We have audited the attached Balance Sheet of T & I GLOBAL LIMITED as
 at 31st March, 2012, the Profit and Loss Account and the Cash Flow
 Statement of the Company for the year ended on that date. 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.
 
 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 from material misstatements. 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 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.
 
 We report that:
 
 1) 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;
 
 2) 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;
 
 3) The Balance Sheet, Profit and Loss Account and the Cash Flow
 Statement dealt with by this report are in agreement with the books of
 account.
 
 4) In our opinion, the Balance Sheet, the Profit and Loss Account and
 the Cash Flow Statement dealt with by this report comply with the
 Accounting Standards referred to in sub-section (3C) of Section 211 of
 the Companies Act, 1956 except Note No. 1.1 regarding treatment of
 certain expenses on cash basis and non-compliance of Accounting
 Standard 15 (Revised 2005) as per Note No. 1.8 (ii) regarding
 non-provision of gratuity liability estimated at Rs. 18,39,382/- net of
 fund value estimated by the Actuaries and Note No. 1.5(iii) regarding
 non- provision of Diminution of market value of quoted investment, the
 impact of the same non compliance of Schedule XIII of the Companies Act
 1956 in respect of payment of managerial remuneration during the year
 and non provision of interest on loan to body corporate and
 non-provision for doubtful debts and confirmation from debtors &
 creditors and inventory lying with third parties and confirmation of
 balances with inoperative banks.
 
 5) 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 are 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;
 
 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 of the
 Company for the year ended on that date, and
 
 c) In the case of the Cash Flow Statement, for the cash flows for the
 year ended as on that date.
 
 6) As required by the Companies (Auditor''s Report) Order, 2003 (as
 amended) issued by the Central Government of India in terms of
 sub-section (4A) of Section 227 of the Companies Act, 1956 of India and
 on the basis of such checks as we considered appropriate and according
 to the information and explanations given to us, we further report to
 the extent applicable to the Company, that:
 
 i.  a) The Company is generally maintaining proper records showing full
 particulars including quantitative details and situation of its fixed
 (Tangible) assets,
 
 b) The fixed assets of the Company has been physically verified by the
 management at reasonable intervals according to a phased formulated
 programme designed to cover all the items, which, in our opinion, is
 reasonable having regard to the size of the Company and nature of its
 business. No material discrepancies between book records and physical
 inventory have been noticed as we have been informed.
 
 c) In our opinion and according to the information and explanations
 given to us, during the year, no substantial part of the fixed assets
 has been disposed off by the Company.
 
 ii.  a) According to the information and explanations given to us, the
 inventory of the Company has been physically verified by the management
 during the year, except the inventory lying with the third parties. In
 our opinion the frequency of verification is reasonable.
 
 b) In our opinion, the procedures of physical verification of the
 inventory followed by the management are reasonable and adequate in
 relation to the size of the Company and nature of its business.
 
 c) On the basis of our examination of inventory records, in our
 opinion, the Company has maintained proper records of inventory. The
 discrepancies between the physical inventory and the book records
 noticed on physical verification were not material and have been
 properly dealt with the books of account.
 
 iii. a) The Company has not granted any loans secured or unsecured to
 companies, firms or other parties covered in the register to be
 maintained under Section 301 of the Act. However it has granted
 interest free trade advance repayable on demand to one Associate
 company. Accordingly the clauses (iii) (b) to (d) of paragraph 4 of the
 order are not applicable.
 
 b) The Company has not taken any loans, secured or unsecured, from
 companies, firms or other parties covered in the register maintained
 under Section 301 of the Act. Accordingly the clauses (iii) (f) & (g)
 of paragraph 4 of the Order are not applicable.
 
 iv.  a) In our opinion and according to the information and
 explanations given to us, the particular of contract or arrangements
 referred to in section 301 of the act have been entered in the register
 required to be maintained under that section.
 
 b) In our opinion and according to the information and explanations
 given to us, the transactions made in pursuance of such contract or
 arrangements have been made at such prices which are reasonable having
 regard to the prevailing market prices at the relevant times.
 
 In our opinion, there are adequate internal control procedures
 commensurate with the size of the Company and nature of its business,
 for the purchase of inventory, fixed assets and for sale of goods and
 services.  Further, during the course of our audit we have neither come
 across nor have we been informed of any instance of continuing failure
 to correct major weaknesses in the aforesaid internal control
 procedures.
 
 vi) The Company has not accepted any deposits from the public within
 the meaning of Section 58A and 58AA of the Companies Act, 1956 and the
 rules framed there under.
 
 vii) In our opinion, the Company has an internal audit system
 commensurate with its size and nature of its business.
 
 viii) The Central Government has prescribed the maintenance of Cost
 Records under Section 209(1) (d) of the Companies Act, 1956. The
 Company has maintained cost records as explained to us. However, we
 have not verified the same.
 
 ix) (a) According to the information and explanations given to us and
 according to the books and records as produced before us and examined
 by us, in our opinion, the Company has been regular in general in
 depositing during the year undisputed statutory dues in respect of
 Provident Fund, Employees'' State Insurance, Income Tax, Sales Tax,
 Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess and other
 material statutory dues, as applicable, with the appropriate
 authorities in India except the payment of FBT payable 3,450/- at the
 close of the Financial Year which is more than six months from the date
 they became payable.
 
 d) According to the information and explanations given to us, there
 have been no disputed dues in respect of Customs Duty, Excise Duty,
 Wealth Tax, and Cess except as stated below:
 
 Name Of Statute   Nature of   Amount     Period to which   Forum where
                   Dues       (Rs.''000) the amount 
                                          relates           dispute is 
                                                            pending
 
 West Bengal Sale 
 tax               Demand        1908     F. Y. 2004 - 05   ACCT, 
                                                            Government of
 Act, 1994         Regular                                  West Bengal.
 
                                  321     F. Y. 2005 - 06
 
                                 2341     F. Y. 2006 - 07   Appellate & 
                                                            Revisional
                                                            Board, 
                                                            Govt. of
                                                            West Bengal
 
                                13424     F. Y. 2008 - 09   JCCT, South 
                                                            Circle,
                                                            Govt. of 
                                                            West Bengal
 
 The Income 
 Tax Act, 1962     Assessment     604     A. Y. 2004 - 05   CIT (Appeal)  
                                                            of Income
                     order                                  Tax , West 
                                                            Bengal
 
                                  127     A. Y. 2008 - 09   DCIT 
                                                            Circle 4, 
                                                            Kolkata
 
 x) The Company has neither accumulated loss as at 31st March 2012, nor
 has it incurred any cash loss during the financial year ended on that
 date and in the immediately preceding financial year.
 
 xi) According to the records of the Company, it has not defaulted in
 repayment of its dues to any bank. The Company has not issued any
 debenture.
 
 xii) The Company has not granted any loans and advances on the basis of
 security by way of pledge of shares, debentures and other securities as
 per the information offered to us.
 
 xiii) The Company is not a Chit Fund / Nidhi / Mutual Benefit Fund /
 Society and Clause (xiii) of the order is not applicable.
 
 xiv) According to the information and explanations given to us, the
 Company is not a dealer or trader in securities.  The company has
 maintained proper records of transactions and contracts in respect of
 shares and securities.
 
 xv) According to the information and explanations given to us, the
 Company has not given any guarantee for the loans taken by others from
 banks or financial institutions during the year.
 
 xvi) Based on the information and explanations given to us and on an
 overall examination of the Balance Sheet of the Company, funds raised
 on short-term basis have not been used for long-term investment.
 
 xvii) 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 during the year.
 
 xviii) The company has not issued any debentures.
 
 xix) The Company has not raised any money by issue of Shares to the
 public during the year
 
 xx) During the course of our examination of the books of account
 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 Tiwari & Company
 
                                                  Chartered Accountants
                                               Registration No. 309112E
                                                              P. Tiwari
 
 Place : Kolkata                                                Partner
 
 Dated : 30th August, 2012                         Membership No. 16590