INDEPENDENT AUDITORS

To the Members of

NEWEVER TRADE WINGS LIMITED Report on Financial Statements

We have audited the accompanying financial statements of Newever Trade Wings Limited('the Company') having CIN-L74999WB2012PLC181106 which comprise the Balance Sheet as at31st March, 2014, the Statement of Profit & Loss and Cash Flow Statement for the yearended and summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Management is responsible for the preparation of these financial statements thatgive a true and fair view of the financial position, financial performance and cash flowsof the company in accordance with the Accounting Standards referred to in sub-section (3C)of Section 211 of the Companies Act, 1956 ('the Act1). This responsibilityincludes the design, implementation and maintenance of internal control relevant to thepreparation and presentation of the financial statements that give a true & fair viewand free from material 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 have conducted our audit in accordance with the Standards on Auditing issued bythe Institute of Chartered Accountants of India. Those standards require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether 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 the auditor'sjudgement, including the assessment of the risks of material misstatement of the financialstatements, whether due to fraud or error. In making those risk assessment, the auditorconsiders internal control relevant to the Company's preparation and fair presentation ofthe financial statements in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of accountingpolicies used and the reasonableness of the accounting estimates made by the Management,as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis of 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 and fair 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 31stMarch, 2014.

(ii) in the case of the Statement of Profit and Loss, of the profit for the year endedon that date.

(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("the Order")issued by the Central Government of India in terms of sub-section (4A) of section 227 ofthe Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and5 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 accounts as required by law have been kept by theCompany so far as appears from our examination of those books;

c. the Balance Sheet and Statement of Profit and Loss and Cah Flow Statement dealt withby this report are in agreement with the books of account;

d. in our opinion, the Balance Sheet and 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; and

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

For K. N. Jain & Co
Chartered Accountants
FRN. 319119E
CA. Jitendra Lohia
Place: Kolkata Partner
Date : 30th day of May, 2014 Membership No. 060712

Annexure to the Auditors' Report

Referred to in paragraph 2 of our report of even date

On the basis of the records produced to us for our verification/perusal, such checks aswe considered appropriate, and in terms of information and explanations given to us on ourenquiries, we state that

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

b. All the assets have been physically verified by the management during the year andthere is a regular program of verification which, in our opinion, is reasonable havingregard to the size of the company and nature of its business. According to the informationand explanations given to us, no material discrepancies were noticed on such verification.

c. No substantial part of the fixed assets has been disposed off by the company duringthe year.

2 a. As explained to us, inventories were physically verified at reasonable intervals.

b. In our opinion and according to the information and explanations given to us, theprocedure of physical verification of inventories followed by the management werereasonable and adequate in relation to the size of the company and the nature of itsbusiness.

c. In our opinion and according to the information and explanations given to us, theCompany is mamtaining proper records of the inventory. No discrepancies were noticedbetween physical stock and book records.

3 In respect of the loans, secured or unsecured, granted or taken by the Companyto/from companies, firms or other parties covered in the register maintained under Section301 of the Companies Act, 1956.

i) The Company has given loans to two group companies free of interest, maximum amountoutstanding at any time during the year was Rs 63 Lacs for Flex Alloys Private Limited andRs 552.50 Lacs for Dunhil Trader Private Limited.

ii) According to the information and explanations given to us, the terms and conditionsfor the loans given by the Company, are not prima facie prejudicial to the interest of theCompany.

iii) Amount of loan is repayable on demand and no interest is payable as the same hasbeen given free of interest.

iv) In respect of loans given there are no overdue amounts as the same is payable ondemand

4 In our opinion and according to the information and explanations given to us, thereis adequate internal control system commensurate with the size of the Company and natureof its business. The Company is not providing any services. During the course of ouraudit, we have not observed any continuing failure to correct major weaknesses in internalcontrol system.

5 According to the information and explanations given to us, there were transactionsthat needed to be entered in the register maintained under section 301 of the CompaniesAct, 1956, on the contrary the same has been duly complied.

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

In our opinion, the company has an internal audit system commensurate with its size andnature of its business.

8 The Central Government has not prescribed maintenance of cost records under clause(d) of sub-section (1) of section 209 of the Companies Act, 1956.

9 a. The Company has generally been regular in depositing undisputed statutory dues, inrespect of Provident Fund, Investor Education & Protection Fund, Employees StateInsurance, Income Tax, Sales Tax, Service Tax, Custom Duty and Cess with the appropriateauthorities. According to information and expalanations given to us, following is theamount outstanding as at the end of financial year: - VAT Payable (West Bengal) -Rs.75,378

b. According to the information and explanations given to us, there are no dues ofincome tax, sales tax, wealth tax, service tax, custom duty, excise duty, cess etc. whichhave not been deposited on account of any dispute.

10 The Company has accumulated loss of Rs.2.61Lacs as at 31st March 2014, arisingmainly due to provision for income tax. The Company has not incurred any cash loss duringthe financial year ended on that date and in immediately preceding financial year.

11 Based on our audit procedures and on the basis of information and explanations givenby the management, we are of the opinion that the Company has not defaulted in therepayment of dues to banks.

12 According to the information and explanations given to us, the company has notgranted loans and advances on the basis of security by way of pledge of shares, debenturesand other securities.

13 The Company is not a chit fund/nidhi/mutual benefit fund/ society. Therefore, theprovisions of clause (xiii) of paragraph 4 of the Order are not applicable to the Company.

14 According to the information and explanations given to us, the Company is notdealing or trading in share, securities, debentures and other investments.

15 According to the information and explanations given to us, the company has not givenany guarantee for loans taken by others from banks or financial institutions.

16 According to the information and explanations given to us, the company has not takenany term loan from any bank during the year

17 According to the information and explanations given to us and overall examination ofthe Balance Sheet of the Company, we are of the opinion that there are no funds raised onshort term basis that have been used for long-term investment.

18 The company has not made any preferential allotment of shares to parties andcompanies covered in the register maintained u/ s 301 of the Companies Act, 1956.

19 The company has not issued any debentures during the year and accordingly, paragraph4(xix) of the Order is not applicable.

20 The company has made public issue of 63,20,000 shares during the year through IPOfor cash at par aggregating Rs.632 lacs having face value of Rs. 10 each, to meet itsworking capital requirement. All the shares have been duly subscribed and fully paid up.Total number of shares as at the year end is 2,39,45,200 shares of which 1,82,28,450shares are held in demat form. Total issue constitute 26.39% of the fully diluted postissue paid up equity share capital of the company.

21 To the best of our knowledge and according to the information and explanations givento us, no fraud on or by the company has been noticed or reported during the year.

For K. N. Jain & Co
Chartered Accountants
Firm Reg No. 319119E
CA. Jitendra Lohia
Place: Kolkata Partner
Date : 30th Day of May, 2014 Membership No. 060712