1) We have audited the attached Balance Sheet of Shricon Industries
 Limited as at March 31, 2012 and also the Profit & Loss Account of the
 Company for the year ending March 31, 2012 annexed thereto. 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. Our audit is conducted based
 on the books of account produced before us and information is
 explanation given to us during the course of 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 (Auditor''s Report) Order, 2003, issued
 by the Central Government in terms of Section 227(4A) of the Companies
 Act, 1956, we annex hereto 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:
 
 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 account as required by law, have
 been kept by the Company so far as appears from our examination of such
 books.
 
 c) The Balance Sheet and the Profit & Loss Account dealt with by this
 report are in agreement with the books of account.
 
 d) In our opinion, the Balance Sheet and the Profit & Loss Account
 dealt with by this report comply with the accounting standards referred
 to in sub-section (3C) of Section 211 of the Companies Act, 1956.
 Unless stated otherwise in the notes to accounts which form part of
 audited financials.
 
 e) In our opinion and to the best of our information and according to
 the explanations given to us the said accounts read with the accounting
 policies and 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 :
 
 i) In the case of the Balance Sheet, of the state of affairs of the
 Company as at March 31, 2012 and
 
 ii) In the case of the Profit and Loss Account, of the Loss of the
 Company for the year ended on that date.
 
 iii) In the case of Cash Flow Statement of the cash flow for the year
 ending on that date.
 
 5) On the basis of the written representations received from the
 Directors as on March 31, 2012, and taken on record by the Board of
 Directors, we report that none of the Directors is disqualified as on
 March 31, 2012, from being appointed as a Director in terms clause (g)
 of sub-section (1) of Section 274 of the Companies Act, 1956.
 
 ANNEXURE TO THE AUDITORS'' REPORT
 
 Referred to in Paragraph of my report of even date on the accounts of
 Shricon Industries Limited for the year ended March 31, 2012.
 
 1.  In respect of its Fixed Assets:
 
 a) The company has maintained proper records showing full particulars
 including quantitative details and situation of fixed assets on the
 basis of available information.
 
 b) As explained to us, during the period under review the Company has
 not acquired assets required in the day to day operations of the
 company.
 
 c) In our opinion, the company has not disposed of substantial part of
 fixed assets during the year and the going concern status of the
 company is not affected.
 
 2.  In respect of its inventories:
 
 a) As explained to us, company has a system to physically verify the
 inventories at regular intervals, whereas Company does not purchased
 any inventory during the year and at the end of the year company does
 not possess any inventory.
 
 b) In our opinion and according to the information and explanation
 given to us, the procedures of physical verification of inventories
 followed by the management are reasonable and adequate in relation to
 the size of the company and the nature of its business.
 
 c) The company has maintained proper records of inventories. As
 explained to us, there were no material discrepancies noticed on
 physical verification of inventory as compared to the books and
 records.
 
 3.  (a) The Company does not have any transaction of sales and purchase
 from the parties listed in the register maintained under section 301 of
 the companies act 1956. The Company has not granted any loans to
 Companies, firms or other parties listed in the register maintained
 under Section 301 of the Companies Act, 1956.
 
 4.  In our opinion and according to the information and explanation
 given to us, there are adequate internal control procedures
 commensurate with the size of the Company and the nature of its
 business for the purchase of inventory and fixed assets and for sale of
 goods. During the course of our audit no major weakness has been
 observed in the internal controls.
 
 5.  In our opinion and according to the information and explanations
 given to us, the Company has not accepted any deposits from the public
 with in the meaning of Section 58A and 58AA of the Companies Act, 1956
 and the rules framed there under.
 
 6.  The Company has an internal audit system, which in our opinion, is
 commensurate with the size and nature of its business.
 
 7.  As informed to us, the maintenance of cost records has not been
 prescribed by the Central Government u/s 209(1) (d) of the Companies
 Act, 1956, in respect of the activities carried on by the Company.
 
 8. a) As explained to us, the Company is not liable to deposit
 Provident Fund, Investor Education Fund and Protection Fund, Employees
 State Insurance, Wealth Tax, Custom Duty, Excise Duty. The Company is
 regular in depositing Income Tax.
 
 b) According to the information and explanations given to us, there is
 no undisputed amounts payable in respect of Income Tax, State''s Value
 Added Tax, Custom Duty, Excise Duty and Cess, which is outstanding as
 at the year end for a period of more than six months from the date they
 become payable.
 
 c) According to the information and explanations given to us, there are
 no dues on account of Income Tax, Wealth Tax, Custom Duty, Excise Duty
 and Cess outstanding on account of any dispute. However company has
 paid taxes as per order passed u/s 153A and 143(3) of the income tax
 act 1961, and the same are disputed and matters are laying the appeal.
 Details of the same are as under; 
 
 A.Y.          Demand      Income Tax 
                           Paid          Matter before
 
 2005-2006      21,427      21,427       Rectification filed u/s 154
 
 2006-2007    2,52,102    2,52,102       Rectification filed u/s 154
 
 2007-2008    4,49,702    4,49,702       Rectification filed u/s 154
 
 2008-2009      42,592      42,592       CIT (A) against order u/s 153A
                                         r.w 143(3)
 
 2009-2010       5,839       5,839       Rectification filed u/s 154
 
 9.  The Company has incurred losses during the year under review and
 cash loss was incurred during the period under review of this report.
 Whereas company has incurred any cash loss in this preceding previous
 year as well.
 
 10.  According to the information and explanations given to us and the
 records examined by us, the Company does not have loans or debenture;
 hence question of default in repayment of dues does not arise.
 
 11.  The Company has not granted loan or advances on the basis of
 security by way of pledge of shares, debenture or other securities.
 
 12.  In our opinion and according to the information and explanations
 given to us, the nature of the activities of the Company does not
 attract any special statute applicable to chit fund and nidhi/mutual
 benefit fund/societies.
 
 13.  In our opinion, the Company does have investment in shares and
 securities of companies, however no such investment were made during
 the year, company has maintained proper record showing full particulars
 of said investment..
 
 14.  According to the information and explanations given to us and the
 records examined by us, the Company has not given any guarantees for
 loans taken by others from banks or financial institutions.
 
 15.  The Company has not obtained any term loan.
 
 16.  On the basis of an overall examination of the balance sheet and
 cash flows of the Company and the information and explanations given to
 us, we report that the Company has not raised any short term funds or
 long term funds, therefore question of utilized of any funds raised on
 short term basis for long term investments and vice-versa does not
 arise.
 
 17.  The Company has not made any preferential allotment of shares to
 parties or companies covered under Section 301 of the Act.
 
 18.  The Company has not issued any debentures.
 
 19.  The Company has not raised any money through a public issue during
 the year.
 
 20.  Based upon the audit procedures performed and the information and
 explanations given by the management, we report that no fraud on or by
 the Company has been noticed or reported during the year.
 
                                        For Rahul Singhvi & Associates
 
                                                 Chartered Accountants
 
                                                           FRN 120109W 
 
 Place: Mumbai 
 
 Date : May 30, 2012
                                                      Sourabh Agrawal
 
                                                              Partner
 
                                                           MRN 112001