1) We have audited the attached Balance sheet of SYMPHONY LIMITED(the
 Company) as at 30th June, 2011, Profit & Loss Account and 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 auditing standards
 generally accepted in India.  These 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 the 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 (AuditorRs.s 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 & 5 of the said order.
 
 4) Further to our comments in the Annexure referred to in paragraph (3
 ) 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 purpose 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 those
 books;
 
 c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement
 dealt with by this report are in agreement with the books of account;
 
 d) In our opinion, the Balance sheet, Profit and Loss Accounts and Cash
 Flow Statement dealt with by this report comply with accounting
 standards referred to in sub-section (3C) of Section 211 of the
 Companies Act, 1956;
 
 e) On the basis of written representations received from the directors
 as on 30th June,2011 and taken on records by the Board of Directors, we
 report that none of the directors is disqualified from being appointed
 as a director in terms of clause (g) of sub-section (1) of section 274
 of the Companies Act, 1956;
 
 f) 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
 significant accounting policies and notes thereon gives 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 30th June, 2011.
 
 ii) In the case of the Profit & Loss Account, of the Profit of the
 Company for the year ended on that date.
 
 iii) In the case of Cash Flow Statement, of the cash flows of the
 Company for the year ended on that date.
 
 ANNEXURE TO THE AUDITORS'' REPORT (Referred to in paragraph (3) of our
 report of even date on the accounts of Symphony Limited for the year
 ended on June 30, 2011)
 
 I) a) The Company has maintained proper records showing full
 particulars including quantitative details and situation of fixed
 assets
 
 b) As explained to us, as per the phased program designed by the
 Company, a portion of the Fixed Assets of the Company have been
 physically verified by the management. In our opinion, frequency of
 verification is reasonable. To the best of our knowledge, no material
 discrepancies have been noticed on such verification.
 
 c) The fixed assets disposed off during the year, in our opinion, do
 not constitute a substantial part of the fixed assets of the Company
 and as such disposal, in our opinion, has not affected the going
 concern status of the Company.
 
 II) a) As informed to us, the inventory has been physically verified
 during the year by the management. In our opinion, the frequency of
 verification is reasonable.
 
 b) In our opinion and according to the information and explanations
 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) In our opinion and according to the information and explanation
 given to us, the Company is maintaining proper records of inventory.
 The discrepancies noticed on verification between the physical stocks
 and the book records were not material.
 
 III) a) According to the information and explanations given to us, the
 Company has not granted any loans, secured or unsecured to companies,
 firms and other parties covered in the register maintained under
 section 301 of the Companies Act,1956. Accordingly, paragraph
 4(iii)(b), (c) and (d) of the Companies(AuditorRs.s Report) Order,2003(as
 amended) are not applicable.
 
 b) According to the information and explanations given to us, the
 Company has not taken any loans, secured or unsecured from companies,
 firms and other parties covered in the register maintained under
 section 301 of the Companies Act, 1956. Accordingly, paragraph
 4(iii)(f), (g) and (h) of the Companies (AuditorRs.s Report)
 Order,2003(as amended) are not applicable.
 
 iv) In our opinion and according to the information and explanations
 given to us, there are adequate internal control systems commensurate
 with the size of the Company and the nature of its business with regard
 to purchases of inventory, fixed assets and with regard to the sale of
 goods and services.  During the course of our audit, we have not
 observed any continuing failure to correct major weaknesses in internal
 controls.
 
 v) According to the information and explanations given to us, we are of
 the opinion that the particulars of contracts or arrangements referred
 to in section 301 of the Companies Act,1956 that need to be entered
 into the register maintained under section 301 have been so entered and
 that the transactions made in pursuance of such contracts or
 arrangements exceeding value of Rupees five lakhs have been entered
 into during the financial year at prices which are reasonable having
 regard to the prevailing market prices at the relevant time.
 
 vi) According to the information and explanations given to us, the
 Company has not accepted any deposits from the public within the
 meaning of Sections 58A and 58AA of the Act and the rules framed there
 under.
 
 vii) In our opinion, the Company has an internal audit system
 commensurate with the size and nature of its business.
 
 viii) The Central Government has not prescribed the maintenance of cost
 records in respect of the Company under section 209 (1) (d) of the
 Companies Act, 1956.
 
 ix) a) The Company is regular in depositing with appropriate
 authorities undisputed statutory dues including Provident Fund,
 Investor Education and Protection Fund, Employees'' State Insurance,
 Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Service
 Tax, Cess and other material statutory dues applicable to it.
 
 b) According to the information and explanations given to us, no
 undisputed amounts payable in respect of dues as referred in above
 Clause were in arrears, as at 30th June, 2011 for a period of more than
 six months from the date
 
 c) According to the records of the Company, the disputed statutory dues
 that have not been deposited on account of disputed matters pending
 before appropriate authorities are as under:
 
 Name Of        Nature Of Dues    Amount   Period To  Forum Where Pending
 The Statute                      (Rs.In   Which The
                                  Lacs)    Amount 
                                           Relates 
 VAT Act, 
 Gujarat        Penalty           1.00     F Y 06-07  DC, Commercial Tax,
                                                      Gandhinagar
 
 Central Sales  Central 
                Sales Tax     2,246.57     F Y 93-94 
                                            to        Guj. VAT Tribunal,
 Tax Act, 1956                             95-96, 
                                           97-98, 99-00     Ahmedabad
 
 Central Excise Penalty 
                u/s 26 of       242.50     F Y 11-12   CESTAT, Ahmedabad
 Act, 1944      Central 
                Excise Rules
 
 x) The Company does not have accumulated losses as at 30th june,2011.
 The Company has not incurred cash losses during the financial year
 covered by the audit and in the immediately preceding financial year.
 
 xi) On the basis of the records examined by us and on the basis of
 information and explanations given to us, the Company has not taken any
 loans from banks or financial institutions.
 
 xii) In our opinion and according to the information and explanations
 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.
 
 xiii) In our opinion and according to the information and explanations
 given to us, the provisions of any special statute applicable to chit
 fund / nidhi / mutual benefit fund / societies are not applicable to
 the Company. Therefore ,the provisions of clause 4(xiii) of the
 Companies (auditor''s Report) Order,2003 (as amended) are not
 applicable.
 
 xiv) In our opinion and according to the information and explanations
 given to us, the Company is not a dealer or trader in shares,
 securities, debentures and other investments. Accordingly, the
 provisions of clause 4(xiii)of the Companies(auditorRs.s Report)
 Order,2003 (as amended) are not applicable.
 
 xv) According to the information and explanations given to us, the
 Company has not given any guarantee for loans taken by others from
 Banks or Financial Institutions during the year.
 
 xvi) According to the information and explanations given to us, the
 Company has not obtained any term loans.
 
 xvii) According to the Cash Flow Statement and other records examined
 and as per the information and explanations given to us, on an overall
 basis, funds raised on short term basis have, prima facie not been used
 during the year for long term investment.
 
 xviii) 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.
 
 xix) According to the information and explanations given to us, the
 Company has not issued any debentures during the year.
 
 xx) The Company has not raised monies by Public Issue during the year.
 Hence the question of disclosure and verification of end use of such
 monies does not arise.
 
 xxi) During the course of our examination of the books and records of
 the Company, carried out in accordance with the generally accepted
 auditing practices in India, and according to the information and
 explanations given to us, we have neither come across any instance of
 fraud on or by the Company, noticed or reported during the year, nor
 have we been informed of such case by the management..
 
                                          For, Shah & Dalal
 
                             Firm Registration No : 109432W
 
                                      Chartered Accountants
 
                                             Malay J. Dalal
 
                                                    Partner
 
 Place : Ahmedabad                               Membership
 
 Date  : 29th July, 2011                     Number - 36776