(1) We have audited the attached Balance Sheet of OREGON COMMERCIAL
 LIMITED as at 31st March 2012, the relative Profit and Loss Account and
 the Cash Flow Statement for the year ended on that date, all of which
 have been signed by us under reference to this report. 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 have conducted our audit in accordance with auditing and
 assurance 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 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.
 
 (3) As required by the Companies (Auditors'' Report) Order, 2003 issued
 by the Central Government of India in terms of Section 227 (4A) of the
 Companies Act, 1956, and on the basis of such checks as we considered
 appropriate and according to the information and explanations given to
 us, we set out in the annexure a statement on the matters specified in
 paragraphs 4 & 5 of the said order.
 
 (4) Further to our comments in the Annexure referred to in paragraph
 (3) above we report that:
 
 1.  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.
 
 2.  In our opinion, proper books of accounts as required by law, have
 been kept by the Company so far as appears from our examination of
 books.
 
 3.  The Balance Sheet, Profit and Loss Account and Cash Flow Statement
 dealt with by this report, are in agreement with the books of account.
 
 4.  In our opinion, the Balance Sheet, Profit & Loss Account, and Cash
 Flow statement dealt with by this report comply with the Accounting
 Standard referred to in sub-section (3c) of Section 211 of the
 Companies Act, 1956.
 
 5.  On the basis of written representation received from the Directors
 and taken on records 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.
 
 6.  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:
 
 (a) In case of the Balance Sheet, of the state of affairs of the
 Company as at 31st March 2012 and;
 
 (b) In case of Profit and Loss Account, of the Profit of the Company
 for the year ended on that date.
 
 (c) In case of Cash Flow Statement, of the cash flows for the year
 ended on that date.
 
 Annexure referred to in Paragraph 3 of the Auditors Report of Even date
 to the Member of OREGON COMMERCIAL LIMITED
 
 1.  (a) The company has maintained proper records showing full
 particulars including quantitative details and situation of fixed
 assets on the basis of information available.
 
 (b) As explained to us, all the assets have been physically verified by
 the management at reasonable intervals during the year. According to
 information and explanations given to us, no material discrepancies
 have been noticed on such verification.
 
 (c) In our opinion, the company has not disposed off substantial part
 of fixed assets during the year and the going concern status of the
 company is not affected.
 
 2.  (a) As explained to us, inventories have been physically verified
 by the management at regular Intervals during the year.
 
 (b)In our opinion, the procedures of physical verification of stocks
 followed by the management are reasonable and adequate in relation to
 the size of the company and nature of its business.
 
 (c) The Company is maintaining proper records of inventory. The
 discrepancies noticed on verification of stocks as compared to book
 records were not material and these have been properly dealt with the
 books of accounts.
 
 3.  The Company has neither granted nor taken any loans during the
 year, secured or unsecured, from companies, firms or other parties
 listed in the register maintained under Section 301 of the Act.
 
 4.  In our opinion and according to information and explanations given
 to us, there are adequate internal control procedures commensurate with
 the size of the company and the nature of the business with regards to
 purchase of inventory, fixed assets and with regards to the sale of
 goods. During the course of our audit, no major weakness has been
 noticed in the internal controls.
 
 5.  According to the information and explanations given to us, we are
 of the opinion that there are no transactions that need to be entered
 into the register maintained under section 301 of the companies Act
 1956.
 
 6.  In our opinion, and according to the information and explanations
 given to us, the company has not accepted any fixed deposits which are
 covered under provisions of section 58A and section 58AA of the
 Companies Act, 1956 and the Companies (Acceptance of Deposits) Rule
 1975.
 
 7.  In our opinion and according to the information and explanations
 given to us, Company does not have internal audit system commensurate
 with the size and nature of its business.
 
 8.  The Central government has not prescribed any maintenance of cost
 records for the Company''s product pursuant to Rules made under section
 209 (1) (d) of the Companies Act, 1956.
 
 9.  According to information and explanation given to us and the
 records of the company examined by us, in our opinion, the company is
 regular in depositing the undisputed statutory dues including Provident
 Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax,
 Custom Duty, Excise duty, Cess and other material statutory and other
 material statutory dues as applicable with appropriate authorities.
 
 10.  The Company does not have accumulated loses. The company has
 incurred cash loss Rs. 311033/- in current financial year, The Company
 has also incurred cash loss in the previous financial year.
 
 11.  According to the records of the Company examined by us and the
 information and explanations given to us, the company has not taken any
 Term Loan from the financial institutions or Banks. Since the company
 has not issued any debentures till date, therefore the question of
 default does not arise.
 
 12 In our opinion and according to the information and explanation
 given to us, no loans and advances have been granted by the company on
 the basis of security by way of pledge of shares, debentures and other
 securities.
 
 13.  The provisions of any special statue applicable to chit
 fund/nidhi/mutual benefit fund/societies are not applicable to the
 Company.
 
 14.  In our opinion, the company is dealing or trading in shares,
 Securities, debentures and proper records of the transactions have been
 maintained by the company. The Investments held for deriving the
 dividend income are in the name of the company
 
 15.  According to the information and explanations given to us, the
 Company has not given any guarantee for loans taken by others from bank
 or financial institutions.
 
 16.  According to the information and explanations given to us, the
 Company has not raised any new term loan during the year.
 
 17.  On the basis of an overall examination of the balance sheet of the
 Company and according to the information and explanations given to us,
 in our opinion, funds raised on a short-term basis have not been used
 for long-term investment and vice versa.
 
 18.  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.
 
 19.  The Company has not issued any debenture till date. Therefore,
 creation of reserves in respect of debentures does not arise.
 
 20.  The Company has not raised any money by public issues during the
 year.
 
 21.  During the course of our examination of the Books and records of
 the Company, carried out in accordance with the generally accepted
 auditing practices in India, and according to the information and
 explanations given to us, we have neither come across any instance of
 fraud on or by the Company, noticed or reported during the year, nor
 have we been informed of such case by the Management.
 
                                                     For, Y. D. & Co 
 
                                               CHARTERED ACCOUNTANTS 
 
                                                        FRN: 018846N 
 
 PLACE: LUDHIANA
 
 DATE: 03.08.2012
 
                                                      CA RAKESH PURI 
 
                                                             PARTNER 
 
                                                      M. No.: 092728