We have audited the attached Balance Sheet of PYRAMID TRADING AND
 FINANCE Ltd. At 31st March, 2012 and the Profit and Loss Account 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.
 
 1.  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 misstatements. 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 the management, as well as evaluating the overall financial
 statement presentation. We believe that our audit provides a reasonable
 basis for our opinion.  ''
 
 2.  As required by the Companies (Auditor''s 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
 hereto a statement on the matters specified in paragraphs 4 & 5 of the
 said order.
 
 3.  Further to our comments in the annexure referred to in paragraph 2
 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 accounts 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 & Loss A/C and cash flow statement dealt
 with by this report are in agreement with the books of accounts,
 
 d) In our opinion the Balance Sheet, Profit & Loss A/C and Cash Flow
 statement dealt with by this report comply with the mandatory
 accounting standards referred in sub-section (3C) of section 211 of the
 Companies Act, 1956.
 
 e) In our opinion, and based on the information & explanations given to
 us, non of the directors are disqualified as on 31ST MARCH 2012 from
 being appointed as
 
 f) In our opinion, and best of our information & according to the
 explanations given to us, the said accounts read to-gather with the
 Significant accounting policies and other notes thereon, subject to
 note no. 2(b) on the notes on accounts for non payment and provision of
 annual listing fees to Stock exchange for year 2001-2010, give the
 information required by the Companies Act, 1956, in the manner so
 required, and present a true and fair view, in conformity with the
 accounting principles generally accepted in India.
 
 i) In so far as it relates to Balance Sheet, of the state of affairs of
 the company as at 31ST MARCH 2012,
 
 ii) In so far as it relates to the Profit and Loss Account, of the Loss
 of the company for the year ended on that date,
 
 1.  The company does not possess any fixed asset during the year under
 audit, hence the said clause is not applicable.
 
 2.  In respect of loans, secured or unsecured, granted or taken by the
 Company to / from companies, firms or other parties covered in the
 register maintained under section 301 of the Companies Act, 1956:
 
 a) The Company has taken loans from companies , firms or other parties
 listed in the register maintained under section 301 of the Companies
 Act, 1956, the rate of interest and other terms and conditions are not
 prima facie prejudicial to the interest of the company.
 
 b) The Company has granted interest free loans and advances to
 companies listed in the register maintained under section 301 of the
 companies act. However as per information and explanation given to us
 the loans granted are not prejudicial to the interest of the company
 since these are given out of interest free borrowings from other
 companies.
 
 c) Parties to whom loans and advances in the nature of loans have been
 given by the company are repaying the principal amounts as stipulated
 and are regular in the payment of interest wherever applicable.
 
 3.  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 its service activities.
 
 4.  The Company does not have any internal audit system operating
 during the year under review.
 
 5 In respect of transactions covered under Section 301 of the Companies
 Act, 1956:
 
 a) In our opinion and according to the information and explanations
 given to us, the transactions it made in pursuance of contracts or
 arrangements, that needed to be entered into in the register maintained
 under Section 301 of the Companies Act, 1956 have been so entered.
 
 b) In our opinion and according to the information and explanations
 given to us, there are no transactions in pursuance of contracts or
 arrangements entered in the register maintained under Section 301 of
 the Companies Act, 1946 aggregating to Rs. 5,00,000/- (Rupees Five Lacs
 only) or more in respect of any party during the year.
 
 6 In our opinion and according to the information and explanations
 given to us, the company has not accepted any deposit, from public
 during the year.
 
 7 As informed to us, the maintenance of Cost Records has not been
 prescribed by Central Government under Section 209 (1) (d) of the
 Companies Act, 1956 for any of the products manufactured by the
 company.
 
 8 According to the records of the Company, undisputed statutory dues
 including Provident Fund, Investor Education and Protection Fund,
 Employees'' State Insurance, Income-Tax, Sales-Tax, wealth Tax, Customs
 Duty, Excise Duty, Cess and other statutory dues if payable have been
 regularly deposited with the appropriate authorities wherever
 applicable .According to the information and explanations given to us,
 no undisputed amounts payables in respect of the aforesaid dues were
 outstanding as at 31st March 2010, for a period of more than six months
 from the date of becoming payable, except that the company has not paid
 profession tax, and that there are no undisputed statutory dues
 pending before appropriate authorities.
 
 9 The company has no accumulated losses during the financial year
 covered under audit, however company has incurred cash losses during
 the current financial / preceding years
 
 10 Based on our audit procedures and according to the information and
 explanation given to us, we are of the opinion that the Company has not
 defaulted in repayment of dues to financial institutions, banks or any
 other institutes.
 
 11 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.
 
 12 In our opinion, the Company is not a chit fund or a nidhi / mutual
 benefit fund / society, Therefore, clause 4(xiii) of the Companies
 (Auditor''s Report) Order 2003 is not applicable to the Company.
 
 13 The Company is not presently dealing in or trading in shares,
 securities, debentures and other investments and proper records have
 been maintained for shares, securities, debentures and other securities
 which are held by company in its own name.
 
 14 According to the information and explanations given to us and the
 representations made by the management, the Company has not given
 guarantee for loans taken by others from any bank or financial
 institution during the year under review .
 
 The Company has not raised any term loans during the year under review.
 
 16 According to the information and explanations given to us and on an
 overall examination of the Balance Sheet of the Company, we are of the
 opinion that the Company has not utilised from short term sources
 towards acquisition of fixed assets. No long term funds has been used
 to finance short term assets.
 
 17 During the year, the Company has not made any preferential allotment
 of shares to parties and companies covered in the Register maintained
 under Section 301 of the Companies Act, 1956.
 
 18 The Company has not issued any debentures.
 
 19 The Company has not raised any money by way of public issue during
 the year.
 
 20 In our opinion and according to the information and explanations
 given to us, no fraud on or by the Company has been noticed or reported
 during the year, that causes the financial statements to be materially
 misstated.
 
 21 In our opinion Other Clauses of the said order are not applicable to
 the company for the year under review.
 
 Place : Mumbai                     For N. D. KAPUR & CO.
 
 Dated : 1/08/2012                  Chartered Accountants
 
                                    Firm Regn.No. 001196N
 
                                            Sd/-
 
                                    S. K. AGRAWAL
 
                                    PATNER
 
                                    M. No. : 13968.