To The Member

M/S. Econo Trade (India) Limited Report on Standalone Financial Statements

We have audited the accompanying and alone financial statement CONO TRADE (INDIA) LIMITED , which comprises the Balance sheet as at31^st March, 2016 and the statement of Profit and Loss and Cash Flow statement for the then ended and a summary of Significant accord policies and other explanatory information.

Management Responsibility for the Financial Statements

The Company board of Directors is respites for the matters stated in section (5) of the Companies Act, 2013 (the Act)’ with respect to preparation and presentation of these financial statements that give a true and fair view of the financial position, financial perforce and cash flows of the company accordance with the accounting principles generally accepted in India, including the accounting standards spec under Section 33 of the Act, read with Rule 7 of the Companies (Accounts) rules, 204. This responsibility maintenance of adulate accounting records in accordance with provision of the Act for safeguarding the oafs state Company and for preventing and detecting frauds and other regularities; selection and application the appropriate accounting policymaking judgments and estimates that are reasonable and prudent; and design, implementation and maintain of adequate internal financial controls, that were operating effectively for ensuring the accuracy and complitert6 the accounting records, to the preparation and presentation of the financial statements that give a and are free from material misstatement, whether due t fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these standalone statements based on audit. We have taken into account the provisions of the Act, the accounting and auditing and matters which are required to be included in the auditor report under the provision of the Act and the rules made there under.

We conducted our audit in accordance with the standard Outing specified under Section 43(D) of the Act. Those Standards require that we comply with ethical requirements and penal perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit about the amounts and disclosures in the financial statement. The procedures selected depend on audit agreement, including the assessment of the risks of material misstatement of the Financial Statements, whether due to or. In making those risk assessments, the auditor consider internal control relevant to company’s preparation of the financial students that give a true and fair view in order to design audit procedures that are appropriate insistences, but not for the purpose of expressing an opinion on whether the company has in place an quite internal financial controls systole financial reporting and operating effectiveness of such control. An audios includes evaluating the appropriate of accounting policies used and the reasonableness of the accounting estimates made by the Company director, as well as evaluating the overall presentation of financial statements.

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

Opinion

In our opinion and to the best of our information and according the explanations given to us, the aforesaid standalone financial statements give the information required by the manner so required and true and fair view in conformity with the accounting pipes generally accepted in India:

(a) in case of the Balance sheet, of the state of affairs of the company as at March 31, 206;

(b) In the case of profit and loss Account, other FIT for the Year ended on that date; and © in the case of the Cash flow statement 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, 2016the Order)’, issued by the Central Government of India in terms of Sub-Section (I) of Section 43 of Act , we give in the Annexure A, a statement on the matters specified in the paragraphs 3 and 4 of the order.

2 As required by Section 43 (3) of the Act, we report that:

a) We have sought and obtained all the Damnation and explanations which t(h e best of our Knowledge and belief were necessary for the purposes of our audit.

b) In our opinion proper books of accounts as required by haw1 been kept by the Company so far as it appears from our examination of those books;

c) The Balance sheet, the statement of Profit and Loss and flow statement dealt with by this report are in agreement with books of account;

d) In our opinion, the aforesaid standalone financial statement with the accounting Standard Specified under Section 33 of the Act, read with Rule 7 of the Companies (Account) Rules, 2014;

e) On the basis of the written representation received from the Directors 2016 and taken on record by the Board of Directors, none of the directors is disqualified as31^st March, 2016 from being appointed as a director, in terms of Section 64(2) of the Act;

f) With respect to the adequacy of the Internal Fan control over financial reporting of the Company and the operating effectiveness of such controls femur separate report in Annexure B- ’and

g) With respect to the other matters to be include Auditor Report in accordance with Rule U of the Companies (Audit and Auditors) Rules, 204, in our opinion Board to the best of our Information and according to the explanations given to us:

(i) The Company does not have any pending litigations its financial position in its financial Statements;

(ii) The Company does not have any requirement provision under the applicable law or Accounting standards;

(iii) The company does not have any requirement to company amount to Investor Education and Protection fund by the Company.

The Annexure referred to in our Audit Retool the Members of the Company on the standalone financial Statements for year ended 31st March 2016, we report that:

1 a) The Company is maintaining proper records showing particulars including quantities-details and situation of Fixed Assets.

b) All the fixed Assets have been physically verified 1 he management at reason intervals and no material discrepancies were noticed on such verification.

2 a) The Company have been physically verified reasonable intervals by the Management.

b) In our opinion and according to the for Domitian and explanation given to used procedure of physical verification of inventories followed by the management are reasonable adequate in relation to these of the Company and the nature of its business.

c) In our opinion and according to the information and adaption given to us, the Company is maintaining proper records of its inventories and no material discrepant were noticed on such physical verification.

3 The Company has not granted Loans and Advances to ANOVAs end in the register maintained under Section B9 of the Companies Act, 203. Hence, Clause is not applicable.

4 In our opinion and according to the information and explants given to us, the Company has complied with the provisions of Section B5 and B6 of the Act, where respect to Loans and Investment made.

5. The Company has not accepted any deposits from the public.

6. The Central Government has not prescribed the minter records under Section 148 of the Act, for any of the Business rendered by the Company.

7. a) According to the information and explanations give on the basis of our examination of the records of the Company, amounts deducted/ accrued in the books of account respect of undisputed statutory dues including provident fund, Income Tax, Sales Tax, Value added Tax of Customs, Service Tax, cess and other material dues age been regularly deposited during the year by the Company appropriate authorities. As explained to us, the Company did not have any dues on account of employees state Insurance and duty of excise.

b) According to the information and explanation give nut so no undisputed amounts payable in respect of provident fund, Income Tax, sales Tax, Value added Tax, Duty of must, Service Tax, Cess and other material statutory dues were in arrears as at 31st March 2016 for a period of six Months from the date they became payable.

Details of dues of Income Tax which have been deposited as on March 31206 on account of disputes are given below :-

8. The Company does not have any loans or borrowings financial Institution, bank government or debenture holders during the year. Accordingly paragraph viii) of the order is not applicable.

9. The Company did not raise any money by way of initial puffer or further public offer (including debt Instruments and term loans during the year. Accordingly paragraph 3(ix) of the order is not applicable.

10. According to the information and explanation given to, us) material fraud by the Company or on the company by its officers or employees has been notice no ported during the course of our audit.

11. According to the information and explanations given Unit and based on our examination of the records of the Company, the company has paid/provided for managerial remuneration accordance with the requisite approvals mandated by the provisions of Section 97 read with Schedule V to the Act.

12. In our opinion and according to thin formation and explanations given to 1utsie Company is not a nidhi company. Accordingly, paragraph 3(xii) of the Order is not applicable.

13. According to the information and explanations give so and based on our examination of the records of the Company, the Company has not entered into any transactions with etudes parties in compliance with Sections 177 and 188 of the Act so the clause is applicable for the Company.

14 According to the information and explanations give and based on our examination of the records of the Company, the Company has not made any preferential allotment orating placement of shares or fully or partly convertible debentures during the year.

15. According to the information and explanations given eland based on our examination of the records of the Company, the Company has not entered into non as actions with Directors or connected with him. Accordingly, paragraph 3(xv) of the Order is not applicable.

6. The Company is registered under Section 45-IA of themed Bank of India Act, 1934 Via Certificate of Registration No.B.05.02244 dated- 16.05.1998

Report on the Standalone Financial Statements of Econo Trade (India) Limited on the Internal Financial Controls under Clause(i) of Sub-section 3 of Section 143 of the Companies Act,2013(“the Act”)

We have audited the internal finance controls over the financial reporting Trade (India) Limited (the Company)’ as on 31 March,20B in conjunction with our audit of the stand financial statements of the Company for the year ended on that date.

Management’ s Responsibility for Internal Financial Controls

The Company’s management is responsible establishing and maintaining internal controls based on the internal control over financial reporting criteria dist add by the Company considering the components of internal control stated in Guidance Note on Audit of Internal Financial Convent Financial Reporting issued by the Institute of Chartered Accountants of India (ICAI).These responsibilities including implementation and maintenance of adequate internal financial controls that we pirating effectively for ensuring the Dade and efficient conduct of its business ,including adherence to company’s policies, the safeguarding of its assets, the and detection of frauds and errors, the accuracy and completeness of the accounting records, preparation of reliable financial information ,as required under Companies Act,20F.

Auditor’s Responsibility

Our responsibility is to express an opinion on the Company’s financial reporting base our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Find controls over Financial Reporting(the Guidance Note)’ and the Standards on Auditing ,issued by AC and deemed to be prescribed under section ]43(0) of the Companies Act,20F,to the extent applicable to an audit of Indian Financial Controls and both, issued by the Institute of Chartered Accountants of India. Those standards and Guidance require that we comply with the ethical requirement s and plan and platform the audit to obtain reasonable assurer whether adequate interline financial controls over financial reporting was established and intoned and if such controls over financial reporting was established and maintained and if such controls operate effectively in all material aspects.

Our audit involves performing procedures to obtain audit out the adequacy of the internal financial controls system over financial reporting and the operating effectiveness. Our audit financial controls system over financial reporting and their operating activeness .Our audit of internal controls over financial reporting, assessing the risk that a material weakness exists, aging end evaluating the designed operating effectiveness of internal control based on the assessed The procedures selected depend auditors judgment, including the assessment of the risks of material misstatement financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficed appropriate to provide basis for our audit opinion on the Company’s_ internal financial control system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company’s internal financial control over financial is a process designed to provide reasonable assurance regarding the reliability of financial replay and the preparation of financial for external purposes in accordance with generally accepted accounting princes! A company’s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance’s records that, in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets provide reasonable assurance and transactions are recorded as necessary to permit preparation of financial dements in accordance with generally accepted accounting principles, and the receipt and expenditures of the company being made only in accordance with authorizations of management and directors of the company; and (3) profiles unable assurance regarding pervade or timely detection of unauthorized acquisition ,use, or disposition of the company sets that could have a material effect on the financial statements.

Inherent Limitation of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal finance over financial reporting-including the possibility of collusion or improper management override of controls, mateIIi8letatements due to error or fraud may occur and not to b detected. Also, projections of any evaluation of the inters financial controls over financial reporting may become inadequate because of changes in control, or that the degree of compliant with the policies or procedures may deteriorate.

Opinion

In our opinion ,the Company has , in all material respects adequate internal financial control system over financial reporting and such internal financial controls systemf0vdncial reporting were operating effectively as on 31 March,20B , based on the internal control over financial department criteria established by the company considering the essential components of internal control stated in the Guidance No of Internal Financia0nErols Over Financial Reporting issued by the Institute of Chartered Accountants of India

H, Mahatma Gandhi Road, For, Ashok Kumar Natwarlal & Co.

3^nd Floor, Room No. 708, Chartered Accountants

Kolkata -700007

UM A R AGARWASHOK

Dated: 30.05.2016 Membership No. 056139

No.322307E