I Azure Exim Services Limited I ; (Formerly known as Hindustan I Continental Limited) FORMA. Name of the Company

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1 AZURE EXIM SERVICES LIMITED Regd. Off.: 461, Nandan Arcade, Kap Kaneri, Opposite State 'Bank of India, Ashok Nagar, Bhiwandi, Thane , Maharashtra Tel: / azureeximservices@gmailcom CIN: L74999MH1993PLCl90019 FORMA Name of the Company Annual financial statements for the year ended : Type of Audit observation Frequency of observation I Azure Exim Services Limited I ; (Formerly known as Hindustan I Continental Limited), For the Financial Year ended 31 st March 2014 Un-qualified Not Application For Azure Exim Services Limited For Gupta Saharia & Co. Chartered Accountants Firm Reg No. l03446w DiJip Kumar Das Chairman of Audit Committee (Suresh Saharia) Partner M. No r

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20 Phone : Gupta Saharia & Co. Chartered Accountants AUDITORS' CERTIFICATE ON COMPLIANCE OF CONDITIONS OF CORPORATE GOVERNANCE: We have examined the compliance of the conditions of Corporate Governance by AZURE EXIM SERVICES LIMITED for the year ended 31 sl March, 2014, as stipulated in Clause 49 of the Listing Agreement ofthe said Company with the BSE Limited. The compliance of conditions of Corporate Governance is the responsibility of the management. Our examination was limited to the procedures and implementation thereof, adopted by the Company for ensuring the compliance of the conditions of Corporate Governance. It is neither an audit nor an expression of opinion on the financial statements ofthe Company. In our opinion and to the best of our information and according to the explanations given to us, we certify that the Company has complied with the conditions of Corporate Governance as stipulated in the above mentioned Listing Agreement. We state that such compliance is neither an assurance as to the future viability of the Company nor the efficiency or effectiveness with which the management has conduct~d the affairs ofthe Company. For: MIs Gupta Saharia & Co. Chartered Accountants ~ 3 CA Suresh Saharia p,.*,i. Partner Place: Mumbai. ':c;:,::':;:rviembershlp No.: Date: 30 th May, 2014 ~RN NO '0 ~ ttl..{ b W Head Office: 4, Atlanta, Evershine Nagar, Malad (West), Mumbai scsaharia@yahoo.com/suresh.saharia@guptasaharia.com Branches At : Borivali Kolkata Website:

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23 "'II ~ ~, Phone : Gupta Saharia & Co. Chartered Accountants Independent Auditor's Report TO THE MEMBERS OF AZURE EXIM SERVICES LIMITED Report on the Financial Statements We have audited the accompanying financial statements of Azure Exim Services Limited ("the Company"), which comprise the Balance Sheet as at, March 31, 2014, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary 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 a true and fair view of the financial position and financial performance and Cash Flow of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 read with General Circular 15/2013 dated 13 September, 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are 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 our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and 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 evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the 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 fair presentation of the fmancial statements in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the Company's Internal Control. An audit also includes evaluating the appropriateness of accounting policies used and the. reasonableness of the accounting estimates made by 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 to ~ basis for our audit opinion. ~ ~ c;zoj. ~ MU AI 0-0 pinion '". (") ~.0, In our opinion and to the best of our information and according to the explanations giv 1:8 e~;p...*. the,financial statements give the information required by the Act in the manner so require Head Office: 4, Atlanta, Evershine Nagar, lvialad (West), lviumbai ' scsaharia@yahoo.com/suresh.saharia@guptasaharia.com Branches At : Borivali Kolkata Website:

24 give. a true and fair view in conformity with the accounting principles generally accepted in India: (a) in the case ofthe Balance Sheet, ofthe state of affairs ofthe Company as at March 31,2014; (b) in the case ofthe Profit and Loss Account, ofthe loss for the year ended on that date. (c) In the case ofthe Cash Flow Statement, ofthe Cash flows for the year ended on that date. Report on Other Legal and Regulatory Requirements 1. As required by The Companies (Auditor's Report) Order, 2003, issued by the Central Government of India in terms of Sub-section (4A) of Section 227 of the Companies Act, 1956 we give in the Annexure a statement on the matters specified in paragraph 4 & 5 ofthe order.. 2. As required by Section 227(3) ofthe Act, we report that: A. We have obtained all the information and explanations, which to the best of our knowledge and belief where necessary for the purpose ofour audit. '-' B. In our opinion proper books of accounts as required by law have been kept by the Company so far as appears from our examination ofthe books. BB. Since the Company does not have any branches, the report on the account ofthe Branch offices audited by other auditor uls 228(3)( c) of the Companies Act, 1956 is not applicable.. C. The Balance Sheet, Statement ofprofit and Loss and Cash flow statement dealt with by this report are in agreement with the books ofaccount. D. In our opinion, the Balance Sheet, Statement of Profit and Loss and Cash flow statement comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 read with General Circular 15/2013 dated 13 September, 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act 2013; and E. On the basis of the written representations received from the directors as on 31 st March, 2014 taken on record by the Board of Directors, none of the directors is disqualified as on 31 st March, 2014 from being appointed as a director in terms of Section 274(1)(g) ofthe Act.

25 L Annexure to Auditor's Report Referred to in paragraph 2 of our report ofeven date 1. In respect ofits fixed assets: a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information. b) As explained to us, the fixed assets have been physically verified by the management during the year in a phased periodical manner, which in our opinion is reasonable, having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such physical verification. c) In our opinion, the Company has not disposed of fixed assets during the year, the going concern status ofthe company is not affected. ~ 2. In respect of its inventories: The Company does not have any inventories accordingly clause (ii) of the paragraph 4 of the Order is not applicable. 3. In respect of loans, secured or unsecured, granted or taken by the Company to/from the Companies, firms or other parties covered in the register maintained under Section 301 ofthe Companies Act, a) The Company has not accepted unsecured loans from members, Directors & their relatives. b) In our opinion and according to the information and explanations given to us, the rate of interest, wherever applicable and, other terms and conditions are not prima facie prejudicial to the interest ofthe Company. c) The Company has not granted any loan to any of the parties referred herein above. a) There is no overdue amount in respect ofloans taken by the Company. 4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with size of the Company and nature of its business for the purchase of inventory, fixed assets and also for the sale of goods. During the courses of our audit, we have not observed any major weaknesses in internal controls. #:~ ~ ~~l'1 rr/ '\ 5. In respect oftransactions covered under Section 301 ofthe Companies Act, ;5~, ~~J ' 0.. Mv ''"'. -"'" () a) In our opinion and.according to the information and explanations given ~il$,~~~! transactlons made m pursuance of contracts or arrangements, that neede~

26 entered into in the register maintained under Section 301 of the Companies Act, 1956 have been so entered. b) In our opinion and according to the information and explanation given to us, there are no transactions in pursuance or contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956 aggregation during the year to Rs /- (Five Lacs only) or more in respect of any party. 6. The Company has not accepted any deposits from the public in contravention of Section 58A ofthe Companies Act. 7. In 'our opinion, the internal audit system of the Company is commensurate with its size and nature of its business. 8.' The Central Government has not prescribed maintenance of Cost Records under Section 209(1)( d) of the Companies Act, 1956 in respect of manufacturing activities carried on by the Company. W 9. In respect of statutory dues. aj According to the records of the Company, undisputed statutory dues including Provident Fund, Employees' State Insurance, Income Tax, Sales Tax, Customs Duty, Excise Duty and other statutory dues have been generally regularly deposited with the appropriate authorities. Except the case stated below, there are no undisputed statutory dues payable which were outstanding at the end of the year for a period of more than six months from the date they become payable: Name of the statute Nature of the dues Amount The Income Tax Act, 1961 IDS 4412/ bj As informed to us the company does not have any disputed Statutory liabilities. ~ 10. The Company has no accumulated losses and the Company has not incurred cash losses during the financial year and in the immediately preceding financial year covered by our audit. 11. Based on our audit procedures and according to the information and explanation given to us, we are of the opinion that the Company has not defaulted in repayment of dues to financial institutions, bank or debenture holders. 12. In our opinion and according to the information and explanations given to us, no loans and advances have been granted by the Company on the basis of security by way of pledge ofshares, debentures and other securities. 13. In our opinion, the Company is not a chit fund or a nidhi/mqtual benefit fund/society. Therefore, clause 4 (xiii) of the Companies (Auditor'S Report) order 2003' ot applicable to the Company. t.f"~~~. t.(t!.~qc~. \~,'.~U6)A,... C.p.. *

27 In our opinion, the Company has dealt in shares and proper records of the name have been kept by the Company. 15. The Company has not given guarantees for loans taken by others from banks or financial institutions The Company has not raised term loan from any financial institution. 17. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we are of the opinion that the Company has not utilized short term funds towards repayment of long-term borrowing and acquisition of fixed assets During the year, the Company has not made preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act, The Company has not issued any debentures. 20. During the Financial year, the Company has not raised any money by public issues. 21. In our opinion and according to the information and explanations given to the us, no fraud on or by the Company has been noticed or reported during the year, that caused the financial statements to be materially misstate.

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