Profit and Loss Account for the year ended on that date annexed
 thereto and cash flow statement for the year ended on that date. 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 the 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 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 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.
 
 Further to our comments in the Annexure referred to 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, Profit and Loss Account and Cash fowl statement
 dealt with by this report are in agreement with the books of account.
 
 (d) In our opinion, the balance sheet, profit and loss account and cash
 fow 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,
 
 (e) On the basis of written representations received from the
 directors, as on 31st March, 2011 and taken on record by the Board of
 Directors, we report that none of the directors is disqualified as on
 31st March, 2011 from being appointed as a director in terms of clause
 (g) of sub-section (1) of section 274 of the Companies Act, 1956,
 
 (f) 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,
 
 i.  In the case of the Balance Sheet, of the state of affairs of the
 company as at 31st March, 2011, ii.  In the case of the Profit and Loss
 Account, of the profit for the year ended on that date.  iii.  In the
 case of Cash flow statement, of the cash flow for the year ended on that
 date.
 
 ANNEXURE TO AUDITORS REPORT
 
 (referred to in paragraph 3 of our report of even date)
 
 (i) (a) The company is maintaining proper records showing full
 particulars, including quantitative details and situation of fxed
 assets;
 
 (b) These fixed assets have been physically verified by the management at
 reasonable intervals and no material discrepancies were noticed on such
 verification. In our opinion, the periodicity of physical verification is
 reasonable having regard to the size of the Company and the nature of
 its assets.
 
 (c) The company has not disposed of substantial part of its fixed assets
 during the year, and therefore, it has not affected the company as a
 going concern.
 
 (ii) (a) The company is engaged in the business of Logistics &
 Transportation. The company is not having any inventory; hence this
 point is not applicable to the company.
 
 (iii) (a) According to the information and explanations given to us,
 the company has not granted secured or unsecured loans, to companies in
 the register maintained under section 301 of the Act.
 
 (b) The rate of Interest and other terms & conditions of loans taken by
 the company are prima facie not prejudicial to the interest of the
 company.
 
 (c) The payment of principal and interest are also regular.
 
 (d) The Company has taken reasonable steps for recovery of principal
 and interest for amount overdue more than one lakh rupees.
 
 (e) The company has taken loan of Rupees four lacs from the director
 which was returned in the same year, there are no other transactions
 from the companies, firms or other parties covered in the register
 maintained under section 301 of the Act.
 
 (f) The rate of Interest and other terms & conditions of loans taken by
 the company are prima facie not prejudicial to the interest of the
 company.
 
 (g) The payment of principal and interest are also regular.
 
 (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, for the purchase of fixed assets and for the sale of goods and
 service. However there is still scope of improvement in the same.
 During the course of our audit we have not observed any continuing
 failure to correct major weakness in internal control systems.
 
 (v) (a) As per the records, the particulars of contracts that need to
 be entered into a register in pursuance of section 301 of the Act have
 been so entered.
 
 (b) According to the explanations and information given to us the
 transactions in pursuance of such contracts have been made at prices
 which are 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 not accepted any deposits from the public
 to which the directives issued by RBI and the provisions of section
 58A, 58AA or any other relevant provisions of the Companies Act, 1956
 and the rules framed there under apply. No order has been passed by the
 company Law board or National Company Law Tribunal or Reserve Bank of
 India or any court or any other tribunal.
 
 (vii) In our opinion the company has internal audit system commensurate
 with its size and nature of its business;
 
 (viii) To the best of our knowledge and as per the explanations and
 information given to us the maintenance of cost records has not been
 prescribed by the Central Government under clause (d) of sub-section
 (1) of section 209 of the Act.
 
 (ix) (a) As per the records the company is regular in depositing
 undisputed statutory dues including Provident Fund, Investor Education
 and Protection Fund, Employees State Insurance, Income-tax, Sales-tax,
 Wealth Tax, Service Tax, Custom Duty, Excise Duty, cess and any other
 statutory dues with the appropriate authorities.
 
 (b) According to the information and explanations given to us, there no
 dues of sales tax, income tax, custom duty, wealth tax, Service Tax,
 excise duty and cases which have not been deposited:-
 
 (x) The accumulated losses of the company are less than fifty percent of
 its net worth The Company has not incurred
 
 cash losses during the financial year covered by our audit. The company
 had incurred cash losses in the immediately preceding financial year.
 
 (xi) The company has not made any default in payment of the dues to the
 bank and financial institution.
 
 (xii) As per the records the company has not granted loans and advances
 on the basis of security by way of pledge of shares, debentures and
 other securities.
 
 (xiii) To the best of our knowledge and according to the information
 and explanations given to us the provisions of any special statue
 applicable to chit fund are not applicable to the Company.
 
 (xiv) According to the information and explanations given by the
 management, the company is not dealing in or trading in shares,
 securities, debentures and other investments. The Company has
 maintained proper records and timely entries have been made and the
 investments are in the name of the Company.
 
 (xv) The company has not given any guarantees for its associate company
 from bank.
 
 (xvi) The company has applied the term for the purpose for which term
 loan were obtained.
 
 (xvii) The funds raised for short term purpose has not been used for
 the long term investment.
 
 (xviii) The company has made preferential allotment of 4,00,000 Equity
 shares & 3,00,000 Equity Share warrants to Promoters of the Company
 during the year. Further the equity share warrants has been converted
 into fully paid equity shares. The issue price of the company is not
 prejudicial to the interest of the company.
 
 (xix) The company has not issued any debentures.
 
 (xx) The company has made preferential allotment of 38,00,000 Equity
 shares & 51,00,000 Equity Share warrants to the strategic investors
 during the year. Further the equity share warrants has been converted
 into fully paid equity shares.  The management has disclosed the end us
 of the money the same has been duly verified.
 
 (xxi) On the examinations of records of the company no fraud on or by
 the company has been noticed or reported during the year.
 
                                                 For SRY & ASSOCIATES  
                                                 Chartered Accountants
 
 Place : New Delhi                                  Rajan Gupta
 
 Date : December 1, 2011                             Partner
 
                                                Membership No. 089469