Independent Auditors Report on Standalone Financial Statements

To

The Members of

Agrimony Commodities Limited

Report on the Financial Statements

We have audited the accompanying financial statements of Agrimony Commodities Limited("the Company") which comprise the balance sheet as at 31 March 2014, thestatement of profit and loss and the cash flow statement for the year then ended and asummary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give atrue and fair view of the financial position, financial performance and cash flows of theCompany in accordance with the Accounting Standards referred to in sub-section (3C) ofsection 211 of the Companies Act, 1956 (“the Act”) read with the GeneralCircular 15/2013 dated 13 September 2013 of the Ministry of Corporate Affairs in respectof Section 133 of the Companies Act, 2013. This responsibility includes the design,implementation and maintenance of internal control relevant to the preparation andpresentation of the financial statements that give a true and fair view and are free frommaterial misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. We conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on theauditor’s judgment, including the assessment of the risks of material misstatement ofthe financial statements, whether due to fraud or error. In making those risk assessments,the auditor considers internal control relevant to the Company’s preparation and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances, but not for the purpose of expressing an opinion on theeffectiveness of the entity’s internal control. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by management, as well as evaluating the overall presentation of thefinancial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us, the financial statements give the information required by the Act in themanner so required and give a true andfair view in conformity with the accountingprinciples generally accepted in India:

(i) In the case of the balance sheet, of the state of affairs of the Company as at 31March 2014;

(ii) In the case of the statement of profit and loss, of the profit for the year endedon that date; and

(iii) In the case of the cash flow statement, of the cash flows for the year ended onthat date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order, 2003 (“theOrder”), as amended, issued by the Central Government of India in terms ofsub-section (4A) of section 227 of the Act, we give in the Annexure a statement on thematters specified in paragraphs 4 and 5 of the Order.

2. As required by section 227(3) of the Act, we report that:

a) We have obtained all the information and explanations which to the best of ourknowledge 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 theCompany so far as appears from our examination of those books;

c) The balance sheet, statement of profit and loss and cash flow statement dealt withby this Report are in agreement with the books of account;

d) In our opinion, the balance sheet, statement of profit and loss and cash flowstatement comply with the Accounting Standards referred to in sub-section (3C) of section211 of the Companies Act, 1956 read with the General Circular 15/2013 dated 13 September2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act,2013. ; And

e) On the basis of written representations received from the directors as on 31 March2014, and taken on record by the Board of Directors, none of the directors is disqualifiedas on 31 March 2014, from being appointed as a director in terms of clause (g) ofsub-section (1) of section 274 of the Companies Act, 1956.

For V.R. Bhabhra & Co

Chartered Accountants

Firm's registration number: 112861W

Vimal Bhabhra

Proprietor

Membership number: 046043

Place : Mumbai

Date : 30th August, 2014

Annexure to the Auditors’ Report

The Annexure referred to in our report to the members of Agrimony CommoditiesLimited ("the Company") for the year ended 31 March 2014. We report that:(i) In respect of Fixed Assets :

a. The Company has maintained proper records showing full particulars, includingquantitative details and situation of fixed assets.

b. The Company has a regular programme of physical verification of its fixed assets bywhich fixed assets are verified in a phased manner over a period of three years. Inaccordance with this programme, certain fixed assets were verified during the year and nomaterial discrepancies were noticed on such verification. In our opinion, this periodicityof physical verification is reasonable having regard to the size of the Company and thenature of its assets.

c. In our opinion and according to the Information and explanations given to us, noFixed assets has been disposed off during the financial year by the Company.

(ii) The Company does not hold any physical inventories at the year end and On thebasis of our examination of the records of inventory, we are of the opinion that theCompany is maintaining proper records of inventory.

(iii) (a) The Company has granted loans to bodies corporate covered in the registermaintained under section 301 of the Companies Act, 1956 ("the Act). The maximumamount outstanding during the year was Rs2,57,41,599 and the year-end balance of such loanamounted to Rs2,57,41,599. Other than the above, the Company has not granted any loans,secured or unsecured, to companies, firms or parties covered in the register maintainedunder section 301 of the Act.

(b) In our opinion, the rate of interest and other terms and conditions on which theloans had beengranted to the bodies corporate listed in the register maintained underSection 301 of the Act were not, prima facie, prejudicial to the interest of the Company.

(c) In the case of the loans granted to the bodies corporate listed in the registermaintained under section 301 of the Act, the borrowers have been regular in the payment ofthe interest as stipulated. The loans were repayable on demand and have been fully repaidduring the year.

(d) The loans granted were repaid during the year. Accordingly, there are no overdueamounts of more than rupees one lakh in respect of the loan granted to a body corporatelisted in the register maintained under section 301 of the Act.

(e) The Company has not taken any loans, secured or unsecured from companies, firms orparties covered in the register maintained under section 301 of the Act. Accordingly,paragraphs 4(iii)(e) to 4(iii)(g) of the Order are not applicable.

(iv) In our opinion and according to the information and explanations given to us,there is an adequate internal control system commensurate with the size of the Company andthe nature of its business with regard to purchase of inventory and fixed assets, and forthe sale of goods. However, during the course of our audit, we have not observed any majorweakness in the internal control system during the course of the audit.

(v) In respect of the contracts or arrangements referred to in section 301 of theCompanies Act, 1956:

a. In our opinion and according to the information and explanations given to us, theparticularsof contracts or arrangements referred to in section 301 of the Act have beenentered in the register required to be maintained under that section.

b. In our opinion, and according to the information and explanations given to us, thetransactions made in pursuance of contracts and arrangements referred to in (v)(a) aboveand exceeding the value of Rs 5 lakh with any party during the year have been made atprices which are reasonable having regard to the prevailing market prices at the relevanttime.

(vi) According to the information and explanations given to us, the company has notaccepted any deposits from the public within the meaning of provisions of sections 58A and58AA or any other relevant provisions of the Companies Act, 1956 and rules made thereunder.

(vii) In our opinion, the Company has an internal audit system commensurate with thesize and the nature of its business.

(viii) The Central Government of India has not prescribed the maintenance of costrecords under Section 209(1)(d) of the Act for any of the services rendered by theCompany.

(ix) In respect of statutory dues:

a. According to the information and explanations given to us and on the basis of ourexamination of the records of the Company, amounts deducted/ accrued in the books ofaccount in respect of undisputed statutory dues including Income-tax, Sales-tax, Servicetax, and other material statutory dues have been regularly deposited during the year bythe Company with the appropriate authorities.

b. As explained to us, the Company did not have any statutory disputed amounts payablein respect of Income-tax, Sales-tax, Service tax and other material statutory dues were inarrears as at 31 March 2014 for a period of more than six months from the date they becamepayable.

(x) The Company does not have any accumulated losses at the end of the financial yearand hasnot incurred cash losses in the financial year and in the immediately precedingfinancial year.

(xi) Based on our audit procedures and according to the information and explanationsprovided to us by the management, we are of the opinion that the Company did not have anyoutstanding dues to any financial institution, banks or debenture holders during the year.

(xii) In our opinion and according to the explanations given to us and based on theinformation available, no loans and advances have been granted by the Company on the basisof security by way of pledge of shares, debentures and other securities.

(xiii) In our opinion and according to the information and explanations given to us,the Company is not a chit fund/ nidhi/ mutual benefit fund/ society.

(xiv) According to the information and explanations given to us, the Company is notdealing or trading in shares, securities, debentures and other investments.

(xv) According to the information and explanations given to us, the Company has notgiven any guarantee for loans taken by others from banks or financial institutions.

(xvi) Based on our audit procedures and according to the information and explanationsprovided to us by the management, the Company did not have any term loans outstandingduring the year.

(xvii) On the basis of review of utilization of funds, which is based on an overallexamination of the Balance Sheet of the Company and related information as made availableto us and as represented to us by the management, funds raised on short-term basis havenot been used for long-term purposes.

(xviii) The Company has not made any preferential allotment of shares to parties andcompanies covered in the register maintained under section 301 of the Act.

(xix) The Company did not have any outstanding debentures during the year.

(xx) During the year, the Company has raised money through public issue of 1,12,90,000equity shares at Rs 10 each fully paid up.

(xxi) Based upon the audit procedures performed and the information and explanationsprovided to us by the management, we report that no material fraud on or by the Companyhas been noticed or reported during the year under audit.

For V.R. Bhabhra & Co

Chartered Accountants

Firm's registration number: 112861W

Vimal Bhabhra

Proprietor

M No.: 046043

Place : Mumbai

Date : 30th August, 2014