We have audited the attached Balance Sheet of Nouveau Global Ventures
 Limited as at 31st March, 2011, the Profit and Loss Account and the
 Cash Flow Statement of the Company 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 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.
 
 1.  As required by the Companies (Auditors'' Report) Order, 2003 and
 amendments thereto issued by the Central Government in terms of Section
 227(4A) of the Companies Act, 1956, we annex hereto a statement on the
 matters specified in the paragraphs 4 and 5 of the said Order.
 
 2.  Further to our comments on the Annexure referred to in paragraph 1
 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 purpose 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 and the Profit and Loss Account and the Cash Flow
 Statement dealt with by this report are in agreement with the books of
 account;
 
 d) In our opinion, the Balance Sheet and Profit and Loss Account and
 the Cash Flow Statement dealt with by this report comply with
 Accounting Standards referred to in the sub-section (3C) of section 211
 of the Companies Act, 1956;
 
 e) On the basis of the written representat- ions received from the
 Directors, as on 31st March, 2011 and taken on record by the Board, 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 read together with the
 notes thereon 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 Profit and Loss Account, of the Profit for the year
 ended on that date and
 
 iii) in the case of the Cash Flow Statement, of the Cash Flows for the
 year ended on that date.
 
 ANNEXURE TO THE AUDITORS'' REPORT
 
 As required by the Companies (Auditors Report) Order, 2003 and
 amendments thereto and according to the information and explanations
 given to us during the course of the audit and on the basis of such
 checks of the books and records as were considered appropriate we
 report that:
 
 (i) a) The Company has generally maintained proper records showing full
 particulars including quantitative details and situation of its fixed
 assets.
 
 b) All the assets have been physically verified by the Management in
 accordance with a phased programme of verification 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.
 
 c) No substantial part of fixed assets has been disposed off during the
 year, which has a bearing on the going concern assumption.
 
 (ii) a) The inventories have been physically verified by the management
 during the year at reasonable intervals.
 
 b) The procedures of physical verification of the inventories followed
 by the management are reasonable and adequate in relation to the size
 of the Company and the nature of its business
 
 c) The Company has maintained proper records of its inventories. No
 material discrepancies were noticed on physical verification as
 compared to book records.
 
 (iii) a) The Company has granted unsecured loans to its subsidiary
 company, covered in the register maintained u/s 301 of the Companies
 Act, 1956 on call basis. The maximum amount outstanding during the year
 was Rs. 43.68 lacs and the year-end balance was Rs.  43.68 lacs .
 
 b) The said loan is interest free. Other terms and conditions of such
 loans is prima facie not prejudicial to the interest of the Company.
 
 c) In view of our comments in para (iii)(a) and (b) above, clauses
 4(iii)(c) and (d) of the said Order are not applicable.
 
 d) The Company has taken unsecured loans from 4 parties covered in the
 register maintained under Section 301 of the Companies Act, 1956 on
 call basis. The maximum amount outstanding during the year was Rs.
 245.82 lacs and the year-end balance was Rs. Nil .
 
 e) The said loans are interest free except in two cases where interest
 has been charged. The rate on interest wherever paid and other terms
 and conditions on which the loans have been taken are prima facie, not
 prejudicial to the interest of the Company;
 
 f) In view of our comments in para (iii) (d) & (e) above, clauses 4
 (iii) (g) of the said Order is not applicable.
 
 (iv) In our opinion the internal control systems in respect of purchase
 of fixed assets and inventory and sale of goods and services are needs
 to be strengthened considering the size of the Company and the nature
 of its business.  We have not observed continuing failure to correct
 any major weaknesses in internal control system of the company.
 
 (v) a. The particulars of contracts or arrange- ments referred to in
 Section 301 of the Companies Act,1956 that needs to be entered into the
 register maintained under that section have been so entered.
 
 b. The transactions made in pursuance of such contracts or arrangements
 have been made at prices which are reasonable having regard to the
 prevailing market prices at the relevant time.
 
 (vi) The Company has not accepted any deposits from the public.
 
 (vii) The Company does not have a formal internal audit system
 commensurate with its size and nature of business. but its financial
 and other internal checks, ensures proper recording of financial
 transactions.
 
 (viii) The Central Government has not prescribed for maintenance of
 cost records under Section 209(1)(d) of the Companies Act, 1956 for the
 Company.
 
 (ix) a) In our opinion and according to the information and
 explanations given to us, the Company has been regular in depositing
 undisputed statutory dues including Provident Fund, Employees State
 Insurance, Income Tax, Sales Tax, Wealth Tax, Customs Duty, Excise Duty
 and cess with the appropriate authorities except the following:
 
 1.  Profession Tax Rs. 20,050 /- (Since Paid) which is deposited on
 yearly basis and
 
 2.  Rs. 9,495/- towards Investor Education and Protection Fund (For
 Unclaimed Dividend)
 
 which are outstanding at the year end for a period of more than six
 months from the date it became payable.
 
 b) According to the records of the Company, dues of Income Tax, Sales
 Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty and Cess which
 have not been deposited on account of any dispute are as under- 
 
 Name of Statute : Income Tax Act, 1961 
 
 Nature of dues  : Income Tax for A.Y. 2006-07 
 
 Amount          : Rs. 1,76,381/-
 
 Forum while 
 dispute Is
 pending         : Commissioner of Income Tax Appeals and 
                   assessing officer
 
 (x) The Company does not have accumulated losses as at the end of the
 financial year and has not incurred cash losses during the financial
 year and the immediately preceding financial year.
 
 (xi) In our opinion and according to the information and explanation
 given to us, the Company has not defaulted in repayment of dues to any
 financial institution or bank.
 
 (xii) The Company has not granted loan and advances on the basis of
 security by way of pledge of shares, debentures and other securities.
 
 (xiii) The provisions of any special statute applicable to chit fund,
 nidhi or mutual benefit fund / societies are not applicable to the
 Company.
 
 (xiv) The Company has maintained proper records of transactions and
 contracts in respect of dealing in shares and timely entries have been
 made therein. All the shares have been held by the Company in its own
 name except to the extent of exemption granted under section 49 of the
 Act.
 
 (xv) The Company has not given any guarantee for loans taken by others
 from bank or financial institutions.
 
 (xvi) The Company has not raised any term loans during the year.
 
 (xvii) According to the information and explana- tions given to us and
 on an overall examina- tion of balance sheet of the company, funds
 raised on short-term basis have not been used for long-term
 investments.
 
 (xviii) The Company has not made any preferential allotment of shares
 to parties covered in the register maintained under Section 301 of the
 Act during the year.
 
 (xiv) The Company has not issued any debentures during the year.
 
 (xx) The Company has not raised money through a public issue during the
 year.
 
 (xxi) According to the information and explanation given to us, no
 fraud on or by the Company has been noticed or reported by the Company
 during the course of audit.
 
 For Singrodia Goyal & Co.
 Chartered Accountants
 Firm Reg. No.: 112081W
 
 Narayan Pasari
 Partner
 Mem. No. 38095
 
 Place : Mumbai 
 Date  : 30th May, 2011