Asian Alloys Ltd Directors Report.

1996 ASIAN ALLOYS LIMITED AUDITORS REPORT We have audited the attached Balance Sheet of ASIAN ALLOYS LIMITED as at 31st March, 1996 and also the Profit and Loss account of the company for the year ended on that date annexed thereto. We report as follows: (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 the books. (c) The Balance Sheet and the Profit and Loss Account are in agreement with the books of account. (d) In our opinion, and to the best of our information and according to the explanations given to us, the said accounts subject to and read with the notes on accounts thereon give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view: (i) In the case of the Balance Sheet, of the state of the affairs of the Company as at 31st March, 1996 and (ii) In the case of the Profit and Loss Account, of the profit of the Company for the year ended on that date. for DATTA SINGLA & CO. Chartered Accountants RAJIV DATTA Partner Place : New Delhi Dated : 7th August, 1996.