We have audited the attached Balance Sheet of M/S RAJRATAN GLOBAL WIRE
 LIMITED, INDORE as at 31st March, 2011 and Profit & Loss Account of the
 company for the year ended on that date. These financial statements are
 the responsibility of the management of the company. 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
 statementsare free ofmatenal misstatement. An audi includes examining,
 on a test basis, evidences supporting the amounts and disclosures in
 the financial statements. An audi also includes assessing the
 accounting principles used and significant estimates made by
 management, as well as evaluating 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 [as
 amended by Companies (Auditor''s Report) (Amendment Order, 2004)] issued
 by the Company Law Board interms of Section2 27(4A) been closed the 
 Annexure a Statement on the matters specified in paragraphs 4
 & 5 of the said order.
 
 2.  Further to our comments in the annexure referred to paragraph 1
 above we wish to report as under:-
 
 a.  We have obtained all the information and explanations, which to the
 best ofourknowledgeandbeliefwerenecessaryforthepurposeof our audit.
 
 b.  In our opinion, proper books of accounts as required by Law have
 been kept by the Company so far as appeared from our examination of the
 books
 
 c.  The Balance Sheet and Profit & Loss Account and Cash Flow Statement
 dealt with by thisreport are in agreement with the books of accounts.
 
 d.  In our opinion, the Balance Sheet and Profit & Loss Account and the
 Cash Flow Statement dealt with by this report comply with the
 Accounting Standards prescribed under sub section (3C) of section 211
 of Compamel Act, 1956.
 
 e.  OnthebasisofdeclarationsobtainedandtakenonrecordbytheCompany from
 the Directors, we confirm that none of the Director of the company is
 disqualified from being appointed as a Director of the company under
 clause (g) of sub section(l) of section274 oftheCompamesAct, 1956.
 
 f hr our opinion and to the best of our information and according to
 the explanations given to us, the said accounts, read with the notes
 thereon, give atrueandfairview :-
 
 I.  In the case of Balance Sheet of the state of affairs of the company
 as at 31 st Mach,2011.
 
 II.  hr the case of the Profit & Loss Account of the profit for the
 year ended on that date.
 
 III.  hr the case of Cash Flow Statement of the cash flows for the year
 ended on that date.
 
 ANNEXURE TO THE AUDITOR''S REPORT
 (As referred to in paragraph 3 of our report of even date)
 
 (i) (a) The company has maintained proper records showing full
 particulars including quantitative details and situation of fixed
 assets
 
 (b) As informed and explained to us, the management, during the year,
 has physically verified the items of the fixed assets of the company at
 reasonable interval and no significant discrepancies were noticed on
 such physicalvenfication.
 
 (c) As per our information and according to the explanations given to
 us, no substantial part of the fixed assets has been disposed off by
 the company during the previous year which could affect it''s going
 concern.
 
 (u) (a) As informed and explained to us the inventory has been physically verified during the year by the
management, hr our opinion the 
 frequency of verification is reasonable.
 
 (b) hr our opinion the procedure of physical verification of
 inventories followed by the management is adequate having regard to the
 size of the company and the nature of is business.
 
 (c) The company is maintaining proper records of inventory. The
 discrepancies noticed on verification between the physical stocks and
 the book records were not material and have been properly dealt with in
 the books of account.
 
 (in) (a) The company has not given any secured or unsecured loans to
 the companyffirms or other parties covered in the register maintained
 under Section 301 oftheCompamesAct, 1956.
 
 (b) As the company has not given any loans the sub-clauses (b), (c) and
 (d) of clause(iii)of Para 4A of the said order are not applicable
 to the company.
 
 (c) The company has taken unsecured loan from the parties covered under
 section 301 of the Companies Act, 1956. The number of parties are 3
 (Three) and the balance outstanding as at Balance Sheet is Rs.
 40,85,911/- (Previous YearRs.2,18,24,599/-)
 
 (d) hr our opinion and according to the information & explanations
 given to us, the terms and conditions on which loans have been taken 
 are notpnma facie prejudicial to the interest of the company.  
 
 (e) As informed to us no stipulation is fixed for repayment of the loans 
 received. The loan is repayable on demand, hr view of the above, no 
 amount is overdue.
 
 (iv) In our opinion and according to the information and explanations
 given to us, the internal control systems for the purchases of
 inventor^ fixed assets and for sale of goods and services commensurate
 with the size of the company and the nature of its business. During the
 course of our audit, we have not observed any continuing failure to correct major weaknesses in internal
controls.  
 
 (v) (a)The transactions which need to be entered into the register 
 maintained u/s.  301of the Act have been so entered.  
 
 (b)In our opnion,the transaction exceeding the value of Rs. 5 lacs
 respect of any party during the year have been made at prices which 
 are prima  facie reasonable, having regard to prevailing market prices 
 at the  relevant time where such prices are available.  
 
 (vi) According to the information and explanations given to us the 
 company has not acceptedany deposits under section 58 A, 5 8AA or 
 any other relevant provisions oftheCompamesAct, 1956.  (
 
 vii) hr our opinion the Company has an internal audit system 
 commensuratmg with is size andnature of is business.  
 
 (vin) To the best of our knowledge the Central Government has not 
 prescribed the maintenance of cost record! by the company under 
 section 209 (1) (d) of the CompamesAct,1956.  
 
 (ix) (a) According to the books of accounts and records as
 produced and examined by us according to generally accepted auditing
 practices in hrdia, in our opinion, the company has been regular in
 depositing undisputed statutory dues. According to the information and
 explanations given to us, there were no undisputed amounts payable in
 respect of Provident Fund, Investor Education and Protection Fund,
 Employees State Insurance: Income tax, Sales Tax, Customs Duty, Excise
 Duty, Service Tax, Cess and other material statutory dues which have
 remained outstanding as at 31st March 2011 for a period of more than
 six months from the date they became applicable.  (b) According to the
 books of accounts and records as produced and examined by us in
 accordance with the generally accepted auditing practices in India, as
 informed and explained to us, the particulars and dues of Income Tax as
 31st March 2011 which have not been deposited on account of dispute are
 as follows: 
 
 
 Particulars       Pertaining to        Amount (Rs.)       Authority where
                                                                pending
                   Financial Year
 
 IncomeTax         2006-07               1,34,891        Commissioner of
                                                         Income Tax,
                                                         Indore
 
 (x) There are no accumulated losses of the company at the end of the
 financial year.  The company has neither incurred cash losses during
 the financial year covered by our audit and nor in the immediately
 preceding financial year.
 
 (xi) According to the information and explanations given to us, the
 company has not defaulted in repayment of dues to a financial
 institution, banks or debenture holders.  
 
 (xii) According to the information and explanations given to us the
 company has not granted loans and advances on the balls of security by
 way of pledge of shares, debenturesandothersecuriies.
 
 (xiu) In our opinion, the company is not a chit fund or a mdhi mutual
 benefit fund/ society. Therefore, the provisions of clause
 
 (xiu) of Para 4Aof the said order are notapplicabletothecompany.  
 
 (xiv) In our opinion, the company is not dealing in or trading in
 shares, securities.  debentures and other investments. Accordingly, the
 provisions of clause
 
 (xiv) of Para 4A of the said order are not applicable to the company.  
 
 (xv) The company has given corporate guarantee for loans taken by its
 wholly owned subsidiary M/s. Rljratan Thai Wife Company Limited. As per
 our information and according to the explanations given to us the terms
 and conditions are not prima facie prejudicial to the interest of
 the company.  
 
 (xvi) According to the information and explanations given to us and on
 the basis of our examination of book of accounts, the term loans
 received by the company dunng the year were applied for the purpose for 
 which they were sanctioned 
 
 (xvu) According to the information and explanations given to us, and on
 an overall examination of the balance sheet of the company, we report
 that no short-term funds have been utilized for long term purposes.  
 
 (xvin) According to the information and explanations given to us, the
 company has not made preferential allotment of shares to parties and
 companies covered in the register maintained under section 301 of the
 Companies Act during the period under audit.  
 
 (xix) As the company has not issued debentures this clause is not
 Applicable to the company.  
 
 (xx) According to the information and explanations given to us, during
 the period covered by our audi report the company has not raised any
 money by public issues.
 
 (xxi) According to the information and explanations given to us, no
 fraud has been committed by or against the company during the year
 under audit.
 
                                                  FOR FADNIS & GUPTE 
 
 INDORE-452001                                 Chartered Accountants
 DATED-11th May 2011                                   FRN : 006600C
 
                                                   (CA.Manoj Fadnis)
                                                             Partner
                                                        M.No. 072707