Shree Global Tradefin Ltd

1.  We have audited the attached Balance Sheet of SHREE GLOBAL TRADEFIN
 LIMITED (the Company) as at 31st March, 2009 and also the Profit and
 Loss Account and the Cash Flow statement for the year ended on that
 date annexed thereto. These financial statements are the responsibility
 of the Companys management. Our responsibility is to express an
 opinion on these financial statements based on our audit.
 
 2.  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.
 
 3.  As required by the Companies (Auditors Report) Order 2003 as
 amended by the Companies (Auditors Report) (Amendment) Order, 2004
 issued by the Central Government of India in terms of sub section (4A)
 of section 227 of the Companies Act, 1956 and on the basis of such
 checks of the books and records of the Company as we considered
 appropriate and according to the information and explanations given to
 us, we enclose in the Annexure a statement on the matters specified in
 paragraphs 4 and 5 of the said Order.
 
 4.  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 and the Cash Flow
 dealt with by this report are in agreement with the books of account;
 
 (iv) In our opinion; the Balance Sheet and the Profit and Loss Account
 and the Cash Flow 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 representation received from the directors,
 as at 31 March, 2009 and taken on record by the Board of Directors, we
 report that none of the directors is disqualified as at 31 March, 2009
 from being appointed as a director in terms of clause (g) of
 sub-section (l) of 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 financial statements read
 together with the notes thereon and attached thereto 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, 2009; and
 
 (b) in the case of the Profit and Loss Account, of the profit of the
 Company for the year ended on that date.
 
 (c) in the case of the Cash Flow statement, of the cash flow of the
 company for the year ended on 31 March, 2009.
 
 ANNEXURE TO AUDITORS REPORT
 
 (Referred to in paragraph 3 of our report of even date)
 
 (i) (a) The company has maintained proper repord showing full
 particulars including quantitative details and situation of fixed
 assets.
 
 (b) According to the information and explanations given to us all the
 assets have been physically verified, at intervals, by the management
 during the year, 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) In our opinion, a substantial part of the fixed assets has not been
 disposed off by the company during the year.
 
 (ii) (a) The physical verification of inventory has been conducted at
 reasonable intervals by the management.
 
 (b) The procedures followed by the management for physical verification
 of inventory are reasonable and adequate in relation to size of the
 company and the nature of business.
 
 (c) The Company is maintaining proper records of inventory and no
 material discrepancies were noticed on physical verification.
 
 (iii) (a) The company has neither granted any loan nor taken any loan,
 secured or unsecured to / from companies, firms or other parties
 covered in the register maintained under section 301- of the Companies
 Act, 1956. Accordingly sub- clauses (a) to (g) of clause 4(iii) of the
 Order are not applicable.
 
 (iv) In our opinion and according to the information and explanations
 given to us, there are adequate internal control system .  commensurate
 with the size of the Company and the nature of its business with regard
 to the sale of goods. The activities of the company do not include sale
 of services. Further, on the basis of our examination of the books and
 records of the Company, and according to the information and
 explanations given to us, we have neither come across nor have been
 informed of any instance of major weaknesses in the aforesaid internal
 control system
 
 (v) (a) In our opinion and according to the information and
 explanations given to us, there are no contracts or arrangements
 referred to in the section 301 of the act during the year that need to
 be entered into the register maintained under that section. Accordingly
 clause 4(v)(b) of the Order is not applicable
 
 (vi) The Company has not accepted any deposits from public within the
 meaning of the provisions of Sections, 58A and 58AA or any other
 relevant provisions of the act, and the rules framed there under.
 Accordingly clause 4(vi) of the Order is not applicable.
 
 (vii) The Company has an internal audit system commensurate with its
 size and nature of its business.
 
 (viii) According to the information and explanations given to us, the
 Central Government has not prescribed the maintenance of cost records
 under clause (d) of sub-section (1) of section 209 of the Companies
 Act, 1956 in respect of services carried by the Company.  •
 
 (ix) (a) According to the information and explanations 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, investor education and protection fund, employees
 state insurance, income tax, sales tax; wealth tax, service tax, custom
 duty, excise duty, cess and other material statutory dues as
 applicable, with the appropriate authorities. Based on our audit
 procedure and according to the information and explanations given to
 us, no undisputed dues payable in respect of provident fund, investor
 education and protection fund, employees state insurance, income tax,
 sales tax, wealth tax, service tax, customs duty, excise duty and cess
 were in arrears, as at 31 March, 2009 for a period of more than six
 months from the date they became payable.
 
 (b) According to the information and explanations given to us, there
 are no dues in respect of income tax, wealth tax, service tax, sales
 tax, customs duty, excise duty and cess which have not been deposited
 on account of any dispute.
 
 (x) In our opinion, the accumulated losses as at 31st March 2009 are
 not more than fifty percent of its net worth and it has not incurred
 cash losses in the financial year under audit and in the immediately
 preceding financial year.
 
 (xi) The Company has not taken any loan from banks. Accordingly clause
 4 (xi) of the order is not applicable.
 
 (xii) The Company has not granted loans and advances on the basis of
 security by way of pledge of shares, debentures and other securities.
 Accordingly clause 4(xii) of the Order is not applicable.
 
 (xiii) The Company is not a chit fund, nidhi or mutual fund or a
 society.  Accordingly clause 4{xiii) of the Order is not applicable.
 
 (xiv) According to the information and explanation given to us and the
 records of the Company examined by us, in our opinion, the company has
 maintained proper records of transactions and contracts and timely
 entries have been made for dealing or trading in shares, securities,
 debentures and other investments.  All the shares, securities,
 debentures and other securities have been held by the company in its
 own name.
 
 (xv) According to the information and explanation given to us, the
 company has not given any guarantee for loans taken by others from bank
 or financial institutions during the year.
 
 (xvi) The Company has not taken any term loans during the year.
 Accordingly clause 4 (xvi) of the order is not applicable.
 
 (xvii) According to the information and explanations given to us and on
 an overall examination of the balance sheet of the company, in our
 opinion, no funds raised on short term basis have been used for long
 term investment.  .
 
 (xviii) According to the information and explanations given to us, 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. Accordingly clause 4(xviii) of the Order is not applicable.
 
 (xix) The company has not issued any debentures. Accordingly clause
 4(xix) of the Order is not applicable.
 
 (xx) The company has not raised any money by public issue during the
 period. Accordingly clause 4(xx) of the Order is not applicable.
 
 (xxi) According to the information and explanations given to us, no
 fraud on or by the company has been noticed or reported during the
 period.
 
 
                                          For M. V. Krishna Moorthy
                                               Chartered Accountant
 
                                              M. V. Krishna Moorthy
 Dated : 30 th  June, 2009                               Proprietor
 Place : Mumbai                                          M.No. 5869