Springform Technology Ltd.की ऑडीटर रिपोर्ट

Mar 31, 2024

We have audited the financial statements of Springform Technology Limited ("the
Company"), which comprise the balance sheet as at March 31, 2024, and the
statement of profit and loss, and statement of cash flows for the year then ended,
and notes to the financial statements, including a summary of significant accounting
policies and other explanatory information.

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
Companies Act, 2013 in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted in India, of the state of
affairs of the Company as at March 31, 2024, and its profit and its cash flows for the
year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified
under section 143(10) of the Companies Act, 2013. Our responsibilities under those
Standards are further described in the Auditor''s Responsibilities for the Audit of the
Financial Statements section of our report. We are independent of the Company in
accordance with the Code of Ethics issued by the Institute of Chartered Accountants
of India together with the ethical requirements that are relevant to our audit of the
financial statements under the provisions of the Companies Act, 2013 and the Rules
thereunder, and we have fulfilled our other ethical responsibilities in accordance with
these requirements and the Code of Ethics. We believe that the audit evidence we
have obtained is sufficient and appropriate to provide a basis for our opinion.

Kev Audit Matter

Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the standalone financial statements of the current period.
These matters were addressed in the context of our audit of the standalone financial
statements as a whole, and in forming our opinion thereon, and we do not provide a
separate opinion on these matters. We have determined the matters described below
to be the key audit matters to be communicated in our reports.

1. Revenue Recognition

Revenue from sale of goods is recognised when all the significant risks and rewards of
ownership in the goods are transferred to the buyer, the amount of revenue can be
measured reliably and it is probable that future economic benefits will flow to the
entity. This generally happens upon dispatch of the goods to customers, except for
sale of instruments where revenue is recognised on installation of the instruments at
customer sites.

Income from services is recognised when the service is rendered in terms of the
agreements/ arrangements with parties, net of Goods & Service tax.

Revenue is measured at the fair value of the consideration received or receivable,
after the deduction of any discounts, volume rebates, other trade promotion costs
and any taxes or duties collected on behalf of the government which are levied on
sales such as Goods & Service Tax etc

Principal Audit Procedures Performed

Our audit procedures related to estimates of total expected costs or efforts to
measure the completion of contracts included the following, among others:

• We tested the effectiveness of controls relating to the recording of efforts or costs
incurred and estimation of efforts or costs required to complete the remaining
contract performance obligations.

• We selected a sample of contracts with customers measured using the percentage-
of-completion method and performed the following:

¦ Verified the payment terms agreed with the customers based on the degree
of completion of the contract, schedule of deliveries and achievement of
different milestones.

¦ Relied on management''s estimate of the progress towards satisfying the
performance obligation by comparing actual efforts or costs incurred based
on representations submitted by them.

¦ Relied on the management''s efficacy in maintaining internal control over
every contract completion method which as confirmed by them is different
for each contract. We have also relied on estimate for consistency with the
status of delivery of milestones and customer acceptances and sign off from
customers to identify possible delays in achieving milestones, which require
changes in estimated costs or efforts to complete the remaining performance
obligations.

Responsibilities of Management and those charged with Governance for the
Financial Statements

The Company''s Board of Directors is responsible for the matters stated 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. This responsibility also includes maintenance
of adequate accounting records in accordance with the provisions of the Act for
safeguarding of the assets of the Company and for preventing and detecting 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 adequate internal financial controls, 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.

In preparing the financial statements, the Board of Directors is responsible for
assessing the Company''s ability to continue as a going concern, disclosing, as
applicable, matters related to going concern and using the going concern basis of
accounting unless the Board of Directors either intends to liquidate the Company or to
cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Company''s financial
reporting process.

Auditor''s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial
statements as a whole are free from material misstatement, whether due to fraud or
error, and to issue an auditor''s report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit conducted
in accordance with SAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and
maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements,
whether due to fraud or error, design and perform audit procedures responsive to
those risks, and obtain audit evidence that is sufficient and appropriate to provide
a basis for our opinion. The risk of not detecting a material misstatement resulting
from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control.

• Obtain an understanding of internal control relevant to the au^ja.‘nrder^ajjesign
audit procedures that are appropriate in the circuAfti4d¥rDjffiti|&gk

143(3)(i) of the Companies Act, 2013, we are also responsible for expressing our
opinion on whether the company has adequate internal financial controls system in
place and the operating effectiveness of such controls

• Evaluate the appropriateness of accounting policies used and the reasonableness
of accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management''s use of the going concern basis
of accounting and, based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may cast significant doubt
on the Company''s ability to continue as a going concern. If we conclude that a
material uncertainty exists, we are required to draw attention in our auditor''s
report to the related disclosures in the financial statements or, if such disclosures
are inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor''s report. However, future events
or conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial
statements, including the disclosures, and whether the financial statements
represent the underlying transactions and events in a manner that achieves fair
presentation.

We communicate with those charged with governance regarding, among other
matters, the planned scope and timing of the audit and significant audit findings,
including any significant deficiencies in internal control that we identify during our
audit.

We also provide those charged with governance with a statement that we have
complied with relevant ethical requirements regarding independence, and to
communicate with them all relationships and other matters that may reasonably be
thought to bear on our independence, and where applicable, related safeguards. From
the matters communicated with those charged with governance, we determine those
matters that were of most significance in the audit of the financial statements of the
current period and are therefore the key audit matters. We describe these matters in
our auditor''s report unless law or regulation precludes public disclosure about the
matter or when, in extremely rare circumstances, we determine that a matter should
not be communicated in our report because the adverse consequences of doing so
would reasonably be expected to outweigh the public interest benefits of such
communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2020 ("the Order"),
issued by the Central Government of India in terms of sub-section (11) of
section 143 of the Companies Act, 2013, we give in the Annexure "A" a
statement on the matters specified in paragraphs 3 and 4 of the Order, to the
extent applicable.

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

a) We have sought and obtained all the informat^e^^j^iji^g^^Wch to the
best of our knowledge and belief were nega^^Mjjwhe puipose^if^blv audit;

Membership ) JJ

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 the Cash Flow
Statement dealt with by this Report are in agreement with the books of account

d) In our opinion, the financial statement complies with the applicable 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 March
31, 2024, and taken on record by the Board of Directors, none of the directors
is disqualified as on March 31, 2024, from being appointed as a director in
terms of Section 164(2) of the Act.

f) With respect to the adequacy of the internal financial controls over financial
reporting of the Company and the operating effectiveness of such controls,
refer to our separate Report in Annexure ''B'',

g) In our opinion and to the best of our information and according to the
explanations given to us, we report as under with respect to other matters to
be included in the Auditor''s Report in accordance with Rule 11 of the
Companies (Audit and Auditors) Rules, 2014:

I. The impact of pending litigation has been duly disclosed in the financial
statements, if any.

ii. The Company did not have any long-term contracts including derivative
contracts for which there existed any foreseeable losses

iii. There has not been any occasion in case of the Company during the year
under report to transfer any sums to the Investor Education and
Protection Fund; hence the question of delay in transferring such sums
does not arise

iv. (a) The Management has represented that, to the best of its knowledge
and belief, no funds (which are material either individually or in the
aggregate) have been advanced or loaned or invested (either from
borrowed funds or share premium or any other sources or kind of funds)
by the Company to or in any other person or entity, including foreign
entity ("Intermediaries"), with the understanding, whether recorded in
writing or otherwise, that the Intermediary shall, whether, directly or
indirectly lend or invest in other persons or entities identified in any
manner whatsoever by or on behalf of the Company ("Ultimate
Beneficiaries") or provide any guarantee, security or the like on behalf of
the Ultimate Beneficiaries;

(b) The Management has represented, that, to the best of its knowledge
and belief, no funds (which are material either individually or in the
aggregate) have been received by the Companv£oi»fciaiW-rfi^ or
entity, including foreign entity ("Fundk^p^

understanding, whether recorded in writing or otherwise, that the
Company shall, whether, directly or indirectly, lend or invest in other
persons or entities identified in any manner whatsoever by or on behalf
of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee,
security or the like on behalf of the Ultimate Beneficiaries;

(c) Based on the audit procedures that have been considered reasonable
and appropriate in the circumstances, nothing has come to our notice
that has caused us to believe that the representations under sub-clause
(i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain
any material misstatement.

v. (a) The final dividend proposed in the previous year, declared and paid
by the Company during the year is in accordance with Section 123 of the
Companies Act, 2013, as applicable.

(b) The Board of Directors of the Company have proposed final dividend
for the year which is subject to the approval of the members at the
ensuing Annual General Meeting. The amount of dividend proposed is in
accordance with section 123 of the Companies Act, 2013, as applicable.

vi. Based on our examination which included test checks, the company has
used an accounting software DSS Accounts for maintaining its books of
account which has a feature of recording audit trail (edit log) facility and
the same has operated throughout the year for all relevant transactions
recorded in the software. Further, during the course of our audit we did
not come across any instance of audit trail feature being tampered with.

FOR VANDANA V. DODHIA & CO.

CHARTERED ACCOUNTANTS

Dated: MAY 30, 2024
Place: MUMBAI

___ __ VANDANA V. DODHIA

partner

---MEMBERSHIP NO: 104000

^CV^)^MembnA^Snnft J )) FIRM REG No: 117812W

U No. 104 M UDIN: 24104000BKFJGM8317

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Mar 31, 2014

We have audited the attached Balance Sheet of SPRINGFORM TECHNOLOGY LIMITED (Formerly known as NEW SAGAR TRADING COMPANY LIMITED) (“the Company") as at March 31, 2014, the Profit and Loss Account and the Cash Flow statement of the Company for the year ended on the date annexed thereto. These Financial statements are responsibility of the Company''s management. Our responsibility is to express an opinion on these financial statements based on out audit.

We conducted out 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 financial statement presentation. We believe that our audit provides reasonable basis for our opinion.

1. As required by the Companies (Auditors'' Report) Order, 2003 issued by the Central government in terms of Section 227 (4A) of the Companies Act, 1956, we enclose in the Annexure hereto a statement on the matter specified in Paragraph 4 of the said Order.

2. Further to our comments in Annexure referred to in paragraph I 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 such books.

c) The Balance Sheet and Profit and Loss Account dealt with by this Report are in agreement with the books of accounts:

d) In our opinion and to the best of our information, the Balance Sheet and Profit and Loss Account dealt with by this report comply with 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 the written representations received from the Directors as on March 31. 2014, and taken on record by the Board of Directors and further certified by the Company, we report that none of the Directors are prima facie disqualified as on March 31,2014 from being appointed as a Director in terms of Clause (g) of Sub-section (I) 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 Schedules and Notes thereon, give the information as required by the Companies Act. 1956 in the manner so required and give a true and fair view:-

(i) In the case of the Balance Sheet, of the State of Affairs of the Company as at 31" March, 2014; and

(ii) In the case of the 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 flows for the year ended on that date.

ANNEXURE TO THE AUDITOR''S REPORT

Statement referred to in paragraph 3 of our report of even date to the members of SPRINGFORM TECHNOLOGY LIMITED, on the accounts for the year ended 31" March. 2014.

On the basis of such checks as we considered appropriate and in terms of information and explanations given to us, we state that:-

1. (a) The Company has maintained proper records showing full particulars including Quantitative details and situation of Fixed Asset.

b) All the assets have been physically verified by the Management during the year. The Discrepancies noticed on physical verification were not material and have been properly dealt with in the books of accounts.

c) During the year the company has not disposed of any substantial part of fixed assets.

2. The Company has income by way of interest and Software Development and hence the question of physical verification of Inventories and maintaining proper records thereof does not arise. Further, the question of commenting, on reasonableness and adequacy of the procedures of physical verification of Inventories in relation to the size of the Company and the nature of its business, does not arise.

3. (a) The Company has not granted unsecured loan to any Company covered in the Register maintained U/s. 301 of the Companies Act, 1956. as stated below: In view of 3 (a) clause b, c, & d 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 u/s. 301 of the Companies Act, /956. Accordingly, the question of commenting, on the rate of interest and other terms and conditions of loans taken by the Company, secured or unsecured, are prima facie not prejudicial to the interest of the Company, does not arise. Also the question of commenting, on regular payment of principal amount and interest thereon, and, on taking reasonable steps for recovery / payment of principal amount and interest thereon, does not arise.

4 In our opinion and according to the information and explanations given to us, there is an adequate internal control procedure commensurate with the size of the Company and the nature of its business. During the course of Audit, we have not observed any continuing failure to correct major weakness in internal controls.

5. Based on the audit procedures applied by us and according to the information and explanations provided by the management, we are of the opinion that there are no transactions that need to be entered into the register maintained tits. 301 of the Companies Act, 1956. Accordingly, the question of commenting, on reasonableness of prices of each transaction having regard to the prevailing market prices at the relevant time, does not arise.

6. The Company has not accepted any deposit from the Public and hence the question of applicability of the directives issued by the Reserve Bank of India and the provisions of Section 56 A and Section 58 AA of the Companies Act, 1956 and the rules framed there under, does not arise.

7. In our opinion, based on the information and explanation given to us, the Company has an internal audit system commensurate with its size and the nature of its business operations.

8. Based on the information and explanations given to us, the Central Government has not prescribed maintenance of cost of records under section 209 (1) (d) of the Companies Act, 1956 in respect of the Company. Hence, the question of maintaining such accounts and records and our commenting thereon, does not arise.

9. (a) According to the information and explanations given to us, the Provident Fund / Employee''s Some Insurance dues with the appropriate authorities is not applicable. The Company is regular in depositing Income Tax, sales Tax, Cess and other statutory dues applicable to it, with the appropriate authorities.

(b) According to the information explanations given to us, no undisputed amount payable in respect of Income tax.

Wealth Tax, Sales Tax. Customs Duty, Excise Duty and Cess were in arrears as at 31° March. 2014 for a period of more than six months from the date they become payable.

(c) According to the information and explanations given to us, there are no dues outstanding of Sales Tax, Income Tax. Custom Duty, Wealth Tax. Excise Duty or Cess and other statutory dues applicable to it on account of any dispute.

10. The Company has no accumulated losses at the end of the financial year and it has not incurred any cash losses in the current and immediately preceding financial year.

11. The company has not beamed any amount from any financial institutions or Banks. Hence, the question of our commenting on whether the Division has defaulted in repayment to Financial Institutions or Debenture Holders or Banks does not arise

12. According to the information and explanations given to us and based on the documents 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 securities.

13. In our opinion, the Company is not a chit fund or nidhi / mutual benefit fund / society. Therefore, the provisions of clause 4 (xiii) of the Companies (Auditors'' Report) Order, 2003 are not applicable to the Company.

14. In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investment. Accordingly the provision of clause 4 (xiv) of the Companies (Auditors'' Report) order, 2003 are not applicable to the Company.

15. According to the information and explanations given to us, the Company has not given any guarantee for loan taken by others from Banks or Financial Institutions. As a result, the question of commenting on whether the terms and conditions are prejudicial to the interest of the Company does not arise.

16. The Company did not have any term loans outstanding during the year.

17. According to the information and explanations given to us, and on an overall examination of the Balance Sheet of the Company, sire report that no funds raised on short term basis have been used for long term investments. No long term funds have been used to finance short term assets.

18. The Company has not made any preferential allotment of shares to parties or companies covered in the register maintained under section 301 of the Companies Act, 1956

19. According to the information and explanations give to us, the Company has not issued any debentures during the year.

20. The Company has not raised any money through a public issue during the year.

21. On the basis of our examination of the books of accounts and other relevant records and information made available to us, prima-facie we have not noticed any fraud on or by the Company, during the year. Further, the management has represented to us that no fraud on or by the Company has been reported during the year. However, we are unable to determine / verify as to whether any such reporting has been made, during the year.

For VANDANA V.DODHIA & CO. Chartered Accountants

VANDANA V. DODHIA Partner (Membership No. 104000)

Place: Mumbai

DATE: 30.05.2014

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Mar 31, 2013

We have audited the attached Balance Sheet of SPRINGFORM TECHNOLOGY LIMITED (Formerly known as NEW SAGAR TRADING COMPANY LIMITED) ("the Company") as at March 31, 2013, the Profit and Loss Account and the Cash Flow statement of the Company for the year ended on the date annexed thereto. These Financial statements are responsibility of the Company''s management. Our responsibility is to express an opinion on these financial statements based on out audit.

We conducted out 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 financial statement presentation. We believe that our audit provides reasonable basis for our opinion.

1. As required by the Companies (Auditors'' Report) Order. 2003 issued by the Central government in terms of Section 227 (4A) of the Companies Act, 1956, we enclose in the Annexure hereto a statement on the matter specified in Paragraph 4 of the said Order.

2. Further to our comments in Annexure referred to in paragraph 1 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 such books.

c) The Balance Sheet and Profit and Loss Account dealt with by this Report are in agreement with the books of accounts;

d) In our opinion and to the best of our information, the Balance Sheet and Profit and Loss Account dealt with by this report comply with 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 the written representations received from the Directors as on March 31, 2013, and taken on record by the Board of Directors and further certified by the Company, we report that none of the Directors are prima facie disqualified as on March 3 1,2013 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, they said accounts, read together with the Schedules and Notes thereon, give the information as required by the Companies Act, 1956 in the manner so required and give a true and fair view :-

(i) In the case of the Balance Sheet, of the State of Affairs of the Company as at 31s1 March, 2013; and

(ii) In the case of the 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 flows for the year ended on that date.

Statement referred to in paragraph 3 of our report of even date to the members of SPRINGFORM TECHNOLOGY LIMITED, on the accounts for the year ended 31st March, 2013.

On the basis of such checks as we considered appropriate and in terms of information and explanations given to us, we state that:-

1. a) The Company has maintained proper records showing full particulars including Quantitative details and situation of Fixed Asset.

b) All the assets have been physically verified by the Management during the year. The Discrepancies noticed on physical verification were not material and have been properly dealt with in the books of accounts.

c) During the year the company has not disposed of any substantial part of fixed assets.

2. The Company has income by way of interest and Software Development and hence the question of physical verification of Inventories and maintaining proper records thereof does not arise. Further, the question of commenting, on reasonableness and adequacy of the procedures of physical verification of Inventories in relation to the size of the Company and the nature of its business, does not arise.

3. (a) The Company has not granted unsecured loan to any Company covered in the Register maintained U/s. 301 of the Companies Act, 1956, as stated below:

In view of 3 (a) clause b, c, & d 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 u/s. 301 of the Companies Act, 1956. Accordingly, the question of commenting, on the rate of interest and other terms and conditions of loans taken by the Company, secured or unsecured, are prima facie not prejudicial to the interest of the Company, does not arise. Also the question of commenting, on regular payment of principal amount and interest thereon, and, on taking reasonable steps for recovery / payment of principal amount and interest thereon, does not arise.

4 In our opinion and according to the information and explanations given to us, there is an adequate internal control procedure commensurate with the size of the Company and the nature of its business. During the course of Audit, we have not observed any continuing failure to correct major weakness in internal controls.

5. Based on the audit procedures applied by us and according to the information and explanations provided by the management, we are of the opinion that there are no transactions that need to be entered into the register maintained u/s. 301 of the Companies Act, 1956. Accordingly, the question of commenting, on reasonableness of prices of each transaction having regard to the prevailing market prices at the relevant time, does not arise.

6. The Company has not accepted any deposit from the Public and hence the question of applicability of the directives issued by the Reserve Bank of India and the provisions of Section 56 A and Section 58 AA of the Companies Act, 1956 and the rules framed there under, does not arise.

7. In our opinion, based on the information and explanation given to us, the Company has an internal audit system commensurate with its size and the nature of its business operations.

8. Based on the information and explanations given to us, the Central Government has not prescribed maintenance of cost of records under section 209 (1) (d) of the Companies Act, 1956 in respect of the Company. Hence, the question of maintaining such accounts and records and our commenting thereon, does not arise.

9. (a) According to the information and explanations given to us, the Provident Fund / Employee''s State Insurance dues with the appropriate authorities is not applicable. The Company is regular in depositing Income Tax, sales Tax, Cess and other statutory dues applicable to it, with the appropriate authorities.

(b) According to the information explanations given to us, no undisputed amount payable in respect of Income tax, Wealth Tax, Sales Tax, Customs Duty, Excise Duty and Cess were in arrears as at 31st March, 2013 for a period of more than six months from the date they become payable.

9. According to the information and explanations given to us, there are no dues outstanding of Sales Tax, Income Tax, Custom Duty, Wealth Tax, Excise Duty or Cess and other statutory dues applicable to it on account of any dispute.

10. The Company has no accumulated losses at the end of the financial year and it has not incurred any cash losses in the current and immediately preceding financial year.

11. The Company has not borrowed any amount from any financial institutions or Banks. Hence, the question of our commenting on whether the Division has defaulted in repayment to Financial Institutions or Debenture Holders or Banks does not arise.

12. According to the information and explanations given to us and based on the documents 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 securities.

13. In our opinion, the Company is not a chit fund or nidhi / mutual benefit fund / society. Therefore, the provisions of clause 4 (xiii) of the Companies (Auditors'' Report) Order, 2003 are not applicable to the Company.

14. In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investment. Accordingly, the provision of clause 4 (xiv) of the Companies (Auditors'' Report) order, 2003 are not applicable to the Company.

15. According to the information and explanations given to us, the Company has not given any guarantee for loan taken by others from Banks or Financial Institutions. As a result, the question of commenting on whether the terms and conditions are prejudicial to the interest of the Company does not arise.

16. The Company did not have any term loans outstanding during the year.

17. According to the information and explanations given to us, and 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 investments. No long term funds have been used to finance short term assets.

18. The Company has not made any preferential allotment of shares to parties or companies covered in the register maintained under section 301 of the Companies Act, 1956

19. According to the information and explanations give to us, the Company has not issued any debentures during the year.

20. The Company has not raised any money through a public issue during the year.

21. On the basis of our examination of the books of accounts and other relevant records and information made available to us, prima-facie we have not noticed any fraud on or by the Company, during the year. Further, the management has represented to us that no fraud on or by the Company has been reported during the year. However, we are unable to determine / verify as to whether any such reporting has been made, during the year.

For K. C. THAKKAR & CO.,

Chartered Accountants

K. C. THAKKAR

Proprietor

(Membership No. 32950)

Place : Mumbai

DATE : 30.05.2013

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Mar 31, 2012

We have audited the attached Balance Sheet of SPRINGFORM TECHNOLOGY LIMITED (Formerly known as NEW SAGAR TRADING COMPANY LIMITED) ("the Company") as at March 31' 2012' the Profit and Loss Account and the Cash Flow statement of the Company for the year ended on the date annexed thereto. These Financial statements are responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on out audit.

We conducted out 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 financial statement presentation. We believe that our audit provides reasonable basis for our opinion.

1. As required by the Companies (Auditors' Report) Order' 2003 issued by the Central government in terms of Section 227 (4A) of the Companies Act' 1956' we enclose in the Annexure hereto a statement on the matter specified in Paragraph 4 of the said Order.

2. Further to our comments in Annexure referred to in paragraph 1 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 such books.

c) The Balance Sheet and Profit and Loss Account dealt with by this Report are in agreement with the books of accounts;

d) In our opinion and to the best of our information' the Balance Sheet and Profit and Loss Account dealt with by this report comply with 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 the written representations received from the Directors as on March 31' 2012' and taken on record by the Board of Directors and further certified by the Company' we report that none of the Directors are prima facie 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 Schedules and Notes thereon' give the information as required by the Companies Act' 1956 in the manner so required and give a true and fair view:-

(i) In the case of the Balance Sheet' of the State of Affairs of the Company as at 31st March' 2012; and

(ii) In the case of the 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 flows for the year ended on that date.

ANNEXURE TO THE AUDITOR'S REPORT

Statement referred to in paragraph 3 of our report of even date to the members of SPRINGFORM TECHNOLOGY LIMITED' on the accounts for the year ended 31st March' 2012.

On the basis of such checks as we considered appropriate and in terms of information and explanations given to us' we state that:-

1. a) The Company has maintained proper records showing full particulars including Quantitative

details and situation of Fixed Asset.

b) All the assets have been physically verified by the Management during the year. The Discrepancies noticed on physical verification were not material and have been properly dealt with in the books of accounts.

c) During the year the company has not disposed of any substantial part of fixed assets.

2. The Company has income by way of interest and Software Development and hence the question of physical verification of Inventories and maintaining proper records thereof does not arise. Further' the question of commenting' on reasonableness and adequacy of the procedures of physical verification of Inventories in relation to the size of the Company and the nature of its business' does not arise.

3. (a) The Company has not granted unsecured loan to any Company covered in the Register maintained

U/s. 301 of the Companies Act' 1956' as stated below: In view of 3 (a) clause b' c' & d are not applicable (e) The Company has not taken any loans' secured or unsecured from Companies' firms or other

parties covered in the register maintained u/s. 301 of the Companies Act' 1956. Accordingly' the question of commenting' on the rate of interest and other terms and conditions of loans taken by the Company' secured or unsecured' are prima facie not prejudicial to the interest of the Company' does not arise. Also the question of commenting' on regular payment of principal amount and interest thereon' and' on taking reasonable steps for recovery / payment of principal amount and interest thereon' does not arise.

4 In our opinion and according to the information and explanations given to us' there is an adequate internal

control procedure commensurate with the size of the Company and the nature of its business. During the course of Audit' we have not observed any continuing failure to correct major weakness in internal controls.

5. Based on the audit procedures applied by us and according to the information and explanations provided by the management' we are of the opinion that there are no transactions that need to be entered into the register maintained u/s. 301 of the Companies Act' 1956. Accordingly' the question of commenting' on reasonableness of prices of each transaction having regard to the prevailing market prices at the relevant time' does not arise.

6. The Company has not accepted any deposit from the Public and hence the question of applicability of the directives issued by the Reserve Bank of India and the provisions of Section 56 A and Section 58 A A of the Companies Act' 1956 and the rules framed there under' does not arise.

7. In our opinion' based on the information and explanation given to us' the Company has an internal audit system commensurate with its size and the nature of its business operations.

8. Based on the information and explanations given to us' the Central Government has not prescribed maintenance of cost of records under section 209 (1) (d) of the Companies Act' 1956 in respect of the Company. Hence' the question of maintaining such accounts and records and our commenting thereon' does not arise.

9. (a) According to the information and explanations given to us' the Provident Fund / Employee's State Insurance dues with the appropriate authorities is not applicable. The Company is regular in depositing Income Tax' sales Tax' Cess and other statutory dues applicable to it' with the appropriate authorities.

(b) According to the information explanations given to us' no undisputed amount payable in respect of Income tax' Wealth Tax' Sales Tax' Customs Duty' Excise Duty and Cess were in arrears as at 31st March' 2012 for a period of more than six months from the date they become payable.

According to the information and explanations given to us' there are no dues outstanding of Sales Tax' Income Tax' Custom Duty' Wealth Tax' Excise Duty or Cess and other statutory dues applicable to it on account of any dispute.

10. The Company has no accumulated losses at the end of the financial year and it has not incurred any cash losses in the current and immediately preceding financial year.

11. The Company has not borrowed any amount from any financial institutions or Banks. Hence' the question of our commenting on whether the Division has defaulted in repayment to Financial Institutions or Debenture Holders or Banks does not arise.

12. According to the information and explanations given to us and based on the documents 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 securities.

13. In our opinion' the Company is not a chit fund or nidhi / mutual benefit fund / society. Therefore' the provisions of clause 4 (xiii) of the Companies (Auditors' Report) Order' 2003 are not applicable to the Company.

14. In our opinion' the Company is not dealing in or trading in shares' securities' debentures and other investment. Accordingly' the provision of clause 4 (xiv) of the Companies (Auditors' Report) order' 2003 are not applicable to the Company.

15. According to the information and explanations given to us' the Company has not given any guarantee for loan taken by others from Banks or Financial Institutions. As a result' the question of commenting on whether the terms and conditions are prejudicial to the interest of the Company does not arise.

16. The Company did not have any term loans outstanding during the year.

17. According to the information and explanations given to us' and 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 investments. No long term funds have been used to finance short term assets.

18. The Company has not made any preferential allotment of shares to parties or companies covered in the register maintained under section 301 of the Companies Act' 1956

19. According to the information and explanations give to us' the Company has not issued any debentures during the year.

20. The Company has not raised any money through a public issue during the year.

21. On the basis of our examination of the books of accounts and other relevant records and information made available to us' prima-facie we have not noticed any fraud on or by the Company' during the year. Further' the management has represented to us that no fraud on or by the Company has been reported during the year. However' we are unable to determine / verify as to whether any such reporting has been made' during the year.

For K. C. THAKKAR & CO.'

Chartered Accountants

K. C. THAKKAR

Proprietor (Membership No. 32950)

Place: Mumbai

DATE : 30.05.2012

---

Mar 31, 2011

We have audited the attached Balance Sheet of SPRINGFORM TECHNOLOGY LIMITED (Formerly known as NEW SAGAR TRADING COMPANY LIMITED) ("the Company") as at March 31, 2011, the Profit and Loss Account and the Cash Flow statement of the Company for the year ended on the date annexed thereto. These Financial statements are responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on out audit.

We conducted out 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 financial statement presentation. We believe that our audit provides reasonable basis for our opinion.

1. As required by the Companies (Auditors' Report) Order, 2003 issued by the Central government in terms of Section 227 (4A) of the Companies Act, 1956, we enclose in the Annexure hereto a statement on the matter specified in Paragraph 4 of the said Order.

2. Further to our comments in Annexure referred to in paragraph 1 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 such books.

c) The Balance Sheet and Profit and Loss Account dealt with by this Report are in agreement with the books of accounts;

d) In our opinion and to the best of our information, the Balance Sheet and Profit and Loss Account dealt with by this report comply with 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 the written representations received from the Directors as on March 31, 2011, and taken on record by the Board of Directors and further certified by the Company, we report that none of the Directors are prima facie disqualified as on March 31, 2011 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 Schedules and Notes thereon, give the information as required by the Companies Act, 1956 in the manner so required and give a true and fair view:-

(i) In the case of the Balance Sheet, of the State of Affairs of the Company as at 31st March, 2011; and

(ii) In the case of the 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 flows for the year ended on that date.

ANNEXURE TO THE AUDITOR'S REPORT

Statement referred to in paragraph 3 of our report of even date to the members of SPRINGFORM TECHNOLOGY LIMITED, on the accounts for the year ended 31st March, 2011.

On the basis of such checks as we considered appropriate and in terms of information and explanations given to us, we state that:-

1. a) The Company has maintained proper records showing full particulars including Quantitative details and situation of Fixed Asset.

b) All the assets have been physically verified by the Management during the year. The Discrepancies noticed on physical verification were not material and have been properly dealt with in the books of accounts.

c) During the year the company has not disposed of any substantial part of fixed assets.

2. The Company has income by way of interest and Software Development and hence the question of physical verification of Inventories and maintaining proper records thereof does not arise. Further, the question of commenting, on reasonableness and adequacy of the procedures of physical verification of Inventories in relation to the size of the Company and the nature of its business, does not arise.

3. (a) The Company has not granted unsecured loan to any Company covered in the Register maintained U/s. 301 of the Companies Act, 1956, as stated below: In view of 3 (a) clause b, c, & d are not applicable

(e) The Company has not taken any loans, secured or unsecured from Companies, firms or other parties covered in the register maintained u/s. 301 of the Companies Act, 1956. Accordingly, the question of commenting, on the rate of interest and other terms and conditions of loans taken by the Company, secured or unsecured, are prima facie not prejudicial to the interest of the Company, does not arise. Also the question of commenting, on regular payment of principal amount and interest thereon, and, on taking reasonable steps for recovery / payment of principal amount and interest thereon, does not arise.

4 In our opinion and according to the information and explanations given to us, there is an adequate internal control procedure commensurate with the size of the Company and the nature of its business. During the course of Audit, we have not observed any continuing failure to correct major weakness in internal controls.

5. Based on the audit procedures applied by us and according to the information and explanations provided by the management, we are of the opinion that there are no transactions that need to be entered into the register maintained u/s. 301 of the Companies Act, 1956. Accordingly, the question of commenting, on reasonableness of prices of each transaction having regard to the prevailing market prices at the relevant time, does not arise.

6. The Company has not accepted any deposit from the Public and hence the question of applicability of the directives issued by the Reserve Bank of India and the provisions of Section 56 A and Section 58 AA of the Companies Act, 1956 and the rules framed there under, does not arise.

7. In our opinion, based on the information and explanation given to us, the Company has an internal audit system commensurate with its size and the nature of its business operations.

8. Based on the information and explanations given to us, the Central Government has not prescribed maintenance of cost of records under section 209 (1) (d) of the Companies Act, 1956 in respect of the Company. Hence, the question of maintaining such accounts and records and our commenting thereon, does not arise.

9. (a) According to the information and explanations given to us, the Provident Fund / Employee's State Insurance dues with the appropriate authorities is not applicable. The Company is regular in depositing Income Tax, sales Tax, Cess and other statutory dues applicable to it, with the appropriate authorities.

(b) According to the information explanations given to us, no undisputed amount payable in respect of Income tax, Wealth Tax, Sales Tax, Customs Duty, Excise Duty and Cess were in arrears as at 31st March, 2011 for a period of more than six months from the date they become payable. According to the information and explanations given to us, there are no dues outstanding of Sales Tax, Income Tax, Custom Duty, Wealth Duty or Cess and other statutory dues applicable to it on account of any dispute. Compiled by : Dion Global Solutions Limited

10. The Company has no accumulated losses at the end of the financial year and it has not incurred any cash losses in the current and immediately preceding financial year.

11. The Company has not borrowed any amount from any financial institutions or Banks. Hence, the question of our commenting on whether the Division has defaulted in repayment to Financial Institutions or Debenture Holders or Banks does not arise.

12. According to the information and explanations given to us and based on the documents 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 securities.

13. In our opinion, the Company is not a chit fund or nidhi / mutual benefit fund / society. Therefore, the provisions of clause 4 (xiii) of the Companies (Auditors' Report) Order, 2003 are not applicable to the Company.

14. In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investment. Accordingly, the provision of clause 4 (xiv) of the Companies (Auditors' Report) order, 2003 are not applicable to the Company.

15. According to the information and explanations given to us, the Company has not given any guarantee for loan taken by others from Banks or Financial Institutions. As a result, the question of commenting on whether the terms and conditions are prejudicial to the interest of the Company does not arise.

16. The Company did not have any term loans outstanding during the year.

17. According to the information and explanations given to us, and 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 investments. No long term funds have been used to finance short term assets.

18. The Company has not made any preferential allotment of shares to parties or companies covered in the register maintained under section 301 of the Companies Act, 1956

19. According to the information and explanations give to us, the Company has not issued any debentures during the year.

20. The Company has not raised any money through a public issue during the year.

21. On the basis of our examination of the books of accounts and other relevant records and information made available to us, prima-facie we have not noticed any fraud on or by the Company, during the year. Further, the management has represented to us that no fraud on or by the Company has been reported during the year. However, we are unable to determine / verify as to whether any such reporting has been made, during the year.

For K. C. THAKKAR & CO.

Chaptered Accountants

K. C. THAKKAR

Proprietor

(Membership No. 32950)

Place: Mumbai

DATE : 30.05.2011

---

Mar 31, 2010

We have audited the attached Balance Sheet of SPRINGFORM TECHNOLOGY LIMITED (Formerly known as NEW SAGAR TRADING COMPANY LIMITED) ("the Company") as at March 31, 2010, the Profit and Loss Account and the Cash Flow statement of the Company for the year ended on the date annexed thereto. These Financial statements are responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on out audit.

We conducted out 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 financial statement presentation. We believe that our audit provides reasonable basis for our opinion.

1. As required by the Companies (Auditors Report) Order, 2003 issued by the Central government in terms of Section 227 (4A) of the Companies Act, 1956, we enclose in the Annexure hereto a statement on the matter specified in Paragraph 4 of the said Order.

2.Further to our comments in Annexure referred to in paragraph 1 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 such books.

c) The Balance Sheet and Profit and Loss Account dealt with by this Report are in agreement with the books of accounts;

d) In our opinion and to the best of our information, the Balance Sheet and Profit and Loss Account dealt with by this report comply with 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 the written representations received from the Directors as on March 31, 2010, and taken on record by the Board of Directors and further certified by the Company, we report that none of the Directors are prima facie disqualified as on March 31, 2010 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 Schedules and Notes thereon, give the information as required by the Companies Act, 1956 in the manner so required and give a true and fair view:-

(i) In the case of the Balance Sheet, of the State of Affairs of the Company as at 31st March, 2010; and

(ii) In the case of the Profit and Loss Account, of the Profit for the year ended on that date.

(iii) ln the case of Cash Flow statement, of the cash flows for the year ended on that date.



ANENXURE TO THE AUDITORS REPORT

Statement referred to in paragraph 3 of our report of even date to the members of SPRINGFORM TECHNOLOGY LIMITED, on the accounts for the year ended 31st March, 2010.

On the basis of such checks as we considered appropriate and in terms of information and explanations given to us, we state that:-

1. a) The Company has maintained proper records showing full particulars including Quantitative details and situation of Fixed Asset.

b)All the assets have been physically verified by the Management during the year. The Discrepancies noticed on physical verification were not material and have been properly dealt with in the books of accounts.

c) During the year the company has not disposed of any substantial part of fixed assets.

2. The Company has income by way of interest and Software Development and hence the question of physical verification of Inventories and maintaining proper records thereof does not arise. Further, the question of commenting, on reasonableness and adequacy of the procedures of physical verification of Inventories in relation to the size of the Company and the nature of its business, does not arise.

3. (a) The Company has not granted unsecured loan to any Company covered in the Register maintained U/s. 301 of the Companies Act, 1956, as stated below:

In view of 3 (a) clause b, c, & d are not applicable

(e) The Company has not taken any loans, secured or unsecured from Companies, firms or other parties covered in the register maintained u/s. 301 of the Companies Act, 1956. Accordingly, the question of commenting, on the rate of interest and other terms and conditions of loans taken by the Company, secured or unsecured, are prima facie not prejudicial to the interest of the Company, does not arise. Also the question of commenting, on regular payment of principal amount and interest thereon, and, on taking reasonable steps for recovery / payment of principal amount and interest thereon, does not arise.

4 In our opinion and according to the information and explanations given to us, there is an adequate internal control procedure commensurate with the size of the Company and the nature of its business. During the course of Audit, we have not observed any continuing failure to correct major weakness in internal controls.

5. Based on the audit procedures applied by us and according to the information and explanations provided by the management, we are of the opinion that there are no transactions that need to be entered into the register maintained u/s. 301 of the Companies Act, 1956. Accordingly, the question of commenting, on reasonableness of prices of each transaction having regard to the prevailing market prices at the relevant time, does not arise.

6. The Company has not accepted any deposit from the Public and hence the question of applicability of the directives issued by the Reserve Bank of India and the provisions of Section 56 A and Section 58 AA of the Companies Act, 1956 and the rules framed there under, does not arise.

7. In our opinion, based on the information and explanation given to us, the Company has an internal audit system commensurate with its size and the nature of its business operations.

8. Based on the information and explanations given to us, the Central Government has not prescribed maintenance of cost of records under section 209 (1) (d) of the Companies Act, 1956 in respect of the Company. Hence, the question of maintaining such accounts and records and our commenting thereon, does not arise.

9.(a) According to the information and explanations given to us, the Provident Fund / Employees State Insurance dues with the appropriate authorities is not applicable. The Company is regular in depositing Income Tax, sales Tax, Cess and other statutory dues applicable to it, with the appropriate authorities.

(b) According to the information explanations given to us, no undisputed amount payable in respect of Income tax, Wealth Tax, Sales Tax, Customs Duty, Excise Duty and Cess were in arrears as at 31st March, 2010 for a period of more than six months from the date they become payable.

(c) According to the information and explanations given to us, there are no dues outstanding of Sales Tax, Income Tax, Custom Duty, Wealth Tax, Excise Duty or Cess and other statutory dues applicable to it on account of any dispute.

1O.The Company has no accumulated losses at the end of the financial year and it has not incurred any cash losses in the current and immediately preceding financial year.

11 .The Company has not borrowed any amount from any financial institutions or Banks. Hence, the question of our commenting on whether the Division has defaulted in repayment to Financial Institutions or Debenture Holders or Banks does not arise.

12. According to the information and explanations given to us and based on the documents 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 securities.

13. In our opinion, the Company is not a chit fund or nidhi / mutual benefit fund / society. Therefore, the provisions of clause 4 (xiii) of the Companies (Auditors Report) Order, 2003 are not applicable to the Company.

14. In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investment. Accordingly, the provision of clause 4 (xiv) of the Companies (Auditors Report) order, 2003 are not applicable to the Company.

15. According to the information and explanations given to us, the Company has not given any guarantee for loan taken by others from Banks or Financial Institutions. As a result, the question of commenting on whether the terms and conditions are prejudicial to the interest of the Company does not arise.

16. The Company did not have any term loans outstanding during the year.

17. According to the information and explanations given to us, and 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 investments. No long term funds have been used to finance short term assets.

18. The Company has not made any preferential allotment of shares to parties or companies covered in the register maintained under section 301 of the Companies Act, 1956

19.According to the information and explanations give to us, the Company has not issued any debentures during the year.

20. The Company has not raised any money through a public issue during the year.

21.On the basis of our examination of the books of accounts and other relevant records and information made available to us, prima-facie we have not noticed any fraud on or by the Company, during the year. Further, the management has represented to us that no fraud on or by the Company has been reported during the year. However, we are unable to determine / verify as to whether any such reporting has been made, during the year.

For K. C. THAKKAR & CO.,

Chartered Accountants

K. C. THAKKAR

Proprietor

(Membership No. 32950)

Place: Mumbai

DATE :29.05.2010