1.  We have audited the attached Balance Sheet of SUMMIT SECURITIES
 LIMITED, as at 31st March 2012, the Profit and Loss Account and also
 the Cash Flow Statement for the year ended on that date 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.
 
 2.  We conducted our audit in accordance with the 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 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 during the course of the audit, we enclose in the Annexure a
 statement on the matters specified in paragraphs 4 and 5 of the said
 Order to the extent applicable.
 
 4.  Further to our comments in the Annexure referred to above and our
 comments in paragraph 3 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 purposes 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, Profit and Loss Account and Cash Flow
 Statement dealt with by this report are in agreement with the books of
 account;
 
 (iv) In our opinion, the Balance Sheet, Profit and Loss Account and
 Cash Flow Statement dealt with by this report comply with the
 Accounting Standards prescribed by the Companies (Accounting Standards)
 Rules, 2006 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 record by the Board of
 Directors, we report that none of the directors of the Company is
 disqualified as on 31st March 2012 from being appointed as a director
 in terms of clause (g) of sub-section (1) 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 accounts read together with the
 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;
 
 (b) In the case of the Profit and Loss Account, of the Profit for the
 year ended on that date; and
 
 (c) In the case of the Cash Flow Statement, of the cash flow for the
 year ended on that date.
 
 ANNEXURE TO THE AUDITORS'' REPORT
 
 (Referred to in paragraph 3 of our report of even date)
 
 Clause No. 4(ii), 4(viii), 4(xi), 4(xii), 4(xiii),4(xv), 4(xvi),
 4(xvii), 4(xviii), 4(xix), 4(xx), of the Order is not applicable to the
 Company.
 
 i.  (a) The Company has maintained proper records showing full
 particulars, including quantitative details and situation of fixed
 assets.
 
 (b) During the year, the Company has physically verified the fixed
 assets. In our opinion, the frequency of physical verification is
 reasonable having regard to the size and operations of the Company and
 nature of its assets. No material discrepancies were noticed on such
 verification.
 
 (c) The Company has not disposed off substantial part of fixed assets
 during the year.
 
 ii.  The Company has neither granted nor taken any loans, 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-clause (b), (c), (d), (f) and (g) of clause 4(iii) of
 the Order is not applicable;
 
 iii. In our opinion, there are adequate internal control systems
 commensurate with the size of the company and nature of its business
 for purchase of fixed assets and for sale of services. During the
 course of our audit, we have not observed any major weakness in
 internal controls,
 
 iv.  There are no transactions that need to be entered into the
 register maintained in pursuance of Section 301 of the Act;
 consequently sub-clause 4(v)(b) is not applicable;
 
 v.  The Company has not accepted any deposits from public;
 
 vi.  The Company has an internal audit system commensurate with its
 size and nature of its business;
 
 vii. (a) According to the records of the Company, the Company is
 generally regular in depositing with the appropriate authorities
 undisputed applicable statutory dues based on our audit procedures and
 according to the information and explanations given to us, there are no
 arrears of undisputed statutory dues which remained outstanding as at
 31st March 2012 for a period of more than six months from the date they
 became payable.
 
 (b) According to the records made available to us and the information
 and explanations given by the management, there are no statutory dues
 which have not been deposited with the appropriate authorities on
 account of any dispute.
 
 viii.  The Company does not have any accumulated losses at the end of
 the financial year and has not incurred any cash losses during the year
 and in the immediately preceding financial year;
 
 ix.  The Company has maintained proper records of Transactions and
 Contracts for dealing in Shares, Securities, Debentures and timely
 entries have been made in those records and the Company has held the
 investments in its own name;
 
 x.  According to the information and explanations given to us, no fraud
 on or by the Company, has been noticed or reported during the year.
 
                                               For N. M. RAIJI & CO.,
 
                                              Chartered Accountants
 
                                           Registration No.108296 W
 
                                                   CA Y. N. THAKKAR
 
                                                            Partner
 
 Mumbai                                        Membership No. 33329
 
 28th May, 2012