Mahadev Industries Ltd Auditors Report.

1996 MADADEV INDUSTRIES LIMITED AUDITORS REPORT 1. We report that we have audited the Balance Sheet of Mahadev Industries Limited [formerly Mahadev Agro Industries Ltd] as at 31st March 1996 and the relative Profit and Loss Account for the year ended on that date, both of which we have signed under reference to this report. 2. In our opinion and to the best of our information and according to the explanations given to us the Balance Sheet and Profit and Loss Account together with the notes thereof, give in the prescribed manner, the informations as required by the Companies Act 1956 and also give respectively a true and fair view of the states of the Companys affairs as at 31st March 1996. 3. We have obtained all the information and explanations which,to the best of our knowledge and belief were necessary for our audit. In our opinion proper books of accounts have been kept as required by law so far as appears from our examination of the books and the above mentioned accounts are in agreement therewith. For Anil Manju & Associates Chartered Accountants Anil Kumar Proprietor Place : New Delhi Dated : 24th June, 1996.