ఆడిటర్ నివేదిక Moh Ltd.

Mar 31, 2009

We have audited the attached Balance Sheet, Profit & Loss Account and also the Cash Flow Statement of Moh Limited as at 31st March, 2009 for the year ended on that date annexed thereto. These financial statement are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statement based on our audit.

1. We conducted our audit in accordance with the auditing standards generally accepted in India. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from any material misstatement. An audit includes examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

2. 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 matters specified in paragraphs 4 and 5 of the said order.

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

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

b) In our opinion, proper books of account as required by law have been kept by the Company, so far as it appears from our examination of those books.

c) The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the books of account.

d) In our opinion the Balance Sheet and Profit and Loss Account dealt with by this report comply with the Accounting Standards referred to in sub-section 3(c) of Section 211 of the Companies Act, 1956.

e) On the basis of written representations received from the directors as on 31st March, 2008 and taken on record by the Board of Directors, we report that none of Directors is disqualified as on 3 lst March, 2008 from being appointed as a director in terms of Section 274(l)(g) 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 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 principle generally accepted in India.

a. in the case of the Balance Sheet, of the state of the affairs of the Company as at 31st March, 2009 and

b. In the case of the Profit and Loss Account, of the LOSS for the year ended on that date.

Auditors Report to the Members of the Company

Annexure referred to in paragraph 2 of our Auditors Report of even date on the Financial Statement for the year ended 31st March, 2009 of Moh Limited

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

(i) (a) The Company has maintained proper records showing particulars including quantitative details and situation of fixed assets.

(b) The assets have been physically verified by the management during the year but there is a regular programme of verification which, in our opinion, it is reasonable having regards to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification.

(c) The Company has not sold any fixed assets during the year.

(ii) (a) to (c) There is no inventory hence the clause is not applicable.

(iii) (a) The Company has not granted any secured or unsecured loan to companies, firm or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Hence clause (a) to (d) of the order are not applicable

(e) The Company has not taken any secured or unsecured loan from companies, firm or other parlies covered in the register maintained under section 301 of the Companies Act, 1956. Hence clause (e) to (g) of the order are not applicable

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchases of inventory, fixed assets and with regard to the sale of goods and assets. During the course of our audit, no major weaknesses in internal controls has come to our notice.

(v) (a) There are no transaction made with parties that need to be entered in to register in pursuance of Section 301 of the Act. (b) As there are no transaction made with parties, the provisions of clause v(b) is not applicable.

(vi) The Company has not accepted any deposits from Public, hence the provisions of Section 58A and 58AA of the Companies Act, 1956 and the Companies Act, 1956 and the Companies (Acceptance of deposits) Rule, 1975 is not applicable to the Company.

(vii) The Company does not have an internal audit system.

(viii) The Provisions of Section 209(1)(D) of the Companies Act, 1956 regarding maintenance of cost records are not applicable to the Company.

(ix) (a) The Company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, employees stale insurance, income tax, sales tax, custom duty, excise duty, cess and other material statutory dues applicable to it.

(b) According to the information and explanations given to us, no undisputed amounts is payable in respect of income tax, sales tax, custom duty, excise duty and cess were in arrears, expect income tax of Rs.5392926 for A.Y. 2001-2002 and Rs.69978299 for A.Y. 2002-2003 is pending as at 31-3-2009 for a period of more than six months from the date they became payable.

(C) According to the information and explanations given to us, there are no dues of sales tax, custom duty, excise duty and cess, which have not been deposited on account of any dispute. There is disputed liabilities of income tax as below,

Matter in dispute Asstt.year Tax Liability Forum where pending

Assessment U/s 143(3) r.w.s 147 I.T Act 2001-02 Rs.5392926/= ITAT Ahmedabad

Assessment U/s 143(3) r.w.s 147 l.T Act 2001-02 Rs.9032508/= CIT (A) Ahmedabad

lit is including Rs.5392926/=]

Assessment U/s 143(3) r.w.s 147 l.T Act 2002-03 Rs.69978299/= CIT (A) Ahmedabad

Assessment U/s 143(3) r.w.s 147 I.T Act 2004-05 NIL CIT (A) Ahmedabad



(x) There are accumulated losses of Rs. 10,42,42,458/= but there is no cash losses in the Company.

(xi) In our opinion an according to the information and explanations given to us, the Company has not defaulted in repayment of dues to the Bank. And there is no outstanding dues to any bank or the financial institutions at the end of the year.

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

(xiii) in our opinion, the Company is not a chit fund or a 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.

(xiv) In our opinion, the Company is not dealing in trading in shares, securities, debentures and other investments. Accordingly, the provisions of clauses 4(xiv) of the Companies (Auditors Report) order, 203 are not applicable to the Company.

(xv) The Company has not given guarantees for loans taken by others from banks or financial institutions.

(xvi) The Company has not taken any term loans.

(xvii) No funds has been raised on Short Term basis and no long term investment has been made from it.

(xviii) The Company has not issued any shares hence there is no preferential allotment.

(xix) The Company has not issued any debenture.

(xx) The Company has not raised money from public issues.

(xxi) According to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the courses of our audit.



FOR MADHUSUDAN C. MASHRUWALA & CO. CHARTERED ACCOUNTANTS.

(U. M. MASHRUWALA) PARTNER MEMBERSHIP NO. 38254.

Place : Ahmedabad. Date: 13th July,2009.