We have audited the attached Balance Sheet of Unno Industries Limited
 as at 31st March 2012 and also the Profit and Loss Account of the
 company for the period ended on 31st March 2012 and Cash Flow Statement
 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 of material misstatement. An audit includes
 examining, on a test basis, evidence supporting the Amounts and
 disclosures in the financial statement. 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.
 
 Subject to the foregoing remark, we report that:-
 
 1. As required by the companies (Auditors Report) Order, 2003 issued by
 the central Government of India in terms of Sec. 227 (4A) of the
 companies act, 1956, annex hereto a statement on the matters specified
 in paragraph 4 and 5 of the said order.
 
 2 Further to our comments in the Annexure referred to in paragraph
 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 appears from our examination of
 those books;
 
 c.  The balance sheet and 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 Profit 86 Loss Account, Balance Sheet Cash Flow
 Statement comply with the Accounting Standards referred to in
 Sub-section (3C) of section 211 of the Companies Act, 1956.
 
 e.  According to the information and explanation given to us and on the
 basis of written representation from the directors, taken on record by
 Board of Directors, none of the director is disqualified under section
 274(l)(g) of the Companies Act, 1956 from being appointed as a director
 as on 31st March, 2012.
 
 f. In our opinion and to the best of our information and according to
 the explanations given to us the said accounts, subject to our remarks
 given above and read together with significant accounting policies and
 notes on accounts and Annexure thereto give the information required by
 the companies Act. 1956 in the manner so required and give a true and
 fair view:
 
 (i) In the case of Balance Sheet, of the state of affairs of the
 company as at 31st March, 2012; and
 
 (ii) In the case of Profit and Loss Account, of the Profit for the year
 ended on that date.  
 
 (iii) In the case of Cash Flow statement of the cash flow for the year 
 ended on that date.
      
                                                
 ANEXURE TO THE AUDITORS'' REPORT OF UNNO INDUSTRIES LIMITED
 
 (i)(a) The company is maintaining proper records showing full
 particulars, including quantitative details and situation of fixed
 assets.
 
 (b) These fixed assets have been physically verified by the management
 at reasonable intervals; and no material discrepancies were noticed on
 such verification.
 
 (c) There was no substantial disposal of Fixed Assets During the year.
 
 (ii) (a) The securities held as stock in trade have been confirmed with
 the statement of holdings provided by depository participant(s) of
 NSDL/CDSL at the financial year end. In our opinion, the frequency of
 confirmation is reasonable.
 
 (b) In our opinion, the procedures of confirmation of securities held
 as stock in trade followed by the Management are reasonable and
 adequate in relation to the size of the Company and the nature of its
 business.
 
 (c) On the basis of our examination of the records of the Company
 relating to securities held as stock in trade, in our opinion, the
 Company has maintained proper records of stock in trade and no material
 discrepancies between the book records and the statement of holdings
 provided by depository participant(s) of NSDL/CDSL have been noticed.
 
 (iii) (a) The company have not granted any loans, secured or unsecured
 to companies, firms or other parties covered in the register maintained
 under section 301 of the Act. Unsecured loans taken by the company from
 4 parties was Nil as on the date of Balance Sheet.
 
 (b) The rate of interest and other terms and conditions of unsecured
 loans taken by the company, are not, prima facie, prejudicial to the
 interest of the company;
 
 (c) The Payment of the principal amount and interest in respect of such
 loans during the year were regular.
 
 (iv) There is an adequate internal control procedure commensurate with
 the size of the company and the nature of its business, for the
 purchase of inventory and fixed assets and for the sale of goods.
 During the course of our audit No major weakness has been noticed in
 the internal control.
 
 (v) (a) As per information and explanation given to us transaction
 needed to be entered in to a register in pursuance to section 301 of
 the Act have been properly entered in the said register.
 
 (b) In our opinion and according to the information and explanation
 given to us, the transaction entered in to a register in pursuance to
 section 301 of the Act and exceeding during the year by Rs. five lakhs
 in respect of each party have been made at prices which are reasonable
 having regard to prevailing market prices at the relevant time.
 
 (vi) The company has not accepted deposits from the public, the
 directives issued by the Reserve Bank of India and the provisions of
 section 58A and 58AA of the Act and the rules framed there under, are
 not applicable.
 
 (vii) The Company has a system of internal audit which in our opinion,
 is commensurate with its size and nature of its business. 
 
 (viii) Central Government has not prescribed maintenance of cost
 records under clause (d) of sub-section 209 of the Act.
 
 (ix)(a) According to information and explanations given to us, the
 company is generally regular in depositing undisputed statutory dues,
 including provident fund, investor education and protection fund,
 employees state insurance, income tax, sales tax, wealth tax, custom
 duty, excise duty, cess and any other statutory dues with the
 appropriate authorities to the extent payable by the company.
 
 (b) According to information and explanations given to us, No
 undisputed amount payable in respect of provident fund, investor
 education and protection fund, employees state insurance, income tax,
 sales tax, wealth tax, custom duty, excise duty, cess and any other
 statutory dues were outstanding as at 31.03. 2012 for a period of 6
 months from the date they became payable.
 
 (c) As per information and explanation given to us, there is no
 disputed dues as on 31st March, 2012.
 
 (x) The Accumulated losses at the end of the financial year are less
 than fifty per cent of Company''s net worth. The company has not 
 incurred cash losses in the financial year nor in the previous year.
 
 (xi) The company has defaulted in repayment of dues to financial
 institution or bank.
 
 (xii) The company has not granted loans and advances on the basis of
 securities by way of pledge of shares, debenture and other securities.
 
 (xiii) We are informed that the provisions of any Special statute
 applicable to Chit funds, Nidhi or Mutual Benefit Society do not apply
 to the company.
 
 (xiv) Proper records have been maintained of the transactions and
 contracts and timely entries have been made therein; also the shares,
 securities, debentures, and other securities that have been held by the
 company, in its own name except to the extent of the exemption granted
 under section 49 of the Act;
 
 (xv) The company has not given any guarantee for loans taken by others
 from banks or financial institutions during the year.
 
 (xvi) The company has not obtained any term loans.
 
 (xvii) According to information and explanation given to us on an
 overall examination of the balance sheet of the company, we report that
 no funds raised on short term basis have been used for long term
 investment by the company and vice versa.
 
 (xviii) The company has not made preferential allotment of shares
 during the year to parties and companies covered in the register
 maintained under section 301 of the Act.
 
 (xix) No Debenture have been issued by the company.
 
 (xx) No money has been raised by public issues during the year by the
 company.
 
 (xxi) To the best of our knowledge and belief and according to
 information and explanation given to us, no fraud on or by the company
 has been noticed or reported during the year.
 
 
 
 
                                                 For Jain Doshi & Co.
                                               Firm Reg. No.: 007365C
                                                Chartered Accountants
       
                                                  (Rakesh Kumar Jain) 
                                                              Partner
                                               Membership No.: 075938
 
 Place: Mumbai
 Date: 27/08/2012