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ఆడిటర్ నివేదిక Aarya Global Shares & Securities Ltd.

Mar 31, 2014

1. We have audited the attached Balance Sheet of Aarya Global Shares and Securities Limited, as at 31 March, 2014 and the Profit and Loss Account and also the cash flow statement for the year ended on that date, annexed thereto (collectively referred as the "Financial Statements"). 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.

2. We have conducted this 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 misstatements. An audit includes examining on 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 the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for my opinion.

3. Further We report that:

a. The information and explanations that are obtained, which to the best of our knowledge and belief were necessary for the purpose of 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 Financial Statements dealt with by this report are in agreement with the books of accounts.

d. On the Basis of written representations received from the directors, as on 31st March, 2014 and taken on record by the board of directors, none of the directors are disqualified as on 31st March, 2014 from being appointed as director in terms of clause (g)of sub-section (I) of Section 274 of the CompaniesAct, 1956

e. In our opinion and to the best of my information and according to the explanation given to , the financial statements dealt with by this report materially comply with the Accounting Standards referred to in sub- section (3C) of Section 211 of the Companies Act, 1956 and the Rules framed there under and 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 :-

i. In the case of the Balance Sheet, of the state of affairs of the Company as at March 31,2014;

ii. In the case of The Profit and LossAccount, of the profit of the company 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.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the Companies ( Auditors Report ) Order, 2003 ( The Order ) issued by the Central Government of India in terms of Section 227 (4A) of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 & 5 of the order.

2. As required by section 227 (3) of theAct, 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 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 if account.

d. In our opinion, the Balance sheet, the statement of profit and loss, and the cash flow statement comply with accounting standards notified under theAct read with the General Circular 15/2013 dated 13th September 2013 of the Ministry of CorporateAffairs in respect of Section 133 of the CompaniesAct 2013.

e. On the basis of the written representations received from the directors as on March 31 2014, taken on record by the Board of Directors , none of the Directors is disqualified as on March 31, 2014 from being appointed as a director in terms of Section 274 (1 ) (g) of theAct.

ANNEXURE TO THE AUDITORS'' REPORT Referred under the heading of "report on other Legal and regulatory requirements" of our report of even date

(I) In respect of its FixedAssets:

The company has maintained proper records showing full particular including quantitative details and situation of fixed assets on the basis of available information.

(II) In respect of its Inventories:

As the Company does not have Inventory, the Clauses (ii)(a) to (ii)(c) of para 4 of the Orders are not applicable to the company.

(III) According to the information and explanations given to us, In respect of the loans, secured or unsecured, granted or taken by the Companies to /from Companies, firms or other parties covered in the register maintained under section 301 of theCompaniesAct, 1956.

(IV) According to the information and explanation given to us, there have been no contracts or arrangements referred to in section 301 of the Companies Act, 1956 during the year to be entered in the register required to be maintained under that section.Accordingly, sub- clause (B) is not applicable.

(V) 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 & nature of its business with regard to the sale of goods and services. During the course of our Audit, we have not observed any major weakness in internal control.

(VI) In our opinion and according to the information and explanation given to us, The Company has not accepted any deposits from the public as defined under sections 58A and 58AA of the Companies Act, 1956 & the Companies (Acceptance of deposits) Rules 1975.

(VII) In our opinion and according to the information and explanation given to me, The Company has an inhouse audit system commensurate with the size and the nature of its business.

(VIII) As the company is not a manufacturing concern, the clause (viii) of para 4 of the Order regarding maintenance of cost records under clause (d) of sub-section (1) of section 209 of the Companies Act, 195 is not applicable to the company.

(IX) (a) In our opinion and according to the information and explanation given to us, the company has generally been regular in depositing undisputed statutory dues, including provident fund, investor education and protection fund, employees state insurance, income tax , wealth tax, service tax, custom duty, cess and any other material statutory dues where applicable, with the appropriate authorities during the year.

(b) According to the information and explanation given to us, there are no amounts outstanding in respect of sales tax, income tax, customs duty, wealth tax, service tax, excise duty and cess that have not been deposited with the appropriate authorities on account of any dispute.

(X) The Company does not have accumulated losses as on 31st March, 2014 and has earned profit for the financial year on that date. The accumulated losses of the Company are less than 50 % of the net worth of the Company.

(XI) In our opinion and according to the information and explanations given to us by the management, the Company has not defaulted in repayment of dues to a Financial Institution, Bank or Debenture holders

(XII) The Company has not granted any loans and advances on the basis of security by way of pledge of share, debentures & other securities. Accordingly, the provisions of clause 4(xii) of the Order are not applicable.

(XIII) The Company is not a chit fund or nidhi /mutual benefit fund/society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor''s Report''s) Order, 2003 is not applicable to the Company

(XIV) In our opinion and according to the information given to us, the company is not a dealer or trader in shares, securities, debentures & other investments. The company has maintained proper records of transactions and contracts in respect of investments in shares and Mutual funds and timely entries have been made therein. All the investments in shares and mutual funds have been held by the company in its own name.

(XV) The company has given Corporate Guarantee aggregating to Rs 2crores, for loans Rs 1.5 crores and Rs 50 lacs for Bank guarantees to BSE and NSE taken by Aarya Equity (India) Pvt Ltd subsidiary of the company from Banks and Financial Institutions as at 31/03/2014. The terms and conditions of the Corporate Guarantee are not prejudice to the interest of the company. We are however unable to comment on the same.

(XVI) The Company has not taken any term loan during the year; as such required details need not be given.

(XVII) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, no funds are raised on short term basis; hence detail need not be given.

(XVIII) According to the information and explanations given to us, the Company has not made any preferential allotment of shares to parties & Companies covered in the register maintained under section 301 of the CompaniesAct, 1956 for such a purpose.

(XIX) According to the information and explanations given to us, during the period covered by my audit, the Company has not issued debentures.

(XX) The company has not raised any money by public issue during the year and hence paragraph 4(xx) of the order is not applicable.

(XXI) During the course of our examination of the books and records of the company, carried out in accordance with generally accepted auditing practices in India and according to information and explanation given to us, we have neither come across any instances of material fraud on or by the company, noticed or reported during the year nor have been informed of such case by management.

For SRY &Associates (Chartered Accountant)

Place : Mumbai sd/-

Date :30th May 2014 Rajan Gupta


Membership No.89469


Mar 31, 2013

We have audited the attached balance sheet of M/S. AARYA GLOBAL SHARES & SECURITIES LIMITED (Formerly Known as KUVAM INTERNATIONAL FASHIONS LIMITED) as at 31st March, 2013 and also the profit and loss account for the year ended on that date both of which we have signed under reference to this report. 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 misstatements. An audit includes examining on 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 the management, as well as evaluating the overall 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 matter specified in paragraph 4 & 5 of the said order.

Further to our comments in the Annexure referred to in 3 above we report that:

We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of audit.

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.

The Balance Sheet and Profit & Loss Account dealt with by this report are in agreement with the books of accounts.

In our opinion the Balance Sheet, Profit & Loss Account materially comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956.

On the Basis of written representations received from the directors, as on 31st March, 2012 and taken on record by the board of directors, none of the directors are disqualified as on 31st March, 2013 from being appointed as director in terms of clause (g)of sub-section (I) of Section 274 of the Companies Act, 1956.

In our opinion and to the best of our information and according to the explanations given to us the said Accounts read together with Notes on Accounts attached thereon vide schedule 17, give the information required by the Companies Act, 1956 in the manner so required and give 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 the Affairs of the Company as at 31st March ,2013.

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

(iii) In case of Cash Flow Statements, of the Cash flows for the year ended on that date.

During the year there were no fixed assets & no Material discrepancies were noticed on physical verification.

(ii) (a) As informed to us, the inventory has been physically verified during the year by the management.

In our opinion, the frequency of verification is reasonable.

(b) The Procedures of physical verification of inventory followed by the Management are reasonable and adequate in relation to the size of the Company and the nature of its business.

The Company is maintaining proper records of inventory. There were no discrepancies noticed.

(iii) The Company has neither granted nor taken any loans from persons covered in the register maintained under section 301 of the Companies Act, 1956.

(iv) In our opinion and according to the information and explanations given to us there are adequate internal control procedures to commensurate with the size of the Company & nature of its business with regard to the purchases of Inventory, fixed asset and for the sale of goods. During the course of our Audit, we have not observed any major weakness in internal control.

(v) (a) In our opinion & according to the information and explanation given to us the transactions that need to be entered into the register in pursuance of Section 301 of the Act, have been so entered.

(b) In our opinion & according to the information and explanations given to us, the transactions made in pursuance of contracts of arrangements entered in the register in pursuance of section 301 of the Act and exceeding the value of Rs. Five Lac in respect of any party during the year, have been made at prices which are reasonable having regard to the prevailing market price at relevant time.

(vi) The Company has not accepted any deposits from the public as defined under sections 58A and 58AA of the Companies Act, 1956 & the Companies (Acceptance of deposits) Rules 1975.

(vii) The Company has an internal audit system commensurate with the size and the nature of its business.

(viii) To the best of our knowledge the provisions of Section 209 (1) (d) regarding maintenance of cost records are not applicable to the Company and hence no such records are maintained.

(ix) (a) According to the information and explanations given to us and the records of the Company examined by us, in our opinion the Company is generally regular in depositing undisputed statutory dues including provident fund, employee state insurance, income tax, sales tax, wealth tax, customs duty, excise duty, cess and other applicable statutory dues with the appropriate authorities.

(b) According to the information and explanations given to us , there are no undisputed amounts in respect to above referred dues outstanding as on 31.03.2013 for a period of more than six months from the date they became payable.

(x) The Company has accumulated losses as on 31st March, 2013 and has earned profit for the financial year on that date. The accumulated losses of the Company are less than 50 % of the net worth of the Company.

(xi) In our opinion and according to the information and explanations given to us the Company has not defaulted in repayment of dues to a Financial Institution, Bank or Debenture holders.

(xii) The Company has not granted any loans and advances on the basis of security by way of pledge of share, debentures & other securities.

(xiii) The Company is not a chit fund or nidhi /mutual benefit fund/society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor''s Report''s) Order, 2003 is not applicable to the Company.

(xiv) In our opinion, the Company is not a dealer in shares, securities & debentures or any other investments.

In our opinion and 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 during the year.

The Company has not taken any term loan during the year; as such required details need not be given.

According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, no funds are raised on short term basis, hence detail need not be given.

According to the information and explanations given to us, the Company has not made any preferential allotment of shares to parties & Companies covered in the register maintained under section 301 of the Companies Act, 1956 for such a purpose.

(xix) According to the information and explanations given to us, during the period covered by our audit, the Company has not issued debentures.

For SRY & Associates

Place : Mumbai

Date :29th May, 2013 (Chartered Accountant)



sd/-

Rajan Gupta

(Partner)

Membership No.89469


Mar 31, 2011

(i) We have audited the attached balance sheet of M/S. AARYA GLOBAL SHARES & SECURITIES LIMITED (formerly known as Kuvam International Fashions Limited) as at 31st March, 2011 and also the profit and loss account for the year ended on that date both of which we have signed under reference to this report. 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.

(ii) 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 misstatements. An audit includes examining on 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 the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

(iii) 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 matter specified in paragraph 4 & 5 of the said order.

(iv) Further to our comments in the Annexure referred to in 3 above we report that:

(v) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of audit.

(vi) 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.

(vii) The Balance Sheet and Profit & Loss Account dealt with by this report are in agreement with the books of accounts.

(viii) In our opinion the Balance Sheet, Profit & Loss Account materially comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956.

(viii) On the Basis of written representations received from the directors, as on 31st March, 2010 and taken on record by the board of directors, none of the directors are disqualified as on 31s1 March, 2011 from being appointed as director in terms of clause (g)of sub- section (I) of Section 274 of the Companies Act, 1956.

(ix) In our opinion and to the best of our information and according to the explanations given to us the said Accounts read together with Notes on Accounts attached thereon vide schedule 17, give the information required by the Companies Act, 1956 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 Balance Sheet, of the State of the Affairs of the Company as at 31st March,2011.

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

(c) In case of Cash Flow Statements, of the Cash flows for the year ended on that date.

Annexure to the Auditors Report on Standalone Financial Statements

(i) During the year there were no fixed assets & no Material discrepancies were noticed on physical verification.

(ii) (a) As informed to us, the inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

(b) The Procedures of physical verification of inventory followed by the Management are reasonable and adequate in relation to the size of the Company and the nature of its business.

The Company is maintaining proper records of inventory. There were no discrepancies noticed.

(iii) The Company has neither granted nor taken any loans from persons covered in the register maintained under section 301 of the Companies Act, 1956.

(iv) In our opinion and according to the information and explanations given to us there are adequate internal control procedures to commensurate with the size of the Company & nature of its business with regard to the purchases of Inventory, fixed asset and for the sale of goods. During the course of our Audit, we have not observed any major weakness in internal control.

(v) (a) In our opinion & according to the information and explanation given to us the transactions that need to be entered into the register in pursuance of Section 301 of the Act, have been so entered.

(b) In our opinion & according to the information and explanations given to us, the transactions made in pursuance of contracts of arrangements entered in the register in pursuance of section 301 of the Act and exceeding the value of Rs. Five Lacs in respect of any party during the year, have been made at prices which are reasonable having regard to the prevailing market price at relevant time.

(vi) The Company has not accepted any deposits from the public as defined under sections 58A and 58AA of the Companies Act, 1956 & the Companies (Acceptance of deposits) Rules 1975.

(vii) The Company has an internal audit system commensurate with the size and the nature of its business.

(viii) To the best of our knowledge the provisions of Section 209 (1) (d) regarding maintenance of cost records are not applicable to the Company and hence no such records are maintained.

(ix) (a) According to the information and explanations given to us and the records of the Company examined by us, in our opinion the Company is generally regular in depositing undisputed statutory dues including provident fund, employee state insurance, income tax, sales tax, wealth tax, customs duty, excise duty, cess and other applicable statutory dues with the appropriate authorities.

(b) According to the information and explanations given to us , there are no undisputed amounts in respect to above referred dues outstanding as on 31.03.2011 for a period of more than six months from the date they became payable .

(x) The Company has accumulated losses as on 31st March, 2011 and has earned profit for the financial year on that/date. The accumulated losses of the Company are less than 50 % of the net worth of the Company.

(xi) In our opinion and according to the information and explanations given to us the Company has not defaulted in repayment of dues to a Financial Institution, Bank or Debenture holders.

(xii) The Company has not granted any loans and advances on the basis of security by way of pledge of share, debentures & other securities.

(xiii) The Company is not a chit fund or Nidhi / Mutual benefit fund/ Society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor's Report's) Order, 2003 is not applicable to the Company.

(xiv) In our opinion, the Company is not a dealer in shares, securities & debentures or any other investments.

In our opinion and 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 during the year.

The Company has not taken any term loan during the year; as such required details need not be given.

According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, no funds are raised on short term basis, hence detail need not be given.

According to the information and explanations given to us, the Company has not made any preferential allotment of shares to parties & Companies covered in the register maintained under section 301 of the Companies Act, 1956 for such a purpose.

(xix) According to the information and explanations given to us, during the period covered by our audit, the Company has not issued debentures.

For SRY & Associates

Chartered Accountants

Sd/-

RAJAN GUPTA

Date : 25th August, 2011 (Partner)

Place : Mumbai Membership No. 089469


Mar 31, 2010

1. We have audited the attached balance sheet of M/S. KUVAM INTERNATIONAL FASHIONS LIMITED as at 31st March, 2010 and also the profit and loss account for the year ended on that date both of which we have signed under reference to this report. These financial statements are the responsibility of the Companys Management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. 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 misstatements. An audit includes examining on a test basis evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditors 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 matter specified in paragraph 4 & 5 of the said order.

4 Further to our comments in the Annexure referred to in 3 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 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 & Loss Account dealt with by this report are in agreement with the books of accounts.

(d) In our opinion the Balance Sheet, Profit & Loss Account materially comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956.

(e) On the Basis of written representations received from the directors, as on 31st March,2010 and taken on record by the board of directors, none of the directors are disqualified as on 31st March,2010 from being appointed as 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 Notes on Accounts attached thereon vide schedule 17, give the information required by the Companies Act, 1956 in the manner so required and give 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 the Affairs of the Company as at 31st March 2010.

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

(iii) In case of Cash Flow Statements, of the Cash flows for the year ended on that date.

ANNEXURE TO THE AUDITORS REPORT REFERRED TO IN PARAGRAPH (3) THEREOF

(i) During the year there were no fixed assets & no Material discrepancies were noticed on physical verification.

(ii) (a) As informed to us, the inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

(b) The Procedures of physical verification of inventory followed by the Management are reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) The Company is maintaining proper records of inventory. There were no discrepancies noticed.

(iii) The Company has neither granted nor taken any loans from persons covered in the register maintained under section 301 of the Companies Act,1956.

(iv) In our opinion and according to the information and explanations given to us there are adequate internal control procedures to commensurate with the size of the Company & nature of its business with regard to the purchases of Inventory, fixed asset and for the sale of goods. During the course of our Audit, we have not observed any major weakness in internal control.

(v) (a) In our opinion & according to the information and explanation given to us the transactions that need to be entered into the register in pursuance of Section 301 of the Act, have been so entered.

(b) In our opinion & according to the information and explanations given to us, the transactions made in pursuance of contracts of arrangements entered in the register in pursuance of section 301 of the Act and exceeding the value of Rs. Five Lacs in respect of any party during the year, have been made at prices which are reasonable having regard to the prevailing market price at relevant time.

(vi) The Company has not accepted any deposits from the public as defined under sections 58A and 58AA of the Companies Act, 1956 & the Companies(Acceptance of deposits) Rules 1975.

(vii) The Company has an internal audit system commensurate with the size and the nature of its business.

(viii) To the best of our knowledge and according to the explanations provided to us the Central government has prescribed maintenance of cost records under section 209(1 )(d) of the Companies Act,1956 in respect of the product of the Company.

(ix) (a) According to the information and explanations given to us and the record of the Company examined by us ,in our opinion the Company is generally regular in depositing undisputed statutory dues including provident fund, employee state insurance, income tax, sales tax, wealth tax, customs duty, excise duty, cess and other applicable statutory dues with the appropriate authorities.

(b) According to the information and explanations given to us , there are no undisputed amounts in respect to above referred dues outstanding as on 31.03.2010 for a period of more than six months from the date thus became payable .

(x) The Company has accumulated losses as on 31st March, 2010 and has earned profit for the financial year on that date. The accumulated losses of the Company are less than 50 % of the net worth of the Company.

(xi) In our opinion and according to the information and explanations given to us the Company has not defaulted in repayment of dues to a Financial Institution, Bank or Debenture holders.

(xii) The Company has not granted any loans and advances on the basis of security by way of pledge of share, debentures & other securities.

(xiii) The Company is not a chit fund or nidhi /mutual benefit fund/society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditors Reports) Order, 2003 is not applicable to the Company

(xiv) In our opinion, the Company is not a dealer in shares, securities & debentures or any other investments.

(xv) In our opinion and 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 during the year.

(xvi) The Company has not taken any term loan during the year; as such required details need not be given.

(xvii) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, no funds are raised on short term basis, hence detail need not be given.

(xviii) According to the information and explanations given to us, the Company has not made any preferential allotment of shares to parties & Companies covered in the register maintained under section 301 of the Companies Act, 1956 for such a purpose.

(xix) According to the information and explanations given to us, during the period covered by our audit, the Company has not issued debentures.

(xx) The Company has raised money by way of preferential share allotment during the year whereby the management has given sufficient details regarding the end use of the funds raised by way of issues.

(xxi) During the year the Company had received funds from private investors by way of preferential allotment of shares. Out of these funds deposited in the Kotak Mahindra Bank Ltd, an amount of Rs. 1.15 cr was fraudently transferred in illegal manner by some criminal persons. The Company has already filed a suit against the Kotak Mahindra Bank Ltd for recovering the amount. Out of these Rs. 62,51,602/- were recovered during the year and Rs. 18,35,895 were subsequently recovered in April 2010.The Company is in process of recovering the balance Rs.34,12,503/- from the bank. The Company considers that full amount will be recovered from the bank in due course and hence no provision for the same has been made.

For SRY & ASSOCIATES For Kuvam International Fashion Limited

Chartered Accountants

(Rajan Gupta)

Partner

M.No.89469

Place : Ludhiana

Date : 25th May, 2010

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