Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters in section 134(5) of the Companies Act, 2013('the Act") with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting, Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding of the assets of the Company and for preventing and detecting the frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of internal financial control, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit.

We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of the financial statements that give true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by Company's Directors, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements, give the information required by the Act 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 March 31,2015;

b) In the case of the Statement of Profit and Loss, of the profit for the period from 1st April, 2014 to 31st March 2015; and

c) In the case of the Cash Flow Statement, of the cash flows for the period from 1 st April, 2014 to 31 st March 2015.

Emphasis of Matters

We draw attention to the following matters in the Notes to the financial statements:

a) On account of certainty of ultimate collection regarding disputed flood insurance claim, which has been settled in the favour of the company in district court during the year, the company has recognized insurance claim receivable as revenue amounting to Rs. 40,28,289/- towards claim and Rs. 1,24,08,230/- towards interest on such claim and reimbursement of expense. (Refer Note no. 19)

Our opinion in not modified in respect of this matter.

Report on Other Legal and Regulatory Requirements:

As required by section 143(3) of the Act, we report that:

a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes 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, the Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account.

d) In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

e) On the basis of written representations received from the directors as on 31 March, 2015, taken on record by the Board of Directors, non of the directors is disqualified as on 31 March, 2015, from being appointed as director in terms of Section 164(2) of the Act.

respect to the other matters included in the Auditor's Report and to our best of our information and according to the explanations given to us:

i) The Company did not have any long-term contracts including derivatives contracts for which there were any material foreseeable losses.

ii) There were no amounts which are required to be transferred, to the Investor's Education and Protection Fund by the company.

ADDITIONAL INFORMATION ANNEXED TO THE INDEPENDENCE AUDITOR'S REPORT

1 In respect of its Fixed Assets:

(a) The Company has not maintained proper records showing full particulars including quantitative details and situation of Fixed Assets.

(b) As proper records showing full particulars including the quantitative details are not maintained by the management therefore we are not in a position to comment on the physical verification of Fixed Assets.

(c) No significant part of the fixed assets has been disposed off or revalued during the year.

2. In respect of its Inventories:

(a) As explained to us, the inventories were physically verified during the year by the Management at regular intervals.

(b) In our opinion and according to the information and explanation given to us, the procedures of physical verification of inventories followed by the management were 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 explanations given to us, the Company has maintained proper records of inventory and material discrepancies noticed on physical verification were duly taken care of by the management.

3. 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 189 of the Companies Act, 2013.

4. In our opinion and according to the information and explanation given to us, there is an adequate internal control system 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 and services and during the course of our audit we have not observed any continuing failure to correct major weakness in such internal control system.

5. In respect of contracts or arrangements entered in the Register maintained in pursuance of section 189 of the Companies Act, 2013, to the best of our knowledge and belief and according to the information and explanations given to us, there are no contracts or arrangements that need to be entered in the Register maintained under said section.

6. The Company has not accepted any deposits during the year from the public.

7. In our opinion, the Company has an internal audit system commensurate with its size and the nature of its business.

8. According to the information and explanations given to us, the Central Government has not prescribed maintenance of cost records for services carried out by the Company.

9. (a) According to the information and explanation given to us and records examined by us, there are no undisputed statutory dues payable in respect of Provident Fund, Investors Education & Protection Fund, Employees' State Insurance, Income Tax, Wealth Tax, Value Added Tax, Custom Duty, Excise Duty, Service Tax, cess or any other statutory dues with the appropriate authorities as at the last day of the financial year concerned for a period of more than six months from the date they became payable.

Name of Statute            Name of the Dues          Amount(Rs.)

VAT-Mumbai                        VAT                  10,118

CST-Mumbai                        CST                   9,850

(b) According to the information and explanation given to us, there are no disputed statutory dues payable in respect of Provident Fund, Investors Education & Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Value Added Tax, Custom Duty, Excise Duty, Service Tax, cess or any other statutory dues with the appropriate authorities to the extent of the arrears of outstanding statutory dues as at the last day of the financial year concerned for a period of more than six months from the date they became payable, except following:

Sr.  Statutory Dues               Dispute Pending with     Amount (Rs.)
No.

1    Underwritten Commission      Civil Court-Vadodara          86,000

2    Income Tax                   Commissioner Appeals        3,79,650

10. In respect of Accumulated/Cash Losses:

The Company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in the financial year and the financial year immediately preceding such financial year.

11. In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to bank or financial institution.

12. 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.

13. Based on our audit procedures and on the information given by the management, we report that the company has not raised any term loans during the year.

14. The Company has not issued debentures during the year and hence requirement of reporting regarding creation of securities in respect of debentures issued does not arise.

15. Company has not raised any money by public issue during the year.

16. Based on the audit procedures performed and the information and explanations given to us, we report that no fraud on or by the Company has been noticed or reported during the year, nor have we been informed of such case by the management.

                                         Parikh Mehta & Associates
                                         Chartered Accountants
                                         Firm Registration No. 112832 W

                                         Ashish Parikh
                                         Partner
                                         Membership No. 116745
Place : Vadodara
Date : 29-5-2014