We have audited the attached Balance Sheet of TITAN TRADING AND
 AGENCIES LTD.'' MUMBAI'' as at March 31'' 2012'' the related Profit & Loss
 Account for the year ended on that date annexed thereto'' and the Cash
 Flow Statement for the year ended on that date'' which we have signed
 under reference to this report. These financial statements are the
 responsibility of the management of the Company. 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 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 presentation of the
 financial statement presentation. We believe that our audit provides a
 reasonable basis for our opinion.
 
 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'' we enclose in the Annexure a
 statement on the matters specified in paragraphs 4 and 5 of the said
 Order to the extent applicable.
 
 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 purpose of our
 audit;
 
 b) In our opinion'' proper books of accounts'' as required by law'' have
 been kept by the Company'' so far as it appears from our examination of
 the Books of the Company;
 
 c) The Balance Sheet'' Profit & Loss Account and Cash Flow Statement
 dealt with by this report are in agreement with the Books of accounts
 of the Company; out opinion'' \Vie %a\ance Sheet'' Profit and loss
 Account and 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'' to the extent applicable.
 
 e) On the basis of written representations received from the directors
 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 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
 notes thereon gives the information required by the Companies Act''
 1956'' in the manner so required and present a true and fair view in
 conformity with the accounting principles generally accepted in India :
 
 i) in the case of Balance Sheet of the state of affairs of the Company
 as at March 31''2012.
 
 ii) in the case of Profit & Loss A/c of the Loss for the year ended on
 that date; and
 
 iii) in the case of the Cash Flow Statement'' of the cash flows for the
 year ended on that date.
 
 Annexure referred to in the Auditor''s Report on the Accounts of TITAN
 TRADING AND AGENCIES LTD. for the year ended March 31''2012.
 
 1.  In our opinion and according to the information and explanations
 given to us'' the nature of the Company''s business / activities during
 the year are such that clauses i'' ii'' xiii'' xvi'' xvii'' xviii'' xix'' xx
 are not applicable to the Company.
 
 2.  In our opinion and according to the information and explanations
 given to us'' the Company has granted unsecured loan to companies'' firms
 or other parties covered in the register maintained under section 301
 of the Companies Act'' 1956. Loan is granted to the company''s
 subsidiary'' Trivikram Investments & Trading Co. Ltd. The balance at the
 year end stands at Rs. 47''25''000/-
 
 Though the loan is interest-free'' it is not prejudicial to the
 interests of the company since it is granted to its 100%
 
 subsidiary.  In our opinion and according to the information and
 explanations given to us'' the Company has not taken any loan'' secured
 or unsecured from companies'' firms or other parties covered in the
 register maintained under section 301 of the Companies Act'' 1956.  In
 view of the above'' clause 4(iii) (f) and (g) of the Companies
 (Auditor''s Report) Order'' 2003 are not applicable.
 
 3.  In our opinion and according to the information and explanations
 given to us'' there are adequate internal control procedures
 commensurate with the size of the Company and nature of its business
 with regard to the purchase of inventory and fixed assets and for the
 sale of goods and services'' if any and there have been no major
 weakness in the internal control procedure.
 
 4.  To the best of our knowledge and belief and according to the
 information and explanations given to us'' in respect of transactions
 entered in the register required to be maintained in pursuance of
 Section 301 of the Companies Act'' 1956:
 
 (a.) all the transactions that needed to be entered into the register
 have been so entered.
 
 (b.) the transactions made in pursuance of such contracts or
 arrangements have been made at prices which are reasonable having
 regard to the prevailing market prices at the relevant time.
 
 5.  In our opinion and according to the information and explanations
 given to us the Company has not accepted any deposits within the
 meaning of Section 58A'' 58AA or any other relevant provisions of the
 Companies Act'' 1956 and the rules framed there under.
 
 6.  In our opinion'' the Company has an internal audit system
 commensurate with the size of the Company and nature of its business.
 
 7.  The requirements of maintaining cost accounts and records as
 prescribed by the Central Government under section 209 (1) (d) of the
 Companies Act'' 1956 are not applicable to the Company.
 
 8.  According to the information and explanations given to us in
 respect of statutory and other dues the Company has been regular in
 depositing undisputed statutory dues'' including income tax'' wealth tax''
 whenever applicable'' with the appropriate authorities during the year.
 
 9.  The Company does not have any accumulated losses as at the end of
 the financial year. The Company has incurred cash losses during the
 current and immediately preceding financial year amounting to
 Rs.86''785/- and Rs.88''346/- respectively.
 
 10.  According to the information and explanations given to us'' the
 Company has not obtained any borrowings from any bank'' financial
 institutions'' or by way of debentures.
 
 11.  According to the information and explanations given to us and
 based on the documents and records produced to us'' the Company has not
 granted loans and advances on the basis of security by way of pledge of
 shares'' debentures and other investments.
 
 12.  In respect of dealing in shares in shares'' securities'' debentures
 and other investments'' in our opinion and according to the information
 and explanations given to us'' proper records have been maintained of
 the transactions and contracts and timely entries have been maintained
 therein. The shares'' securities'' debentures and other securities have
 been held by the Company'' in its own name.
 
 13.  In our opinion and according to the information and explanations
 given to us'' the Company has not given any guarantees for loans taken
 by others from banks and financial institutions.
 
 14.  Based upon the audit procedures and information and explanations
 given by the management'' we report that no fraud on or by the Company
 has been noticed or reported during the course of our audit.
 
                                   for RAVI A. SHAH & ASSOCIATES 
 
                                           Chartered Accountants
 
                                                   Ravi A. Shah'' 
 
                               Proprietor Membership No. 116667 
 
 Firm Reg. No. 125079W
 
 Mumbai'' August 14'' 2012