We have audited the attached Balance sheet as at 31st March, 2012 and
 also the Profit and Loss Account & the Cash Flow Statement for the year
 ended on that date annexed thereto. These financial statements are the
 responsiblilty 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
 examine, 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 evaluation 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 as amended
 by the Companies (Auditor''s Report)(Amended) Order, 2004 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:
 
 (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, proper books of account as required by law have
 been kept by the company so far as appears from our examination of those
 books.
 
 (iii) The balance Sheet And Profit and Loss Account dealt with by this
 report are in agreement with the books of account
 
 (iv) In our opinion, the Balance Sheet, the Profit and Loss Account and
 the 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, 2012 And taken on records by the Board of
 Directors, we 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) 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 read together with
 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;
 
 (a) in the case of the Balance Sheet, of the state of affairs of the
 Company as at 31st March, 2012, and 
 
 (b) In the case of the Profit and Loss Account, of the profit for the
 year ended on that date.
 
 (c) in the case of Cash Flow Statement, of the cash flows for the year
 ended on that date.
                    
   
 
 ANNEXURE TO AUDITOR''S REPORT 
 (Referred to in paragraph (3) of our report of even date)
 
 1. The company does not have any fixed assets during the year.
 
 2. a) As informed and explained to us the stock-in-trade which includes
 shares and other securities etc(hereinafter collectively referred to as
 stocks) have been physically verified during the year by the
 management. In our opinion, the frequency of verification is
 reasonable.
 
 b)In our opinion, the procedure of physical verification of stocks
 followed by the management is reasonable and adequate in relation to
 the size of the company and nature of business.
 
 c) The Company generally maintains proper records of stocks. Further,
 as per the explanation provided to us by the management there are no
 material discrepancies as compared to the book records.  
 
 3. a)We are informed that the Company has not granted/taken any loans,
 secured or unsecured, from/to companies, firms or other parties listed
 in the register maintained under Section 301 of the Companies Act,
 1956 during the year.
 
 b)The Company has not taken any loans or advances in nature of loans
 from parties covered in the register maintained under Section 301 of
 the Companies Act, 1956 and therefore reporting requirements as per
 clauses (iii) (e) to (iii) (g) of paragraph 4 of the order are not
 applicable in case of the Company.
 
 4. In our opinion, and according to the information and explanations
 given to us, there are adequate internal control procedures
 commensurate with size of the company and the nature of its business
 for the purchase of stocks and for the sale of stocks or services.  
 
 5. In our opinion and explained to us, there were no contract and
 arrangements referred in section 301 of the Companies Act, 1956 that
 need to be entered in register required to be maintained under that
 section.
 
 6. According to the information and explanations given to us, the
 Company has not accepted any deposits from the public, within the
 meaning of section 58A of the Companies Act, 1956 and ruled framed
 there on.
 
 7. As per the explanation provided to us, the company have an internal
 Audit System in place.
 
 8. The Company is not required to maintain cost records as under
 Section 209 (1) (d) of the Companies Act, 1956.  
 
 9. a) In our opinion and according to information and explanation given
 to us the Company is generally regular in depositing undisputed
 statutory dues with the appropriate authorities in respect of Provident
 Fund, Employees State Insurance, Income-Tax, Wealth Tax, Investor
 Education and protection funds, profession tax, loyalty, cess and other
 material statutory dues applicable to except there were some delays on
 few occasion in payment of services tax Custom Duty, Sales tax, value
 added tax and excise duty.
 
 b) According to the information and explanations given to us, there are
 no undisputed statutory dues payable in respect of Provident
 Fund, Investor Education and Protection Funds, Employees State
 Insurance, Income-tax, Sales-tax, Wealth Tax, custom Duty, Excise
 Duty, Service tax, cess which are outstanding as at 31.03.2012 for a
 period of more than six months from the date they became payable.
 
 10.  There are no accumulated losses at the end of the financial year
 and company has not incurred any cash losses during the financial year
 and in the immediately preceding financial year.  
 
 11. According to the information and explanations given to us the
 company has not taken any loan from any financial institution or bank
 or debenture holder.
 
 12.  The company has not granted loans and advances on the basis of
 security by way of pledge of shares, debentures and other securities.  
 
 13. The Company is not a Chit Fund, Nidhi or mutual benefit Society.
 Hence the requirements of item (xiii) of paragraph 4 of the order is not
 applicable to the Company.
 
 14. The Company generally keeps records of its transactions and
 contracts in shares, securities, and timely entries have been made
 therein. The shares, securities, debentures and other investments held
 by the company are in it''s own name.
 
 15.  According to the information and explanations given to us, the
 company has not given any guarantee for loans taken by other from bank
 or financial institutions.  
 
 16. As per information and explanations given to us, the Company has
 not obtained any term loan during the year.
 
 17.  In our opinion the Company does not raised any funds on short-term
 basis.
 
 18. According to the information and explanations given to us during
 the year no preferential allotment of shares has been made by the
 company by company to companies, firms or other parties listed in the
 register maintained under section 301 of the Companies Act, 1956.
 
 19. The company has not issued any debentures during the year. Hence
 the requirements of clause (xix) of paragraph 4 of the Order is not
 applicable to the company.
 
 20. In our opinion during the year the Company has not raised any money
 by public issue.
 
 21. To the best of our knowledge and belief and According to the
 information and explanations given to us, no fraud on or by the company
 was noticed or reported during the year that causes the financial
 statements to be materially misstated.
 
                                        For J C KABRA & ASSOCIATES 
 
                                               Chartered Accountants 
 
                                               Firm Reg. No. 115749W
 
 
                                                              Sd/- 
 
                                                       CA. J D Kabra 
 
                                                             Partner 
 
                                                         M.No.038525
 Place: Mumbai
 
 Date: 31.05.2012